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"s8_notes__5__6-1": {
"value": "Changes in financial liabilities For the year ending 31 December 2023in thousand EUR31 DEC 2022 CASH FLOWS NON-CASH CHANGESIN 2023FAIR VALUE EXCHANGE NEW REASSESSMENT INTERESTS TRANSFER TO CHANGE IN OF HEDGING ACTUALISATION AMORTISATION TRANSFERRATE 31 DEC 2023LEASESIFRS 16ACCRUEDHELD FOR SALESCOPEINSTRUMENTSDIFFERENCESLong term borrowings 181,631 (172,792) 0 0 0 0 0 1,108 54 0 (0) 0 10,001Short term borrowings 88,945 (89,896) 0 0 1,575 0 0 0 (0) 187 0 0 811Lease liabilities 18,976 (6,789) 1,047 4,823 385 0 4 0 21 (140) (0) 0 18,326Accrued interest liabilities 1,035 (6,736) 0 0 6,359 7 0 0 (69) (238) 0 0 358Total liabilities from financing activities 290,587 (276,213) 1,047 4,823 8,319 7 4 1,108 6 (191) 0 0 29,497See also note 7.2.5.16 \u2013 Financial liabilities and note 7.2.5.4 \u2013 Right-of-use assets.1For the year ending 31 December 2022 restatedin thousand EUR31 DEC 2021 CASH FLOWS NON-CASH CHANGESIN 2022FAIR VALUE EXCHANGE NEW REASSESSMENT INTERESTS TRANSFER TO CHANGE IN OF HEDGING ACTUALISATION AMORTISATION TRANSFERRATE 31 DEC 2022LEASESIFRS 16ACCRUEDHELD FOR SALESCOPEINSTRUMENTSDIFFERENCESLong term borrowings 164,783 15,851 0 0 0 0 0 998 (0) 0 0 0 181,631Short term borrowings 51,684 45,064 0 0 3 0 0 0 62 1,818 (9,686) 1 88,945Lease liabilities 50,415 (11,603) 2,718 1,670 0 858 0 478 80 (26,950) 1,308 18,976Accrued interest liabilities 688 (4,456) 0 0 4,745 (9) 0 0 (11) 101 (24) 0 1,035Total liabilities from financing activities 267,570 44,856 2,718 1,670 4,748 (9) 858 998 529 1,999 (36,660) 1,309 290,587Change in scope relates to the business combination Trimo.Transfer to held sale relates to the discontinued operations of Recticel Engineered Foams.See also note 7.2.5.16 \u2013 Financial liabilities and note 7.2.5.4 \u2013 Right-of-use assets.7.2.5.11 Cash and cash equivalentsCash and cash equivalents include cash held by the Group and short-term bank deposits with an original maturity of three months and less. The carrying amount of these assets approximates to their fair value. There are no specific restrictions that apply to cash and cash equivalents.",
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"s8_notes__5__10": {
"value": "7.2.1 Summary of significant accounting policies 7.2.1.1 Statement of compliance - basis of preparation Recticel NV/SA (the \u2018\u2018Company\u2019\u2019) is a public limited liability company incorporated in Belgium and listed on Euronext Brussels. The Company\u2019s consolidated financial statements include the financial statements of the Company, its subsidiaries, interests in jointly controlled entities (joint ventures) and in associates, both accounted for under the equity method (together referred to as \u2018\u2018the Group\u2019\u2019). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2023 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2022. A minor accounting policy change took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities.7.2.1.2 Changes in accounting policies and disclosuresThe following new standard and 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:- Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023). The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process). - Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023 but immediate application permitted). The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted. - Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar 2 Model Rules (effective 1 January 2023). The IASB has issued these amendments introducing:- a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar 2 income taxes; and - targeted disclosure requirements for affected entities.There are no IFRS standards issued but not yet effective which are expected to have a material impact on Recticel\u2019s financials.No new standards and amendments have been issued, are mandatory for the first time for the financial year beginning 1 January 2023 but have not been endorsed by the European Union.7.2.1.3 General principlesCurrency of accounts The financial statements are presented in thousand euro (EUR) (unless specified otherwise), which is the currency of the primary economic environment in which the Group operates. The financial statements of foreign operations are translated in accordance with the policies set out below under \u2018Foreign Currencies\u2019.Foreign currenciesForeign currency transactions - Transactions in currencies other than EUR are accounted for at the exchange rates prevailing at the date of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at closing rate. Non-monetary assets and liabilities carried at fair value and denominated in foreign currencies are translated at the exchange rates prevailing at the date the fair value was determined. Gains and losses resulting from such translations are recognised in the financial result of the income statement.Translation from functional currency to the presentation currency - For purposes of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at closing rate. Income and expenses are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Resulting exchange differences are recognised in other comprehensive income and accumulated in equity (attributable to non-controlling interests as appropriate). On disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a jointly controlled entity that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), exchange differences accumulated in equity are recognised in the income statement. In addition, in relation to a partial disposal of a subsidiary that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences is re-attributable to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or jointly controlled entities (joint ventures) that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.Consolidation principlesConsolidated financial statements include subsidiaries and interests in jointly controlled entities (joint ventures) and associates accounted for under the equity method. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. All intra-group transactions, balances, income and expenses are eliminated in consolidation. \u2022 SubsidiariesSubsidiaries are entities that are controlled directly or indirectly. Control is the power to govern the financial and operating policies of an entity to obtain benefits from its activities. Consolidation of subsidiaries starts from the date Recticel controls the entity until the date such control ceases.Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.However, when the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity.\u2022 Joint Ventures and AssociatesThe results and assets and liabilities of joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in a joint venture and an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the venture and the associate. When the Group\u2019s share of losses of a venture and an associate exceeds the Group\u2019s interest in that joint venture and associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture and associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture and associate.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of a joint venture and an associate recognised at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in a joint venture and an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of fair value and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Upon disposal of a joint venture and an associate that results in the Group losing significant influence over that joint venture and associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The difference between the previous carrying amount of the joint venture and associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the joint venture and associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that joint venture and associate on the same basis as would be required if that joint venture and associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that joint venture and associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that joint venture and associate. Investments accounted for using the equity method are currently only consisting of associates. In the income statement, the results from associates are split between \u2018Associates\u2019 and \u2018Other associates\u2019. As such, \u2018Associates\u2019 are considered as being part of the Group\u2019s core business and are integrated in Operating profit (loss) whereas \u2018Other associates\u2019 are not considered as being part of the Group\u2019s core business and are not integrated in Operating profit (loss); i.e. TEMDA2 (Automotive Interiors). \u2022 Discontinued operationsA discontinued operation is a component of the group that either has been disposed of or is classified as held for sale and represents a business line for which there is a plan to dispose of. Recticel classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. On initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized.\u2022 Business combinationsAcquisitions of businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.When Recticel acquires an entity or business, the identifiable assets and liabilities of the acquiree are recognised at their fair value at acquisition date, except for: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;- liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Where such a difference is negative, the excess is, after a reassessment of the values, recognised as income immediately as a bargain purchase gain.Non-controlling interests (minority shareholders) that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.If Recticel increases its interest in an entity or business over which it did not yet exercise control (in principle increasing its interest up to and including 50% to 51% or more) (a business combination achieved in stages), the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (maximum one year after acquisition date), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.Intangible assets acquired separatelyIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Internally-generated intangible assets - research and development expenditureExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in profit or loss when the asset is derecognised.GoodwillGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any, and is presented separately in the consolidated statement of financial position.Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.On disposal of a subsidiary, associate or jointly controlled entity, the related goodwill is included in the determination of the profit or loss on disposal.Property, plant and equipmentAn item of property, plant and equipment is recognised if it is probable that associated future economic benefits will flow to the Group and if its cost can be measured reliably. After initial recognition, all items of property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses, except for land which is not depreciated. Cost includes all direct costs and all expenditure incurred to bring the asset to its working condition and location for its intended use. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.Subsequent expenditure related to an item of property, plant and equipment is expensed as incurred. Depreciation is provided over the estimated useful lives of the various classes of property, plant and equipment using the straight-line method. Depreciation starts when the assets are ready for their intended use. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Project-related assets are depreciated over the production period of the project. In case of reallocation of fully depreciated assets, the latter might require a reconditioning. These reconditioning costs are amortised over the term of the new project, without additional revaluation or reversal of any impairments.The estimated useful lives of the most significant items of property, plant and equipment are within the following ranges:Land improvements: 25 yearsOffices: 25 to 40 yearsIndustrial buildings: 25 yearsPlants: 10 to 15 yearsMachinery Heavy: 11 to 15 years Medium: 8 to 10 years Light: 5 to 7 yearsPre-operating costs: 4 yearsEquipment: 5 to 10 yearsFurniture: 5 to 10 yearsHardware: 3 to 10 yearsVehicle fleet Cars: 4 years Trucks: 7 yearsThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.LeasesThe Group has several leases for properties, machinery and equipment and cars and the rental contracts are typically closed for a fixed period. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and corresponding liability at the date of commencement of the lease, i.e. when the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis if the lease does not include a purchase option. If a purchase option is available and the Group judges that it is reasonably certain to be exercised, the right-of-use asset is depreciated over its useful life.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 variable lease payments that are based on an index or a rate; and\u2022 purchase option, if any - if the lessee is reasonably certain to exercise that option.The lease payments are discounted using the Group\u2019s incremental borrowing rate see note 7.2.5.4.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability;\u2022 any lease payments made at or before the commencement date;\u2022 any initial direct costs (except for the leases already existing at transition date), and\u2022 dismantling costs.Right-of-use assets are presented separately and lease liabilities as part of financial liabilities in the statement of financial position. All lease payments that are due within 12 months are classified as current liabilities. All lease payments that are due at least 12 months after the reporting date are classified as non-current liabilities.Lease payments related to short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise mainly IT-equipment (laptops, tablets, mobile phones, pc\u2019s) and small items of office equipment and furniture. Some leases contain variable lease payments. Payments that vary due to the use of the underlying asset are variable lease payments (e.g. lease of property based on the number of square meters used). These variable lease payments are recognised as expense as incurred. There are no material lease agreements whereby the Group is lessor; except for one building rented to the Eurofoam group.Impairment of tangible and intangible assetsExcept for goodwill and intangible assets with an indefinite useful life which are tested for impairment at least annually, other tangible and intangible fixed assets are reviewed for impairment when there is an indication that their carrying amount will not be recoverable through use or sale. If an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell or value-in-use and the carrying amount. In assessing the fair value or value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in previous years. However, impairment losses on goodwill are never reversed.Non-current assets held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise.Financial assetsFinancial assets are recognised or derecognised on the trade date which is the date the Group undertakes to purchase or sell the asset. Financial assets are initially measured at fair value, except for trade receivables. Trade receivables are measures at their transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets are added to the fair value of the financial assets on initial recognition, except for financial assets at fair value through profit or loss, where the transaction costs are recognised immediately in profit or loss.After initial recognition, financial assets are measured at either amortised cost or fair value, based on the classification of the financial assets.\u2022 Classification of financial assets The classification of financial assets depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Management determines the classification of its financial assets at initial recognition. Debt instruments (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortised cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and margin points paid or received) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Financial investments (equity investments) are normally measured in the consolidated statement of financial position at fair value through profit or loss. However, the Company can make an irrevocable election at initial recognition to measure the investment at fair value through other comprehensive income (\u201cFVTOCI\u201d), with dividend income recognised in profit or loss. Equity investments in non-listed companies are designated as financial assets at FVTOCI.\u2022 Impairment of financial assets IFRS 9 requires a forward-looking expected credit loss (\u201cECL\u201d) approach to assess impairments of financial assets. As such, the Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). These credit losses are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that considers historical information on defaults adjusted for forward-looking information. For long-term loans to related parties the general impairment assessment model is applied. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition (except for a purchased or originated credit-impaired financial asset), the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 months expected credit loss. Management has concluded that it would require undue cost and effort to determine the credit risk of each loan on their respective dates of initial recognition. Accordingly, the Group recognises lifetime expected credit losses for these loans until they are derecognised. IFRS 9 applies the same measurement approach to loan commitments and financial guarantee contracts (other than measured at fair value through profit or loss). \u2022 Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the assets expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On the entire derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity, is recognised in profit or loss. On the partial derecognition of a financial asset other than its entirety (i.e. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration is recognised in profit or loss. InventoriesInventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method.Net realisable value represents the estimated selling price less all estimated costs of completion and costs necessary to make the sale.A minor accounting policy changes took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities which are being valued according to the FIFO methodFinancial liabilities and equity instrumentsAn instrument is classified as a financial liability or as an equity instrument according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issuance costs.Financial liabilitiesFinancial liabilities (including interest-bearing borrowings and trade payables) are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortised cost, except for derivative instruments. \u2022 Interest-bearing borrowings and payables Interest-bearing borrowings are recorded at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value (including premiums payable on settlement or redemption) is recognised in the income statement over the period of the borrowing. Trade payables which are not interest-bearing are stated at cost, being the fair value of the consideration to be paid. \u2022 Derivative financial instruments Derivative instruments with a negative fair value are classified at fair value through profit and loss (\u201cFVTPL\u201d), unless they are designated and effective as hedges. Employee benefit liabilities Post-employment benefits In accordance with the laws and practices of each country, the affiliated companies of the Group operate defined benefit and defined contribution retirement benefit plans. It is Group policy to operate defined contribution plans for newly-hired employees where this is possible and appropriate. Contributions payable to defined contribution plans are recognised as an expense in the period in which the related employees\u2019 service is rendered. For defined benefit plans, the amount recognised in the statement of financial position is the present value of the defined benefit obligation less the fair value of any plan assets. If the amount to be recognised in the statement of financial position is an asset, the asset recognised is restricted to the asset ceiling, which is defined as the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. For funded plans subject to a minimum funding requirement, where contributions payable to cover an existing shortfall on the minimum funding basis in respect of service already received are not available as a refund or reduction in future contributions after they are paid into the plan, an additional liability is recognised, where necessary, in accordance with IFRIC 14. In the income statement, current and past service costs (including curtailments), settlement costs and administration expenses are charged in \u2018\u2018other operating revenues & expenses\u2019\u2019, while the net interest cost is booked in \u2018\u2018other financial income & expenses\u2019\u2019. The present value of the defined benefit obligation and the related current and past service costs are calculated by qualified actuaries using the projected unit credit method. The discount rate is based on the prevailing yields of high-quality corporate bonds with a currency and term consistent with the currency and term of the benefit obligations. For currencies for which there is no deep market in such bonds, government bonds are taken into account. No provisions for death in service is included in the defined-benefit obligations as it is fully insured, and the Group has no intention not to continue this insurance policy. As there is no market price available for group insurance contracts, the fair value of such contracts is estimated by discounting the expected future cash flows (i.e. the amounts guaranteed by the insurer) using a discount rate that reflects both the risk associated with the plan assets and the maturity or expected disposal date of those assets. The risk associated with these assets is based on the market situation at the reporting date. Remeasurements include: - actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions; - the return on plan assets; and - any changes in the effect of the asset ceiling or additional liability recognised under IFRIC 14, excluding amounts included in net interest. Such remeasurements are recognised in other comprehensive income. Past service costs, arising from plan amendments, are recognised immediately as an expense. Defined contribution pension plans in Belgium are \u2018hybrid\u2019 pension plans that qualify as defined benefit plans for IFRS purposes, because they are by law subject to minimum guaranteed rates of return and have to guarantee minimum annuity conversion rates. There is therefore a risk that the Company may have to pay additional contributions related to past service. Any such additional contributions will depend on the actual investment returns and the future evolution of the minimum guarantees. \u2022 Termination benefits A liability and expense for termination benefits is recognised at the earlier of (a) the date when the offer of those benefits can no longer be withdrawn, and (b) the date when costs are recognised for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. Share-based paymentsEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of a Black & Scholes model. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in note 7.2.6.2.The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that eventually will be vested.The above policy is applied to all equity-settled share-based payments that were granted after 7 November 2002 and that vested after 01 January 2005. No amount has been recognised in the financial statements in respect of the other equity-settled shared-based payments.Provisions\u2022 General Provisions are recognised when (i) the Group has a present obligation (legal or constructive) as a result of a past event, (ii) it is probable that the Group will be required to settle the obligation, and (iii) a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognised in the financial result. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received if the Group settles the obligation. \u2022 Onerous contracts An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Present obligations arising from onerous contracts are recognised and measured as provisions. \u2022 Restructurings A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation with those affected that it will carry out the restructuring. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. \u2022 Environmental liabilities Recticel analyses twice a year all its environmental risks and the corresponding provisions. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of the pollution, clean-up techniques, and other available information. Revenue recognitionIFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.Customers obtain control of products when the goods are delivered to and have been accepted at their premises. Invoices are generated and revenue is recognised at that point in time. To recognise revenue, IFRS 15 applies a \u201cfive steps\u201d model:\u2022 identify the contract(s) with a customer.\u2022 identify the performance obligations in the contract.\u2022 determine the transaction price.\u2022 allocate the transaction price to each performance obligation.\u2022 recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). \u2022 Transaction price The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer. The most common types of variable consideration that can be identified are: - Volume discounts - Year-end rebates - Adjustments to cope with changes in raw material prices on a prospective basis. It is not unusual to agree on yearly supply agreements with the customer which fixes the selling prices of the goods for the relevant year. These agreements do not include any commitments to volumes made by the customer. The amount of revenue recognised is adjusted for expected rebates and discounts. A contract liability is being recognised upon selling the goods to the customer and released when the credit note is issued. If a credit note is issued to the customer to compensate for quality claims, this shall be recognised as a reduction of the revenues. The most common types of considerations paid to the customer (in bedding and insulation) relate to: - Participation to flyers - Participation to advertising campaigns - Promotional in-store activities The considerations paid to participate in the customer\u2019s flyers shall be deducted from revenue as the services provided by the customer to the Group can generally not be considered as being distinct. Interest income & expensesInterest income/expenses is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts/outflows throughout the expected life of the financial asset/liability to that asset/liability\u2019s net carrying amount.Dividend income Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established. Government grantsGovernment grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants relating to staff training costs are recognised as income over the periods required to match them with the related costs and are deducted from the related expense. Government grants relating to property, plant & equipment are treated by deducting the received grants from the carrying amount of the related assets. These grants are recognised as income over the useful life of the depreciable assets. Income taxesThe tax expense represents the sum of the current tax expense and deferred tax expense. The current tax expense is based on the taxable profit for the year. The taxable profit differs from the result of the period before taxes as reported in the income statement because it excludes items of income or expenditure that are taxable or deductible in other years and items that will never become taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and when it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax liabilities have been recognised on undistributed retained earnings of subsidiaries, associates and joint ventures, as the impact is not material.The carrying amount of deferred tax assets is reviewed at least at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.7.2.1.4 Major sources of estimation uncertainty and key judgmentsNo key judgements were made in the preparation of the financials and there were no major sources of estimation uncertainty. All other items noted below are related to normal judgements and estimates. Drawing up the annual accounts in accordance with IFRS requires management to make the necessary judgments, estimates and assumptions. The management bases its estimates and assumptions on past experience and other reasonable assessment criteria. These are reviewed periodically, and the effects of such reviews are taken into account in the annual accounts of the period concerned. Future events which may have a financial impact on the Group are also included in this.The estimated results of such possible future events may consequently diverge from the actual impact on results. Judgments and estimates were made, inter alia, regarding:\u2022 impairments of goodwill, intangible assets, property, plant and equipment and right-of-use assets;\u2022 determination of loss allowances for expected credit losses;\u2022 determination of write-downs on inventories;\u2022 determination of provisions for restructurings;\u2022 determination of provisions for onerous contracts;\u2022 determination of provisions for contingent liabilities, litigations and other exposures;\u2022 determination of provisions for indemnities related to divestments\u2022 valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefits;\u2022 the recoverability of deferred tax assets;\u2022 the assessment of the lease term is used as judgement within IFRS 16;It is not excluded that future revisions of such estimates and judgments could trigger an adjustment in the value of the assets and liabilities in future financial years.Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortizable term assets, an impairment assessment will in first place be made at the level of the individual asset. Only when it is not possible to estimate a recoverable value on an individual level, the evaluation will be made at the level of the cash generating unit (hereafter \u201cCGU\u201d) to which the asset belongs. For amortizable long-term assets, an impairment analysis should be performed in case of impairment indicators. If such indicators exist, an impairment analysis shall be performed at the CGU level. For goodwill (and other not depreciated long term assets) an impairment test is performed at least annually. The carrying amount can be allocated on a reasonable and consistent basis. The allocation of goodwill to a CGU or a group of CGUs also takes account of the synergies of the business combination expected by the decision maker. Goodwill can be allocated for impairment testing to a group of CGUs, if the chief operating decision maker considers this as the most appropriate allocation. There is a link between the level at which goodwill is tested for impairment and the level of internal reporting that reflects the way the entity manages its operations and with which the goodwill is associated (as such it cannot exceed the level of the reported segments as defined by IFRS 8). The CGU level is defined following the market and production capacities. This approach leads to the determination of four CGUs in Insulation:\u2022 CGU \u201cUnited Kingdom\u201d\u2022 CGU \u201cContinental Europe\u201d\u2022 CGU \u201cScandinavia\u201d\u2022 CGU \u201cTrimo\u201dAn impairment analysis was performed for the following CGU:\u2022 CGU \u201cTrimo\u201dconsidering the majority of the Recticel goodwill is allocated to them not withstanding that the CGU was only acquired in 2022. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence do not necessitate further impairment testing.The majority of the net book value of total goodwill was subject to impairment testing, and is composed as follows:in thousand EURTRIMO OTHER TOTALGoodwill 60,040 2,370 62,409Other intangible assets 63,005 7,090 70,094Property, plant & equipment 31,337 76,281 107,617Assets under construction 1,061 12,009 13,069Right-of-use assets 619 27,152 27,771Total net book value 156,060 124,900 280,961of which impairments recognized during the period (13) (279) (293)For 2023:Impairment charges are not linked to the general impairment analysis.For the impairment test of the items included in the table above, certain assumptions were made. The impairment tests have been applied on the \u201ccash-generating units\u201d (\u201cCGU\u201d) on the basis of the principles set out above. The recoverable amount of the total CGU is determined on the basis of the value-in-use model. When determining its expected future cash flows, the Group takes into account prudent, though realistic, assumptions regarding the evolution of its markets, its sales, the raw materials prices, the impact of past restructurings and the gross margins, which all are based on (i) the past experiences of the management and/or (ii) which are in line with trustworthy external information sources. It can however not be excluded that a future reassessment of assumptions and/or market analysis induced by future developments in the economic environment might lead to the recognition of additional impairments.For the discounting of the future cash flows, a uniform overall Group-based pre-tax discount rate of 11.7% is used for all CGUs (10.7% in 2022). This pre-tax discount rate is based on a (long-term) weighted average cost of capital based on the current market expectations of the time value of money and risks for which future cash flows must be adjusted; the risks being implicit in the cash flows. The pre-tax discount rate for impairment testing is based on the following assumptions: (EUR based)Group target ratios: 2022 2023 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%1Pre-tax cost of debt 1.97% 2.06%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 10.68% 11.06%fmpRisk free interest rate = R 3.19% 3.39%fBeta 1.28 1.32Market equity risk premium = E 6.0% 6.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 21.9%Assumed inflation rate 2.0% 2.0%Pre-tax WACC (weighted average cost of capital) 10.7% 11.1% the 2022 pre-tax cost of debt integrates the impact of the Trimo acquisition. The discount factors are reviewed at least annually.Key assumptionsThe dynamics of the business model, budgets and projected cash flows are based on stable cost structures which reflect inflation rates on labour and other costs, stable fixed costs and capital expenditure. Gross margins and operating results are sensitive to the volatility of raw material costs, which are unpredictable. Therefore, the budgets assume that increases or decreases in material costs are compensated through adaptations of the sales prices.For the CGU \u201cTrimo\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this 3-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cTrimo\u201d amounts to 1.58 times the net asset book value.Sensitivity analysisA first sensitivity analysis (A) is performed to measure the impact of a changing WACC rate (+1%) on the outcome of the impairment tests (see overview table below).A second sensitivity analysis (B) is performed to measure the impact of a changing gross margin on sales (-1%) on the outcome of the impairment tests \u2013 applied on the business plan 2024-2026 and the perpetuity (see overview table below). A third sensitivity analysis (C) is performed to measure the impact of a changing sales volume level (-5% as from 2025) on the outcome of the impairment tests (see overview table below).A fourth sensitivity analysis is performed to measure the combined impact of the above sensitivity analyses.For the sensitivity analyses it is assumed that all other parameters of the underlying assumptions, such as market evolution, sales, raw materials prices, impact of past restructurings and gross margins, operating charges, working capital needs, capital expenditure, \u2026, remain unchanged. in thousand EURDISCOUNTED CASH FLOW / NET ASSET BASE (INCLUDING RIGHT-OF-USE ASSETS)Sensitivity1% DECREASE OF GROSS 5% DECREASE OF NET COMBINATION OF BASE CASE 1% INCREASE OF WACC (A)MARGIN ON SALES (B)SALES (C)(A), (B) AND (C)Trimo 1.58 times book value 1.44 times book value 1.46 times book value 1.35 times book value 1.13 times book valueFor Investments in other associates an impairment test is performed at least annually.Loss allowances for expected credit lossesA loss allowance for expected credit losses is recognised for trade debtors for which a risk of total or partial non-recovery of outstanding receivables exists due to the debtor\u2019s poor financial condition or for economic, legal or political reasons. The decision to classify a receivable as doubtful will be made by the management on the basis of all information available to them at any time. In line with the Group accounting principles, details on the amounts of the loss allowance for expected credit losses can be found in note 7.2.5.10.The Group\u2019s credit management processes continue to prove their effectiveness resulting in no significant credit losses. No market evolutions lead to an increase of the default rates used to calculate the expected credit losses.The amount of expected credit losses on external guarantees is assessed at each reporting date to reflect changes in credit risk since the guarantee was granted. When determining whether the credit risk of a guarantee has increased significantly since the issuance and when estimating expected credit losses, Recticel considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Loans granted to Associates included a subordinated vendor loan of EUR 10 million (maturity 2027) granted on 30 June 2021 to TEMDA2 GmbH, the Automotive joint venture which acquired the Automotive Interiors activities (ref. 7.2.4.7). On the basis of the assessment performed by the management no adjustment is to be made to the value of the latter loan. Put/call options on discontinued operations Proseat and Automotive InteriorsOn 19 February 2019, Recticel announced the closing of the transactions as a result of which Sekisui Plastics Co., Ltd. acquired 75% in Proseat. Following that transaction Recticel held a 25% participation in Proseat with the option to sell this remaining participation after three years. On 14 April 2022 following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat.As per 31 December 2021 the fair value of the Proseat option amounted to EUR -2.3 million. On 14 April 2022, Recticel exercised its put option and sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH, Germany. By 31 December 2022 Recticel reversed the previously recognised provision related to the fair value of the put option (EUR +2.3 million).On 01 July 2021, Recticel announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH, a new joint venture with Admetos. Recticel holds a participation of 49% in this new joint venture. The agreement contains reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which are exercisable as from March 2024.A valuation of the put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, by using a Black & Scholes formula and taken into account certain assumptions regarding dividend yield, interest rate and volatility, has been made per 31 December 2023, valuing the fair value of the option amounted to zero (same as per 31 December 2022).Provisions for restructurings and onerous contractsA restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation in those affected that it will carry out the restructuring. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. In line with the Group accounting principles, details on the amounts of provisions for restructurings and onerous contracts can be found in notes 7.2.4.3 and 7.2.5.15.Provisions for indemnities related to divestmentsAt the moment of a divestment the divestment agreement stipulates certain indemnity clauses. These indemnity clauses are reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department.Provisions for contingent liabilities, litigations and other exposuresAny significant litigation (tax and other, including threat of litigation) is reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department. Further details are provided in note 7.2.6.9.Valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefitsThe actuarial assumptions used in determining the defined benefit obligations at December 31, and the annual cost, can be found in note 7.2.5.14. All main employee benefit plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. Other assumptions (such as future salary increases and demographic assumptions) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the acceptability of the results and ensure consistency in reporting.Current and deferred tax All tax returns are prepared in good faith based on the available information, with often the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium, Germany and Poland. While the ultimate outcome of these tax audits is not certain, the Group has considered the merits of its filing positions in the overall evaluation of potential tax liabilities and believes that adequate liabilities are recorded in the consolidated financial statements. However, important tax corrections can never be excluded. In such case, Recticel will defend its position, always in full collaboration with the tax authorities.Deferred tax assets are recognised for deductible temporary differences and unused tax losses and other tax attributes to the extent that future taxable profits are expected to be available against which they can be used. For this purpose, management reviews the recognition of deferred tax assets based on the business plans of the entities concerned. The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023 mainly due to an increase of deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Trimo, as a result of an increase of the tax rate from 19% to 22% in Slovenia.At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million).Assets held for sale - Discontinued operationsFor the Engineered Foams activities, Recticel considers the criteria of IFRS 5 to be met as of 30 June 2022, and consequently the Engineered Foams activities have been accounted for as discontinued operations as per 30 June 2022. IFRS 5 has been applied on the basis of the following facts : (i) decision by the Board of Directors to divest the Recticel Engineered Foams activities, (ii) receival of a binding offer, (iii) obtention of shareholder approval, (iv) execution of legal carve-outs and (v) the sale being highly probable to be concluded within 12 months of the classification as disposal group held for sale. Following the application of IFRS 5, depreciations have been stopped on Recticel Engineered Foams, as from 30 June 2022, the date Engineered Foams is available for immediate sale following the completion of the carve-outs. As of 12 June 2023, the date when the divestment of Recticel Engineered Foams activities to Carpenter was realised IFRS 5 are included except for the related remaining indemnities. Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. This gain, arising from the change in the fair value of investment property, is included in profit or loss for the period.7.2.1.5 Climate changeIn compiling our financial statements, Recticel has assessed the implications of climate change. This examination encompasses the disclosures outlined in our Chapter 5, Navigating the landscape of risk and opportunity, as well as our progress toward achieving the Science Based Targets initiative (SBTi) near-term objectives. Our targets aim to diminish scope 1 and scope 2 emissions by 90% and scope 3 emissions by 25% by 2030, ultimately striving for net-zero emissions across all scopes by 2050, in alignment with the Paris Agreement\u2019s goal of limiting global warming to 1.5\u00b0C.Our commitment to the SBTi, which were validated in February 2024, are an integral part of our longstanding sustainability strategy. This strategy underwent a strategic transformation, culminating in June 2023 with the divestment of Engineered Foams, enabling us to transition to a sole focus on insulation and set a growth target of 5% for our insulation business until 2030.In addition to our strategic direction, Recticel is taking tangible actions in line with the shift towards a low-carbon and circular economy. These actions are elaborated upon in our climate action plan, \u201cOur Race to Net Zero,\u201d detailed in Chapter 2.1. Our efforts concentrate on responsibly selecting raw materials, implementing sustainable and energy-efficient processes, and adopting eco-design principles.Key elements of our climate action plan include:1. Energy Efficiency Initiatives: Implementing measures to reduce energy consumption, enhance operational efficiency, and minimize our carbon footprint. For instance, we have installed metering systems in production sites to track and reduce energy usage.2. Renewable Energy Transition: Transitioning to renewable energy sources like solar power to electrify operations and decrease reliance on fossil fuels. We are evaluating options to electrify our operations and are exploring additional solar panel installations at our production sites.3. Supply Chain Collaboration: Collaborating with suppliers to address emissions throughout the supply chain, promote sustainability, and achieve positive environmental outcomes. We have incorporated a sustainability scorecard into our procurement policy and engaged extensively with suppliers to reduce emissions.4. Innovation: We are transitioning our R&D budget to innovative solutions and technologies that support climate change mitigation and circularity. This includes partnerships with research and development institutes to explore bio-based raw materials and recycling solutions for construction and end-of-life waste. It has to be noted that Recticel is not a highly energy consuming company, as demonstrated by the relatively low scope 1 and scope 2 GHG data. As we are not using water in our manufacturing processes, water shortage is not considered as having an impact.As we invest to achieve our near-term and net-zero SBTi targets, we carefully assess the useful life of replaced assets and adjust estimates accordingly. Our commitment to sourcing energy from renewable resources will include long-term agreements for solar and wind power, as well as the purchase of Renewable Energy Certificates when relevant to achieve our SBTi commitment. We\u2019ve factored these considerations into our financial statements.In summary our climate change considerations have not materially impacted our financial reporting judgments and estimates. Furthermore, we conclude that climate change risks do not affect the going concern assessment.7.2.1.6 Geopolitical conflictsCurrently Recticel has no local operations in Russia, Ukraine and the Middle East (Gaza/Israel). Neither does Recticel export to Russia, Ukraine and Gaza/Israel. Consequently there is no direct impact observed nor to be expected.However, it is not excluded that future operations and business are affected indirectly by the conflict. These indirect impacts may come from supply issues, an inflationary macro-economic environment, credit risks on customers and increasing financing costs. Currently there is no impact and it is expected that these eventual future impacts on operations and financial position should remain limited for the Group. 7.2.1.7 InflationThe aftermath of the COVID-19 pandemic and the Russia-Ukraine conflict have led to higher interest rates and a steep increase of the inflation in Europe. The inflation affects mainly energy costs and salaries. In the second half of 2023 the raw material and energy costs have decreased. All these costs are being critically reviewed and optimized on a constant basis. These inflation effects were passed through were possible.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__5__82": {
"value": "7.2.1.1 Statement of compliance - basis of preparation Recticel NV/SA (the \u2018\u2018Company\u2019\u2019) is a public limited liability company incorporated in Belgium and listed on Euronext Brussels. The Company\u2019s consolidated financial statements include the financial statements of the Company, its subsidiaries, interests in jointly controlled entities (joint ventures) and in associates, both accounted for under the equity method (together referred to as \u2018\u2018the Group\u2019\u2019). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2023 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2022. A minor accounting policy change took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__12": {
"value": "7.2.1.1 Statement of compliance - basis of preparation Recticel NV/SA (the \u2018\u2018Company\u2019\u2019) is a public limited liability company incorporated in Belgium and listed on Euronext Brussels. The Company\u2019s consolidated financial statements include the financial statements of the Company, its subsidiaries, interests in jointly controlled entities (joint ventures) and in associates, both accounted for under the equity method (together referred to as \u2018\u2018the Group\u2019\u2019). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2023 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2022. A minor accounting policy change took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__11": {
"value": "7.2.1.1 Statement of compliance - basis of preparation Recticel NV/SA (the \u2018\u2018Company\u2019\u2019) is a public limited liability company incorporated in Belgium and listed on Euronext Brussels. The Company\u2019s consolidated financial statements include the financial statements of the Company, its subsidiaries, interests in jointly controlled entities (joint ventures) and in associates, both accounted for under the equity method (together referred to as \u2018\u2018the Group\u2019\u2019). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2023 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2022. A minor accounting policy change took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__13": {
"value": "Currency of accounts The financial statements are presented in thousand euro (EUR) (unless specified otherwise), which is the currency of the primary economic environment in which the Group operates. The financial statements of foreign operations are translated in accordance with the",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__5__14": {
"value": "Foreign currenciesForeign currency transactions - Transactions in currencies other than EUR are accounted for at the exchange rates prevailing at the date of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at closing rate. Non-monetary assets and liabilities carried at fair value and denominated in foreign currencies are translated at the exchange rates prevailing at the date the fair value was determined. Gains and losses resulting from such translations are recognised in the financial result of the income statement.Translation from functional currency to the presentation currency - For purposes of presenting consolidated financial statements, the assets and liabilities of the Group\u2019s foreign operations are translated at closing rate. Income and expenses are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Resulting exchange differences are recognised in other comprehensive income and accumulated in equity (attributable to non-controlling interests as appropriate). On disposal of a foreign operation (i.e. a disposal of the Group\u2019s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a jointly controlled entity that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), exchange differences accumulated in equity are recognised in the income statement. In addition, in relation to a partial disposal of a subsidiary that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences is re-attributable to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or jointly controlled entities (joint ventures) that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__15-1": {
"value": "Consolidation principlesConsolidated financial statements include subsidiaries and interests in jointly controlled entities (joint ventures) and associates accounted for under the equity method. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. All intra-group transactions, balances, income and expenses are eliminated in consolidation.7.2.2 Changes in scope of consolidationThe following changes in the scope of consolidation took place during the year 2023:On 12 June 2023 disposal of the Recticel Engineered Foams activities to US-based Carpenter Co. (see 7.2.4.7 Discontinued operations).The disposed Recticel Engineered Foams companies are:\u2022 FoamPartner Americas Inc\u2022 FoamPartner Holding AG\u2022 FoamPartner Polyurethane Materials (Changzhou) Co., Ltd.\u2022 FoamPartner Singapore Pte. Ltd\u2022 FoamPartner Trading (Shanghai) Ltd\u2022 Recticel AB\u2022 Recticel AS\u2022 Recticel Engineered Foams Belgium n.v.\u2022 Recticel Engineered Foams GmbH\u2022 Recticel Engineered Foams Netherlands B.V.\u2022 Recticel Engineered Foams Switzerland AG\u2022 Recticel Engineered Foams Corby\u2022 Recticel Foams (Shanghai) Co Ltd\u2022 Recticel Foams (Wuxi) Co Ltd\u2022 Recticel Iberica s.l.\u2022 Recticel India Private Limited\u2022 Recticel Limited\u2022 Recticel Maroc s.\u00e0.r.l.a.u.\u2022 Recticel ou\u2022 Recticel oy\u2022 Recticel s.a.s.\u2022 Recticel Teknik S\u00fcnger Izolasyon Sanayi ve Ticaret a.s.On 11 October 2023: disposal of the 33% participation in Italian foam company Orsa Foam srl to its joint venture partner Orsa srl. \u2022 Orsa Foam srlThe following changes in the scope of consolidation took place during the year 2022:On 31 March 2022: disposal of the Bedding activities to the Portuguese privately owned Aquinos Group (see 7.2.4.7 Discontinued operations). The disposed Bedding companies are:\u2022 Recticel Bedding Belgium b.v. Belgium\u2022 Recticel Schlafkomfort GmbH Germany\u2022 Recticel b.v. The Netherlands\u2022 Recticel Sp.z.o.o. Poland\u2022 Recticel Bedding Romania s.r.l. Romania\u2022 Recticel Bedding (Schweiz) AG Switzerland\u2022 Sembella GmbH AustriaEnd-April 2022: acquisition of Trimo d.o.o.- the Slovenian specialist in the production of sustainable premium insulated panels for the construction industry. Trimo is fully integrated in the consolidated statements from 01 May 2022. The acquired Trimo companies are:\u2022 Trimo d.o.o. Slovenia 100%\u2022 Trimo MSS d.o.o. Slovenia 100%\u2022 Tinde d.o.o. Slovenia 100%\u2022 Trimo In\u017eenjering d.o.o. Serbia 100%\u2022 Trimo UK Ltd UK 100%\u2022 Trimo Polska, sp. z o.o. Poland 100%\u2022 Trimo Makedonija,DOOEL Macedonia 100%\u2022 Trimo DE GmbH Germany 100%\u2022 Trimo Benelux BV The Netherlands 100%\u2022 Trimo DCS FZE (UAE) UAE 100%\u2022 Trimo S.r.l. (in liquidation) Italy 100%\u2022 Trimo Bulgaria, OOD Bulgaria 70%\u2022 Trimo Slovakia spol. s.r.o Slovakia 25%\u2022 ZEL-EN, razvojni center energetike Slovenia d.o. Slovenia 13.59%On 14 April: 2022: Following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH (D), the European moulded seat cushion specialist.Application of IFRS 5, effective 30 June 2022, to the Engineered Foams activities which were sold to the US-based Carpenter Co. In accordance with IFRS 5, this business has been presented as discontinued operations in the consolidated income statement. Details are disclosed in note 7.2.4.7 - Discontinued operations.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__5__79": {
"value": "SubsidiariesSubsidiaries are entities that are controlled directly or indirectly. Control is the power to govern the financial and operating policies of an entity to obtain benefits from its activities. Consolidation of subsidiaries starts from the date Recticel controls the entity until the date such control ceases.Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.However, when the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for (i.e. reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__18": {
"value": "Joint Ventures and AssociatesThe results and assets and liabilities of joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in a joint venture and an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the venture and the associate. When the Group\u2019s share of losses of a venture and an associate exceeds the Group\u2019s interest in that joint venture and associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture and associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture and associate.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of a joint venture and an associate recognised at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in a joint venture and an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of fair value and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Upon disposal of a joint venture and an associate that results in the Group losing significant influence over that joint venture and associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The difference between the previous carrying amount of the joint venture and associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the joint venture and associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that joint venture and associate on the same basis as would be required if that joint venture and associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that joint venture and associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that joint venture and associate. Investments accounted for using the equity method are currently only consisting of associates. In the income statement, the results from associates are split between \u2018Associates\u2019 and \u2018Other associates\u2019. As such, \u2018Associates\u2019 are considered as being part of the Group\u2019s core business and are integrated in Operating profit (loss) whereas \u2018Other associates\u2019 are not considered as being part of the Group\u2019s core business and are not integrated in Operating profit (loss); i.e. TEMDA2 (Automotive Interiors).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__17": {
"value": "Joint Ventures and AssociatesThe results and assets and liabilities of joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in a joint venture and an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the venture and the associate. When the Group\u2019s share of losses of a venture and an associate exceeds the Group\u2019s interest in that joint venture and associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture and associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture and associate.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of a joint venture and an associate recognised at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in a joint venture and an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of fair value and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Upon disposal of a joint venture and an associate that results in the Group losing significant influence over that joint venture and associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The difference between the previous carrying amount of the joint venture and associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the joint venture and associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that joint venture and associate on the same basis as would be required if that joint venture and associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that joint venture and associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that joint venture and associate. Investments accounted for using the equity method are currently only consisting of associates. In the income statement, the results from associates are split between \u2018Associates\u2019 and \u2018Other associates\u2019. As such, \u2018Associates\u2019 are considered as being part of the Group\u2019s core business and are integrated in Operating profit (loss) whereas \u2018Other associates\u2019 are not considered as being part of the Group\u2019s core business and are not integrated in Operating profit (loss); i.e. TEMDA2 (Automotive Interiors).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__16": {
"value": "Joint Ventures and AssociatesThe results and assets and liabilities of joint ventures and associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, an investment in a joint venture and an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the venture and the associate. When the Group\u2019s share of losses of a venture and an associate exceeds the Group\u2019s interest in that joint venture and associate (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture and associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture and associate.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of a joint venture and an associate recognised at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. The requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group\u2019s investment in a joint venture and an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of fair value and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Upon disposal of a joint venture and an associate that results in the Group losing significant influence over that joint venture and associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The difference between the previous carrying amount of the joint venture and associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the joint venture and associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that joint venture and associate on the same basis as would be required if that joint venture and associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that joint venture and associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that joint venture and associate. Investments accounted for using the equity method are currently only consisting of associates. In the income statement, the results from associates are split between \u2018Associates\u2019 and \u2018Other associates\u2019. As such, \u2018Associates\u2019 are considered as being part of the Group\u2019s core business and are integrated in Operating profit (loss) whereas \u2018Other associates\u2019 are not considered as being part of the Group\u2019s core business and are not integrated in Operating profit (loss); i.e. TEMDA2 (Automotive Interiors).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__80": {
"value": "Discontinued operationsA discontinued operation is a component of the group that either has been disposed of or is classified as held for sale and represents a business line for which there is a plan to dispose of. Recticel classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. On initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__19-1": {
"value": "Discontinued operationsA discontinued operation is a component of the group that either has been disposed of or is classified as held for sale and represents a business line for which there is a plan to dispose of. Recticel classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group is defined as a group of assets to be disposed of and liabilities directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance with applicable IFRS. On initial classification as held for sale, non-current assets and disposal groups are recognized at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale are included in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets classified as held for sale are no longer depreciated or amortized.Non-current assets held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__21-1": {
"value": "Business combinationsAcquisitions of businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.When Recticel acquires an entity or business, the identifiable assets and liabilities of the acquiree are recognised at their fair value at acquisition date, except for: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;- liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Where such a difference is negative, the excess is, after a reassessment of the values, recognised as income immediately as a bargain purchase gain.Non-controlling interests (minority shareholders) that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.If Recticel increases its interest in an entity or business over which it did not yet exercise control (in principle increasing its interest up to and including 50% to 51% or more) (a business combination achieved in stages), the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (maximum one year after acquisition date), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__20-1": {
"value": "Business combinationsAcquisitions of businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.When Recticel acquires an entity or business, the identifiable assets and liabilities of the acquiree are recognised at their fair value at acquisition date, except for: - deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;- liabilities or equity instruments related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the Group are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; and - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Where such a difference is negative, the excess is, after a reassessment of the values, recognised as income immediately as a bargain purchase gain.Non-controlling interests (minority shareholders) that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.If Recticel increases its interest in an entity or business over which it did not yet exercise control (in principle increasing its interest up to and including 50% to 51% or more) (a business combination achieved in stages), the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (maximum one year after acquisition date), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.GoodwillGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any, and is presented separately in the consolidated statement of financial position.Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.On disposal of a subsidiary, associate or jointly controlled entity, the related goodwill is included in the determination of the profit or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__22": {
"value": "Non-controlling interests (minority shareholders) that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__27": {
"value": "Intangible assets acquired separatelyIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Internally-generated intangible assets - research and development expenditureExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in profit or loss when the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__26-1": {
"value": "Intangible assets acquired separatelyIntangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. Internally-generated intangible assets - research and development expenditureExpenditure on research activities is recognised as an expense in the period in which it is incurred.An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.Intangible assets acquired in a business combinationIntangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). After initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in profit or loss when the asset is derecognised.GoodwillGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any, and is presented separately in the consolidated statement of financial position.Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.On disposal of a subsidiary, associate or jointly controlled entity, the related goodwill is included in the determination of the profit or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__24-1": {
"value": "Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.The estimated useful lives of the most significant items of property, plant and equipment are within the following ranges:Land improvements: 25 yearsOffices: 25 to 40 yearsIndustrial buildings: 25 yearsPlants: 10 to 15 yearsMachinery Heavy: 11 to 15 years Medium: 8 to 10 years Light: 5 to 7 yearsPre-operating costs: 4 yearsEquipment: 5 to 10 yearsFurniture: 5 to 10 yearsHardware: 3 to 10 yearsVehicle fleet Cars: 4 years Trucks: 7 yearsDepreciation is provided over the estimated useful lives of the various classes of property, plant and equipment using the straight-line method. Depreciation starts when the assets are ready for their intended use. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis if the lease does not include a purchase option. If a purchase option is available and the Group judgesthat it is reasonably certain to be exercised, the right-of-use asset is depreciated over its useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__23": {
"value": "Expenditure on research activities is recognised as an expense in the period in which it is incurred.An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all the following have been demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;\u2022 the intention to complete the intangible asset and use or sell it;\u2022 the ability to use or sell the intangible asset;\u2022 how the intangible asset will generate probable future economic benefits;\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__31": {
"value": "GoodwillGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any, and is presented separately in the consolidated statement of financial position.Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.On disposal of a subsidiary, associate or jointly controlled entity, the related goodwill is included in the determination of the profit or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__35-1": {
"value": "Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.Impairment of tangible and intangible assetsExcept for goodwill and intangible assets with an indefinite useful life which are tested for impairment at least annually, other tangible and intangible fixed assets are reviewed for impairment when there is an indication that their carrying amount will not be recoverable through use or sale. If an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell or value-in-use and the carrying amount. In assessing the fair value or value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in previous years. However, impairment losses on goodwill are never reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__32-1": {
"value": "Goodwill is reviewed for impairment at least annually. Any impairment loss is recognised immediately in the income statement and is not subsequently reversed.Impairment of tangible and intangible assetsExcept for goodwill and intangible assets with an indefinite useful life which are tested for impairment at least annually, other tangible and intangible fixed assets are reviewed for impairment when there is an indication that their carrying amount will not be recoverable through use or sale. If an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell or value-in-use and the carrying amount. In assessing the fair value or value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in previous years. However, impairment losses on goodwill are never reversed.Impairment of financial assets IFRS 9 requires a forward-looking expected credit loss (\u201cECL\u201d) approach to assess impairments of financial assets. As such, the Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). These credit losses are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that considers historical information on defaults adjusted for forward-looking information. For long-term loans to related parties the general impairment assessment model is applied. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition (except for a purchased or originated credit-impaired financial asset), the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 months expected credit loss. Management has concluded that it would require undue cost and effort to determine the credit risk of each loan on their respective dates of initial recognition. Accordingly, the Group recognises lifetime expected credit losses for these loans until they are derecognised. IFRS 9 applies the same measurement approach to loan commitments and financial guarantee contracts (other than measured at fair value through profit or loss). \u2022 Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the assets expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On the entire derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity, is recognised in profit or loss. On the partial derecognition of a financial asset other than its entirety (i.e. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__39": {
"value": "Property, plant and equipmentAn item of property, plant and equipment is recognised if it is probable that associated future economic benefits will flow to the Group and if its cost can be measured reliably. After initial recognition, all items of property, plant and equipment are stated at cost, less accumulated depreciation and impairment losses, except for land which is not depreciated. Cost includes all direct costs and all expenditure incurred to bring the asset to its working condition and location for its intended use. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.Subsequent expenditure related to an item of property, plant and equipment is expensed as incurred. Depreciation is provided over the estimated useful lives of the various classes of property, plant and equipment using the straight-line method. Depreciation starts when the assets are ready for their intended use. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Project-related assets are depreciated over the production period of the project. In case of reallocation of fully depreciated assets, the latter might require a reconditioning. These reconditioning costs are amortised over the term of the new project, without additional revaluation or reversal of any impairments.The estimated useful lives of the most significant items of property, plant and equipment are within the following ranges:Land improvements: 25 yearsOffices: 25 to 40 yearsIndustrial buildings: 25 yearsPlants: 10 to 15 yearsMachinery Heavy: 11 to 15 years Medium: 8 to 10 years Light: 5 to 7 yearsPre-operating costs: 4 yearsEquipment: 5 to 10 yearsFurniture: 5 to 10 yearsHardware: 3 to 10 yearsVehicle fleet Cars: 4 years Trucks: 7 yearsThe gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__41-1": {
"value": "Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy.Interest income & expensesInterest income/expenses is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts/outflows throughout the expected life of the financial asset/liability to that asset/liability\u2019s net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__40": {
"value": "Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group\u2019s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__43": {
"value": "LeasesThe Group has several leases for properties, machinery and equipment and cars and the rental contracts are typically closed for a fixed period. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and corresponding liability at the date of commencement of the lease, i.e. when the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis if the lease does not include a purchase option. If a purchase option is available and the Group judges that it is reasonably certain to be exercised, the right-of-use asset is depreciated over its useful life.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 variable lease payments that are based on an index or a rate; and\u2022 purchase option, if any - if the lessee is reasonably certain to exercise that option.The lease payments are discounted using the Group\u2019s incremental borrowing rate see note 7.2.5.4.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability;\u2022 any lease payments made at or before the commencement date;\u2022 any initial direct costs (except for the leases already existing at transition date), and\u2022 dismantling costs.Right-of-use assets are presented separately and lease liabilities as part of financial liabilities in the statement of financial position. All lease payments that are due within 12 months are classified as current liabilities. All lease payments that are due at least 12 months after the reporting date are classified as non-current liabilities.Lease payments related to short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise mainly IT-equipment (laptops, tablets, mobile phones, pc\u2019s) and small items of office equipment and furniture. Some leases contain variable lease payments. Payments that vary due to the use of the underlying asset are variable lease payments (e.g. lease of property based on the number of square meters used). These variable lease payments are recognised as expense as incurred. There are no material lease agreements whereby the Group is lessor; except for one building rented to the Eurofoam group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__47": {
"value": "Non-current assets held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__48": {
"value": "Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__50-1": {
"value": "Financial assetsFinancial assets are recognised or derecognised on the trade date which is the date the Group undertakes to purchase or sell the asset. Financial assets are initially measured at fair value, except for trade receivables. Trade receivables are measures at their transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets are added to the fair value of the financial assets on initial recognition, except for financial assets at fair value through profit or loss, where the transaction costs are recognised immediately in profit or loss.After initial recognition, financial assets are measured at either amortised cost or fair value, based on the classification of the financial assets.\u2022 Classification of financial assets The classification of financial assets depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Management determines the classification of its financial assets at initial recognition. Debt instruments (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortised cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and margin points paid or received) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Financial investments (equity investments) are normally measured in the consolidated statement of financial position at fair value through profit or loss. However, the Company can make an irrevocable election at initial recognition to measure the investment at fair value through other comprehensive income (\u201cFVTOCI\u201d), with dividend income recognised in profit or loss. Equity investments in non-listed companies are designated as financial assets at FVTOCI.\u2022 Impairment of financial assets IFRS 9 requires a forward-looking expected credit loss (\u201cECL\u201d) approach to assess impairments of financial assets. As such, the Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). These credit losses are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that considers historical information on defaults adjusted for forward-looking information. For long-term loans to related parties the general impairment assessment model is applied. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition (except for a purchased or originated credit-impaired financial asset), the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 months expected credit loss. Management has concluded that it would require undue cost and effort to determine the credit risk of each loan on their respective dates of initial recognition. Accordingly, the Group recognises lifetime expected credit losses for these loans until they are derecognised. IFRS 9 applies the same measurement approach to loan commitments and financial guarantee contracts (other than measured at fair value through profit or loss). \u2022 Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the assets expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On the entire derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity, is recognised in profit or loss. On the partial derecognition of a financial asset other than its entirety (i.e. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration is recognised in profit or loss.Financial liabilities and equity instrumentsAn instrument is classified as a financial liability or as an equity instrument according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issuance costs.Financial liabilitiesFinancial liabilities (including interest-bearing borrowings and trade payables) are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortised cost, except for derivative instruments. \u2022 Interest-bearing borrowings and payables Interest-bearing borrowings are recorded at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value (including premiums payable on settlement or redemption) is recognised in the income statement over the period of the borrowing. Trade payables which are not interest-bearing are stated at cost, being the fair value of the consideration to be paid. \u2022 Derivative financial instruments Derivative instruments with a negative fair value are classified at fair value through profit and loss (\u201cFVTPL\u201d), unless they are designated and effective as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__49": {
"value": "Financial assetsFinancial assets are recognised or derecognised on the trade date which is the date the Group undertakes to purchase or sell the asset. Financial assets are initially measured at fair value, except for trade receivables. Trade receivables are measures at their transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets are added to the fair value of the financial assets on initial recognition, except for financial assets at fair value through profit or loss, where the transaction costs are recognised immediately in profit or loss.After initial recognition, financial assets are measured at either amortised cost or fair value, based on the classification of the financial assets.\u2022 Classification of financial assets The classification of financial assets depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Management determines the classification of its financial assets at initial recognition. Debt instruments (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortised cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and margin points paid or received) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Financial investments (equity investments) are normally measured in the consolidated statement of financial position at fair value through profit or loss. However, the Company can make an irrevocable election at initial recognition to measure the investment at fair value through other comprehensive income (\u201cFVTOCI\u201d), with dividend income recognised in profit or loss. Equity investments in non-listed companies are designated as financial assets at FVTOCI.\u2022 Impairment of financial assets IFRS 9 requires a forward-looking expected credit loss (\u201cECL\u201d) approach to assess impairments of financial assets. As such, the Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). These credit losses are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that considers historical information on defaults adjusted for forward-looking information. For long-term loans to related parties the general impairment assessment model is applied. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition (except for a purchased or originated credit-impaired financial asset), the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 months expected credit loss. Management has concluded that it would require undue cost and effort to determine the credit risk of each loan on their respective dates of initial recognition. Accordingly, the Group recognises lifetime expected credit losses for these loans until they are derecognised. IFRS 9 applies the same measurement approach to loan commitments and financial guarantee contracts (other than measured at fair value through profit or loss). \u2022 Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the assets expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On the entire derecognition of a financial asset in its entirety, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity, is recognised in profit or loss. On the partial derecognition of a financial asset other than its entirety (i.e. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__62": {
"value": "Debt instruments (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortised cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__51": {
"value": "Debt instruments (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortised cost using the effective interest method, less any impairment if they are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and margin points paid or received) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__52": {
"value": "Financial investments (equity investments) are normally measured in the consolidated statement of financial position at fair value through profit or loss. However, the Company can make an irrevocable election at initial recognition to measure the investment at fair value through other comprehensive income (\u201cFVTOCI\u201d), with dividend income recognised in profit or loss. Equity investments in non-listed companies are designated as financial assets at FVTOCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__37": {
"value": "Impairment of financial assets IFRS 9 requires a forward-looking expected credit loss (\u201cECL\u201d) approach to assess impairments of financial assets. As such, the Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss and contract assets. IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). These credit losses are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that considers historical information on defaults adjusted for forward-looking information. For long-term loans to related parties the general impairment assessment model is applied. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit loss if the credit risk on that financial instrument has increased significantly since initial recognition, or if the financial instrument is a purchased or originated credit-impaired financial asset. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition (except for a purchased or originated credit-impaired financial asset), the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 months expected credit loss. Management has concluded that it would require undue cost and effort to determine the credit risk of each loan on their respective dates of initial recognition. Accordingly, the Group recognises lifetime expected credit losses for these loans until they are derecognised. IFRS 9 applies the same measurement approach to loan commitments and financial guarantee contracts (other than measured at fair value through profit or loss).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__53": {
"value": "InventoriesInventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method.Net realisable value represents the estimated selling price less all estimated costs of completion and costs necessary to make the sale.A minor accounting policy changes took place to the raw material inventory valuation for \u201cmake-to-order\u201d activities which are being valued according to the FIFO method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__57": {
"value": "Financial liabilities and equity instrumentsAn instrument is classified as a financial liability or as an equity instrument according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issuance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__56": {
"value": "Financial liabilitiesFinancial liabilities (including interest-bearing borrowings and trade payables) are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortised cost, except for derivative instruments. \u2022 Interest-bearing borrowings and payables Interest-bearing borrowings are recorded at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value (including premiums payable on settlement or redemption) is recognised in the income statement over the period of the borrowing. Trade payables which are not interest-bearing are stated at cost, being the fair value of the consideration to be paid. \u2022 Derivative financial instruments Derivative instruments with a negative fair value are classified at fair value through profit and loss (\u201cFVTPL\u201d), unless they are designated and effective as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__55": {
"value": "Financial liabilities (including interest-bearing borrowings and trade payables) are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortised cost, except for derivative instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__58": {
"value": "Interest-bearing borrowings and payables Interest-bearing borrowings are recorded at the proceeds received, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value (including premiums payable on settlement or redemption) is recognised in the income statement over the period of the borrowing. Trade payables which are not interest-bearing are stated at cost, being the fair value of the consideration to be paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__61": {
"value": "Trade payables which are not interest-bearing are stated at cost, being the fair value of the consideration to be paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__60": {
"value": "Derivative financial instruments Derivative instruments with a negative fair value are classified at fair value through profit and loss (\u201cFVTPL\u201d), unless they are designated and effective as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__59": {
"value": "Derivative financial instruments Derivative instruments with a negative fair value are classified at fair value through profit and loss (\u201cFVTPL\u201d), unless they are designated and effective as hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__64": {
"value": "Employee benefit liabilities Post-employment benefits In accordance with the laws and practices of each country, the affiliated companies of the Group operate defined benefit and defined contribution retirement benefit plans. It is Group policy to operate defined contribution plans for newly-hired employees where this is possible and appropriate. Contributions payable to defined contribution plans are recognised as an expense in the period in which the related employees\u2019 service is rendered. For defined benefit plans, the amount recognised in the statement of financial position is the present value of the defined benefit obligation less the fair value of any plan assets. If the amount to be recognised in the statement of financial position is an asset, the asset recognised is restricted to the asset ceiling, which is defined as the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. For funded plans subject to a minimum funding requirement, where contributions payable to cover an existing shortfall on the minimum funding basis in respect of service already received are not available as a refund or reduction in future contributions after they are paid into the plan, an additional liability is recognised, where necessary, in accordance with IFRIC 14. In the income statement, current and past service costs (including curtailments), settlement costs and administration expenses are charged in \u2018\u2018other operating revenues & expenses\u2019\u2019, while the net interest cost is booked in \u2018\u2018other financial income & expenses\u2019\u2019. The present value of the defined benefit obligation and the related current and past service costs are calculated by qualified actuaries using the projected unit credit method. The discount rate is based on the prevailing yields of high-quality corporate bonds with a currency and term consistent with the currency and term of the benefit obligations. For currencies for which there is no deep market in such bonds, government bonds are taken into account. No provisions for death in service is included in the defined-benefit obligations as it is fully insured, and the Group has no intention not to continue this insurance policy. As there is no market price available for group insurance contracts, the fair value of such contracts is estimated by discounting the expected future cash flows (i.e. the amounts guaranteed by the insurer) using a discount rate that reflects both the risk associated with the plan assets and the maturity or expected disposal date of those assets. The risk associated with these assets is based on the market situation at the reporting date. Remeasurements include: - actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions; - the return on plan assets; and - any changes in the effect of the asset ceiling or additional liability recognised under IFRIC 14, excluding amounts included in net interest. Such remeasurements are recognised in other comprehensive income. Past service costs, arising from plan amendments, are recognised immediately as an expense. Defined contribution pension plans in Belgium are \u2018hybrid\u2019 pension plans that qualify as defined benefit plans for IFRS purposes, because they are by law subject to minimum guaranteed rates of return and have to guarantee minimum annuity conversion rates. There is therefore a risk that the Company may have to pay additional contributions related to past service. Any such additional contributions will depend on the actual investment returns and the future evolution of the minimum guarantees. \u2022 Termination benefits A liability and expense for termination benefits is recognised at the earlier of (a) the date when the offer of those benefits can no longer be withdrawn, and (b) the date when costs are recognised for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__63-1": {
"value": "Employee benefit liabilities Post-employment benefits In accordance with the laws and practices of each country, the affiliated companies of the Group operate defined benefit and defined contribution retirement benefit plans. It is Group policy to operate defined contribution plans for newly-hired employees where this is possible and appropriate. Contributions payable to defined contribution plans are recognised as an expense in the period in which the related employees\u2019 service is rendered. For defined benefit plans, the amount recognised in the statement of financial position is the present value of the defined benefit obligation less the fair value of any plan assets. If the amount to be recognised in the statement of financial position is an asset, the asset recognised is restricted to the asset ceiling, which is defined as the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. For funded plans subject to a minimum funding requirement, where contributions payable to cover an existing shortfall on the minimum funding basis in respect of service already received are not available as a refund or reduction in future contributions after they are paid into the plan, an additional liability is recognised, where necessary, in accordance with IFRIC 14. In the income statement, current and past service costs (including curtailments), settlement costs and administration expenses are charged in \u2018\u2018other operating revenues & expenses\u2019\u2019, while the net interest cost is booked in \u2018\u2018other financial income & expenses\u2019\u2019. The present value of the defined benefit obligation and the related current and past service costs are calculated by qualified actuaries using the projected unit credit method. The discount rate is based on the prevailing yields of high-quality corporate bonds with a currency and term consistent with the currency and term of the benefit obligations. For currencies for which there is no deep market in such bonds, government bonds are taken into account. No provisions for death in service is included in the defined-benefit obligations as it is fully insured, and the Group has no intention not to continue this insurance policy. As there is no market price available for group insurance contracts, the fair value of such contracts is estimated by discounting the expected future cash flows (i.e. the amounts guaranteed by the insurer) using a discount rate that reflects both the risk associated with the plan assets and the maturity or expected disposal date of those assets. The risk associated with these assets is based on the market situation at the reporting date. Remeasurements include: - actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions; - the return on plan assets; and - any changes in the effect of the asset ceiling or additional liability recognised under IFRIC 14, excluding amounts included in net interest. Such remeasurements are recognised in other comprehensive income. Past service costs, arising from plan amendments, are recognised immediately as an expense. Defined contribution pension plans in Belgium are \u2018hybrid\u2019 pension plans that qualify as defined benefit plans for IFRS purposes, because they are by law subject to minimum guaranteed rates of return and have to guarantee minimum annuity conversion rates. There is therefore a risk that the Company may have to pay additional contributions related to past service. Any such additional contributions will depend on the actual investment returns and the future evolution of the minimum guarantees. \u2022 Termination benefits A liability and expense for termination benefits is recognised at the earlier of (a) the date when the offer of those benefits can no longer be withdrawn, and (b) the date when costs are recognised for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits.Provisions\u2022 General Provisions are recognised when (i) the Group has a present obligation (legal or constructive) as a result of a past event, (ii) it is probable that the Group will be required to settle the obligation, and (iii) a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognised in the financial result. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received if the Group settles the obligation. \u2022 Onerous contracts An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Present obligations arising from onerous contracts are recognised and measured as provisions. \u2022 Restructurings A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation with those affected that it will carry out the restructuring. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. \u2022 Environmental liabilities Recticel analyses twice a year all its environmental risks and the corresponding provisions. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of the pollution, clean-up techniques, and other available information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__65": {
"value": "Termination benefits A liability and expense for termination benefits is recognised at the earlier of (a) the date when the offer of those benefits can no longer be withdrawn, and (b) the date when costs are recognised for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__66": {
"value": "Share-based paymentsEquity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of a Black & Scholes model. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in note 7.2.6.2.The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that eventually will be vested.The above policy is applied to all equity-settled share-based payments that were granted after 7 November 2002 and that vested after 01 January 2005. No amount has been recognised in the financial statements in respect of the other equity-settled shared-based payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__69": {
"value": "Environmental liabilities Recticel analyses twice a year all its environmental risks and the corresponding provisions. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of the pollution, clean-up techniques, and other available information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__70": {
"value": "Revenue recognitionIFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.Customers obtain control of products when the goods are delivered to and have been accepted at their premises. Invoices are generated and revenue is recognised at that point in time. To recognise revenue, IFRS 15 applies a \u201cfive steps\u201d model:\u2022 identify the contract(s) with a customer.\u2022 identify the performance obligations in the contract.\u2022 determine the transaction price.\u2022 allocate the transaction price to each performance obligation.\u2022 recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). \u2022 Transaction price The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer. The most common types of variable consideration that can be identified are: - Volume discounts - Year-end rebates - Adjustments to cope with changes in raw material prices on a prospective basis. It is not unusual to agree on yearly supply agreements with the customer which fixes the selling prices of the goods for the relevant year. These agreements do not include any commitments to volumes made by the customer. The amount of revenue recognised is adjusted for expected rebates and discounts. A contract liability is being recognised upon selling the goods to the customer and released when the credit note is issued. If a credit note is issued to the customer to compensate for quality claims, this shall be recognised as a reduction of the revenues. The most common types of considerations paid to the customer (in bedding and insulation) relate to: - Participation to flyers - Participation to advertising campaigns - Promotional in-store activities The considerations paid to participate in the customer\u2019s flyers shall be deducted from revenue as the services provided by the customer to the Group can generally not be considered as being distinct.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__68": {
"value": "The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer. The most common types of variable consideration that can be identified are: - Volume discounts - Year-end rebates - Adjustments to cope with changes in raw material prices on a prospective basis. It is not unusual to agree on yearly supply agreements with the customer which fixes the selling prices of the goods for the relevant year. These agreements do not include any commitments to volumes made by the customer. The amount of revenue recognised is adjusted for expected rebates and discounts. A contract liability is being recognised upon selling the goods to the customer and released when the credit note is issued.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__73": {
"value": "Interest income & expensesInterest income/expenses is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts/outflows throughout the expected life of the financial asset/liability to that asset/liability\u2019s net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__72": {
"value": "Interest income & expensesInterest income/expenses is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts/outflows throughout the expected life of the financial asset/liability to that asset/liability\u2019s net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__71": {
"value": "Interest income & expensesInterest income/expenses is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts/outflows throughout the expected life of the financial asset/liability to that asset/liability\u2019s net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__75": {
"value": "Dividend income Dividend income from investments is recognised when the shareholders\u2019 rights to receive payment have been established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__76": {
"value": "Government grantsGovernment grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants relating to staff training costs are recognised as income over the periods required to match them with the related costs and are deducted from the related expense. Government grants relating to property, plant & equipment are treated by deducting the received grants from the carrying amount of the related assets. These grants are recognised as income over the useful life of the depreciable assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__77": {
"value": "Income taxesThe tax expense represents the sum of the current tax expense and deferred tax expense. The current tax expense is based on the taxable profit for the year. The taxable profit differs from the result of the period before taxes as reported in the income statement because it excludes items of income or expenditure that are taxable or deductible in other years and items that will never become taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and when it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax liabilities have been recognised on undistributed retained earnings of subsidiaries, associates and joint ventures, as the impact is not material.The carrying amount of deferred tax assets is reviewed at least at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__78": {
"value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. It is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and when it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax liabilities have been recognised on undistributed retained earnings of subsidiaries, associates and joint ventures, as the impact is not material.The carrying amount of deferred tax assets is reviewed at least at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__86": {
"value": "7.2.1.4 Major sources of estimation uncertainty and key judgmentsNo key judgements were made in the preparation of the financials and there were no major sources of estimation uncertainty. All other items noted below are related to normal judgements and estimates. Drawing up the annual accounts in accordance with IFRS requires management to make the necessary judgments, estimates and assumptions. The management bases its estimates and assumptions on past experience and other reasonable assessment criteria. These are reviewed periodically, and the effects of such reviews are taken into account in the annual accounts of the period concerned. Future events which may have a financial impact on the Group are also included in this.The estimated results of such possible future events may consequently diverge from the actual impact on results. Judgments and estimates were made, inter alia, regarding:\u2022 impairments of goodwill, intangible assets, property, plant and equipment and right-of-use assets;\u2022 determination of loss allowances for expected credit losses;\u2022 determination of write-downs on inventories;\u2022 determination of provisions for restructurings;\u2022 determination of provisions for onerous contracts;\u2022 determination of provisions for contingent liabilities, litigations and other exposures;\u2022 determination of provisions for indemnities related to divestments\u2022 valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefits;\u2022 the recoverability of deferred tax assets;\u2022 the assessment of the lease term is used as judgement within IFRS 16;It is not excluded that future revisions of such estimates and judgments could trigger an adjustment in the value of the assets and liabilities in future financial years.Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortizable term assets, an impairment assessment will in first place be made at the level of the individual asset. Only when it is not possible to estimate a recoverable value on an individual level, the evaluation will be made at the level of the cash generating unit (hereafter \u201cCGU\u201d) to which the asset belongs. For amortizable long-term assets, an impairment analysis should be performed in case of impairment indicators. If such indicators exist, an impairment analysis shall be performed at the CGU level. For goodwill (and other not depreciated long term assets) an impairment test is performed at least annually. The carrying amount can be allocated on a reasonable and consistent basis. The allocation of goodwill to a CGU or a group of CGUs also takes account of the synergies of the business combination expected by the decision maker. Goodwill can be allocated for impairment testing to a group of CGUs, if the chief operating decision maker considers this as the most appropriate allocation. There is a link between the level at which goodwill is tested for impairment and the level of internal reporting that reflects the way the entity manages its operations and with which the goodwill is associated (as such it cannot exceed the level of the reported segments as defined by IFRS 8). The CGU level is defined following the market and production capacities. This approach leads to the determination of four CGUs in Insulation:\u2022 CGU \u201cUnited Kingdom\u201d\u2022 CGU \u201cContinental Europe\u201d\u2022 CGU \u201cScandinavia\u201d\u2022 CGU \u201cTrimo\u201dAn impairment analysis was performed for the following CGU:\u2022 CGU \u201cTrimo\u201dconsidering the majority of the Recticel goodwill is allocated to them not withstanding that the CGU was only acquired in 2022. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence do not necessitate further impairment testing.The majority of the net book value of total goodwill was subject to impairment testing, and is composed as follows:in thousand EURTRIMO OTHER TOTALGoodwill 60,040 2,370 62,409Other intangible assets 63,005 7,090 70,094Property, plant & equipment 31,337 76,281 107,617Assets under construction 1,061 12,009 13,069Right-of-use assets 619 27,152 27,771Total net book value 156,060 124,900 280,961of which impairments recognized during the period (13) (279) (293)For 2023:Impairment charges are not linked to the general impairment analysis.For the impairment test of the items included in the table above, certain assumptions were made. The impairment tests have been applied on the \u201ccash-generating units\u201d (\u201cCGU\u201d) on the basis of the principles set out above. The recoverable amount of the total CGU is determined on the basis of the value-in-use model. When determining its expected future cash flows, the Group takes into account prudent, though realistic, assumptions regarding the evolution of its markets, its sales, the raw materials prices, the impact of past restructurings and the gross margins, which all are based on (i) the past experiences of the management and/or (ii) which are in line with trustworthy external information sources. It can however not be excluded that a future reassessment of assumptions and/or market analysis induced by future developments in the economic environment might lead to the recognition of additional impairments.For the discounting of the future cash flows, a uniform overall Group-based pre-tax discount rate of 11.7% is used for all CGUs (10.7% in 2022). This pre-tax discount rate is based on a (long-term) weighted average cost of capital based on the current market expectations of the time value of money and risks for which future cash flows must be adjusted; the risks being implicit in the cash flows. The pre-tax discount rate for impairment testing is based on the following assumptions: (EUR based)Group target ratios: 2022 2023 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%1Pre-tax cost of debt 1.97% 2.06%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 10.68% 11.06%fmpRisk free interest rate = R 3.19% 3.39%fBeta 1.28 1.32Market equity risk premium = E 6.0% 6.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 21.9%Assumed inflation rate 2.0% 2.0%Pre-tax WACC (weighted average cost of capital) 10.7% 11.1% the 2022 pre-tax cost of debt integrates the impact of the Trimo acquisition. The discount factors are reviewed at least annually.Key assumptionsThe dynamics of the business model, budgets and projected cash flows are based on stable cost structures which reflect inflation rates on labour and other costs, stable fixed costs and capital expenditure. Gross margins and operating results are sensitive to the volatility of raw material costs, which are unpredictable. Therefore, the budgets assume that increases or decreases in material costs are compensated through adaptations of the sales prices.For the CGU \u201cTrimo\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this 3-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cTrimo\u201d amounts to 1.58 times the net asset book value.Sensitivity analysisA first sensitivity analysis (A) is performed to measure the impact of a changing WACC rate (+1%) on the outcome of the impairment tests (see overview table below).A second sensitivity analysis (B) is performed to measure the impact of a changing gross margin on sales (-1%) on the outcome of the impairment tests \u2013 applied on the business plan 2024-2026 and the perpetuity (see overview table below). A third sensitivity analysis (C) is performed to measure the impact of a changing sales volume level (-5% as from 2025) on the outcome of the impairment tests (see overview table below).A fourth sensitivity analysis is performed to measure the combined impact of the above sensitivity analyses.For the sensitivity analyses it is assumed that all other parameters of the underlying assumptions, such as market evolution, sales, raw materials prices, impact of past restructurings and gross margins, operating charges, working capital needs, capital expenditure, \u2026, remain unchanged. in thousand EURDISCOUNTED CASH FLOW / NET ASSET BASE (INCLUDING RIGHT-OF-USE ASSETS)Sensitivity1% DECREASE OF GROSS 5% DECREASE OF NET COMBINATION OF BASE CASE 1% INCREASE OF WACC (A)MARGIN ON SALES (B)SALES (C)(A), (B) AND (C)Trimo 1.58 times book value 1.44 times book value 1.46 times book value 1.35 times book value 1.13 times book valueFor Investments in other associates an impairment test is performed at least annually.Loss allowances for expected credit lossesA loss allowance for expected credit losses is recognised for trade debtors for which a risk of total or partial non-recovery of outstanding receivables exists due to the debtor\u2019s poor financial condition or for economic, legal or political reasons. The decision to classify a receivable as doubtful will be made by the management on the basis of all information available to them at any time. In line with the Group accounting principles, details on the amounts of the loss allowance for expected credit losses can be found in note 7.2.5.10.The Group\u2019s credit management processes continue to prove their effectiveness resulting in no significant credit losses. No market evolutions lead to an increase of the default rates used to calculate the expected credit losses.The amount of expected credit losses on external guarantees is assessed at each reporting date to reflect changes in credit risk since the guarantee was granted. When determining whether the credit risk of a guarantee has increased significantly since the issuance and when estimating expected credit losses, Recticel considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Loans granted to Associates included a subordinated vendor loan of EUR 10 million (maturity 2027) granted on 30 June 2021 to TEMDA2 GmbH, the Automotive joint venture which acquired the Automotive Interiors activities (ref. 7.2.4.7). On the basis of the assessment performed by the management no adjustment is to be made to the value of the latter loan. Put/call options on discontinued operations Proseat and Automotive InteriorsOn 19 February 2019, Recticel announced the closing of the transactions as a result of which Sekisui Plastics Co., Ltd. acquired 75% in Proseat. Following that transaction Recticel held a 25% participation in Proseat with the option to sell this remaining participation after three years. On 14 April 2022 following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat.As per 31 December 2021 the fair value of the Proseat option amounted to EUR -2.3 million. On 14 April 2022, Recticel exercised its put option and sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH, Germany. By 31 December 2022 Recticel reversed the previously recognised provision related to the fair value of the put option (EUR +2.3 million).On 01 July 2021, Recticel announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH, a new joint venture with Admetos. Recticel holds a participation of 49% in this new joint venture. The agreement contains reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which are exercisable as from March 2024.A valuation of the put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, by using a Black & Scholes formula and taken into account certain assumptions regarding dividend yield, interest rate and volatility, has been made per 31 December 2023, valuing the fair value of the option amounted to zero (same as per 31 December 2022).Provisions for restructurings and onerous contractsA restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation in those affected that it will carry out the restructuring. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. In line with the Group accounting principles, details on the amounts of provisions for restructurings and onerous contracts can be found in notes 7.2.4.3 and 7.2.5.15.Provisions for indemnities related to divestmentsAt the moment of a divestment the divestment agreement stipulates certain indemnity clauses. These indemnity clauses are reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department.Provisions for contingent liabilities, litigations and other exposuresAny significant litigation (tax and other, including threat of litigation) is reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department. Further details are provided in note 7.2.6.9.Valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefitsThe actuarial assumptions used in determining the defined benefit obligations at December 31, and the annual cost, can be found in note 7.2.5.14. All main employee benefit plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. Other assumptions (such as future salary increases and demographic assumptions) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the acceptability of the results and ensure consistency in reporting.Current and deferred tax All tax returns are prepared in good faith based on the available information, with often the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium, Germany and Poland. While the ultimate outcome of these tax audits is not certain, the Group has considered the merits of its filing positions in the overall evaluation of potential tax liabilities and believes that adequate liabilities are recorded in the consolidated financial statements. However, important tax corrections can never be excluded. In such case, Recticel will defend its position, always in full collaboration with the tax authorities.Deferred tax assets are recognised for deductible temporary differences and unused tax losses and other tax attributes to the extent that future taxable profits are expected to be available against which they can be used. For this purpose, management reviews the recognition of deferred tax assets based on the business plans of the entities concerned. The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023 mainly due to an increase of deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Trimo, as a result of an increase of the tax rate from 19% to 22% in Slovenia.At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million).Assets held for sale - Discontinued operationsFor the Engineered Foams activities, Recticel considers the criteria of IFRS 5 to be met as of 30 June 2022, and consequently the Engineered Foams activities have been accounted for as discontinued operations as per 30 June 2022. IFRS 5 has been applied on the basis of the following facts : (i) decision by the Board of Directors to divest the Recticel Engineered Foams activities, (ii) receival of a binding offer, (iii) obtention of shareholder approval, (iv) execution of legal carve-outs and (v) the sale being highly probable to be concluded within 12 months of the classification as disposal group held for sale. Following the application of IFRS 5, depreciations have been stopped on Recticel Engineered Foams, as from 30 June 2022, the date Engineered Foams is available for immediate sale following the completion of the carve-outs. As of 12 June 2023, the date when the divestment of Recticel Engineered Foams activities to Carpenter was realised IFRS 5 are included except for the related remaining indemnities. Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. This gain, arising from the change in the fair value of investment property, is included in profit or loss for the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__85": {
"value": "7.2.1.4 Major sources of estimation uncertainty and key judgmentsNo key judgements were made in the preparation of the financials and there were no major sources of estimation uncertainty. All other items noted below are related to normal judgements and estimates. Drawing up the annual accounts in accordance with IFRS requires management to make the necessary judgments, estimates and assumptions. The management bases its estimates and assumptions on past experience and other reasonable assessment criteria. These are reviewed periodically, and the effects of such reviews are taken into account in the annual accounts of the period concerned. Future events which may have a financial impact on the Group are also included in this.The estimated results of such possible future events may consequently diverge from the actual impact on results. Judgments and estimates were made, inter alia, regarding:\u2022 impairments of goodwill, intangible assets, property, plant and equipment and right-of-use assets;\u2022 determination of loss allowances for expected credit losses;\u2022 determination of write-downs on inventories;\u2022 determination of provisions for restructurings;\u2022 determination of provisions for onerous contracts;\u2022 determination of provisions for contingent liabilities, litigations and other exposures;\u2022 determination of provisions for indemnities related to divestments\u2022 valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefits;\u2022 the recoverability of deferred tax assets;\u2022 the assessment of the lease term is used as judgement within IFRS 16;It is not excluded that future revisions of such estimates and judgments could trigger an adjustment in the value of the assets and liabilities in future financial years.Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortizable term assets, an impairment assessment will in first place be made at the level of the individual asset. Only when it is not possible to estimate a recoverable value on an individual level, the evaluation will be made at the level of the cash generating unit (hereafter \u201cCGU\u201d) to which the asset belongs. For amortizable long-term assets, an impairment analysis should be performed in case of impairment indicators. If such indicators exist, an impairment analysis shall be performed at the CGU level. For goodwill (and other not depreciated long term assets) an impairment test is performed at least annually. The carrying amount can be allocated on a reasonable and consistent basis. The allocation of goodwill to a CGU or a group of CGUs also takes account of the synergies of the business combination expected by the decision maker. Goodwill can be allocated for impairment testing to a group of CGUs, if the chief operating decision maker considers this as the most appropriate allocation. There is a link between the level at which goodwill is tested for impairment and the level of internal reporting that reflects the way the entity manages its operations and with which the goodwill is associated (as such it cannot exceed the level of the reported segments as defined by IFRS 8). The CGU level is defined following the market and production capacities. This approach leads to the determination of four CGUs in Insulation:\u2022 CGU \u201cUnited Kingdom\u201d\u2022 CGU \u201cContinental Europe\u201d\u2022 CGU \u201cScandinavia\u201d\u2022 CGU \u201cTrimo\u201dAn impairment analysis was performed for the following CGU:\u2022 CGU \u201cTrimo\u201dconsidering the majority of the Recticel goodwill is allocated to them not withstanding that the CGU was only acquired in 2022. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence do not necessitate further impairment testing.The majority of the net book value of total goodwill was subject to impairment testing, and is composed as follows:in thousand EURTRIMO OTHER TOTALGoodwill 60,040 2,370 62,409Other intangible assets 63,005 7,090 70,094Property, plant & equipment 31,337 76,281 107,617Assets under construction 1,061 12,009 13,069Right-of-use assets 619 27,152 27,771Total net book value 156,060 124,900 280,961of which impairments recognized during the period (13) (279) (293)For 2023:Impairment charges are not linked to the general impairment analysis.For the impairment test of the items included in the table above, certain assumptions were made. The impairment tests have been applied on the \u201ccash-generating units\u201d (\u201cCGU\u201d) on the basis of the principles set out above. The recoverable amount of the total CGU is determined on the basis of the value-in-use model. When determining its expected future cash flows, the Group takes into account prudent, though realistic, assumptions regarding the evolution of its markets, its sales, the raw materials prices, the impact of past restructurings and the gross margins, which all are based on (i) the past experiences of the management and/or (ii) which are in line with trustworthy external information sources. It can however not be excluded that a future reassessment of assumptions and/or market analysis induced by future developments in the economic environment might lead to the recognition of additional impairments.For the discounting of the future cash flows, a uniform overall Group-based pre-tax discount rate of 11.7% is used for all CGUs (10.7% in 2022). This pre-tax discount rate is based on a (long-term) weighted average cost of capital based on the current market expectations of the time value of money and risks for which future cash flows must be adjusted; the risks being implicit in the cash flows. The pre-tax discount rate for impairment testing is based on the following assumptions: (EUR based)Group target ratios: 2022 2023 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%1Pre-tax cost of debt 1.97% 2.06%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 10.68% 11.06%fmpRisk free interest rate = R 3.19% 3.39%fBeta 1.28 1.32Market equity risk premium = E 6.0% 6.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 21.9%Assumed inflation rate 2.0% 2.0%Pre-tax WACC (weighted average cost of capital) 10.7% 11.1% the 2022 pre-tax cost of debt integrates the impact of the Trimo acquisition. The discount factors are reviewed at least annually.Key assumptionsThe dynamics of the business model, budgets and projected cash flows are based on stable cost structures which reflect inflation rates on labour and other costs, stable fixed costs and capital expenditure. Gross margins and operating results are sensitive to the volatility of raw material costs, which are unpredictable. Therefore, the budgets assume that increases or decreases in material costs are compensated through adaptations of the sales prices.For the CGU \u201cTrimo\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this 3-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cTrimo\u201d amounts to 1.58 times the net asset book value.Sensitivity analysisA first sensitivity analysis (A) is performed to measure the impact of a changing WACC rate (+1%) on the outcome of the impairment tests (see overview table below).A second sensitivity analysis (B) is performed to measure the impact of a changing gross margin on sales (-1%) on the outcome of the impairment tests \u2013 applied on the business plan 2024-2026 and the perpetuity (see overview table below). A third sensitivity analysis (C) is performed to measure the impact of a changing sales volume level (-5% as from 2025) on the outcome of the impairment tests (see overview table below).A fourth sensitivity analysis is performed to measure the combined impact of the above sensitivity analyses.For the sensitivity analyses it is assumed that all other parameters of the underlying assumptions, such as market evolution, sales, raw materials prices, impact of past restructurings and gross margins, operating charges, working capital needs, capital expenditure, \u2026, remain unchanged. in thousand EURDISCOUNTED CASH FLOW / NET ASSET BASE (INCLUDING RIGHT-OF-USE ASSETS)Sensitivity1% DECREASE OF GROSS 5% DECREASE OF NET COMBINATION OF BASE CASE 1% INCREASE OF WACC (A)MARGIN ON SALES (B)SALES (C)(A), (B) AND (C)Trimo 1.58 times book value 1.44 times book value 1.46 times book value 1.35 times book value 1.13 times book valueFor Investments in other associates an impairment test is performed at least annually.Loss allowances for expected credit lossesA loss allowance for expected credit losses is recognised for trade debtors for which a risk of total or partial non-recovery of outstanding receivables exists due to the debtor\u2019s poor financial condition or for economic, legal or political reasons. The decision to classify a receivable as doubtful will be made by the management on the basis of all information available to them at any time. In line with the Group accounting principles, details on the amounts of the loss allowance for expected credit losses can be found in note 7.2.5.10.The Group\u2019s credit management processes continue to prove their effectiveness resulting in no significant credit losses. No market evolutions lead to an increase of the default rates used to calculate the expected credit losses.The amount of expected credit losses on external guarantees is assessed at each reporting date to reflect changes in credit risk since the guarantee was granted. When determining whether the credit risk of a guarantee has increased significantly since the issuance and when estimating expected credit losses, Recticel considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Loans granted to Associates included a subordinated vendor loan of EUR 10 million (maturity 2027) granted on 30 June 2021 to TEMDA2 GmbH, the Automotive joint venture which acquired the Automotive Interiors activities (ref. 7.2.4.7). On the basis of the assessment performed by the management no adjustment is to be made to the value of the latter loan. Put/call options on discontinued operations Proseat and Automotive InteriorsOn 19 February 2019, Recticel announced the closing of the transactions as a result of which Sekisui Plastics Co., Ltd. acquired 75% in Proseat. Following that transaction Recticel held a 25% participation in Proseat with the option to sell this remaining participation after three years. On 14 April 2022 following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat.As per 31 December 2021 the fair value of the Proseat option amounted to EUR -2.3 million. On 14 April 2022, Recticel exercised its put option and sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH, Germany. By 31 December 2022 Recticel reversed the previously recognised provision related to the fair value of the put option (EUR +2.3 million).On 01 July 2021, Recticel announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH, a new joint venture with Admetos. Recticel holds a participation of 49% in this new joint venture. The agreement contains reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which are exercisable as from March 2024.A valuation of the put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, by using a Black & Scholes formula and taken into account certain assumptions regarding dividend yield, interest rate and volatility, has been made per 31 December 2023, valuing the fair value of the option amounted to zero (same as per 31 December 2022).Provisions for restructurings and onerous contractsA restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation in those affected that it will carry out the restructuring. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. In line with the Group accounting principles, details on the amounts of provisions for restructurings and onerous contracts can be found in notes 7.2.4.3 and 7.2.5.15.Provisions for indemnities related to divestmentsAt the moment of a divestment the divestment agreement stipulates certain indemnity clauses. These indemnity clauses are reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department.Provisions for contingent liabilities, litigations and other exposuresAny significant litigation (tax and other, including threat of litigation) is reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department. Further details are provided in note 7.2.6.9.Valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefitsThe actuarial assumptions used in determining the defined benefit obligations at December 31, and the annual cost, can be found in note 7.2.5.14. All main employee benefit plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. Other assumptions (such as future salary increases and demographic assumptions) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the acceptability of the results and ensure consistency in reporting.Current and deferred tax All tax returns are prepared in good faith based on the available information, with often the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium, Germany and Poland. While the ultimate outcome of these tax audits is not certain, the Group has considered the merits of its filing positions in the overall evaluation of potential tax liabilities and believes that adequate liabilities are recorded in the consolidated financial statements. However, important tax corrections can never be excluded. In such case, Recticel will defend its position, always in full collaboration with the tax authorities.Deferred tax assets are recognised for deductible temporary differences and unused tax losses and other tax attributes to the extent that future taxable profits are expected to be available against which they can be used. For this purpose, management reviews the recognition of deferred tax assets based on the business plans of the entities concerned. The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023 mainly due to an increase of deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Trimo, as a result of an increase of the tax rate from 19% to 22% in Slovenia.At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million).Assets held for sale - Discontinued operationsFor the Engineered Foams activities, Recticel considers the criteria of IFRS 5 to be met as of 30 June 2022, and consequently the Engineered Foams activities have been accounted for as discontinued operations as per 30 June 2022. IFRS 5 has been applied on the basis of the following facts : (i) decision by the Board of Directors to divest the Recticel Engineered Foams activities, (ii) receival of a binding offer, (iii) obtention of shareholder approval, (iv) execution of legal carve-outs and (v) the sale being highly probable to be concluded within 12 months of the classification as disposal group held for sale. Following the application of IFRS 5, depreciations have been stopped on Recticel Engineered Foams, as from 30 June 2022, the date Engineered Foams is available for immediate sale following the completion of the carve-outs. As of 12 June 2023, the date when the divestment of Recticel Engineered Foams activities to Carpenter was realised IFRS 5 are included except for the related remaining indemnities. Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. This gain, arising from the change in the fair value of investment property, is included in profit or loss for the period.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__84": {
"value": "7.2.1.4 Major sources of estimation uncertainty and key judgmentsNo key judgements were made in the preparation of the financials and there were no major sources of estimation uncertainty. All other items noted below are related to normal judgements and estimates. Drawing up the annual accounts in accordance with IFRS requires management to make the necessary judgments, estimates and assumptions. The management bases its estimates and assumptions on past experience and other reasonable assessment criteria. These are reviewed periodically, and the effects of such reviews are taken into account in the annual accounts of the period concerned. Future events which may have a financial impact on the Group are also included in this.The estimated results of such possible future events may consequently diverge from the actual impact on results. Judgments and estimates were made, inter alia, regarding:\u2022 impairments of goodwill, intangible assets, property, plant and equipment and right-of-use assets;\u2022 determination of loss allowances for expected credit losses;\u2022 determination of write-downs on inventories;\u2022 determination of provisions for restructurings;\u2022 determination of provisions for onerous contracts;\u2022 determination of provisions for contingent liabilities, litigations and other exposures;\u2022 determination of provisions for indemnities related to divestments\u2022 valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefits;\u2022 the recoverability of deferred tax assets;\u2022 the assessment of the lease term is used as judgement within IFRS 16;It is not excluded that future revisions of such estimates and judgments could trigger an adjustment in the value of the assets and liabilities in future financial years.Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortizable term assets, an impairment assessment will in first place be made at the level of the individual asset. Only when it is not possible to estimate a recoverable value on an individual level, the evaluation will be made at the level of the cash generating unit (hereafter \u201cCGU\u201d) to which the asset belongs. For amortizable long-term assets, an impairment analysis should be performed in case of impairment indicators. If such indicators exist, an impairment analysis shall be performed at the CGU level. For goodwill (and other not depreciated long term assets) an impairment test is performed at least annually. The carrying amount can be allocated on a reasonable and consistent basis. The allocation of goodwill to a CGU or a group of CGUs also takes account of the synergies of the business combination expected by the decision maker. Goodwill can be allocated for impairment testing to a group of CGUs, if the chief operating decision maker considers this as the most appropriate allocation. There is a link between the level at which goodwill is tested for impairment and the level of internal reporting that reflects the way the entity manages its operations and with which the goodwill is associated (as such it cannot exceed the level of the reported segments as defined by IFRS 8). The CGU level is defined following the market and production capacities. This approach leads to the determination of four CGUs in Insulation:\u2022 CGU \u201cUnited Kingdom\u201d\u2022 CGU \u201cContinental Europe\u201d\u2022 CGU \u201cScandinavia\u201d\u2022 CGU \u201cTrimo\u201dAn impairment analysis was performed for the following CGU:\u2022 CGU \u201cTrimo\u201dconsidering the majority of the Recticel goodwill is allocated to them not withstanding that the CGU was only acquired in 2022. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence do not necessitate further impairment testing.The majority of the net book value of total goodwill was subject to impairment testing, and is composed as follows:in thousand EURTRIMO OTHER TOTALGoodwill 60,040 2,370 62,409Other intangible assets 63,005 7,090 70,094Property, plant & equipment 31,337 76,281 107,617Assets under construction 1,061 12,009 13,069Right-of-use assets 619 27,152 27,771Total net book value 156,060 124,900 280,961of which impairments recognized during the period (13) (279) (293)For 2023:Impairment charges are not linked to the general impairment analysis.For the impairment test of the items included in the table above, certain assumptions were made. The impairment tests have been applied on the \u201ccash-generating units\u201d (\u201cCGU\u201d) on the basis of the principles set out above. The recoverable amount of the total CGU is determined on the basis of the value-in-use model. When determining its expected future cash flows, the Group takes into account prudent, though realistic, assumptions regarding the evolution of its markets, its sales, the raw materials prices, the impact of past restructurings and the gross margins, which all are based on (i) the past experiences of the management and/or (ii) which are in line with trustworthy external information sources. It can however not be excluded that a future reassessment of assumptions and/or market analysis induced by future developments in the economic environment might lead to the recognition of additional impairments.For the discounting of the future cash flows, a uniform overall Group-based pre-tax discount rate of 11.7% is used for all CGUs (10.7% in 2022). This pre-tax discount rate is based on a (long-term) weighted average cost of capital based on the current market expectations of the time value of money and risks for which future cash flows must be adjusted; the risks being implicit in the cash flows. The pre-tax discount rate for impairment testing is based on the following assumptions: (EUR based)Group target ratios: 2022 2023 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%1Pre-tax cost of debt 1.97% 2.06%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 10.68% 11.06%fmpRisk free interest rate = R 3.19% 3.39%fBeta 1.28 1.32Market equity risk premium = E 6.0% 6.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 21.9%Assumed inflation rate 2.0% 2.0%Pre-tax WACC (weighted average cost of capital) 10.7% 11.1% the 2022 pre-tax cost of debt integrates the impact of the Trimo acquisition. The discount factors are reviewed at least annually.Key assumptionsThe dynamics of the business model, budgets and projected cash flows are based on stable cost structures which reflect inflation rates on labour and other costs, stable fixed costs and capital expenditure. Gross margins and operating results are sensitive to the volatility of raw material costs, which are unpredictable. Therefore, the budgets assume that increases or decreases in material costs are compensated through adaptations of the sales prices.For the CGU \u201cTrimo\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this 3-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cTrimo\u201d amounts to 1.58 times the net asset book value.Sensitivity analysisA first sensitivity analysis (A) is performed to measure the impact of a changing WACC rate (+1%) on the outcome of the impairment tests (see overview table below).A second sensitivity analysis (B) is performed to measure the impact of a changing gross margin on sales (-1%) on the outcome of the impairment tests \u2013 applied on the business plan 2024-2026 and the perpetuity (see overview table below). A third sensitivity analysis (C) is performed to measure the impact of a changing sales volume level (-5% as from 2025) on the outcome of the impairment tests (see overview table below).A fourth sensitivity analysis is performed to measure the combined impact of the above sensitivity analyses.For the sensitivity analyses it is assumed that all other parameters of the underlying assumptions, such as market evolution, sales, raw materials prices, impact of past restructurings and gross margins, operating charges, working capital needs, capital expenditure, \u2026, remain unchanged. in thousand EURDISCOUNTED CASH FLOW / NET ASSET BASE (INCLUDING RIGHT-OF-USE ASSETS)Sensitivity1% DECREASE OF GROSS 5% DECREASE OF NET COMBINATION OF BASE CASE 1% INCREASE OF WACC (A)MARGIN ON SALES (B)SALES (C)(A), (B) AND (C)Trimo 1.58 times book value 1.44 times book value 1.46 times book value 1.35 times book value 1.13 times book valueFor Investments in other associates an impairment test is performed at least annually.Loss allowances for expected credit lossesA loss allowance for expected credit losses is recognised for trade debtors for which a risk of total or partial non-recovery of outstanding receivables exists due to the debtor\u2019s poor financial condition or for economic, legal or political reasons. The decision to classify a receivable as doubtful will be made by the management on the basis of all information available to them at any time. In line with the Group accounting principles, details on the amounts of the loss allowance for expected credit losses can be found in note 7.2.5.10.The Group\u2019s credit management processes continue to prove their effectiveness resulting in no significant credit losses. No market evolutions lead to an increase of the default rates used to calculate the expected credit losses.The amount of expected credit losses on external guarantees is assessed at each reporting date to reflect changes in credit risk since the guarantee was granted. When determining whether the credit risk of a guarantee has increased significantly since the issuance and when estimating expected credit losses, Recticel considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. Loans granted to Associates included a subordinated vendor loan of EUR 10 million (maturity 2027) granted on 30 June 2021 to TEMDA2 GmbH, the Automotive joint venture which acquired the Automotive Interiors activities (ref. 7.2.4.7). On the basis of the assessment performed by the management no adjustment is to be made to the value of the latter loan. Put/call options on discontinued operations Proseat and Automotive InteriorsOn 19 February 2019, Recticel announced the closing of the transactions as a result of which Sekisui Plastics Co., Ltd. acquired 75% in Proseat. Following that transaction Recticel held a 25% participation in Proseat with the option to sell this remaining participation after three years. On 14 April 2022 following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat.As per 31 December 2021 the fair value of the Proseat option amounted to EUR -2.3 million. On 14 April 2022, Recticel exercised its put option and sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH, Germany. By 31 December 2022 Recticel reversed the previously recognised provision related to the fair value of the put option (EUR +2.3 million).On 01 July 2021, Recticel announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH, a new joint venture with Admetos. Recticel holds a participation of 49% in this new joint venture. The agreement contains reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which are exercisable as from March 2024.A valuation of the put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, by using a Black & Scholes formula and taken into account certain assumptions regarding dividend yield, interest rate and volatility, has been made per 31 December 2023, valuing the fair value of the option amounted to zero (same as per 31 December 2022).Provisions for restructurings and onerous contractsA restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has, by starting to implement the plan or announcing its main features to those affected by it, raised a valid expectation in those affected that it will carry out the restructuring. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. In line with the Group accounting principles, details on the amounts of provisions for restructurings and onerous contracts can be found in notes 7.2.4.3 and 7.2.5.15.Provisions for indemnities related to divestmentsAt the moment of a divestment the divestment agreement stipulates certain indemnity clauses. These indemnity clauses are reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department.Provisions for contingent liabilities, litigations and other exposuresAny significant litigation (tax and other, including threat of litigation) is reviewed by Recticel\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every half-year. This review includes an assessment of the need to recognise provisions and/or to re-measure existing provisions together with the Finance department and the Insurance department. Further details are provided in note 7.2.6.9.Valuation of post-employment defined benefit obligations, other long-term employee benefits and termination benefitsThe actuarial assumptions used in determining the defined benefit obligations at December 31, and the annual cost, can be found in note 7.2.5.14. All main employee benefit plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. Other assumptions (such as future salary increases and demographic assumptions) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the acceptability of the results and ensure consistency in reporting.Current and deferred tax All tax returns are prepared in good faith based on the available information, with often the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium, Germany and Poland. While the ultimate outcome of these tax audits is not certain, the Group has considered the merits of its filing positions in the overall evaluation of potential tax liabilities and believes that adequate liabilities are recorded in the consolidated financial statements. However, important tax corrections can never be excluded. In such case, Recticel will defend its position, always in full collaboration with the tax authorities.Deferred tax assets are recognised for deductible temporary differences and unused tax losses and other tax attributes to the extent that future taxable profits are expected to be available against which they can be used. For this purpose, management reviews the recognition of deferred tax assets based on the business plans of the entities concerned. The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023 mainly due to an increase of deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Trimo, as a result of an increase of the tax rate from 19% to 22% in Slovenia.At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million).Assets held for sale - Discontinued operationsFor the Engineered Foams activities, Recticel considers the criteria of IFRS 5 to be met as of 30 June 2022, and consequently the Engineered Foams activities have been accounted for as discontinued operations as per 30 June 2022. IFRS 5 has been applied on the basis of the following facts : (i) decision by the Board of Directors to divest the Recticel Engineered Foams activities, (ii) receival of a binding offer, (iii) obtention of shareholder approval, (iv) execution of legal carve-outs and (v) the sale being highly probable to be concluded within 12 months of the classification as disposal group held for sale. Following the application of IFRS 5, depreciations have been stopped on Recticel Engineered Foams, as from 30 June 2022, the date Engineered Foams is available for immediate sale following the completion of the carve-outs. As of 12 June 2023, the date when the divestment of Recticel Engineered Foams activities to Carpenter was realised IFRS 5 are included except for the related remaining indemnities. Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is stated at its fair value at the reporting date. This gain, arising from the change in the fair value of investment property, is included in profit or loss for the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__83": {
"value": "Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortizable term assets, an impairment assessment will in first place be made at the level of the individual asset. Only when it is not possible to estimate a recoverable value on an individual level, the evaluation will be made at the level of the cash generating unit (hereafter \u201cCGU\u201d) to which the asset belongs. For amortizable long-term assets, an impairment analysis should be performed in case of impairment indicators. If such indicators exist, an impairment analysis shall be performed at the CGU level. For goodwill (and other not depreciated long term assets) an impairment test is performed at least annually. The carrying amount can be allocated on a reasonable and consistent basis. The allocation of goodwill to a CGU or a group of CGUs also takes account of the synergies of the business combination expected by the decision maker. Goodwill can be allocated for impairment testing to a group of CGUs, if the chief operating decision maker considers this as the most appropriate allocation. There is a link between the level at which goodwill is tested for impairment and the level of internal reporting that reflects the way the entity manages its operations and with which the goodwill is associated (as such it cannot exceed the level of the reported segments as defined by IFRS 8). The CGU level is defined following the market and production capacities. This approach leads to the determination of four CGUs in Insulation:\u2022 CGU \u201cUnited Kingdom\u201d\u2022 CGU \u201cContinental Europe\u201d\u2022 CGU \u201cScandinavia\u201d\u2022 CGU \u201cTrimo\u201dAn impairment analysis was performed for the following CGU:\u2022 CGU \u201cTrimo\u201dconsidering the majority of the Recticel goodwill is allocated to them not withstanding that the CGU was only acquired in 2022. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence do not necessitate further impairment testing.The majority of the net book value of total goodwill was subject to impairment testing, and is composed as follows:in thousand EURTRIMO OTHER TOTALGoodwill 60,040 2,370 62,409Other intangible assets 63,005 7,090 70,094Property, plant & equipment 31,337 76,281 107,617Assets under construction 1,061 12,009 13,069Right-of-use assets 619 27,152 27,771Total net book value 156,060 124,900 280,961of which impairments recognized during the period (13) (279) (293)For 2023:Impairment charges are not linked to the general impairment analysis.For the impairment test of the items included in the table above, certain assumptions were made. The impairment tests have been applied on the \u201ccash-generating units\u201d (\u201cCGU\u201d) on the basis of the principles set out above. The recoverable amount of the total CGU is determined on the basis of the value-in-use model. When determining its expected future cash flows, the Group takes into account prudent, though realistic, assumptions regarding the evolution of its markets, its sales, the raw materials prices, the impact of past restructurings and the gross margins, which all are based on (i) the past experiences of the management and/or (ii) which are in line with trustworthy external information sources. It can however not be excluded that a future reassessment of assumptions and/or market analysis induced by future developments in the economic environment might lead to the recognition of additional impairments.For the discounting of the future cash flows, a uniform overall Group-based pre-tax discount rate of 11.7% is used for all CGUs (10.7% in 2022). This pre-tax discount rate is based on a (long-term) weighted average cost of capital based on the current market expectations of the time value of money and risks for which future cash flows must be adjusted; the risks being implicit in the cash flows. The pre-tax discount rate for impairment testing is based on the following assumptions: (EUR based)Group target ratios: 2022 2023 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%1Pre-tax cost of debt 1.97% 2.06%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 10.68% 11.06%fmpRisk free interest rate = R 3.19% 3.39%fBeta 1.28 1.32Market equity risk premium = E 6.0% 6.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 21.9%Assumed inflation rate 2.0% 2.0%Pre-tax WACC (weighted average cost of capital) 10.7% 11.1% the 2022 pre-tax cost of debt integrates the impact of the Trimo acquisition. The discount factors are reviewed at least annually.Key assumptionsThe dynamics of the business model, budgets and projected cash flows are based on stable cost structures which reflect inflation rates on labour and other costs, stable fixed costs and capital expenditure. Gross margins and operating results are sensitive to the volatility of raw material costs, which are unpredictable. Therefore, the budgets assume that increases or decreases in material costs are compensated through adaptations of the sales prices.For the CGU \u201cTrimo\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this 3-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cTrimo\u201d amounts to 1.58 times the net asset book value.Sensitivity analysisA first sensitivity analysis (A) is performed to measure the impact of a changing WACC rate (+1%) on the outcome of the impairment tests (see overview table below).A second sensitivity analysis (B) is performed to measure the impact of a changing gross margin on sales (-1%) on the outcome of the impairment tests \u2013 applied on the business plan 2024-2026 and the perpetuity (see overview table below). A third sensitivity analysis (C) is performed to measure the impact of a changing sales volume level (-5% as from 2025) on the outcome of the impairment tests (see overview table below).A fourth sensitivity analysis is performed to measure the combined impact of the above sensitivity analyses.For the sensitivity analyses it is assumed that all other parameters of the underlying assumptions, such as market evolution, sales, raw materials prices, impact of past restructurings and gross margins, operating charges, working capital needs, capital expenditure, \u2026, remain unchanged. in thousand EURDISCOUNTED CASH FLOW / NET ASSET BASE (INCLUDING RIGHT-OF-USE ASSETS)Sensitivity1% DECREASE OF GROSS 5% DECREASE OF NET COMBINATION OF BASE CASE 1% INCREASE OF WACC (A)MARGIN ON SALES (B)SALES (C)(A), (B) AND (C)Trimo 1.58 times book value 1.44 times book value 1.46 times book value 1.35 times book value 1.13 times book valueFor Investments in other associates an impairment test is performed at least annually.",
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"s8_notes__5__87": {
"value": "7.2.1.5 Climate changeIn compiling our financial statements, Recticel has assessed the implications of climate change. This examination encompasses the disclosures outlined in our Chapter 5, Navigating the landscape of risk and opportunity, as well as our progress toward achieving the Science Based Targets initiative (SBTi) near-term objectives. Our targets aim to diminish scope 1 and scope 2 emissions by 90% and scope 3 emissions by 25% by 2030, ultimately striving for net-zero emissions across all scopes by 2050, in alignment with the Paris Agreement\u2019s goal of limiting global warming to 1.5\u00b0C.Our commitment to the SBTi, which were validated in February 2024, are an integral part of our longstanding sustainability strategy. This strategy underwent a strategic transformation, culminating in June 2023 with the divestment of Engineered Foams, enabling us to transition to a sole focus on insulation and set a growth target of 5% for our insulation business until 2030.In addition to our strategic direction, Recticel is taking tangible actions in line with the shift towards a low-carbon and circular economy. These actions are elaborated upon in our climate action plan, \u201cOur Race to Net Zero,\u201d detailed in Chapter 2.1. Our efforts concentrate on responsibly selecting raw materials, implementing sustainable and energy-efficient processes, and adopting eco-design principles.Key elements of our climate action plan include:1. Energy Efficiency Initiatives: Implementing measures to reduce energy consumption, enhance operational efficiency, and minimize our carbon footprint. For instance, we have installed metering systems in production sites to track and reduce energy usage.2. Renewable Energy Transition: Transitioning to renewable energy sources like solar power to electrify operations and decrease reliance on fossil fuels. We are evaluating options to electrify our operations and are exploring additional solar panel installations at our production sites.3. Supply Chain Collaboration: Collaborating with suppliers to address emissions throughout the supply chain, promote sustainability, and achieve positive environmental outcomes. We have incorporated a sustainability scorecard into our procurement policy and engaged extensively with suppliers to reduce emissions.4. Innovation: We are transitioning our R&D budget to innovative solutions and technologies that support climate change mitigation and circularity. This includes partnerships with research and development institutes to explore bio-based raw materials and recycling solutions for construction and end-of-life waste. It has to be noted that Recticel is not a highly energy consuming company, as demonstrated by the relatively low scope 1 and scope 2 GHG data. As we are not using water in our manufacturing processes, water shortage is not considered as having an impact.As we invest to achieve our near-term and net-zero SBTi targets, we carefully assess the useful life of replaced assets and adjust estimates accordingly. Our commitment to sourcing energy from renewable resources will include long-term agreements for solar and wind power, as well as the purchase of Renewable Energy Certificates when relevant to achieve our SBTi commitment. We\u2019ve factored these considerations into our financial statements.In summary our climate change considerations have not materially impacted our financial reporting judgments and estimates. Furthermore, we conclude that climate change risks do not affect the going concern assessment.",
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"value": "7.2.2 Changes in scope of consolidationThe following changes in the scope of consolidation took place during the year 2023:On 12 June 2023 disposal of the Recticel Engineered Foams activities to US-based Carpenter Co. (see 7.2.4.7 Discontinued operations).The disposed Recticel Engineered Foams companies are:\u2022 FoamPartner Americas Inc\u2022 FoamPartner Holding AG\u2022 FoamPartner Polyurethane Materials (Changzhou) Co., Ltd.\u2022 FoamPartner Singapore Pte. Ltd\u2022 FoamPartner Trading (Shanghai) Ltd\u2022 Recticel AB\u2022 Recticel AS\u2022 Recticel Engineered Foams Belgium n.v.\u2022 Recticel Engineered Foams GmbH\u2022 Recticel Engineered Foams Netherlands B.V.\u2022 Recticel Engineered Foams Switzerland AG\u2022 Recticel Engineered Foams Corby\u2022 Recticel Foams (Shanghai) Co Ltd\u2022 Recticel Foams (Wuxi) Co Ltd\u2022 Recticel Iberica s.l.\u2022 Recticel India Private Limited\u2022 Recticel Limited\u2022 Recticel Maroc s.\u00e0.r.l.a.u.\u2022 Recticel ou\u2022 Recticel oy\u2022 Recticel s.a.s.\u2022 Recticel Teknik S\u00fcnger Izolasyon Sanayi ve Ticaret a.s.On 11 October 2023: disposal of the 33% participation in Italian foam company Orsa Foam srl to its joint venture partner Orsa srl. \u2022 Orsa Foam srlThe following changes in the scope of consolidation took place during the year 2022:On 31 March 2022: disposal of the Bedding activities to the Portuguese privately owned Aquinos Group (see 7.2.4.7 Discontinued operations). The disposed Bedding companies are:\u2022 Recticel Bedding Belgium b.v. Belgium\u2022 Recticel Schlafkomfort GmbH Germany\u2022 Recticel b.v. The Netherlands\u2022 Recticel Sp.z.o.o. Poland\u2022 Recticel Bedding Romania s.r.l. Romania\u2022 Recticel Bedding (Schweiz) AG Switzerland\u2022 Sembella GmbH AustriaEnd-April 2022: acquisition of Trimo d.o.o.- the Slovenian specialist in the production of sustainable premium insulated panels for the construction industry. Trimo is fully integrated in the consolidated statements from 01 May 2022. The acquired Trimo companies are:\u2022 Trimo d.o.o. Slovenia 100%\u2022 Trimo MSS d.o.o. Slovenia 100%\u2022 Tinde d.o.o. Slovenia 100%\u2022 Trimo In\u017eenjering d.o.o. Serbia 100%\u2022 Trimo UK Ltd UK 100%\u2022 Trimo Polska, sp. z o.o. Poland 100%\u2022 Trimo Makedonija,DOOEL Macedonia 100%\u2022 Trimo DE GmbH Germany 100%\u2022 Trimo Benelux BV The Netherlands 100%\u2022 Trimo DCS FZE (UAE) UAE 100%\u2022 Trimo S.r.l. (in liquidation) Italy 100%\u2022 Trimo Bulgaria, OOD Bulgaria 70%\u2022 Trimo Slovakia spol. s.r.o Slovakia 25%\u2022 ZEL-EN, razvojni center energetike Slovenia d.o. Slovenia 13.59%On 14 April: 2022: Following the exercise of its put option, Recticel sold to Sekisui Plastics Co., Ltd its remaining 25% participation in Proseat Europe GmbH (D), the European moulded seat cushion specialist.Application of IFRS 5, effective 30 June 2022, to the Engineered Foams activities which were sold to the US-based Carpenter Co. In accordance with IFRS 5, this business has been presented as discontinued operations in the consolidated income statement. Details are disclosed in note 7.2.4.7 - Discontinued operations.7.2.5.5 Subsidiaries, joint ventures, associates and other associatesUnless otherwise indicated, the percentage shareholdings shown below are identical to the percentage voting rights.1. SUBSIDIARIES CONSOLIDATED ACCORDING TO THE FULL CONSOLIDATION METHOD% shareholding in31 DEC 2022 31 DEC 2023Bulgaria Trimo Bulgaria OOD Kan Asparu str. 7, Triaditza District - Sofia City 70.00 (b) 70.00 (c)Belgium SC sous forme de SA Balim BV onder vorm van NV Bourgetlaan 42 - 1130 Haren 100.00 100.00Finapal NV/SA Bourgetlaan 42 - 1130 Haren 100.00 100.00Recticel International Services NV/SA Bourgetlaan 42 - 1130 Haren 100.00 100.00Recticel Engineered Foams Belgium NV/SA Culliganlaan 2F - 1831 Machelen 100.00 (a) -ChinaRecticel Foams (Shanghai) Co Ltd 525, Kang Yi Road, Kangyiao Industrial Zone - 201315 Shanghai 100.00 (a) -Recticel Flexible Foam (Wuxi) Co, Ltd. No 30, Qanquan Road; Xishan Economic and Technological Dev Zone - Wuxi City 100.00 (a) -FoamPartner Polyurethane Materials (Changzhou) Co., Ltd. 330, Huanghe Road (West) - Changzhou City - 213000 Changzhou 100.00 (a) -FoamPartner Trading (Shanghai) Ltd HiTech Plaza 2410, No. 488 Wuning Rd (South) - 200042 Shanghai 100.00 (a) -Estonia Recticel ou Peterburi tee 48a - 11415 Talinn 100.00 (a) -Finland Recticel oy Nevantie 2 - 45100 Kouvola 100.00 (a) -Recticel Insulation oy Gneissitie 2 - 04600 M\u00e4nts\u00e4l\u00e4 100.00 100.00France Recticel SAS 71, avenue de Verdun - 77470 Trilport 100.00 (a) -Recticel Insulation SAS 1, rue Ferdinand de Lesseps - 18000 Bourges 100.00 100.00Frina Mousse France SARL (in liquidation/in liquidatie) 1 Rue Jasmin - 68270 Wittenheim 100.00 100.00% shareholding in31 DEC 2022 31 DEC 2023Germany Recticel Deutschland Beteiligungs GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Grundst\u00fccksverwaltung GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Engineered Foams GmbH Schlaraffiastrasse 1-10 - 44867 Bochum 6 - Wattenscheid 100.00 (a) -Recticel Verwaltung GmbH & Co. KG Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Trimo DE GmbH Regus Office Center - Stadttor Ost, Rudolf-Diesel-Strasse 11 - 69115 Heidelberg 100.00 (b) 100.00Luxembourg Recticel RE SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Recticel Luxembourg SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00India407, Kapadia Chambers, 599 JSS Road, Princess Street, Marine Lines (East) - 400002 Recticel India Private Limited100.00 (a) -Mumbai MaharashtraMacedonia Trimo Makedonija DOOEL ul. Belasica broj 2, Skopski saem - 1000 Skopje 100.00 (b) 100.00Morroco Recticel Maroc s.\u00e0.r.l.a.u. Ilot K, Module 4, Atelier 2 - Zone Franche d'Exportation de Tanger 100.00 (a) -The Netherlands Recticel BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Recticel Engineered Foams Netherlands BV Spoorstraat 69 - 4041 CL Kesteren 100.00 (a) -Recticel International BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Trimo Benelux BV Dorpstraat 63 - 5761 BM Bakel 100.00 (b) 100.00Norway Recticel AS \u00d8ysand - 7224 Mehus 100.00 (a) -Poland Recticel Insulation Materials sp. z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00Recticel International Services sp.z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00Trimo Polska sp. z o.o. ul. Obrzezna 5 - 02-691 Warsaw 100.00 (b) 100.00Serbia Trimo In\u017eenjering d.o.o. Novo naselje 9 - 22310 Simanovci 100.00 (b) 100.00Singapore FoamPartner Singapore Pte. Ltd 8, Ubi Road 2 - #07-21 Zervex 100.00 (a) -% shareholding in31 DEC 2022 31 DEC 2023SlovakiaTrimo Slovakia spol s.r.o. Lovinsk\u00e9ho 4653 - 81104 Bratislava 25.00 (b) 25.00SloveniaTrimo d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Trimo MSS d.d. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Tinde d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Turvac d.o.o. Primorska 6b, 3325 \u0160o\u0161tanj 74.00 74.00ZEL-EN, razvojni center energetike d.o.o. Vrbina 18 - 8270 Kr\u0161ko 13.59 (b) 13.59Sweden Recticel AB S\u00f6dra Storgatan 50 b.p. 507 - 33228 Gislaved 100.00 (a) -Recticel Insulation Sweden AB Torsgatan 2 - 11175 Stockholm 100.00 100.00SpainRecticel Iberica s.l. P.I. Concentraci\u00f3 Ind. Vallesana, Avda. Riu Mogent 6 - 08170 Montorn\u00e8s del Vall\u00e8s 100.00 (a) -Switzerland Recticel Engineered Foams Switzerland AG Oberwolfhauserstrasse 9 - 8633 Wolfhausen 100.00 (a) -FoamPartner Holding AG c/o Sielva Management SA - Gubelstrasse 11 - 6300 Zug 100.00 (a) -TurkeyRecticel Teknik S\u00fcnger Izolasyon Sanayi ve Ticaret a.s. Orta Mahalle, 30 - 34956 Istanbul 100.00 (a) -United Kingdom Gradient Insulations (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 100.00Recticel (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 - (d)Recticel Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 (a) -Recticel Engineered Foams Corby Limited 83/84 Manton Road Earlstrees Industrial Estate - Corby NN174JL 100.00 (a) -Recticel Insulation UK Limited Enterprise way Whittle Road, Meir Park - Stoke-on-Trent ST37UN 100.00 100.00Trimo UK Limited Highview House 1st Floor, Tottenham Cresent, Epson - Surrey KT185QJ 100.00 (b) 100.00United States of America FoamPartner Americas Inc 2923 Technology Drive - Rochester Hills, MI 48309 100.00 (a) -The Soundcoat Company, Inc Burt Drive 1 PO Box 25990 - NY 11729 Deer Park, County of Suffolk 100.00 100.00 United Arab EmiratesTrimo DCS FZE Fujairah Free Zone 2 - Fujairah 100.00 (b) 100.00(a) Entity part of the disposal of the Recticel Engineered Foams activities(b) Entity part of the acquisition of Trimo (c) Liquidated 31 December 2023(d) Dissolved 28 February 2023Significant restrictions to realise assets or settle liabilitiesRecticel NV/SA, or some of its subsidiaries have provided guarantees for (i) an aggregate amount of EUR 1.2 million in favour of OVAM regarding the sanitation and rehabilitation projects on some of its sites and/or sites of its subsidiaries, (ii) an aggregate amount of EUR 0.8 million in favour of the Walloon D\u00e9partement du Sol et des D\u00e9chets \u2013 DSD and (iii) an aggregate amount of EUR 46.8 million in favour of Carpenter.Recticel NV/SA also provides guarantees and comfort letters (for a total amount of EUR 33.5 million) to and/or on behalf of various direct or indirect subsidiaries, of which the material (> EUR 1 million) ones are:\u2022 on behalf of Recticel Verwaltung GmbH: EUR 5.0 million;\u2022 on behalf of Recticel Insulation s.a.s. in the framework of a real estate lease: EUR 13.0 million;\u2022 on behalf of Recticel Insulation OY: EUR 15.5 million in the framework of a real estate investment loan; Under the syndicated credit facility agreement, the maximum dividend authorised for distribution, excluding the portion attributable to the treasury shares, amounts to the highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. The gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted.2. ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD% shareholding in31 DEC 2022 31 DEC 2023GermanyProseat Europe GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00ItalyOrsa Foam S.p.a. Via A. Colombo 60 - 21055 Gorla Minore (VA) 33.00 - (a)Apart of having the approval from the controlling shareholder(s) to distribute dividends, there are no specific restrictions on the ability of associates to transfer funds to Recticel in the form of cash dividends, or to repay loans or advances made by Recticel.Recticel NV/SA also provides guarantees and comfort letters, for a total amount of EUR 45.0 million, to and/or on behalf of various direct or indirect joint ventures, of which the material (> EUR 1 million) ones are:\u2022 on behalf of TEMDA2 GmbH: EUR 25.0 million;\u2022 on behalf of various Automotive Interiors companies: EUR 20.0 million.3. NON-CONSOLIDATED ENTITIESSome subsidiaries more than 50% controlled are not consolidated because they are (still) non-material. As soon as they have reached a sufficient size, however, they will be included in the scope of consolidation.% shareholding in31 DEC 2022 31 DEC 2023China Recticel Shanghai Ltd No. 518, Fute North Road, Waigaoqiao Free Trade Zone - 200131 Shanghai 100.00 (a) -7.2.5.6 Interests in joint ventures, associates and other associates A list of the significant investments in joint ventures and associates is included in note 7.2.5.5.A distinction has been made between associates (income included in operating profit/(loss)) and other associates \u2013 (income excluded from operating profit (loss)).Other associates are not considered as being part of the Group\u2019s core business are not integrated in Operating profit (loss) i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).in thousand EURJOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2022 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2023At the end of the preceding period 0 12,709 10,361 23,070 0 0 9,520 9,520Movements during the yearCapital increase 0 0 0 0 0 0 0 0Remeasurement gains/losses on defined benefit plans 0 0 0 0 0 0 0 0Income tax relating to components of other comprehensive income 0 0 0 0 0 0 0 0Other comprehensive income net of tax 0 0 0 0 0 0 0 0Group's share in the result for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Dividends distributed 0 0 0 0 0 0 0 0Change in scope 0 0 0 0 0 0 0 0Reclassification to assets held for sale 0 (13,491) 0 (13,491) 0 0 0 0Impairment 0 0 0 0 0 0 (7,748) (7,748)Other 0 0 0 0 0 0 0 0At the end of the period 0 0 9,520 9,520 0 0 (0) 0In 2023, based on the FY2023 and the B2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero. As Recticel\u2019s investment in TEMDA2 is reduced to zero as a result of an impairment, additional losses are recognized by a liability only to the extent that Recticel has legal or constructive obligations or made payments on behalf of TEMDA2. As Recticel does not have such obligation, further losses of TEMDA2 did not result in an additional loss in the consolidated accounts of Recticel. (only if no legal or constructive obligations).In 2022, Orsa Foam has been reclassified to assets held for sale and Proseat has been fully divested in April 2022 through the exercise of the put option.Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 57,514 66,757Current assets 0 0 67,733 71,126Total assets 0 0 125,247 137,883Non-current liabilities 0 0 (52,492) (45,970)Current liabilities 0 0 (47,371) (76,101)Total liabilities 0 0 (99,863) (122,071)Net equity 0 0 25,384 15,812Revenue 0 0 146,769 143,216Profit (loss) of the period 0 0 (2,400) (20,794)In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under discontinued operations.Proseat has been fully divested in April 2022 through the exercise of the put option. in thousand EURORSA FOAM TEMDA231 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Net equity (Group share) 0 0 12,438 7,748Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 (2,918) 0Impairment 0 0 0 (7,748)Carrying amount of interests in associate 0 0 9,520 0In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under assets classified as held for sale. Proseat has been fully divested in April 2022 through the exercise of the put option. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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"s8_notes__5__90": {
"value": "7.2.3 Business and geographical segments7.2.3.1 Geographical repartition and disaggregation of salesThe Group\u2019s operations are mainly located in the European Union. Sales (by destination)The following tables provide an analysis of the Group\u2019s sales and fixed assets by geographical market.in thousand EUR2022 RESTATED\u00b9 2023Belgium 95,783 75,159France 89,882 83,840The Netherlands 68,195 48,675Germany 23,787 19,137Slovenia 10,348 15,943Other EU countries 104,031 105,315European Union 392,025 348,069United Kingdom 144,977 132,025United States of America 26,646 21,020Other 24,187 28,313TOTAL 587,834 529,426Reliance on major customersIn 2023, none of the customers represented more than 10% of total sales. 1The top-10 customers of the Group represent 23.64% (2022 restated: 29.8%) of total consolidated sales.Intangible assets \u2013 Property, plant & equipment \u2013 Right-of-use assets \u2013 Investment propertyin thousand EURACQUISITIONS, INCLUDING OWN PRODUCTION31 DEC 2022 2022 31 DEC 20232023RESTATED\u00b9RESTATED\u00b9Belgium 41,198 40,265 7,154 6,403France 17,846 19,362 2,983 3,848Germany 2,483 2,523 1,105 161Slovenia 100,493 100,773 2,685 9,879Other EU countries 21,112 19,945 3,588 563European Union 183,133 182,868 17,514 20,854China 0 0 219 0Switzerland 0 0 381 0United Kingdom 24,141 22,984 1,980 1,048United States of America 3,576 6,981 102 911Other 5,854 5,719 692 182TOTAL 216,703 218,551 20,887 22,995In 2022 acquisition of Recticel Engineered Foams is included until 30/06/2022 (EUR 7.4 million), date on which the criteria for IFRS 5 application transfer to discontinued operations were applied.",
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},
"s8_notes__5__92-1": {
"value": "The Group\u2019s operations are mainly located in the European Union. Sales (by destination)The following tables provide an analysis of the Group\u2019s sales and fixed assets by geographical market.in thousand EUR2022 RESTATED\u00b9 2023Belgium 95,783 75,159France 89,882 83,840The Netherlands 68,195 48,675Germany 23,787 19,137Slovenia 10,348 15,943Other EU countries 104,031 105,315European Union 392,025 348,069United Kingdom 144,977 132,025United States of America 26,646 21,020Other 24,187 28,313TOTAL 587,834 529,426Reliance on major customersIn 2023, none of the customers represented more than 10% of total sales. 1The top-10 customers of the Group represent 23.64% (2022 restated: 29.8%) of total consolidated sales.7.2.5.9 Contract assets and contract liabilitiesThe following schedule presents the overview of contract assets and liabilities following application of IFRS 15 in 2022 and includes both the impact of the opening balance and the movements of the period.For the year ending 31 December 2023:in thousand EURCONSIDERATION TRANSFER TO CLOSING BALANCE RELEASE TO INCOME EXCHANGE RATE OPENING BALANCEPAYABLE TO RECLASSIFICATIONDISCONTINUED CHANGE IN SCOPEAT THE END OF THE STATEMENTDIFFERENCESCUSTOMERSOPERATIONSPERIODNon-current contract assets - Consideration payable to a customer 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Tooling & 0 0 0 0 0 0 0 0PackagingNon-current contract assets 0 0 0 0 0 0 0 0Current contract assets - Consideration payable to a customer 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Tooling & Packaging 0 0 0 0 0 0 0 0Current contract assets 0 0 0 0 0 0 0 0Total contract assets 0 0 0 0 0 0 0 0Non-current contract liabilities - Mould revenue recognition before 0 0 0 0 0 0 0 0SOP (start of production)Non-current contract liabilities - Mould revenue recognition after SOP 0 0 0 0 0 0 0 0(start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 0 0 0 0 0 0 0recognition before SOP (start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 0 0 0 0 0 0 0recognition after SOP (start of production)Non-current contract liabilities 0 0 0 0 0 0 0 0Contract liabilities - Expected rebates and volume discounts 7,587 0 1,138 (805) 116 0 0 8,037Contract liabilities - Long term agreements 0 0 0 0 0 0 0 0Contract liabilities - Moulds revenue recognition 0 0 0 0 0 0 0 0Contract liabilities - Tooling & Packaging revenue recognition 0 0 0 0 0 0 0 0Current contract liabilities 7,587 0 1,138 (805) 116 0 0 8,037Total contract liabilities 7,587 0 1,138 (805) 116 0 0 8,037For the year ending 31 December 2022:in thousand EURCONSIDERATION TRANSFER TO CLOSING BALANCE RELEASE TO INCOME EXCHANGE RATE OPENING BALANCEPAYABLE TO RECLASSIFICATIONDISCONTINUED CHANGE IN SCOPEAT THE END OF THE STATEMENTDIFFERENCESCUSTOMERSOPERATIONSPERIODNon-current contract assets - Consideration payable to a customer 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Tooling & 0 0 0 0 0 0 0 0PackagingNon-current contract assets 0 0 0 0 0 0 0 0Current contract assets - Consideration payable to a customer 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Tooling & Packaging 0 0 0 0 0 0 0 0Current contract assets 0 0 0 0 0 0 0 0Total contract assets 0 0 0 0 0 0 0 0Non-current contract liabilities - Mould revenue recognition before 0 0 0 0 0 0 0 0SOP (start of production)Non-current contract liabilities - Mould revenue recognition after SOP 0 0 0 0 0 0 0 0(start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 0 0 0 0 0 0 0recognition before SOP (start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 0 0 0 0 0 0 0recognition after SOP (start of production)Non-current contract liabilities 0 0 0 0 0 0 0 0Contract liabilities - Expected rebates and volume discounts 9,081 0 (202) 272 (267) (2,145) 848 7,587Contract liabilities - Long term agreements 0 0 0 0 0 0 0 0Contract liabilities - Moulds revenue recognition 0 0 0 0 0 0 0 0Contract liabilities - Tooling & Packaging revenue recognition 0 0 0 0 0 0 0 0Current contract liabilities 9,081 0 (202) 272 (267) (2,145) 848 7,587Total contract liabilities 9,081 0 (202) 272 (267) (2,145) 848 7,587The decrease of the contract liabilities is mainly explained by the transfer to discontinued of the Recticel Engineered Foams activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__91": {
"value": "The Group\u2019s operations are mainly located in the European Union. Sales (by destination)The following tables provide an analysis of the Group\u2019s sales and fixed assets by geographical market.in thousand EUR2022 RESTATED\u00b9 2023Belgium 95,783 75,159France 89,882 83,840The Netherlands 68,195 48,675Germany 23,787 19,137Slovenia 10,348 15,943Other EU countries 104,031 105,315European Union 392,025 348,069United Kingdom 144,977 132,025United States of America 26,646 21,020Other 24,187 28,313TOTAL 587,834 529,426Reliance on major customersIn 2023, none of the customers represented more than 10% of total sales. 1The top-10 customers of the Group represent 23.64% (2022 restated: 29.8%) of total consolidated sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__95": {
"value": "7.2.4.2 General and administrative expenses - Sales and marketing expenses \u2013 Research and development expensesGeneral and administrative expenses increased by EUR 3.8 million to EUR 35.6 million. This increase is mainly explained by inflationary impact. The increase due to the business combination Trimo (12 months in 2023 versus 8 months in 2022) was compensated by a reduction in corporate costs.For the same reason Sales and marketing expenses increased from 1EUR 28.9 million (restated) to EUR 30.4 million, as well as Research and 1development expenses that increased from EUR 4.5 million (restated) to EUR 4.6 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__94": {
"value": "7.2.4.2 General and administrative expenses - Sales and marketing expenses \u2013 Research and development expensesGeneral and administrative expenses increased by EUR 3.8 million to EUR 35.6 million. This increase is mainly explained by inflationary impact. The increase due to the business combination Trimo (12 months in 2023 versus 8 months in 2022) was compensated by a reduction in corporate costs.For the same reason Sales and marketing expenses increased from 1EUR 28.9 million (restated) to EUR 30.4 million, as well as Research and 1development expenses that increased from EUR 4.5 million (restated) to EUR 4.6 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__100": {
"value": "7.2.4.3 Other operating revenues and expenses in thousand EUR2022 RESTATED\u00b9 2023Other operating revenues 1,664 4,727Other operating expenses (10,516) (11,380)TOTAL (8,852) (6,653)Restructuring charges (including site closure, onerous contracts and clean-up costs) (890) (3,118)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 427 61Gain (Loss) on investment operations 95 10IAS 19 Pensions and other similar obligations (808) (66)Provisions (1,202) 1,099Fees consultancy and subcontractors (1,571) (815)Other expenses (6,670) (5,147)Other revenues 1,767 1,323TOTAL (8,852) (6,653)Other operation revenuesIn 2023, other operation revenues mainly consist of Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2023, reorganisation charges (EUR -3.1 million) relate to restructuring measures in Belgium, UK and Germany. Fees consultancy and subcontractorsIn 2023, this item relates to legal and advisory fees for the envisaged acquisition of G\u00f3r-Stal.Other expensesIn 2023, the other expenses mainly relate to the intangible assets amortisation of the business combination Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__99": {
"value": "7.2.4.3 Other operating revenues and expenses in thousand EUR2022 RESTATED\u00b9 2023Other operating revenues 1,664 4,727Other operating expenses (10,516) (11,380)TOTAL (8,852) (6,653)Restructuring charges (including site closure, onerous contracts and clean-up costs) (890) (3,118)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 427 61Gain (Loss) on investment operations 95 10IAS 19 Pensions and other similar obligations (808) (66)Provisions (1,202) 1,099Fees consultancy and subcontractors (1,571) (815)Other expenses (6,670) (5,147)Other revenues 1,767 1,323TOTAL (8,852) (6,653)Other operation revenuesIn 2023, other operation revenues mainly consist of Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2023, reorganisation charges (EUR -3.1 million) relate to restructuring measures in Belgium, UK and Germany. Fees consultancy and subcontractorsIn 2023, this item relates to legal and advisory fees for the envisaged acquisition of G\u00f3r-Stal.Other expensesIn 2023, the other expenses mainly relate to the intangible assets amortisation of the business combination Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__98": {
"value": "7.2.4.3 Other operating revenues and expenses in thousand EUR2022 RESTATED\u00b9 2023Other operating revenues 1,664 4,727Other operating expenses (10,516) (11,380)TOTAL (8,852) (6,653)Restructuring charges (including site closure, onerous contracts and clean-up costs) (890) (3,118)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 427 61Gain (Loss) on investment operations 95 10IAS 19 Pensions and other similar obligations (808) (66)Provisions (1,202) 1,099Fees consultancy and subcontractors (1,571) (815)Other expenses (6,670) (5,147)Other revenues 1,767 1,323TOTAL (8,852) (6,653)Other operation revenuesIn 2023, other operation revenues mainly consist of Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2023, reorganisation charges (EUR -3.1 million) relate to restructuring measures in Belgium, UK and Germany. Fees consultancy and subcontractorsIn 2023, this item relates to legal and advisory fees for the envisaged acquisition of G\u00f3r-Stal.Other expensesIn 2023, the other expenses mainly relate to the intangible assets amortisation of the business combination Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__101": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows: in thousand EUR2022 RESTATED\u00b9 2023Sales 587,834 529,426Purchases and changes in inventories (373,563) (329,505)Other goods and services (98,705) (97,930)Labour costs (90,164) (82,463)Amortisation and depreciation on non-current assets (20,591) (23,270)Impairments on non-current assets (1,047) (293)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,279) (1,566)Amounts written back/(off) on receivables (168) 15Provisions 178 1,304Gain/(Loss) on disposal intangible and tangible assets 532 61Gain/(Loss) on disposal on investments (0)Gain/(Loss) on trade receivables (41) (434)Operating taxes (2,060) (2,654)Other operating expenses (2,878) (665)Own production 999 1,232Operating subsidies 731 905Commissions and royalty income 0 691Operating lease income 1,368 1,140Revaluation investment property 0Service fees 3,051 4,018Other operating income 34,059 12,571Operating profit (loss) 38,255 12,582Sales: Sales decreased by 9.9% from EUR 587.8 million to EUR 529.4 million.The sales decrease has been driven by shrinking market volumes together with margin pressures.Purchases and changes in inventories decreased as a result of lower sales and on average higher chemical raw materials prices. Other goods and services comprise transportation costs (EUR 35.3 million versus EUR 35.2 million in 2022), operating lease expenses (EUR 1.9 million versus EUR 1.2 million in 2022), supplies (EUR 8.7 million versus EUR 6.7 million in 2022), fees (EUR 12.4 million versus EUR 22.1 million in 2022), repair and maintenance costs (EUR 5.2 million versus EUR 5.3 million in 2022), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.3 million in 2022), travel expenses (EUR 3.1 million versus EUR 2.8 million in 2022), administrative expenses (EUR 4.2 million versus EUR 4.3 million in 2022), insurance expenses (EUR 8.2 million versus EUR 5.3 million in 2022). Labour costs increased (EUR 82.1 million versus EUR 81.1 million in 2022) mainly due to the addition of business combination Trimo for 4 months (only consolidated in 2022 as of 1/05/2022).Amortisation and depreciation on non-current assets increased increased (EUR 23.3 million versus EUR 20.6 million in 2022)due to the amortisations and deprecations on intangible assets resulting from the PPA of the Trimo acquisition.Other operating expenses decreased (EUR 0.7 million versus EUR 2.9 million in 2022).Other operating income decreased (EUR 12.6 million versus EUR 34.0 million in 2022) and mainly consists of third party cost reinvoicing, Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__97": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows: in thousand EUR2022 RESTATED\u00b9 2023Sales 587,834 529,426Purchases and changes in inventories (373,563) (329,505)Other goods and services (98,705) (97,930)Labour costs (90,164) (82,463)Amortisation and depreciation on non-current assets (20,591) (23,270)Impairments on non-current assets (1,047) (293)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,279) (1,566)Amounts written back/(off) on receivables (168) 15Provisions 178 1,304Gain/(Loss) on disposal intangible and tangible assets 532 61Gain/(Loss) on disposal on investments (0)Gain/(Loss) on trade receivables (41) (434)Operating taxes (2,060) (2,654)Other operating expenses (2,878) (665)Own production 999 1,232Operating subsidies 731 905Commissions and royalty income 0 691Operating lease income 1,368 1,140Revaluation investment property 0Service fees 3,051 4,018Other operating income 34,059 12,571Operating profit (loss) 38,255 12,582Sales: Sales decreased by 9.9% from EUR 587.8 million to EUR 529.4 million.The sales decrease has been driven by shrinking market volumes together with margin pressures.Purchases and changes in inventories decreased as a result of lower sales and on average higher chemical raw materials prices. Other goods and services comprise transportation costs (EUR 35.3 million versus EUR 35.2 million in 2022), operating lease expenses (EUR 1.9 million versus EUR 1.2 million in 2022), supplies (EUR 8.7 million versus EUR 6.7 million in 2022), fees (EUR 12.4 million versus EUR 22.1 million in 2022), repair and maintenance costs (EUR 5.2 million versus EUR 5.3 million in 2022), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.3 million in 2022), travel expenses (EUR 3.1 million versus EUR 2.8 million in 2022), administrative expenses (EUR 4.2 million versus EUR 4.3 million in 2022), insurance expenses (EUR 8.2 million versus EUR 5.3 million in 2022). Labour costs increased (EUR 82.1 million versus EUR 81.1 million in 2022) mainly due to the addition of business combination Trimo for 4 months (only consolidated in 2022 as of 1/05/2022).Amortisation and depreciation on non-current assets increased increased (EUR 23.3 million versus EUR 20.6 million in 2022)due to the amortisations and deprecations on intangible assets resulting from the PPA of the Trimo acquisition.Other operating expenses decreased (EUR 0.7 million versus EUR 2.9 million in 2022).Other operating income decreased (EUR 12.6 million versus EUR 34.0 million in 2022) and mainly consists of third party cost reinvoicing, Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__96": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows: in thousand EUR2022 RESTATED\u00b9 2023Sales 587,834 529,426Purchases and changes in inventories (373,563) (329,505)Other goods and services (98,705) (97,930)Labour costs (90,164) (82,463)Amortisation and depreciation on non-current assets (20,591) (23,270)Impairments on non-current assets (1,047) (293)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,279) (1,566)Amounts written back/(off) on receivables (168) 15Provisions 178 1,304Gain/(Loss) on disposal intangible and tangible assets 532 61Gain/(Loss) on disposal on investments (0)Gain/(Loss) on trade receivables (41) (434)Operating taxes (2,060) (2,654)Other operating expenses (2,878) (665)Own production 999 1,232Operating subsidies 731 905Commissions and royalty income 0 691Operating lease income 1,368 1,140Revaluation investment property 0Service fees 3,051 4,018Other operating income 34,059 12,571Operating profit (loss) 38,255 12,582Sales: Sales decreased by 9.9% from EUR 587.8 million to EUR 529.4 million.The sales decrease has been driven by shrinking market volumes together with margin pressures.Purchases and changes in inventories decreased as a result of lower sales and on average higher chemical raw materials prices. Other goods and services comprise transportation costs (EUR 35.3 million versus EUR 35.2 million in 2022), operating lease expenses (EUR 1.9 million versus EUR 1.2 million in 2022), supplies (EUR 8.7 million versus EUR 6.7 million in 2022), fees (EUR 12.4 million versus EUR 22.1 million in 2022), repair and maintenance costs (EUR 5.2 million versus EUR 5.3 million in 2022), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.3 million in 2022), travel expenses (EUR 3.1 million versus EUR 2.8 million in 2022), administrative expenses (EUR 4.2 million versus EUR 4.3 million in 2022), insurance expenses (EUR 8.2 million versus EUR 5.3 million in 2022). Labour costs increased (EUR 82.1 million versus EUR 81.1 million in 2022) mainly due to the addition of business combination Trimo for 4 months (only consolidated in 2022 as of 1/05/2022).Amortisation and depreciation on non-current assets increased increased (EUR 23.3 million versus EUR 20.6 million in 2022)due to the amortisations and deprecations on intangible assets resulting from the PPA of the Trimo acquisition.Other operating expenses decreased (EUR 0.7 million versus EUR 2.9 million in 2022).Other operating income decreased (EUR 12.6 million versus EUR 34.0 million in 2022) and mainly consists of third party cost reinvoicing, Insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__102": {
"value": "Purchases and changes in inventories decreased as a result of lower sales and on average higher chemical raw materials prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__110": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__109": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__108": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__107": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__106": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
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"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__105": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__104": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
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"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__103": {
"value": "7.2.4.5 Financial resultin thousand EUR2022 RESTATED\u00b9 2023Interest on lease liabilities (456) (560)Interest on long-term bank loans (3,160) (3,545)Interest on short-term bank loans & overdraft (2,464) (3,722)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 462 22Total borrowing cost (5,617) (7,805)Interest income from bank deposits 33 156Interest income from financial receivables 483 3,781Interest income from financial receivables and cash 516 3,937Interest charges on other debts (34) (63)Interest income on other receivables 0 10Total other interest (34) (53)Interest income and expenses (5,135) (3,921)Exchange rate differences (4,876) 18Net interest cost IAS 19 (70) (410)Other financial result 102 247Total other financial result (4,844) (144)Financial result (9,979) (4,065)Interest cost on long and short-term bank loans have increased due to the increase in short term financial debt linked to the acquisition of Trimo and following the trend of increasing variable market interest rates. These interest charges were partially offset in 2H2023 by the interest income on the cash EUR +3.9 million.In 2022 exchange rate differences include a EUR -6.2 million reversal of historic currency translation adjustments as a result of the liquidation of a holding company in the UK.",
"dimensions": {
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"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__112": {
"value": "Income taxes 1. Income tax chargesin thousand EUR2022 RESTATED\u00b9 2023Recognised in the income statementCurrent tax expense:Current year (8,068) (4,010)Adjustments in respect of prior year (1,233) (447)2(9,301) (4,457)Total current tax expenseDeferred tax expense:Origination and reversal of temporary differences and tax losses (8,636) 7,426Unrecongnised deferred tax assets on current year's losses (275) (7,311)Recognition of deferred tax assets previously not recognised 7,540 955Derecognition of previously recognised deferred tax assets (5,937) (2,387)Effect of changes in tax rates on deferred taxes (18) (1,652)Adjustments for prior periods 549 (561)Other deferred tax expenses 125 02(6,652) (3,530)Total deferred tax expenseTotal tax expense on continuing operations (15,953) (7,986)2 The current and deferred tax expenses decreased in 2023 compared to 2022 mainly due to the lower results and the derecognition of deferred tax assets in 2022 which resulted from the adverse one-off impact in Belgium following the change in tax legislation revising downwards the limit on the future use of tax losses.in thousand EUR2022 RESTATED\u00b9 2023Reconciliation of effective tax rateProfit (loss) before taxes - continuing operations 29,430 (1,002)Minus income from associatesMinus income from other associates 1,176 1,772Minus impairment other associates 7,748Result before tax and income from (other) associates 30,606 8,517Group's domestic tax rate 25.00% 25.00%Tax at the Group's domestic income tax rate (7,651) (2,129)Effect of different tax rates of subsidiaries operating in different jurisdictions 1,373 188Tax effect of non-deductible expenses (2,582) (1,326)Tax effect of non-taxable income 2,323 433Tax effect of tax incentives 222 1192(275) (7,311)Unrecognised deferred tax assets on current year's lossesRecognition of deferred tax assets previously not recognised37,540 955Derecognition of deferred tax assets previously recognised4(5,937) (2,387)Effect of changes in tax rates on deferred taxes (18) (1,652)Tax effect of current and deferred tax adjustments related to prior years (683) (1,008)5(10,263) 6,132OtherTax expense for the year - continuing operations (15,953) (7,986)2 The unrecognised deferred tax assets on current year\u2019s losses mainly relate to tax losses incurred in Belgium and in Finland in 2023. 3 Additional deferred tax assets have been recognised in Germany and in The Netherlands in 2022 and in Germany in 2023 as a result of increased profit expectations, including gains on the carve-out of the Engineered Foams activities.4 The derecognition of deferred tax assets in 2022 results from the adverse one-off impact in Belgium following the change in tax legislation revising downwards the limit on the future use of tax losses. Although this legislation was reversed in 2023, additional deferred tax assets were derecognised in Belgium in 2023 as a result of lower profit expectations.5 Other mainly consists of carve-out operations taxable (in 2022) / deductible (in 2023) under continuing operations while the compensating income / expense is recognised under discontinued operations and the underlying intercompany results between continuing and discontinued are eliminated in the consolidated results of the continuing and discontinued operations.in thousand EUR2022 RESTATED12023Deferred tax charged or (credited) directly to equityImpact of IAS 19R on equity 1,189 174Total 1,189 1742. Deferred tax assets and liabilitiesin thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023ACQUIRED TRANSFER TO DEFERRED DEFERRED TAX DEFERRED TAX RECOGNISED IN THE RECOGNISED IN OTHER TRANSLATION DEFERRED NETIN BUSINESS DISCONTINUED OTHER NETTAX ASSETSLIABILITIESINCOME STATEMENTCOMPREHENSIVE INCOMEDIFFERENCESTAX ASSETSCOMBINATIONSOPERATIONSLIABILITIESRecognised deferred tax assets and liabilitiesIntangible assets22,473 (12,742) (10,269) (573) (1) 0 (185) 4 (1) (11,025) 2,130 (13,156)Property, plant & equipment 1,236 (6,665) (5,429) (25) 0 0 39 18 (1) (5,397) 1,667 (7,064)Investments 699 0 699 (664) 0 0 0 (8) 0 27 27 0Receivables 1,165 (65) 1,100 20 0 0 0 (0) (97) 1,023 1,321 (297)Inventories 120 (47) 72 74 0 0 0 (4) 0 143 158 (15)Cash and cash equivalents 0 0 0 0 0 0 0 0 0 0 0 0Tax-free reserves 8 (318) (309) 187 0 0 0 (0) 0 (123) 0 (123)Early retirements and defined 2,278 (458) 1,820 (179) 376 0 0 12 0 2,030 2,120 (90)benefitsProvisions for other risks and 949 (7,935) (6,986) (665) 0 0 0 0 (4) (7,654) 1,548 (9,203)chargesInterest-bearing borrowings 2,724 (171) 2,554 (1) 0 0 (40) (29) (0) 2,483 2,541 (58)and loansOther liabilities 780 (139) 640 487 0 0 0 7 102 1,236 1,677 (440)Tax loss carry-forwards/Tax 17,703 0 17,703 (2,333) 0 0 0 (1) 0 15,369 15,369 (0)3creditsOther tax attributes 209 0 209 143 0 0 0 (0) 0 352 352 0Total 30,344 (28,540) 1,804 (3,529) 375 0 (187) 0 0 (1,537) 28,910 (30,447)Set-off (6,837) 6,837 0 0 (7,359) 7,359Total (as provided in the statement of financial 23,508 (21,704) 1,804 (3,529) 375 0 (187) 0 0 (1,537) 21,551 (23,088)position)The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023. The main changes in 2023 are relating to the following items:2 An increase of deferred tax liabilities on intangible assets in Trimo due to the increase of the tax rate from 19% to 22% in Slovenia (impact of EUR 2 million offset by the impact of depreciations). The deferred tax liabilities relate to the step-up basis resulting from the purchase price allocation of the acquisition of Trimo.3 A decrease of deferred tax assets on tax loss carry-forwards primarily due to the derecognition of deferred tax assets previously recognised on losses in Belgium (impact of EUR 2.7 million).Tax loss carry-forwards \u2013 amounts by expiration date:in thousand EUR2022 RESTATED1+220233One year 0 0Two years 0 0Three years 0 0Four years 0 2,180Five years and thereafter 4,110 8,621Without time limit 258,374 275,444Total 262,484 286,2452 The increase of the amount of tax losses carried forward per 31 December 2023 compared to 31 December 2022 is primarily due to the losses incurred in Belgium in 2023 (Recticel SA \u2013 EUR 27.2 million).3 At 31 December 2023, EUR 15.4 million of deferred tax assets are recognized in respect of tax losses, representing EUR 60.2 million of tax losses carried forward out of a total amount of tax losses carried forward of EUR 286.2 million. Deferred tax assets in relation to losses which are not recognized relate mainly to Germany (Recticel Verwaltung - EUR 157.1 million), Belgium (Recticel NV/SA - EUR 57.3 million) and Finland (Recticel Insulation Oy \u2013 EUR 8.6 million)Deferred tax assets recognised and unrecognised by the Group apply to the following elements as at 31 December 2023:in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETS2TAX ASSETS3DEFERRED TAX ASSETSTemporary differences 17,009 13,332 3,677Tax losses carried forward 81,923 15,369 66,554Other tax attributes 209 209 0Total before set-off 99,141 28,910 70,2312 The increase in total potential deferred tax assets in 2023 compared to 2022 mainly relate to losses incurred in Belgium (EUR 5.8 million) and losses and lower tax depreciations recorded in Finland (EUR 3.6 million). EUR 7.5 million of these additional deferred tax assets have not been recognized.3 At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million). These deferred tax assets have been recognized as it is expected that future taxable profit will be available against which the related deductible temporary differences, unused tax losses and tax attributes can be utilized.Deferred tax assets recognised and unrecognised by the Group apply 1to the following elements as at 31 December 2022 (restated):in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETSTAX ASSETSDEFERRED TAX ASSETSTemporary differences 15,996 12,433 3,564Tax losses carried forward 73,830 17,703 56,127Other tax attributes 209 209 0Total before set-off 90,035 30,344 59,691Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and when it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax liabilities have been recognised on undistributed retained earnings of subsidiaries.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__111": {
"value": "Income taxes 1. Income tax chargesin thousand EUR2022 RESTATED\u00b9 2023Recognised in the income statementCurrent tax expense:Current year (8,068) (4,010)Adjustments in respect of prior year (1,233) (447)2(9,301) (4,457)Total current tax expenseDeferred tax expense:Origination and reversal of temporary differences and tax losses (8,636) 7,426Unrecongnised deferred tax assets on current year's losses (275) (7,311)Recognition of deferred tax assets previously not recognised 7,540 955Derecognition of previously recognised deferred tax assets (5,937) (2,387)Effect of changes in tax rates on deferred taxes (18) (1,652)Adjustments for prior periods 549 (561)Other deferred tax expenses 125 02(6,652) (3,530)Total deferred tax expenseTotal tax expense on continuing operations (15,953) (7,986)2 The current and deferred tax expenses decreased in 2023 compared to 2022 mainly due to the lower results and the derecognition of deferred tax assets in 2022 which resulted from the adverse one-off impact in Belgium following the change in tax legislation revising downwards the limit on the future use of tax losses.in thousand EUR2022 RESTATED\u00b9 2023Reconciliation of effective tax rateProfit (loss) before taxes - continuing operations 29,430 (1,002)Minus income from associatesMinus income from other associates 1,176 1,772Minus impairment other associates 7,748Result before tax and income from (other) associates 30,606 8,517Group's domestic tax rate 25.00% 25.00%Tax at the Group's domestic income tax rate (7,651) (2,129)Effect of different tax rates of subsidiaries operating in different jurisdictions 1,373 188Tax effect of non-deductible expenses (2,582) (1,326)Tax effect of non-taxable income 2,323 433Tax effect of tax incentives 222 1192(275) (7,311)Unrecognised deferred tax assets on current year's lossesRecognition of deferred tax assets previously not recognised37,540 955Derecognition of deferred tax assets previously recognised4(5,937) (2,387)Effect of changes in tax rates on deferred taxes (18) (1,652)Tax effect of current and deferred tax adjustments related to prior years (683) (1,008)5(10,263) 6,132OtherTax expense for the year - continuing operations (15,953) (7,986)2 The unrecognised deferred tax assets on current year\u2019s losses mainly relate to tax losses incurred in Belgium and in Finland in 2023. 3 Additional deferred tax assets have been recognised in Germany and in The Netherlands in 2022 and in Germany in 2023 as a result of increased profit expectations, including gains on the carve-out of the Engineered Foams activities.4 The derecognition of deferred tax assets in 2022 results from the adverse one-off impact in Belgium following the change in tax legislation revising downwards the limit on the future use of tax losses. Although this legislation was reversed in 2023, additional deferred tax assets were derecognised in Belgium in 2023 as a result of lower profit expectations.5 Other mainly consists of carve-out operations taxable (in 2022) / deductible (in 2023) under continuing operations while the compensating income / expense is recognised under discontinued operations and the underlying intercompany results between continuing and discontinued are eliminated in the consolidated results of the continuing and discontinued operations.in thousand EUR2022 RESTATED12023Deferred tax charged or (credited) directly to equityImpact of IAS 19R on equity 1,189 174Total 1,189 1742. Deferred tax assets and liabilitiesin thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023ACQUIRED TRANSFER TO DEFERRED DEFERRED TAX DEFERRED TAX RECOGNISED IN THE RECOGNISED IN OTHER TRANSLATION DEFERRED NETIN BUSINESS DISCONTINUED OTHER NETTAX ASSETSLIABILITIESINCOME STATEMENTCOMPREHENSIVE INCOMEDIFFERENCESTAX ASSETSCOMBINATIONSOPERATIONSLIABILITIESRecognised deferred tax assets and liabilitiesIntangible assets22,473 (12,742) (10,269) (573) (1) 0 (185) 4 (1) (11,025) 2,130 (13,156)Property, plant & equipment 1,236 (6,665) (5,429) (25) 0 0 39 18 (1) (5,397) 1,667 (7,064)Investments 699 0 699 (664) 0 0 0 (8) 0 27 27 0Receivables 1,165 (65) 1,100 20 0 0 0 (0) (97) 1,023 1,321 (297)Inventories 120 (47) 72 74 0 0 0 (4) 0 143 158 (15)Cash and cash equivalents 0 0 0 0 0 0 0 0 0 0 0 0Tax-free reserves 8 (318) (309) 187 0 0 0 (0) 0 (123) 0 (123)Early retirements and defined 2,278 (458) 1,820 (179) 376 0 0 12 0 2,030 2,120 (90)benefitsProvisions for other risks and 949 (7,935) (6,986) (665) 0 0 0 0 (4) (7,654) 1,548 (9,203)chargesInterest-bearing borrowings 2,724 (171) 2,554 (1) 0 0 (40) (29) (0) 2,483 2,541 (58)and loansOther liabilities 780 (139) 640 487 0 0 0 7 102 1,236 1,677 (440)Tax loss carry-forwards/Tax 17,703 0 17,703 (2,333) 0 0 0 (1) 0 15,369 15,369 (0)3creditsOther tax attributes 209 0 209 143 0 0 0 (0) 0 352 352 0Total 30,344 (28,540) 1,804 (3,529) 375 0 (187) 0 0 (1,537) 28,910 (30,447)Set-off (6,837) 6,837 0 0 (7,359) 7,359Total (as provided in the statement of financial 23,508 (21,704) 1,804 (3,529) 375 0 (187) 0 0 (1,537) 21,551 (23,088)position)The total net deferred tax assets decreased from EUR 1.8 million at 31 December 2022 to total net deferred tax liabilities of EUR 1.5 million at 31 December 2023. The main changes in 2023 are relating to the following items:2 An increase of deferred tax liabilities on intangible assets in Trimo due to the increase of the tax rate from 19% to 22% in Slovenia (impact of EUR 2 million offset by the impact of depreciations). The deferred tax liabilities relate to the step-up basis resulting from the purchase price allocation of the acquisition of Trimo.3 A decrease of deferred tax assets on tax loss carry-forwards primarily due to the derecognition of deferred tax assets previously recognised on losses in Belgium (impact of EUR 2.7 million).Tax loss carry-forwards \u2013 amounts by expiration date:in thousand EUR2022 RESTATED1+220233One year 0 0Two years 0 0Three years 0 0Four years 0 2,180Five years and thereafter 4,110 8,621Without time limit 258,374 275,444Total 262,484 286,2452 The increase of the amount of tax losses carried forward per 31 December 2023 compared to 31 December 2022 is primarily due to the losses incurred in Belgium in 2023 (Recticel SA \u2013 EUR 27.2 million).3 At 31 December 2023, EUR 15.4 million of deferred tax assets are recognized in respect of tax losses, representing EUR 60.2 million of tax losses carried forward out of a total amount of tax losses carried forward of EUR 286.2 million. Deferred tax assets in relation to losses which are not recognized relate mainly to Germany (Recticel Verwaltung - EUR 157.1 million), Belgium (Recticel NV/SA - EUR 57.3 million) and Finland (Recticel Insulation Oy \u2013 EUR 8.6 million)Deferred tax assets recognised and unrecognised by the Group apply to the following elements as at 31 December 2023:in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETS2TAX ASSETS3DEFERRED TAX ASSETSTemporary differences 17,009 13,332 3,677Tax losses carried forward 81,923 15,369 66,554Other tax attributes 209 209 0Total before set-off 99,141 28,910 70,2312 The increase in total potential deferred tax assets in 2023 compared to 2022 mainly relate to losses incurred in Belgium (EUR 5.8 million) and losses and lower tax depreciations recorded in Finland (EUR 3.6 million). EUR 7.5 million of these additional deferred tax assets have not been recognized.3 At 31 December 2023 deferred tax assets of EUR 28.9 million are recognized mainly in Belgium (EUR 14.4 million), in Germany (EUR 3.2 million) in Slovenia (EUR 3.3 million) and in Finland (EUR 1.8 million). These deferred tax assets have been recognized as it is expected that future taxable profit will be available against which the related deductible temporary differences, unused tax losses and tax attributes can be utilized.Deferred tax assets recognised and unrecognised by the Group apply 1to the following elements as at 31 December 2022 (restated):in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETSTAX ASSETSDEFERRED TAX ASSETSTemporary differences 15,996 12,433 3,564Tax losses carried forward 73,830 17,703 56,127Other tax attributes 209 209 0Total before set-off 90,035 30,344 59,691Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and when it is probable that the temporary difference will not reverse in the foreseeable future. No deferred tax liabilities have been recognised on undistributed retained earnings of subsidiaries.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__115-1": {
"value": "7.2.4.7 Discontinued operations For the period ending 31 December 2023Result from discontinued operations: from EUR 49.3 million in 2022 to EUR 12.2 million in 2023.The result from discontinued operations mainly represents:(i) the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);(ii) the net capital gain on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +10.7 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +32.2 million (including EUR 22.3 million provisions on transactions related tax exposures and indemnities\u2022 direct attributable transaction costs: EUR -6.8 million;\u2022 cumulative translation adjustment release in the income statement: EUR -7.5 million;\u2022 positive result HY1 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million)(iii) the result of the Aquinos closing account settlement (including the release of the closing accounts provision (EUR +1.3 million)) and interest on the outstanding receivable of EUR 0.7 million.The total result (restated) of discontinued operations in 2022 was composed of:(i) the result of the period of the Engineered Foams activities which were sold to the Carpenter Co. (EUR +32.8 million);(ii) the result of the first three months of 2022 of the Bedding activities (EUR +1.3 million);(iii) the net capital gain on the disposal of the Bedding activities sold to Aquinos Group (EUR +17.9 million, including EUR 5.0 million of provisions for indemnities); (iv) the impact of the restatement linked to the transfer from discontinued Operations to continuing Operations of The Soundcoat Company Inc. (EUR -3.5 million); and(v) the result of the settlements related to the divestment of the Ascorium activities (EUR +0.8 million).\u2022 Recticel Engineered Foams (REF)Recticel, in a reaction to the unsolicited offer by Greiner, signed a binding agreement (see press release dd. 07 December 2021) to sell its Engineered Foams activities to US-based Carpenter Co., subject to customary closing conditions, including anti-trust clearance. Carpenter and Recticel received such clearance from the UK Competition & Markets Authority (CMA) on 12 April 2023, and have subsequently signed the divestment of the two UK Comfort foam facilities (remedies meeting CMA requirements) to GIL Investments Ltd. on 17 April 2023 (see press release dd. 28 April 2023). All conditions precedent being met, Carpenter Co. and Recticel could progress to closing the main transaction.On 12 June 2023, following subsequent discussions and negotiations, the transaction was closed with the perimeter amended as follows:\u2022 Retention of The Soundcoat Company Inc. providing acoustic and thermal insulation \u2022 Retention of the 33% participation in Orsa Foam S.p.A. providing flexible foam products in Southern Europe. In the beginning of February 2024, Carpenter claimed a supplementary payment based on their analysis of the closing accounts. In absence of an agreement between the parties a provisional price reduction was accounted for. The enterprise value has been revised to EUR 456.4 million.The result on the transaction discontinued operations Recticel Engineered Foams activities incl. Orsa Foam amounts to EUR 10.75 million:in thousand EURRECTICEL ENGINEERED FOAMSNet assets as of 31/05/2023 402,137Result 01/06/2023 - 12/06/2023 100Total net assets (a) 402,237Purchase consideration 450,000Net debt/cash as of 31/05/2023 3,491Working capital adjustment 31/05/2023 (incl. 1,215corrections)Equity ticker until 12/06/2023 680Expected tax receivable collection 1,883Equity value (b) 457,269Gain on divestment (b) - (a) 55,032Directly attributable transaction costs (6,823)Release of currency translation costs (7,500)Result 01/01/2024 - 12/06/2023 excl. Orsa Foam (547)Gain on divestment incl. related costs/results 40,162Provision indemnities (14,000)Provision transactional related tax exposures (6,572)Provision lease guarantee indemnity UK (1,750)Provision Closing Accounts 0Total net result discontinued operations Recticel 17,840Engineered Foams excl. Orsa FoamEquity investee value Orsa Foam as of 31/12/2022 13,491Result 2023 540Impairment (6,881)Equity investee value Orsa Foam as of 31/12/2023 7,150Result 2023 540Impairment (6,881)Provision agency contract termination (751)Total result discontinued operations Orsa Foam (7,092)Total net result discontinued operations Recticel 10,748Engineered Foams incl. Orsa FoamThe following remarks need to be taken into account in relation to the result on the transaction: - The gain on the divestment of the Engineered Foams activities is subject to final agreement and settlement of the Completion Accounts with Carpenter. - As is customary in M&A transactions, and as published in December 2021, the SPA agreement related to the sale of Engineered Foams to Carpenter provides for representations and warranties and specific indemnities relating to the period before closing and for which Recticel would remain liable. The liability with regard to the representation and warranties are covered by W&I insurance, but the specific indemnities remain a potential risk for Recticel. This liability is capped at 15% of the total enterprise value, or EUR 67.5 million. Recticel has evaluated the risks in this regard and has provisioned an amount of EUR 14.0 million to cover this potential risk i.e. EUR 10.0 million related to environmental risks and EUR 4.0 million to litigation/non-compliance matters, legal proceedings and lawyer costs.- Recticel has an outstanding (net) payable to Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.The results of these Recticel Engineered Foams activities are composed as follows:in thousand EURRECTICEL ENGINEERED FOAMS20222023Profit and loss account(12 MONTHS)(5 MONTHS)Sales 621,568 258,638Cost of sales (507,161) (215,596)Gross profit (loss) 114,407 43,042General and administrative expenses (39,375) (17,415)Sales and marketing expenses (23,554) (10,233)Research and development expenses (5,527) (3,986)Impairment of goodwill, intangible 0 0and tangible assetsOther operating revenues 2,778 292Other operating expenses (16,595) (5,048)Income from other associates 782 0Operating profit (loss) 32,916 6,652Financial result (2,507) (2,218)Result of the period before taxes 30,408 4,434Income taxes 554 (4,989)Net result of the period 30,962 (555)The net assets of Recticel Engineered Foams as per 31 May 2023 were as follows:RECTICEL ENGINEERED Assets and liabilitiesFOAMSGoodwill 9,984Intangible assets 24,922Property, plant & equipment 253,362Right-of-use assets 28,434Investment property 0Investment in joint ventures and associates 0in thousand EURRECTICEL ENGINEERED Assets and liabilitiesFOAMSOther financial assets 2,645Non-current contract assets 0Deferred tax assets 21,143Prepaid for defined benefit plans 0Non-current assets 340,490Inventories 75,792Trade receivables 74,266Current contract assets 0Other receivables and other financial assets 22,036Income tax receivables 4,323Other investments 0Cash and cash equivalents 25,376Current assets 201,793TOTAL ASSETS OVER WHICH CONTROL WILL BE LOST 542,283Pensions and similar obligations 15,866Provisions 7,672Deferred tax liabilities 26,357Financial liabilities 25,703Non-current contract liabilities 0Other amounts payable 32Non-current liabilities 75,630Pensions and similar obligations 0Provisions 469Financial liabilities 0Trade payables 17,022Current contract liabilities 2,415Income tax payables 3,422Other amounts payable 41,188Intercompany eliminations 0Current liabilities 64,517TOTAL LIABILITIES OVER WHICH CONTROL WILL BE 140,146LOSTNET ASSETS TO BE DISPOSED OF 402,137The cash flow statement of the discontinued operations is as follows: in thousand EURRECTICEL ENGINEERED FOAMS20222023Cash flows(12 MONTHS)(5 MONTHS)Net cash flow from operating activities relating to discontinued operations 5,232 10,887Net cash flow from divestment/(investment) activities relating to discontinued operations (32,087) (4,141)Net cash flow from financing activities relating to discontinued operations (9,200) (6,645)Effect of exchange rate differences (9) (172)Total cash flow from discontinued operations (36,065) (72)\u2022 BeddingOn 31 March 2022, the Group has completed the divestment of its Bedding division to Aquinos Industry SA resulting in outstanding receivable on 31 December 2022 from Recticel on Aquinos Industry SA of EUR 25.2 million of which EUR 22.2 million related to the closing accounts. On 9 June 2023 both parties reached a settlement agreement on the closing accounts resulting in a decrease of Recticel\u2019s outstanding receivable with EUR 1.1 million to EUR 21.2 million. Consequently the closing account provision of EUR 2.4 million was released resulting in a gain of EUR 1.3 million. At 31/12/2023 the outstanding receivable (including interests) amounted to EUR 12.9 million.\u2022 TEMDA2 GmbH (formerly Automotive Interiors)Based on the FY2023 and the B2024 figures, a full impairment of the participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.The put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, amounted to zero (same as per 31 December 2022).Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter. Reference is made note 7.2.4.7.In 2022 this item relates to Recticel Engineered Foams that were sold to Carpenter. Reference is made note 7.2.4.7.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__114-1": {
"value": "7.2.4.7 Discontinued operations For the period ending 31 December 2023Result from discontinued operations: from EUR 49.3 million in 2022 to EUR 12.2 million in 2023.The result from discontinued operations mainly represents:(i) the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);(ii) the net capital gain on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +10.7 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +32.2 million (including EUR 22.3 million provisions on transactions related tax exposures and indemnities\u2022 direct attributable transaction costs: EUR -6.8 million;\u2022 cumulative translation adjustment release in the income statement: EUR -7.5 million;\u2022 positive result HY1 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million)(iii) the result of the Aquinos closing account settlement (including the release of the closing accounts provision (EUR +1.3 million)) and interest on the outstanding receivable of EUR 0.7 million.The total result (restated) of discontinued operations in 2022 was composed of:(i) the result of the period of the Engineered Foams activities which were sold to the Carpenter Co. (EUR +32.8 million);(ii) the result of the first three months of 2022 of the Bedding activities (EUR +1.3 million);(iii) the net capital gain on the disposal of the Bedding activities sold to Aquinos Group (EUR +17.9 million, including EUR 5.0 million of provisions for indemnities); (iv) the impact of the restatement linked to the transfer from discontinued Operations to continuing Operations of The Soundcoat Company Inc. (EUR -3.5 million); and(v) the result of the settlements related to the divestment of the Ascorium activities (EUR +0.8 million).\u2022 Recticel Engineered Foams (REF)Recticel, in a reaction to the unsolicited offer by Greiner, signed a binding agreement (see press release dd. 07 December 2021) to sell its Engineered Foams activities to US-based Carpenter Co., subject to customary closing conditions, including anti-trust clearance. Carpenter and Recticel received such clearance from the UK Competition & Markets Authority (CMA) on 12 April 2023, and have subsequently signed the divestment of the two UK Comfort foam facilities (remedies meeting CMA requirements) to GIL Investments Ltd. on 17 April 2023 (see press release dd. 28 April 2023). All conditions precedent being met, Carpenter Co. and Recticel could progress to closing the main transaction.On 12 June 2023, following subsequent discussions and negotiations, the transaction was closed with the perimeter amended as follows:\u2022 Retention of The Soundcoat Company Inc. providing acoustic and thermal insulation \u2022 Retention of the 33% participation in Orsa Foam S.p.A. providing flexible foam products in Southern Europe. In the beginning of February 2024, Carpenter claimed a supplementary payment based on their analysis of the closing accounts. In absence of an agreement between the parties a provisional price reduction was accounted for. The enterprise value has been revised to EUR 456.4 million.The result on the transaction discontinued operations Recticel Engineered Foams activities incl. Orsa Foam amounts to EUR 10.75 million:in thousand EURRECTICEL ENGINEERED FOAMSNet assets as of 31/05/2023 402,137Result 01/06/2023 - 12/06/2023 100Total net assets (a) 402,237Purchase consideration 450,000Net debt/cash as of 31/05/2023 3,491Working capital adjustment 31/05/2023 (incl. 1,215corrections)Equity ticker until 12/06/2023 680Expected tax receivable collection 1,883Equity value (b) 457,269Gain on divestment (b) - (a) 55,032Directly attributable transaction costs (6,823)Release of currency translation costs (7,500)Result 01/01/2024 - 12/06/2023 excl. Orsa Foam (547)Gain on divestment incl. related costs/results 40,162Provision indemnities (14,000)Provision transactional related tax exposures (6,572)Provision lease guarantee indemnity UK (1,750)Provision Closing Accounts 0Total net result discontinued operations Recticel 17,840Engineered Foams excl. Orsa FoamEquity investee value Orsa Foam as of 31/12/2022 13,491Result 2023 540Impairment (6,881)Equity investee value Orsa Foam as of 31/12/2023 7,150Result 2023 540Impairment (6,881)Provision agency contract termination (751)Total result discontinued operations Orsa Foam (7,092)Total net result discontinued operations Recticel 10,748Engineered Foams incl. Orsa FoamThe following remarks need to be taken into account in relation to the result on the transaction: - The gain on the divestment of the Engineered Foams activities is subject to final agreement and settlement of the Completion Accounts with Carpenter. - As is customary in M&A transactions, and as published in December 2021, the SPA agreement related to the sale of Engineered Foams to Carpenter provides for representations and warranties and specific indemnities relating to the period before closing and for which Recticel would remain liable. The liability with regard to the representation and warranties are covered by W&I insurance, but the specific indemnities remain a potential risk for Recticel. This liability is capped at 15% of the total enterprise value, or EUR 67.5 million. Recticel has evaluated the risks in this regard and has provisioned an amount of EUR 14.0 million to cover this potential risk i.e. EUR 10.0 million related to environmental risks and EUR 4.0 million to litigation/non-compliance matters, legal proceedings and lawyer costs.- Recticel has an outstanding (net) payable to Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.The results of these Recticel Engineered Foams activities are composed as follows:in thousand EURRECTICEL ENGINEERED FOAMS20222023Profit and loss account(12 MONTHS)(5 MONTHS)Sales 621,568 258,638Cost of sales (507,161) (215,596)Gross profit (loss) 114,407 43,042General and administrative expenses (39,375) (17,415)Sales and marketing expenses (23,554) (10,233)Research and development expenses (5,527) (3,986)Impairment of goodwill, intangible 0 0and tangible assetsOther operating revenues 2,778 292Other operating expenses (16,595) (5,048)Income from other associates 782 0Operating profit (loss) 32,916 6,652Financial result (2,507) (2,218)Result of the period before taxes 30,408 4,434Income taxes 554 (4,989)Net result of the period 30,962 (555)The net assets of Recticel Engineered Foams as per 31 May 2023 were as follows:RECTICEL ENGINEERED Assets and liabilitiesFOAMSGoodwill 9,984Intangible assets 24,922Property, plant & equipment 253,362Right-of-use assets 28,434Investment property 0Investment in joint ventures and associates 0in thousand EURRECTICEL ENGINEERED Assets and liabilitiesFOAMSOther financial assets 2,645Non-current contract assets 0Deferred tax assets 21,143Prepaid for defined benefit plans 0Non-current assets 340,490Inventories 75,792Trade receivables 74,266Current contract assets 0Other receivables and other financial assets 22,036Income tax receivables 4,323Other investments 0Cash and cash equivalents 25,376Current assets 201,793TOTAL ASSETS OVER WHICH CONTROL WILL BE LOST 542,283Pensions and similar obligations 15,866Provisions 7,672Deferred tax liabilities 26,357Financial liabilities 25,703Non-current contract liabilities 0Other amounts payable 32Non-current liabilities 75,630Pensions and similar obligations 0Provisions 469Financial liabilities 0Trade payables 17,022Current contract liabilities 2,415Income tax payables 3,422Other amounts payable 41,188Intercompany eliminations 0Current liabilities 64,517TOTAL LIABILITIES OVER WHICH CONTROL WILL BE 140,146LOSTNET ASSETS TO BE DISPOSED OF 402,137The cash flow statement of the discontinued operations is as follows: in thousand EURRECTICEL ENGINEERED FOAMS20222023Cash flows(12 MONTHS)(5 MONTHS)Net cash flow from operating activities relating to discontinued operations 5,232 10,887Net cash flow from divestment/(investment) activities relating to discontinued operations (32,087) (4,141)Net cash flow from financing activities relating to discontinued operations (9,200) (6,645)Effect of exchange rate differences (9) (172)Total cash flow from discontinued operations (36,065) (72)\u2022 BeddingOn 31 March 2022, the Group has completed the divestment of its Bedding division to Aquinos Industry SA resulting in outstanding receivable on 31 December 2022 from Recticel on Aquinos Industry SA of EUR 25.2 million of which EUR 22.2 million related to the closing accounts. On 9 June 2023 both parties reached a settlement agreement on the closing accounts resulting in a decrease of Recticel\u2019s outstanding receivable with EUR 1.1 million to EUR 21.2 million. Consequently the closing account provision of EUR 2.4 million was released resulting in a gain of EUR 1.3 million. At 31/12/2023 the outstanding receivable (including interests) amounted to EUR 12.9 million.\u2022 TEMDA2 GmbH (formerly Automotive Interiors)Based on the FY2023 and the B2024 figures, a full impairment of the participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.The put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, amounted to zero (same as per 31 December 2022).Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter. Reference is made note 7.2.4.7.In 2022 this item relates to Recticel Engineered Foams that were sold to Carpenter. Reference is made note 7.2.4.7.7.2.5.19 Business combinations and disposalsIn 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter (see note 7.2.4.7).",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__113-1": {
"value": "7.2.4.7 Discontinued operations For the period ending 31 December 2023Result from discontinued operations: from EUR 49.3 million in 2022 to EUR 12.2 million in 2023.The result from discontinued operations mainly represents:(i) the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);(ii) the net capital gain on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +10.7 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +32.2 million (including EUR 22.3 million provisions on transactions related tax exposures and indemnities\u2022 direct attributable transaction costs: EUR -6.8 million;\u2022 cumulative translation adjustment release in the income statement: EUR -7.5 million;\u2022 positive result HY1 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million)(iii) the result of the Aquinos closing account settlement (including the release of the closing accounts provision (EUR +1.3 million)) and interest on the outstanding receivable of EUR 0.7 million.The total result (restated) of discontinued operations in 2022 was composed of:(i) the result of the period of the Engineered Foams activities which were sold to the Carpenter Co. (EUR +32.8 million);(ii) the result of the first three months of 2022 of the Bedding activities (EUR +1.3 million);(iii) the net capital gain on the disposal of the Bedding activities sold to Aquinos Group (EUR +17.9 million, including EUR 5.0 million of provisions for indemnities); (iv) the impact of the restatement linked to the transfer from discontinued Operations to continuing Operations of The Soundcoat Company Inc. (EUR -3.5 million); and(v) the result of the settlements related to the divestment of the Ascorium activities (EUR +0.8 million).\u2022 Recticel Engineered Foams (REF)Recticel, in a reaction to the unsolicited offer by Greiner, signed a binding agreement (see press release dd. 07 December 2021) to sell its Engineered Foams activities to US-based Carpenter Co., subject to customary closing conditions, including anti-trust clearance. Carpenter and Recticel received such clearance from the UK Competition & Markets Authority (CMA) on 12 April 2023, and have subsequently signed the divestment of the two UK Comfort foam facilities (remedies meeting CMA requirements) to GIL Investments Ltd. on 17 April 2023 (see press release dd. 28 April 2023). All conditions precedent being met, Carpenter Co. and Recticel could progress to closing the main transaction.On 12 June 2023, following subsequent discussions and negotiations, the transaction was closed with the perimeter amended as follows:\u2022 Retention of The Soundcoat Company Inc. providing acoustic and thermal insulation \u2022 Retention of the 33% participation in Orsa Foam S.p.A. providing flexible foam products in Southern Europe. In the beginning of February 2024, Carpenter claimed a supplementary payment based on their analysis of the closing accounts. In absence of an agreement between the parties a provisional price reduction was accounted for. The enterprise value has been revised to EUR 456.4 million.The result on the transaction discontinued operations Recticel Engineered Foams activities incl. Orsa Foam amounts to EUR 10.75 million:in thousand EURRECTICEL ENGINEERED FOAMSNet assets as of 31/05/2023 402,137Result 01/06/2023 - 12/06/2023 100Total net assets (a) 402,237Purchase consideration 450,000Net debt/cash as of 31/05/2023 3,491Working capital adjustment 31/05/2023 (incl. 1,215corrections)Equity ticker until 12/06/2023 680Expected tax receivable collection 1,883Equity value (b) 457,269Gain on divestment (b) - (a) 55,032Directly attributable transaction costs (6,823)Release of currency translation costs (7,500)Result 01/01/2024 - 12/06/2023 excl. Orsa Foam (547)Gain on divestment incl. related costs/results 40,162Provision indemnities (14,000)Provision transactional related tax exposures (6,572)Provision lease guarantee indemnity UK (1,750)Provision Closing Accounts 0Total net result discontinued operations Recticel 17,840Engineered Foams excl. Orsa FoamEquity investee value Orsa Foam as of 31/12/2022 13,491Result 2023 540Impairment (6,881)Equity investee value Orsa Foam as of 31/12/2023 7,150Result 2023 540Impairment (6,881)Provision agency contract termination (751)Total result discontinued operations Orsa Foam (7,092)Total net result discontinued operations Recticel 10,748Engineered Foams incl. Orsa FoamThe following remarks need to be taken into account in relation to the result on the transaction: - The gain on the divestment of the Engineered Foams activities is subject to final agreement and settlement of the Completion Accounts with Carpenter. - As is customary in M&A transactions, and as published in December 2021, the SPA agreement related to the sale of Engineered Foams to Carpenter provides for representations and warranties and specific indemnities relating to the period before closing and for which Recticel would remain liable. The liability with regard to the representation and warranties are covered by W&I insurance, but the specific indemnities remain a potential risk for Recticel. This liability is capped at 15% of the total enterprise value, or EUR 67.5 million. Recticel has evaluated the risks in this regard and has provisioned an amount of EUR 14.0 million to cover this potential risk i.e. EUR 10.0 million related to environmental risks and EUR 4.0 million to litigation/non-compliance matters, legal proceedings and lawyer costs.- Recticel has an outstanding (net) payable to Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.The results of these Recticel Engineered Foams activities are composed as follows:in thousand EURRECTICEL ENGINEERED FOAMS20222023Profit and loss account(12 MONTHS)(5 MONTHS)Sales 621,568 258,638Cost of sales (507,161) (215,596)Gross profit (loss) 114,407 43,042General and administrative expenses (39,375) (17,415)Sales and marketing expenses (23,554) (10,233)Research and development expenses (5,527) (3,986)Impairment of goodwill, intangible 0 0and tangible assetsOther operating revenues 2,778 292Other operating expenses (16,595) (5,048)Income from other associates 782 0Operating profit (loss) 32,916 6,652Financial result (2,507) (2,218)Result of the period before taxes 30,408 4,434Income taxes 554 (4,989)Net result of the period 30,962 (555)The net assets of Recticel Engineered Foams as per 31 May 2023 were as follows:RECTICEL ENGINEERED Assets and liabilitiesFOAMSGoodwill 9,984Intangible assets 24,922Property, plant & equipment 253,362Right-of-use assets 28,434Investment property 0Investment in joint ventures and associates 0in thousand EURRECTICEL ENGINEERED Assets and liabilitiesFOAMSOther financial assets 2,645Non-current contract assets 0Deferred tax assets 21,143Prepaid for defined benefit plans 0Non-current assets 340,490Inventories 75,792Trade receivables 74,266Current contract assets 0Other receivables and other financial assets 22,036Income tax receivables 4,323Other investments 0Cash and cash equivalents 25,376Current assets 201,793TOTAL ASSETS OVER WHICH CONTROL WILL BE LOST 542,283Pensions and similar obligations 15,866Provisions 7,672Deferred tax liabilities 26,357Financial liabilities 25,703Non-current contract liabilities 0Other amounts payable 32Non-current liabilities 75,630Pensions and similar obligations 0Provisions 469Financial liabilities 0Trade payables 17,022Current contract liabilities 2,415Income tax payables 3,422Other amounts payable 41,188Intercompany eliminations 0Current liabilities 64,517TOTAL LIABILITIES OVER WHICH CONTROL WILL BE 140,146LOSTNET ASSETS TO BE DISPOSED OF 402,137The cash flow statement of the discontinued operations is as follows: in thousand EURRECTICEL ENGINEERED FOAMS20222023Cash flows(12 MONTHS)(5 MONTHS)Net cash flow from operating activities relating to discontinued operations 5,232 10,887Net cash flow from divestment/(investment) activities relating to discontinued operations (32,087) (4,141)Net cash flow from financing activities relating to discontinued operations (9,200) (6,645)Effect of exchange rate differences (9) (172)Total cash flow from discontinued operations (36,065) (72)\u2022 BeddingOn 31 March 2022, the Group has completed the divestment of its Bedding division to Aquinos Industry SA resulting in outstanding receivable on 31 December 2022 from Recticel on Aquinos Industry SA of EUR 25.2 million of which EUR 22.2 million related to the closing accounts. On 9 June 2023 both parties reached a settlement agreement on the closing accounts resulting in a decrease of Recticel\u2019s outstanding receivable with EUR 1.1 million to EUR 21.2 million. Consequently the closing account provision of EUR 2.4 million was released resulting in a gain of EUR 1.3 million. At 31/12/2023 the outstanding receivable (including interests) amounted to EUR 12.9 million.\u2022 TEMDA2 GmbH (formerly Automotive Interiors)Based on the FY2023 and the B2024 figures, a full impairment of the participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.The put/call structure on the remaining 49% participation in the Automotive joint venture TEMDA2/Ascorium, amounted to zero (same as per 31 December 2022).Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter. Reference is made note 7.2.4.7.In 2022 this item relates to Recticel Engineered Foams that were sold to Carpenter. Reference is made note 7.2.4.7.7.2.5.19 Business combinations and disposalsIn 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter (see note 7.2.4.7).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__117-1": {
"value": "7.2.4.9 Basic earnings per shareThe calculation of the basic and diluted earnings per share is based on the following data:in thousand EUR2022 RESTATED\u00b9 2023Net profit (loss) for the period 62,776 3,165Net profit (loss) from continuing operations 13,478 (8,989)Net profit (loss) from discontinued operations 49,298 12,154Weighted average shares outstandingOrdinary shares on 01 January (excluding treasury shares*) 55,636,620 55,881,620Exercised subscription rights 245,000 22,500Ordinary shares on 31 December (excluding treasury shares*) 55,881,620 55,904,120Weighted average shares outstanding 55,799,134 55,897,911* Number of treasury shares held per 31 December 326,800 326,800in EUR2022 RESTATED\u00b9 2023Basic earnings per share 1.13 0.06Basic earnings per share from continuing operations 0.24 (0.16)Basic earnings per share from discontinued operations 0.88 0.227.2.4.10 Diluted earnings per shareComputation of the diluted earnings per share:in thousand EUR2022 RESTATED\u00b9 2023Dilutive elementsNet profit (loss) from continuing operations 13,478 (8,989)Net profit (loss) from discontinued operations 49,298 12,154Profit (loss) attributable to ordinary equity holders of the parent entity 62,776 3,165including assumed conversionsWeighted average ordinary shares outstanding 55,799,134 55,897,9112887,680 613,312Stock option plans - subscription rightsWeighted average shares for diluted earnings per share 56,686,814 56,511,223in EUR2022 RESTATED\u00b9 2023Diluted earnings per share 1.11 0.06Diluted earnings per share from continuing operations 0.24 (0.16)Diluted earnings per share from discontinued operations 0.87 0.222 Per 31 December 2023, all outstanding subscription right plans as from April 2016 are in-the-money except for the subscription plans of May 2022. The outstanding subscription right plans which are out-of-the-money are disclosed as anti-dilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
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"s8_notes__5__116-1": {
"value": "7.2.4.8 DividendsAmounts recognised as distributions to equity holders in the period.Dividend for the period ending 31 December 2023 of EUR 0.31 per share.Proposed stable dividend for the period ending 31 December 2023 of EUR 0.31 per share, leading to a total pay-out of EUR 17,431,585 (2022: EUR 17,424,610), including the portion attributable to the treasury shares (326,800 in total per 31 December 2023).The proposed dividend is subject to approval by the shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.The gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted..",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__9": {
"value": "31000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
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},
"s8_notes__5__8": {
"value": "0.31",
"decimals": 2,
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"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
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"unit": "iso4217:EUR/xbrli:shares"
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},
"s8_notes__5__7": {
"value": "0.31",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__5__121": {
"value": "7.2.5.1 Intangible assetsFor the year ending 31 December 2023:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross book value 153 64,712 39,066 12,318 5,033 121,282Accumulated amortisation (153) (21,326) (6,391) (9,074) (53) (36,997)Accumulated impairment 0 (6,316) 0 0 (612) (6,928)Net book value at the end of the preceding 0 37,070 32,675 3,244 4,368 77,357periodMovements during the periodBusiness combinations 0 0 0 0 0 0Acquisitions 0 46 0 860 1,835 2,742Amortisation 0 (3,702) (3,115) (780) 0 (7,596)Impairments 0 0 0 0 (185) (185)Sales and scrapped 0 (42) (14) 0 (568) (624)Transfers from one heading to another 0 1,942 (6) 0 (1,937) 0Transfer to discontinued operations 0 (0) 227 0 (1,855) (1,628)Exchange rate differences 0 3 24 0 2 28At the end of the current period 0 35,317 29,792 3,324 1,660 70,094Gross book value 0 62,712 38,668 13,122 2,510 117,011Accumulated amortisation 0 (21,090) (8,875) (9,798) (53) (39,816)Accumulated impairment 0 (6,304) 0 0 (797) (7,101)Net book value at the end of the period 0 35,317 29,792 3,324 1,660 70,094Useful life (in years) 3-5 3-10 5-10 5 maximum n.a.Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgments.For the year ending 31 December 2022:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross book value 153 57,195 25,997 1,593 5,955 90,893Accumulated amortisation (153) (38,585) (8,611) (1,564) (102) (49,014)Accumulated impairment 0 (6,322) 0 0 (612) (6,934)Net book value at the end of the preceding 0 12,288 17,386 29 5,242 34,945periodMovements during the periodBusiness combinations 0 34,561 34,811 3,471 0 72,843Acquisitions 0 92 17 417 2,836 3,362Amortisation 0 (3,763) (2,954) (649) 0 (7,365)Impairments 0 (3) 0 0 0 (3)Sales and scrapped 0 0 0 0 0 0Transfers from one heading to another 0 2,546 11 (7) (2,572) (22)Transfer to discontinued operations 0 (8,819) (16,996) (17) (1,135) (26,966)Exchange rate differences 0 167 400 0 (3) 564At the end of the current period 0 37,070 32,675 3,244 4,368 77,357Gross book value 153 64,712 39,066 12,318 5,033 121,282Accumulated amortisation (153) (21,326) (6,391) (9,074) (53) (36,997)Accumulated impairment 0 (6,316) 0 0 (612) (6,928)Net book value at the end of the period 0 37,070 32,675 3,244 4,368 77,357Useful life (in years) 3-5 3-10 5-10 5 maximum n.a.Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgmentsThe acquisitions (EUR 0.2 million) and amortisation movements (EUR -2.0 million) contain the impact of the operations Recticel Engineered Foams until 30/06/2022. As of this date the amounts are transferred to discontinued operations. In 2022, the item \u2018Business combinations\u2019 relates to the acquisition of Trimo. Total acquisition of intangible assets amounted to EUR 3.4 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__119-1": {
"value": "7.2.5.1 Intangible assetsFor the year ending 31 December 2023:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross book value 153 64,712 39,066 12,318 5,033 121,282Accumulated amortisation (153) (21,326) (6,391) (9,074) (53) (36,997)Accumulated impairment 0 (6,316) 0 0 (612) (6,928)Net book value at the end of the preceding 0 37,070 32,675 3,244 4,368 77,357periodMovements during the periodBusiness combinations 0 0 0 0 0 0Acquisitions 0 46 0 860 1,835 2,742Amortisation 0 (3,702) (3,115) (780) 0 (7,596)Impairments 0 0 0 0 (185) (185)Sales and scrapped 0 (42) (14) 0 (568) (624)Transfers from one heading to another 0 1,942 (6) 0 (1,937) 0Transfer to discontinued operations 0 (0) 227 0 (1,855) (1,628)Exchange rate differences 0 3 24 0 2 28At the end of the current period 0 35,317 29,792 3,324 1,660 70,094Gross book value 0 62,712 38,668 13,122 2,510 117,011Accumulated amortisation 0 (21,090) (8,875) (9,798) (53) (39,816)Accumulated impairment 0 (6,304) 0 0 (797) (7,101)Net book value at the end of the period 0 35,317 29,792 3,324 1,660 70,094Useful life (in years) 3-5 3-10 5-10 5 maximum n.a.Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgments.For the year ending 31 December 2022:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross book value 153 57,195 25,997 1,593 5,955 90,893Accumulated amortisation (153) (38,585) (8,611) (1,564) (102) (49,014)Accumulated impairment 0 (6,322) 0 0 (612) (6,934)Net book value at the end of the preceding 0 12,288 17,386 29 5,242 34,945periodMovements during the periodBusiness combinations 0 34,561 34,811 3,471 0 72,843Acquisitions 0 92 17 417 2,836 3,362Amortisation 0 (3,763) (2,954) (649) 0 (7,365)Impairments 0 (3) 0 0 0 (3)Sales and scrapped 0 0 0 0 0 0Transfers from one heading to another 0 2,546 11 (7) (2,572) (22)Transfer to discontinued operations 0 (8,819) (16,996) (17) (1,135) (26,966)Exchange rate differences 0 167 400 0 (3) 564At the end of the current period 0 37,070 32,675 3,244 4,368 77,357Gross book value 153 64,712 39,066 12,318 5,033 121,282Accumulated amortisation (153) (21,326) (6,391) (9,074) (53) (36,997)Accumulated impairment 0 (6,316) 0 0 (612) (6,928)Net book value at the end of the period 0 37,070 32,675 3,244 4,368 77,357Useful life (in years) 3-5 3-10 5-10 5 maximum n.a.Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgmentsThe acquisitions (EUR 0.2 million) and amortisation movements (EUR -2.0 million) contain the impact of the operations Recticel Engineered Foams until 30/06/2022. As of this date the amounts are transferred to discontinued operations. In 2022, the item \u2018Business combinations\u2019 relates to the acquisition of Trimo. Total acquisition of intangible assets amounted to EUR 3.4 million.7.2.5.2 GoodwillFor the year ending 31 December 2023:in thousand EURGOODWILLAt the end of the period Gross book value 79,366Accumulated amortisation (16,148)Net book value at the end of the preceding period 63,218Movements during the periodBusiness combinations 0Impairments 0Sales and scrapped 0Transfers from one heading to another 6Transfer to discontinued operations (809)Exchange rate differences (6)At the end of the current period 62,409Gross book value 76,883Accumulated amortisation (14,474)Net book value at the end of the period 62,409For the year ending 31 December 2022:in thousand EURGOODWILLAt the end of the preceding period Gross book value 44,257Accumulated amortisation (30,537)Net book value at the end of the preceding period 13,721Movements during the periodBusiness combinations 59,102Impairments 0Sales and scrapped 0Transfers from one heading to another 0Transfer to discontinued operations (9,446)Exchange rate differences (159)At the end of the current period 63,218Gross book value 79,366Accumulated amortisation (16,148)Net book value at the end of the period 63,218Reference is also made to note 7.2.4.7 - Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__122": {
"value": "7.2.5.2 GoodwillFor the year ending 31 December 2023:in thousand EURGOODWILLAt the end of the period Gross book value 79,366Accumulated amortisation (16,148)Net book value at the end of the preceding period 63,218Movements during the periodBusiness combinations 0Impairments 0Sales and scrapped 0Transfers from one heading to another 6Transfer to discontinued operations (809)Exchange rate differences (6)At the end of the current period 62,409Gross book value 76,883Accumulated amortisation (14,474)Net book value at the end of the period 62,409For the year ending 31 December 2022:in thousand EURGOODWILLAt the end of the preceding period Gross book value 44,257Accumulated amortisation (30,537)Net book value at the end of the preceding period 13,721Movements during the periodBusiness combinations 59,102Impairments 0Sales and scrapped 0Transfers from one heading to another 0Transfer to discontinued operations (9,446)Exchange rate differences (159)At the end of the current period 63,218Gross book value 79,366Accumulated amortisation (16,148)Net book value at the end of the period 63,218Reference is also made to note 7.2.4.7 - Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__123": {
"value": "7.2.5.3 Property, plant & equipmentFor the year ending 31 December 2023:in thousand EURPLANT, MACHINERY & FURNITURE AND LEASES AND SIMILAR LAND AND BUILDINGSOTHER TANGIBLE ASSETS ASSETS UNDER CONSTRUCTION TOTALEQUIPMENTVEHICLESRIGHTSAt the end of the preceding periodGross value 96,907 154,288 13,115 0 160 6,511 273,425Accumulated depreciation (29,731) (118,699) (10,521) 0 (97) 0 (161,491)Accumulated impairments (263) (181) 0 0 0 0 (443)Net book value at the end of the preceding period 66,914 35,409 2,595 0 63 6,511 111,491Movements during the yearBusiness combinations 0 0 0 0 0 0 0Acquisitions 1,454 1,179 217 0 0 16,368 19,217Depreciation (3,177) (7,122) (902) 0 (32) 0 (11,233)Impairments (99) (9) 0 0 0 (12) (120)Sales and scrapped (185) (21) (3) (0) (7) 0 (216)Transfers from one heading to another 1,519 7,387 628 0 0 (9,813) (280)Transfer to discontinued operations 1,421 0 (40) 0 0 (0) 1,380Exchange rate differences 396 33 2 0 0 17 448At the end of the current period 68,242 36,856 2,496 0 24 13,069 120,687Gross value 101,445 143,950 13,648 0 116 13,069 272,866Accumulated depreciation (32,875) (106,911) (11,152) 0 (92) 0 (151,668)Accumulated impairments (328) (183) 0 0 0 0 (511)Net book value at the end of the period 68,242 36,856 2,496 0 24 13,069 120,687Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgments, note 7.2.4.7 - Discontinued operations.At 31 December 2023 Assets under construction mainly relate to Turvac and Recticel Insulation France.At 31 December 2023, the Group had entered into contractual commitments for the acquisition of property, plant & equipment amounting mainly in Slovenia to EUR 2.1 million (2022: EUR 5.5 million).1For the year ending 31 December 2022 restated:in thousand EURPLANT, MACHINERY & FURNITURE AND LEASES AND SIMILAR LAND AND BUILDINGSOTHER TANGIBLE ASSETS ASSETS UNDER CONSTRUCTION TOTALEQUIPMENTVEHICLESRIGHTSAt the end of the preceding periodGross value 299,193 457,232 28,753 0 204 15,689 801,070Accumulated depreciation (102,916) (360,418) (22,363) (0) (139) 0 (485,836)Accumulated impairments (304) (1,524) 0 0 0 0 (1,828)Net book value at the end of the preceding period 195,972 95,290 6,390 0 65 15,689 313,406Movements during the yearBusiness combinations 22,846 11,473 0 0 249 304 34,873Acquisitions 1,362 1,780 286 0 0 11,356 14,783Depreciation (5,941) (13,902) (1,603) 0 (4) 0 (21,450)Impairments 0 (57) 0 0 0 0 (57)Sales and scrapped (13,983) (330) (26) 0 (242) 0 (14,581)Transfers from one heading to another 800 3,264 738 0 0 (4,635) 166Transfer to discontinued operations (135,327) (62,693) (3,226) 0 (4) (16,194) (217,445)Exchange rate differences 1,185 584 36 0 (1) (9) 1,796At the end of the current period 66,914 35,409 2,595 0 63 6,511 111,491Gross value 96,907 156,732 13,115 0 160 6,511 273,425Accumulated depreciation (29,731) (121,142) (10,521) 0 (97) 0 (161,491)Accumulated impairments (263) (181) 0 0 0 0 (443)Net book value at the end of the period 66,914 35,409 2,595 0 63 6,511 111,491Reference is also made to note 7.2.1.4 - Major sources of estimation uncertainty and key judgments, note 7.2.4.7 - Discontinued operations.The acquisitions (EUR 5.5 million) and depreciation movements (EUR -10.6 million) contain the impact of the operations Recticel Engineered Foams until 30/06/2022. As of this date the amounts are transferred to discontinued operations. In 2022, the item \u2018Business combinations\u2019 relates to the acquisition of Trimo. Total acquisitions of tangible assets amounted to EUR 14.7 million. Assets under construction mainly relate to Belgium (EUR 3.6 million), France (EUR 1.1 million), Slovenia (EUR 0.9 million) and United Kingdom (EUR 0.8 million). At 31 December 2022, the Group had entered into contractual commitments for the acquisition of property, plant & equipment amounting mainly in Belgium to EUR 5.5 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__124-1": {
"value": "At 31 December 2023, the Group had entered into contractual commitments for the acquisition of property, plant & equipment amounting mainly in Slovenia to EUR 2.1 million (2022: EUR 5.5 million).7.2.6.1 Off-balance sheet itemsRecticel NV/SA, or some of its subsidiaries have provided various parental corporate guarantees and comfort letters for commercial and/or financial commitments towards third parties. Compared to the situation per 31 December 2022, most outstanding guarantees and/or comfort letters remained in place; save for some minor adjustments in some committed amounts. in thousand EUR31 DEC 2022 31 DEC 2023Guarantees given or irrevocably promised by Recticel SA/NV as security for debts 89,555 85,431and commitments of companiesThese guarantees include mainly parental corporate guarantees and letters of comfort for commitments contracted by subsidiaries with banks (EUR 25.5 million), lessors (EUR 13.0 million), governmental institutions (EUR 2 million), other third parties (EUR 3.2 million) and bank guarantees related to the divestment of Recticel Engineered Foams to Carpenter Co. (EUR 46.7 million).The amount of expected credit losses on external guarantees is assessed at each reporting date to reflect changes in credit risk since the guarantee was granted. When determining whether the credit risk of a guarantee has increased significantly since the issuance and when estimating expected credit losses, Recticel considers reasonable and supportive information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__125-1": {
"value": "7.2.5.4 Right-of-use assetsFor the year ending 31 December 2023:in thousand EURPLANT, MACHINERY & FURNITURE AND LAND AND BUILDINGSTOTALEQUIPMENTVEHICLESAt the end of the preceding periodGross value 46,656 1,803 5,355 53,814Accumulated depreciation (20,591) (1,279) (3,092) (24,963)Accumulated impairments (1,109) 0 0 (1,109)Net book value at the end of the preceding period 24,956 523 2,263 27,742Movements during the yearBusiness combinations 0 0 0 0Adjustment for reassessment of assumptions on dismantling 0 0 0 0and restoration costsNew leases 466 29 541 1,036Lease reassessment 4,719 143 (39) 4,823Depreciation (3,248) (312) (846) (4,406)Impairments 0 0 0 0Ended contracts (506) 10 (634) (1,131)Transfers from one heading to another 46 (46) 0 (0)Transfer to discontinued operations (160) (0) (1) (161)Exchange rate differences (138) (1) 7 (132)At the end of the period 26,135 345 1,291 27,771Gross value 50,599 995 2,977 54,571Accumulated depreciation (23,582) (650) (1,686) (25,917)Accumulated impairments (883) 0 0 (883)Net book value at the end of the period 26,135 345 1,291 27,771Contractual tenor (in years) 6 - 12 3 - 12 4Reference is also made to note 7.2.4.7. - Discontinued operations.The weighted average underlying incremental borrowing rate of the right-of-use asset agreements per 31 December 2023 was 3.16% (1.48% per 31 December 2022).1For the year ending 31 December 2022 restated:in thousand EURPLANT, MACHINERY & FURNITURE AND LAND AND BUILDINGSTOTALEQUIPMENTVEHICLESAt the end of the preceding periodGross value 83,434 7,993 11,346 102,773Accumulated depreciation (28,325) (4,774) (6,676) (39,775)Accumulated impairments (349) (46) 0 (395)Net book value at the end of the preceding period 54,760 3,173 4,671 62,603Movements during the yearBusiness combinations 0 295 70 365Adjustment for reassessment of assumptions on dismantling 0 0 0 0and restoration costsNew leases 370 1,346 1,027 2,742Lease reassessment 1,157 201 555 1,914Depreciation (5,042) (1,120) (2,035) (8,197)Impairments (987) 0 0 (987)Ended contracts (126) 0 (304) (430)Transfers from one heading to another 110 (169) 636 577Transfer to discontinued operations (25,387) (3,169) (2,317) (30,874)Exchange rate differences 100 (34) (38) 28At the end of the period 24,956 523 2,263 27,742Gross value 46,656 1,803 5,355 53,814Accumulated depreciation (20,591) (1,279) (3,092) (24,963)Accumulated impairments (1,109) 0 0 (1,109)Net book value at the end of the period 24,956 523 2,263 27,742Contractual tenor (in years) 6 - 12 3 - 12 4Reference is also made to note 7.2.4.7 - Discontinued operations.The new leases (EUR 1.7 million) and depreciation movements (EUR -4.5 million) contain the impact of the operations Recticel Engineered Foams until 30/06/2022. As of this date the amounts are transferred to discontinued operations. The weighted average underlying incremental borrowing rate of the right-of-use asset agreements per 31 December 2022 was 1.48%.The below table comprises the recognised lease charge during the financial period.in thousand EUR2022 RESTATED\u00b9 2023Low value leases 4 3Short term leasesServices under leases 1,227 1,903Other considerations 0Total leases 1,231 1,9067.2.5.16 Financial liabilities Financial liabilities carried at amortised cost include mainly interest-bearing borrowings:in thousand EURNON-CURRENT LIABILITIES CURRENT LIABILITIES31 DEC 2022 31 DEC 2022 31 DEC 202331 DEC 2023RESTATED\u00b9RESTATED\u00b9SecuredLease liabilities 15,132 13,062 3,844 5,097Bank loans 181,631 10,020 949 974Total secured 196,763 23,082 4,793 6,071UnsecuredNon-current bank loans with current portion 0 0Other loans 0 0 0 0Current bank loans 0 0 75,000 0Commercial paper 0 0 11,948 0Bank overdrafts 0 0 1,038 12Other financial liabilities 0 0 1,045 332Total unsecured 0 0 89,031 344Total liabilities carried at amortised cost 196,763 23,082 93,824 6,415Gross financial debt: interest-bearing borrowings, including continuing involvement of off-balance sheet non-recourse factoring programsin thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Drawn amounts under the various available interest-bearing borrowing facilitiesOutstanding amounts under syndicated credit facility 170,638 0Outstanding amounts under lease liabilities 15,132 13,062Outstanding amounts under other non-current loans 10,993 10,020Outstanding amounts under non-current gross interest-bearing borrowing 196,763 23,082facilities (a)Outstanding amounts under bank overdrafts 1,038 12Outstanding amounts under current bank loans 949 974Outstanding amounts under lease liabilities 3,844 5,097Outstanding amounts under factoring programs - retention amount211,948 0Outstanding amounts under commercial paper programsOutstanding amounts under other current loans 75,000 0Outstanding amounts under other financial liabilities 1,045 332Outstanding amounts under current gross interest-bearing borrowing facilities (b) 93,824 6,415Total outstanding amounts under gross interest-bearing borrowings (c)=(a)+(b) 290,587 29,497Outstanding amounts under non-recourse factoring programs (d) 13,237 18Total outstanding amounts under gross interest-bearing borrowings and factoring 303,824 29,515programs (e)=(c)+(d)Weighted average lifetime of non-current interest-bearing borrowings (in years) 1.32 4.33Weighted average interest rate of gross financial debt at fixed interest rate 2.14% 2.14%1.46% - Interest rate range of gross financial debt at fixed interest rate 1.46% - 2.62%2.62%Weighted average interest rate of gross financial debt at variable interest rate 3.51% 5.61%4.85% - Interest rate range of gross financial debt at variable interest rate 2.55% - 3.85%5.61%Weighted average interest rate of total gross financial debt 3.42% 2.44%Percentage of gross financial debt at fixed interest rate 10.0% 93.0%Percentage of gross financial debt at variable interest rate 90.0% 7.0%2 The amount drawn under the commercial paper program is to be covered at any time by the undrawn amount under the syndicated credit facility. Therefore the reported unused amount under the EUR 100 million revolving syndicated credit facility is after deduction of the issued amounts under the commercial paper program.The majority of the Group\u2019s financial debt is centrally contracted and managed through Recticel International Services nv/sa, which acts as the Group\u2019s internal bank.(i) Lease liabilitiesLease liabilities comprise (i) following the application of IFRS 16, the leases for property, plant and equipment, furniture and vehicles, and (ii) leases formerly classified as \u2018finance leases\u2019.These finance leases consist mainly of three leases:\u2022 the lease financing of the Insulation plant in Bourges (France), with an outstanding amount of EUR 1.3 million as of 31 December 2023 and is at floating rate, hedged by interest rate swap;\u2022 the lease financing buildings in Slovenia, with an outstanding amount of EUR 0.2 million as of 31 December 2023 and is at a fixed rate;\u2022 the additional lease to finance the extension of the Insulation plant in Wevelgem (Belgium) in 2017, with an outstanding amount of EUR 5.6 million as of 31 December 2023 and is at a fixed rate. (ii) Bank loans \u2013 \u201csyndicated credit facility\u201dWith the proceeds from the divestment of Recticel Engineered foams to Carpenter syndicated credit facility was repaid.Recticel maintains the EUR 100 million syndicated revolving credit facility maturing in February 2024.The facility has a 3-year tenor with two 1-year extension options and have been arranged and underwritten by KBC Bank. The participating banks are Belfius Bank, BNP Paribas Fortis, Commerzbank and LCL. This EUR 100 million syndicated revolving credit facility has been extended over a period of 2 years until 2025. The new syndicated facility is subject to bank covenants. At 31/12/2023, due to the net cash position, the covenant calculation was not applicable.(iii) Other bank loans In 2018, Recticel concluded a secured fixed rate bilateral bank loan of EUR 15.5 million for the financing of the new greenfield Insulation plant in Finland. The tenor of this amortising bank loan is 15 years, with maturity in March 2033. The outstanding amount at 31 December 2023 is EUR 11.0 million. (iv) Other Current loans With the proceeds from the divestment of Recticel Engineered foams to Carpenter all other current loans were repaid.(iv) Commercial paper programWith the proceeds from the divestment of Recticel Engineered foams to Carpenter all commercial paper was repaid.Other financial liabilitiesFor interest rate swaps reference is made to 7.2.5.18. in thousand EUR31 DEC 2022 31 DEC 2023Other financial debt 10 0Interest accruals 743 280Total 754 280",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__126": {
"value": "7.2.5.5 Subsidiaries, joint ventures, associates and other associatesUnless otherwise indicated, the percentage shareholdings shown below are identical to the percentage voting rights.1. SUBSIDIARIES CONSOLIDATED ACCORDING TO THE FULL CONSOLIDATION METHOD% shareholding in31 DEC 2022 31 DEC 2023Bulgaria Trimo Bulgaria OOD Kan Asparu str. 7, Triaditza District - Sofia City 70.00 (b) 70.00 (c)Belgium SC sous forme de SA Balim BV onder vorm van NV Bourgetlaan 42 - 1130 Haren 100.00 100.00Finapal NV/SA Bourgetlaan 42 - 1130 Haren 100.00 100.00Recticel International Services NV/SA Bourgetlaan 42 - 1130 Haren 100.00 100.00Recticel Engineered Foams Belgium NV/SA Culliganlaan 2F - 1831 Machelen 100.00 (a) -ChinaRecticel Foams (Shanghai) Co Ltd 525, Kang Yi Road, Kangyiao Industrial Zone - 201315 Shanghai 100.00 (a) -Recticel Flexible Foam (Wuxi) Co, Ltd. No 30, Qanquan Road; Xishan Economic and Technological Dev Zone - Wuxi City 100.00 (a) -FoamPartner Polyurethane Materials (Changzhou) Co., Ltd. 330, Huanghe Road (West) - Changzhou City - 213000 Changzhou 100.00 (a) -FoamPartner Trading (Shanghai) Ltd HiTech Plaza 2410, No. 488 Wuning Rd (South) - 200042 Shanghai 100.00 (a) -Estonia Recticel ou Peterburi tee 48a - 11415 Talinn 100.00 (a) -Finland Recticel oy Nevantie 2 - 45100 Kouvola 100.00 (a) -Recticel Insulation oy Gneissitie 2 - 04600 M\u00e4nts\u00e4l\u00e4 100.00 100.00France Recticel SAS 71, avenue de Verdun - 77470 Trilport 100.00 (a) -Recticel Insulation SAS 1, rue Ferdinand de Lesseps - 18000 Bourges 100.00 100.00Frina Mousse France SARL (in liquidation/in liquidatie) 1 Rue Jasmin - 68270 Wittenheim 100.00 100.00% shareholding in31 DEC 2022 31 DEC 2023Germany Recticel Deutschland Beteiligungs GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Grundst\u00fccksverwaltung GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Engineered Foams GmbH Schlaraffiastrasse 1-10 - 44867 Bochum 6 - Wattenscheid 100.00 (a) -Recticel Verwaltung GmbH & Co. KG Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Trimo DE GmbH Regus Office Center - Stadttor Ost, Rudolf-Diesel-Strasse 11 - 69115 Heidelberg 100.00 (b) 100.00Luxembourg Recticel RE SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Recticel Luxembourg SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00India407, Kapadia Chambers, 599 JSS Road, Princess Street, Marine Lines (East) - 400002 Recticel India Private Limited100.00 (a) -Mumbai MaharashtraMacedonia Trimo Makedonija DOOEL ul. Belasica broj 2, Skopski saem - 1000 Skopje 100.00 (b) 100.00Morroco Recticel Maroc s.\u00e0.r.l.a.u. Ilot K, Module 4, Atelier 2 - Zone Franche d'Exportation de Tanger 100.00 (a) -The Netherlands Recticel BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Recticel Engineered Foams Netherlands BV Spoorstraat 69 - 4041 CL Kesteren 100.00 (a) -Recticel International BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Trimo Benelux BV Dorpstraat 63 - 5761 BM Bakel 100.00 (b) 100.00Norway Recticel AS \u00d8ysand - 7224 Mehus 100.00 (a) -Poland Recticel Insulation Materials sp. z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00Recticel International Services sp.z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00Trimo Polska sp. z o.o. ul. Obrzezna 5 - 02-691 Warsaw 100.00 (b) 100.00Serbia Trimo In\u017eenjering d.o.o. Novo naselje 9 - 22310 Simanovci 100.00 (b) 100.00Singapore FoamPartner Singapore Pte. Ltd 8, Ubi Road 2 - #07-21 Zervex 100.00 (a) -% shareholding in31 DEC 2022 31 DEC 2023SlovakiaTrimo Slovakia spol s.r.o. Lovinsk\u00e9ho 4653 - 81104 Bratislava 25.00 (b) 25.00SloveniaTrimo d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Trimo MSS d.d. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Tinde d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 (b) 100.00Turvac d.o.o. Primorska 6b, 3325 \u0160o\u0161tanj 74.00 74.00ZEL-EN, razvojni center energetike d.o.o. Vrbina 18 - 8270 Kr\u0161ko 13.59 (b) 13.59Sweden Recticel AB S\u00f6dra Storgatan 50 b.p. 507 - 33228 Gislaved 100.00 (a) -Recticel Insulation Sweden AB Torsgatan 2 - 11175 Stockholm 100.00 100.00SpainRecticel Iberica s.l. P.I. Concentraci\u00f3 Ind. Vallesana, Avda. Riu Mogent 6 - 08170 Montorn\u00e8s del Vall\u00e8s 100.00 (a) -Switzerland Recticel Engineered Foams Switzerland AG Oberwolfhauserstrasse 9 - 8633 Wolfhausen 100.00 (a) -FoamPartner Holding AG c/o Sielva Management SA - Gubelstrasse 11 - 6300 Zug 100.00 (a) -TurkeyRecticel Teknik S\u00fcnger Izolasyon Sanayi ve Ticaret a.s. Orta Mahalle, 30 - 34956 Istanbul 100.00 (a) -United Kingdom Gradient Insulations (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 100.00Recticel (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 - (d)Recticel Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 (a) -Recticel Engineered Foams Corby Limited 83/84 Manton Road Earlstrees Industrial Estate - Corby NN174JL 100.00 (a) -Recticel Insulation UK Limited Enterprise way Whittle Road, Meir Park - Stoke-on-Trent ST37UN 100.00 100.00Trimo UK Limited Highview House 1st Floor, Tottenham Cresent, Epson - Surrey KT185QJ 100.00 (b) 100.00United States of America FoamPartner Americas Inc 2923 Technology Drive - Rochester Hills, MI 48309 100.00 (a) -The Soundcoat Company, Inc Burt Drive 1 PO Box 25990 - NY 11729 Deer Park, County of Suffolk 100.00 100.00 United Arab EmiratesTrimo DCS FZE Fujairah Free Zone 2 - Fujairah 100.00 (b) 100.00(a) Entity part of the disposal of the Recticel Engineered Foams activities(b) Entity part of the acquisition of Trimo (c) Liquidated 31 December 2023(d) Dissolved 28 February 2023Significant restrictions to realise assets or settle liabilitiesRecticel NV/SA, or some of its subsidiaries have provided guarantees for (i) an aggregate amount of EUR 1.2 million in favour of OVAM regarding the sanitation and rehabilitation projects on some of its sites and/or sites of its subsidiaries, (ii) an aggregate amount of EUR 0.8 million in favour of the Walloon D\u00e9partement du Sol et des D\u00e9chets \u2013 DSD and (iii) an aggregate amount of EUR 46.8 million in favour of Carpenter.Recticel NV/SA also provides guarantees and comfort letters (for a total amount of EUR 33.5 million) to and/or on behalf of various direct or indirect subsidiaries, of which the material (> EUR 1 million) ones are:\u2022 on behalf of Recticel Verwaltung GmbH: EUR 5.0 million;\u2022 on behalf of Recticel Insulation s.a.s. in the framework of a real estate lease: EUR 13.0 million;\u2022 on behalf of Recticel Insulation OY: EUR 15.5 million in the framework of a real estate investment loan; Under the syndicated credit facility agreement, the maximum dividend authorised for distribution, excluding the portion attributable to the treasury shares, amounts to the highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. The gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted.",
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"s8_notes__5__128-1": {
"value": "2. ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD% shareholding in31 DEC 2022 31 DEC 2023GermanyProseat Europe GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00ItalyOrsa Foam S.p.a. Via A. Colombo 60 - 21055 Gorla Minore (VA) 33.00 - (a)Apart of having the approval from the controlling shareholder(s) to distribute dividends, there are no specific restrictions on the ability of associates to transfer funds to Recticel in the form of cash dividends, or to repay loans or advances made by Recticel.Recticel NV/SA also provides guarantees and comfort letters, for a total amount of EUR 45.0 million, to and/or on behalf of various direct or indirect joint ventures, of which the material (> EUR 1 million) ones are:\u2022 on behalf of TEMDA2 GmbH: EUR 25.0 million;\u2022 on behalf of various Automotive Interiors companies: EUR 20.0 million.7.2.5.6 Interests in joint ventures, associates and other associates A list of the significant investments in joint ventures and associates is included in note 7.2.5.5.A distinction has been made between associates (income included in operating profit/(loss)) and other associates \u2013 (income excluded from operating profit (loss)).Other associates are not considered as being part of the Group\u2019s core business are not integrated in Operating profit (loss) i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).in thousand EURJOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2022 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2023At the end of the preceding period 0 12,709 10,361 23,070 0 0 9,520 9,520Movements during the yearCapital increase 0 0 0 0 0 0 0 0Remeasurement gains/losses on defined benefit plans 0 0 0 0 0 0 0 0Income tax relating to components of other comprehensive income 0 0 0 0 0 0 0 0Other comprehensive income net of tax 0 0 0 0 0 0 0 0Group's share in the result for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Dividends distributed 0 0 0 0 0 0 0 0Change in scope 0 0 0 0 0 0 0 0Reclassification to assets held for sale 0 (13,491) 0 (13,491) 0 0 0 0Impairment 0 0 0 0 0 0 (7,748) (7,748)Other 0 0 0 0 0 0 0 0At the end of the period 0 0 9,520 9,520 0 0 (0) 0In 2023, based on the FY2023 and the B2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero. As Recticel\u2019s investment in TEMDA2 is reduced to zero as a result of an impairment, additional losses are recognized by a liability only to the extent that Recticel has legal or constructive obligations or made payments on behalf of TEMDA2. As Recticel does not have such obligation, further losses of TEMDA2 did not result in an additional loss in the consolidated accounts of Recticel. (only if no legal or constructive obligations).In 2022, Orsa Foam has been reclassified to assets held for sale and Proseat has been fully divested in April 2022 through the exercise of the put option.Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 57,514 66,757Current assets 0 0 67,733 71,126Total assets 0 0 125,247 137,883Non-current liabilities 0 0 (52,492) (45,970)Current liabilities 0 0 (47,371) (76,101)Total liabilities 0 0 (99,863) (122,071)Net equity 0 0 25,384 15,812Revenue 0 0 146,769 143,216Profit (loss) of the period 0 0 (2,400) (20,794)In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under discontinued operations.Proseat has been fully divested in April 2022 through the exercise of the put option. in thousand EURORSA FOAM TEMDA231 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Net equity (Group share) 0 0 12,438 7,748Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 (2,918) 0Impairment 0 0 0 (7,748)Carrying amount of interests in associate 0 0 9,520 0In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under assets classified as held for sale. Proseat has been fully divested in April 2022 through the exercise of the put option. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__5__127": {
"value": "2. ASSOCIATES ACCOUNTED FOR USING THE EQUITY METHOD% shareholding in31 DEC 2022 31 DEC 2023GermanyProseat Europe GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00ItalyOrsa Foam S.p.a. Via A. Colombo 60 - 21055 Gorla Minore (VA) 33.00 - (a)Apart of having the approval from the controlling shareholder(s) to distribute dividends, there are no specific restrictions on the ability of associates to transfer funds to Recticel in the form of cash dividends, or to repay loans or advances made by Recticel.Recticel NV/SA also provides guarantees and comfort letters, for a total amount of EUR 45.0 million, to and/or on behalf of various direct or indirect joint ventures, of which the material (> EUR 1 million) ones are:\u2022 on behalf of TEMDA2 GmbH: EUR 25.0 million;\u2022 on behalf of various Automotive Interiors companies: EUR 20.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__131": {
"value": "7.2.5.6 Interests in joint ventures, associates and other associates A list of the significant investments in joint ventures and associates is included in note 7.2.5.5.A distinction has been made between associates (income included in operating profit/(loss)) and other associates \u2013 (income excluded from operating profit (loss)).Other associates are not considered as being part of the Group\u2019s core business are not integrated in Operating profit (loss) i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).in thousand EURJOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2022 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2023At the end of the preceding period 0 12,709 10,361 23,070 0 0 9,520 9,520Movements during the yearCapital increase 0 0 0 0 0 0 0 0Remeasurement gains/losses on defined benefit plans 0 0 0 0 0 0 0 0Income tax relating to components of other comprehensive income 0 0 0 0 0 0 0 0Other comprehensive income net of tax 0 0 0 0 0 0 0 0Group's share in the result for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 782 (841) (59) 0 0 (1,772) (1,772)Dividends distributed 0 0 0 0 0 0 0 0Change in scope 0 0 0 0 0 0 0 0Reclassification to assets held for sale 0 (13,491) 0 (13,491) 0 0 0 0Impairment 0 0 0 0 0 0 (7,748) (7,748)Other 0 0 0 0 0 0 0 0At the end of the period 0 0 9,520 9,520 0 0 (0) 0In 2023, based on the FY2023 and the B2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. As per 31 December 2023 Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero. As Recticel\u2019s investment in TEMDA2 is reduced to zero as a result of an impairment, additional losses are recognized by a liability only to the extent that Recticel has legal or constructive obligations or made payments on behalf of TEMDA2. As Recticel does not have such obligation, further losses of TEMDA2 did not result in an additional loss in the consolidated accounts of Recticel. (only if no legal or constructive obligations).In 2022, Orsa Foam has been reclassified to assets held for sale and Proseat has been fully divested in April 2022 through the exercise of the put option.Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 57,514 66,757Current assets 0 0 67,733 71,126Total assets 0 0 125,247 137,883Non-current liabilities 0 0 (52,492) (45,970)Current liabilities 0 0 (47,371) (76,101)Total liabilities 0 0 (99,863) (122,071)Net equity 0 0 25,384 15,812Revenue 0 0 146,769 143,216Profit (loss) of the period 0 0 (2,400) (20,794)In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under discontinued operations.Proseat has been fully divested in April 2022 through the exercise of the put option. in thousand EURORSA FOAM TEMDA231 DEC 2022 31 DEC 2023 31 DEC 2022 31 DEC 2023Net equity (Group share) 0 0 12,438 7,748Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 (2,918) 0Impairment 0 0 0 (7,748)Carrying amount of interests in associate 0 0 9,520 0In 2023 Recticel divested its 33% participation Orsa Foam srl to its joint venture partner Orsa srl. In 2022 Orsa Foam was part of the Recticel Engineered Foams activities. Due to the application of IFRS 5 Orsa Foam was reported under assets classified as held for sale. Proseat has been fully divested in April 2022 through the exercise of the put option. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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}
},
"s8_notes__5__133": {
"value": "7.2.5.8 Inventoriesin thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Raw materials & supplies - Gross 41,211 31,528Raw materials & supplies - Amounts written off (735) (1,277)Raw materials & supplies 40,476 30,251Work in progress - Gross 980 904Work in progress - Amounts written off (16) (7)Work in progress 963 897Finished goods - Gross 15,066 12,226Finished goods - Amounts written off (294) (273)Finished goods 14,771 11,953Traded goods - Gross 1,385 727Traded goods - Amounts written off (362) (236)Traded goods 1,022 491Down payments - Gross 113 99Down payments - Amounts written off 0 0Down payments 113 99Contracts in progress - Gross 0 0Contracts in progress - Gross - Moulds 0 0Contracts in progress 0 0Total inventories 57,346 43,692Amounts written-off on inventories during the period (2,534) (1,886)Amounts written-back on inventories during the period 1,862 320Total inventories in 2023 decreased due to a combination of lower activities in the second half of 2023 and working capital optimisation.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__137-1": {
"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023Trade receivables 71,128 81,465Loss allowance for expected credit losses (3,412) (3,330)Total trade receivables 67,716 78,135Other receivables27,475 7,333Derivatives (forward exchange contracts) 803 24Loans carried at amortised cost 1,475 2,67032,279 2,694Other financial assetsOther receivables and other financial assets 2+39,753 10,027Trade receivables at reporting date 2023 comprise amounts receivable from the sale of goods and services for EUR 78.1 million (2022: EUR 67.7 million). The increase is a result of the undrawn amounts on the factoring lines at the end of 2023 (main impact in France: EUR 11.5 million).In 2023, other receivables amounting to EUR 7.3 million relate to (i) VAT receivable (EUR 1.5 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.0 million).In 2022, other receivables amounting to EUR 7.5 million relate to (i) VAT receivable (EUR 2.9 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 1.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.8 million)7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables decreased to EUR 70.1 million (2022: EUR 75.6 million). Other current amounts payable is composed as follows:in thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Other non current liabilities maturing within one year 0VAT payable - local and foreign 7,009 5,696Other tax payables 314 3,744Payroll, social security 10,623 9,166Dividend payable 1,857 874Result transfer (fiscal unit)Other debts 2,633 14,082Accrued liabilities - operating 6,359 10,042Deferred income - operating 481 685Deferred income - insurance premium 352 348Deferred income - gain on sale and leaseback 335 319Total 29,964 44,955The increase in 2023 is due an outstanding (net) payable on Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.",
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"s8_notes__5__136": {
"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023Trade receivables 71,128 81,465Loss allowance for expected credit losses (3,412) (3,330)Total trade receivables 67,716 78,135Other receivables27,475 7,333Derivatives (forward exchange contracts) 803 24Loans carried at amortised cost 1,475 2,67032,279 2,694Other financial assetsOther receivables and other financial assets 2+39,753 10,027Trade receivables at reporting date 2023 comprise amounts receivable from the sale of goods and services for EUR 78.1 million (2022: EUR 67.7 million). The increase is a result of the undrawn amounts on the factoring lines at the end of 2023 (main impact in France: EUR 11.5 million).In 2023, other receivables amounting to EUR 7.3 million relate to (i) VAT receivable (EUR 1.5 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.0 million).In 2022, other receivables amounting to EUR 7.5 million relate to (i) VAT receivable (EUR 2.9 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 1.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.8 million)",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__5__134": {
"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023Trade receivables 71,128 81,465Loss allowance for expected credit losses (3,412) (3,330)Total trade receivables 67,716 78,135Other receivables27,475 7,333Derivatives (forward exchange contracts) 803 24Loans carried at amortised cost 1,475 2,67032,279 2,694Other financial assetsOther receivables and other financial assets 2+39,753 10,027Trade receivables at reporting date 2023 comprise amounts receivable from the sale of goods and services for EUR 78.1 million (2022: EUR 67.7 million). The increase is a result of the undrawn amounts on the factoring lines at the end of 2023 (main impact in France: EUR 11.5 million).In 2023, other receivables amounting to EUR 7.3 million relate to (i) VAT receivable (EUR 1.5 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.0 million).In 2022, other receivables amounting to EUR 7.5 million relate to (i) VAT receivable (EUR 2.9 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 1.8 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 2.8 million)",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__138": {
"value": "7.2.5.11 Cash and cash equivalentsCash and cash equivalents include cash held by the Group and short-term bank deposits with an original maturity of three months and less. The carrying amount of these assets approximates to their fair value. There are no specific restrictions that apply to cash and cash equivalents.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__5__146": {
"value": "7.2.5.13 Share capitalin thousand EURGroup Recticel2022 2023Number of sharesNumber of shares issued and fully paid at 01 January 55,963,420 56,208,420Number of shares issued and fully paid at 31 December 56,208,420 56,230,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2022 31 DEC 2023Issued and fully paid shares 140,521 140,577The change in share capital is explained by the exercise of subscription rights in 2023.Recticel manages its share capital, without any corrections or adjustments. There are no external capital restrictions applicable on the share capital, except for the \u2018syndicated revolving credit financing facility which is subject to some financial covenants. One covenant limits the annual dividend payment to highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2023 dividend a waiver was requested and granted.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__5__144": {
"value": "7.2.5.13 Share capitalin thousand EURGroup Recticel2022 2023Number of sharesNumber of shares issued and fully paid at 01 January 55,963,420 56,208,420Number of shares issued and fully paid at 31 December 56,208,420 56,230,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2022 31 DEC 2023Issued and fully paid shares 140,521 140,577The change in share capital is explained by the exercise of subscription rights in 2023.Recticel manages its share capital, without any corrections or adjustments. There are no external capital restrictions applicable on the share capital, except for the \u2018syndicated revolving credit financing facility which is subject to some financial covenants. One covenant limits the annual dividend payment to highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2023 dividend a waiver was requested and granted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__143": {
"value": "7.2.5.13 Share capitalin thousand EURGroup Recticel2022 2023Number of sharesNumber of shares issued and fully paid at 01 January 55,963,420 56,208,420Number of shares issued and fully paid at 31 December 56,208,420 56,230,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2022 31 DEC 2023Issued and fully paid shares 140,521 140,577The change in share capital is explained by the exercise of subscription rights in 2023.Recticel manages its share capital, without any corrections or adjustments. There are no external capital restrictions applicable on the share capital, except for the \u2018syndicated revolving credit financing facility which is subject to some financial covenants. One covenant limits the annual dividend payment to highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2023 dividend a waiver was requested and granted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__145-1": {
"value": "Recticel manages its share capital, without any corrections or adjustments. There are no external capital restrictions applicable on the share capital, except for the \u2018syndicated revolving credit financing facility which is subject to some financial covenants. One covenant limits the annual dividend payment to highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2023 dividend a waiver was requested and granted.7.2.5.20 Capital managementThe overview below defines the capital components which management considers key in order to realise its capital structure target ratio (i.e. Total net financial debt/Total equity) of less than 50%.in thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023Hedging liabilities 292 52Non-current financial liabilities 196,762 23,082Current portion of non current financial liabilities 4,793 6,071Current financial liabilities 87,995 (23)Interest accruals 743 315Gross financial debt 290,586 29,497Cash and cash equivalents (39,782) (191,393)Deferred interest 0 0Hedging assets (805) (27)Net financial debt 249,998 (161,923)Drawn amounts under off-balance non-recourse factoring programs 13,237 0Total net financial debt 263,236 (161,923)Total equity 446,155 437,987RatiosNet financial debt / Total equity 56.0% N/ATotal net financial debt / Total equity 59.0% N/A",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__135": {
"value": "Movement in loss allowance for expected credit losses:in thousand EUR31 DEC 2022 RESTATED\u00b9 31 DEC 2023At the end of the preceding period (4,967) (3,412)Additions (477) (283)Reversals 445 298Non-recoverable amounts 13 7Reclassification (163) 1Exchange differences (19) 59Change in scope (2,750) 0Transfer to assets held for sale 4,505 0Total at the end of the period (3,412) (3,330)The non-recoverable amounts refer to trade receivable balances which have been written-off as the Group considers that these are not recoverable.In 2022 the change in scope is mainly related to business combination Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__148-1": {
"value": "7.2.5.14 Employee benefit liabilities in thousand EUR31 DEC 2022 31 DEC 2023Post-employment benefits: defined benefit plans 12,783 11,947Other long-term benefits and termination benefits 424 465Net liabilities at 31 December 13,207 12,412\u2022 Post-employment benefits: defined benefit plans97.6% of the defined benefit obligation is concentrated in three countries: Belgium (51.6%), United Kingdom (39.6%), and Germany (6.5%). Within these three countries Recticel operates funded defined benefit retirement plans. This includes hybrid defined contribution plans, which are treated as defined benefit plans because of the guarantee obligations of the employer. These plans typically provide retirement benefits related to remuneration and period of service.The following information describes the retirement plans in Belgium and the United Kingdom, which make up 91.1% of the total defined benefit obligation.in thousand EURADJUSTMENT DUE DEFINED BENEFIT TO ASSET CEILING/ NET LIABILITY/ ASSETS FUNDED STATUSOBLIGATIONADDITIONAL LIABILITY (ASSET)UNDER IFRIC 14Belgium 34,660 (29,522) 5,138 0 5,138United Kingdom 26,608 (30,406) (3,798) 5,021 1,223Germany 4,381 (406) 3,975 0 3,975Other countries 1,611 0 1,611 0 1,611Total 67,260 (60,334) 6,926 5,021 11,947BelgiumRecticel operates defined benefit and hybrid defined contribution pension plans in Belgium. These plans are funded through group insurances, and contributions are payable only by the employer. The defined benefit plans have been closed to new employees since 2003; most hybrid plans are still open to new employees. The plans function in, and comply with, a regulatory framework and comply with the local minimum funding requirements. Plan participants are entitled to salary-related benefits on retirement at age 65, and in case of death in service. The usual, and assumed, form of benefit payment is in all cases a lump sum, but the plans foresee the option to convert to annuity. United Kingdom Recticel sponsors one funded defined benefit plan in the United Kingdom, which is closed to new entrants and to further accrual of benefits for existing members. The plan is governed via a trust which is legally separate from Recticel and is administered by a board of Trustees composed of both employer-appointed and member-nominated Trustees. The Trustees are required by law to act in the interest of the beneficiaries of the plan, and are responsible for the investment policy in respect of plan assets and for the day-to-day administration of the benefits. The plan functions in, and complies with, a regulatory framework, and is subject to minimum funding requirements. Under the plan, members are entitled to annual pensions on retirement at age 60 or 65, based on final pensionable salary and years of pensionable service.UK legislation requires that the liabilities of defined benefit pension schemes are calculated for funding purposes on a prudent basis. The last funding valuation of the plan was carried out as at 31 December 2019 and showed a deficit of GBP 3.0 million. A new recovery plan was agreed in March 2021 to eliminate this deficit. Recticel agreed to pay a total amount of GBP 5.4 million during the period 01 January 2021 to 31 December 2024. The outstanding amount at 31 December 2023 is GBP 1.1 million.During 2023, Recticel entered into an agreement with the Trustees of the plan to fund the cost of transferring the plan to an insurance company. At 31 December 2023, the estimated cost in excess of the employee benefit liability recognised under IAS 37 was GBP 1 million, and this amount has been recognised in provisions for other risks.\u2022 Risks associated with defined benefit pension plansThe most significant risks associated with Recticel\u2019s defined benefit plans are:Changes in bond yields: Benefit obligations are calculated using a discount rate typically set with reference to corporate or government bond yields. A decrease in bond yields will therefore increase the value of the benefit obligations, although this will be partially offset by an increase in the value of those assets held in bonds.Asset volatility: If asset portfolios underperform bond yields overall, the net liability will increase. Some plans hold a proportion of equities which, though expected to outperform corporate bonds in the long-term, carry the risk of volatility in the short-term. The allocation to equities is monitored to ensure it remains appropriate.Inflation risk: Increases in benefits, and in the underlying salaries on which some benefits are based, are based, are linked to inflation, so that higher inflation will lead to higher benefit obligations. Most plan assets are either unaffected by or only loosely correlated with inflation, so that higher in inflation will increase the net liability. For some plans, this risk is mitigated by caps on the level of benefit increases, which protects against extreme inflation.Life expectancy: Some plans provide benefits for the life of the member, so that increases in life expectancy will result in an increase in the defined benefit obligation.Currency risk: Currency risk arises principally from fluctuations in the Euro value of net liabilities of plans denominated in other currencies.in thousand EUR31 DEC 2022 31 DEC 2023Evolution of the net liability during the year is as follows:Net liability at 01 January 36,572 12,783Changes in scope of consolidation 975 0Expense recognized in the income statement 6,224 1,851Employer contributions (9,725) (4,192)Amount recognized in other comprehensive income (6,072) 1,457Exchange differences (155) 48Discontinued net liability (15,036) 0Net liability at 31 December 12,783 11,947Changes in scope of consolidation relate in 2022 to the acquisition of Trimo.Discontinued net liability relates to the position at 31 December of Engineered Foams activities in 2022.in thousand EUR31 DEC 2022 31 DEC 2023Pension costs recognized in profit and loss and other comprehensive income:Service cost:Current service cost 7,361 3,325Employee contributions (941) (347)Past service cost (including curtailments) (639) (9)Cost or gain on settlement 0 (157)Administration expenses 277 103Net interest cost:Interest cost 1,854 3,323Interest income (1,602) (2,941)Interest on asset ceiling/ additional liability recognized under IFRIC 14 129 229Pension expense recognized in profit and loss 6,439 3,526Remeasurements in other comprehensive incomeReturn on plan assets (in excess of)/below that recognized in net interest 39,109 (1,508)Actuarial (gains)/losses due to changes in financial assumptions (45,665) 3,572Actuarial (gains)/losses due to changes in demographic assumptions 208 (930)Actuarial (gains)/losses due to experience 5,730 707Changes in the asset ceiling/additional liability under IFRIC 14, excluding amounts (6,215) (812)recognized in net interest costTotal amount recognized in other comprehensive income (6,832) 1,029Total amount recognized in profit and loss and other comprehensive income (393) 4,555In 2022, amounts for past service costs and curtailments relate mainly to personnel changes in Germany. The amounts above are in respect of both continuing and discontinued operations i.e. for Bedding until its divestment on 31 March 2022, and for Engineered Foams until its divestment on 12-13 June 2023.in thousand EUR31 DEC 2022 31 DEC 2023Amounts recorded in the statement of financial position in respect of the defined benefit plans are:Defined benefit obligations for funded plans 63,331 65,649Fair value of plan assets (54,952) (60,334)Funded status for funded plans 8,379 5,315Defined benefit obligations for unfunded plans 781 1,611Total funded status at 31 December 9,160 6,926Effect of the asset ceiling/ additional liability recognized under IFRIC 14 3,623 5,021Net liabilities at 31 December 12,783 11,947The key actuarial assumptions used at 31 December (weighted averages) are:Discount rate 4.20% 3.68%Future pension increases 2.50% 2.36%Expected rate of salary increases 3.20% 3.11%Inflation 2.35% 2.22%The mortality assumptions are based on recent mortality tables. The mortality tables of the United Kingdom and Germany assume that life expectancies will increase in future years.Movement of the plan assetsFair value of plan assets at 01 January 131,834 54,952Changes in scope of consolidation 0 0Interest income 1,560 2,406Employer contributions 9,725 4,192Employee contributions 874 0Benefits paid (direct & indirect, including taxes on contributions paid) (14,197) (2,910)Return on plan assets in excess of/(below) that recognized in net interest, excl. (27,415) 1,648interest incomeSettlement gains/(losses) 0 (442)Administration expenses (260) (96)Exchange rate differences 9 584Discontinued plan assets (47,178) 0Fair value of plan assets at 31 December 54,952 60,334The funded plans\u2019 assets are invested in mixed portfolios of shares and bonds, or insurance contracts. The plan assets do not include direct investments in Recticel shares, Recticel bonds or any property used by Recticel companies.Plan assets portfolio mix at 31 December 2023Government bonds (quoted);38.10%Unit-linked insurance contracts (non-quoted); 20.17%Cash (quoted); 2.17%Non unit-linked insurance Corporate bonds (quoted);contracts (non-quoted);8.88%30.68%Asset classes of unit-linked insurance contractsBonds;Equity;75,00%25,00%Unit-linked insurance contracts are investments in debt and equity instruments managed by an insurance company, in which Recticel holds a specific number of fund units, and for which the unit value is declared on a regular basis.Non-unit-linked insurance contracts are pure insurance policies with only limited financial investment risk.in thousand EUR31 DEC 2022 31 DEC 2023Movement of the defined benefit obligationDefined benefit obligation at 01 January 160,831 64,112Changes in scope of consolidation 975 0Current service cost 7,105 1,518Interest cost 1,809 2,618Benefits paid (direct & indirect, including taxes on contributions paid) (14,197) (2,910)Actuarial (gains)/losses on liabilities arising from changes in financial (40,474) 2,582assumptionsActuarial (gains)/losses on liabilities arising from changes in demographic 208 (483)assumptionsActuarial (gains)/losses on liabilities arising from experience 5,811 (133)Past service cost (including curtailments) (639) 4Settlement (gains)/losses 0 (604)Exchange differences (59) 556Discontinued defined benefit obligation (57,258) 0Defined benefit obligation at 31 December 64,112 67,260Split of the defined benefit obligation per populationActive members 19,628 18,786Members with deferred benefit entitlements 25,249 29,902Pensioners/Beneficiaries 19,235 18,572Total defined benefit obligation at 31 December 64,112 67,260Changes in the effect of the asset ceiling/ additional liability under IFRIC 14Asset ceiling/additional liability impact at 01 January 7,575 3,623Interest on asset ceiling/additional liability 123 183Changes in the asset ceiling/additional liability, excluding amounts recognized in 968 1,139net interest costExchange differences (86) 76Discontinued asset ceiling/additional liability (4,957) 0Asset ceiling/additional liability impact at 31 December 3,623 5,021Weighted average duration of the defined benefit obligation at 31 December 12 years 11 years31 DEC 2022 31 DEC 2023Sensitivity of defined benefit obligation to key assumptions at 31 December% increase in defined benefit obligation following a 0.25% decrease in the discount rate 3.24% 2.69%% decrease in defined benefit obligation following a 0.25% increase in the discount rate -3.02% -2.53%% decrease in defined benefit obligation following a 0.25% decrease in the inflation rate -1.36% -0.97%% increase in defined benefit obligation following a 0.25% increase in the inflation rate 1.37% 1.00%For plans where a full valuation has been performed, the sensitivity information shown above is exact and based on the results of this full valuation. For plans where results have been rolled forward from the last full actuarial valuation, the sensitivity information above is approximate and takes into account the duration of the liabilities and the overall profile of the plan membership.Discontinued defined benefit obligation and discontinued asset ceiling/additional liability in 2022 relate to the position at 31 December 2022 of the Engineered Foams activities.in thousand EUR2024Estimated contributions for the coming yearExpected employer contributions for defined benefit plans 3,305\u2022 Post-employment benefits: defined contribution plans The amount recognised as an expense for defined contribution plans in respect of 1continuing operations was EUR 869,000 (2022 restated: EUR 1,425,000).7.2.5.15 Provisions For the year ending 31 December 2023:in thousand EURPROVISIONS FOR ONEROUS CONTRACTS AND LITIGATIONS DEFECTIVE PRODUCTS ENVIRONMENTAL RISKS RESTRUCTURINGOTHER RISKS TOTALDILAPIDATION COSTSAt the end of the preceding year 0 608 2,802 50 840 13,947 18,248Movements during the yearBusiness combinations 0 0 0 0 0 0 0Increases 2 20 0 0 66 16,900 16,988Actualisation 0 0 0 0 8 0 8Utilisations (2) (10) (5) 0 (42) (2,634) (2,693)Write-backs 0 (67) (101) (50) (203) (1,000) (1,421)Transfer from one heading to another 0 0 0 0 0 0 0Transfer to discontinued operations 0 0 (0) (21) (0) (0) (21)Exchange rate differences 0 1 0 21 17 1 39At year-end 0 552 2,696 0 686 27,214 31,148Non-current provisions (more than one year) 0 552 2,696 (0) 686 27,214 31,148Current provisions (less than one year) 0 0 0 0 0 0 0Total 0 552 2,696 0 686 27,214 31,148Provisions for defective products are generally calculated on the basis of 1% of yearly turnover, which corresponds to the management\u2019s best estimate of the risk under 12-month warranties. When historical data are unavailable, the level of the provisions is compared to the yearly effective rate of liabilities, and if necessary, the amount of provision is adjusted. Provisions for environmental risks cover primarily pollution risks in Belgium (Wetteren/Balen). Provisions for onerous contracts relate mainly to the buildings in the United Kingdom (EUR 0.7 million).Provisions for other risks relate mainly to legal costs and fees for legacy remediation and litigations (see 7.2.6.9 \u2013 Contingent assets and liabilities) as well as management assessments with regards to post-closing settlements. The increase is mainly due to a provision for indemnities related to the divestment of Recticel Engineered Foams activities (EUR 10.0 million related to environmental risks, EUR 4.0 million to litigation/non-compliance matters, legal proceedings and lawyer costs and EUR 1.8 million to a lease guarantee indemnity) (see 7.2.4.7 \u2013 Discontinued operations) and a UK pension buyout provision. The utilisations relate to the release of the closing account provision for the Bedding divestment. The write-backs relate mainly to a partial release of the TEMDA2 insurance provision. For the major risks (i.e. environmental, reorganisation and other risks) the cash outflow is expected to occur within a three years\u2019 horizon.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__147": {
"value": "7.2.5.14 Employee benefit liabilities in thousand EUR31 DEC 2022 31 DEC 2023Post-employment benefits: defined benefit plans 12,783 11,947Other long-term benefits and termination benefits 424 465Net liabilities at 31 December 13,207 12,412\u2022 Post-employment benefits: defined benefit plans97.6% of the defined benefit obligation is concentrated in three countries: Belgium (51.6%), United Kingdom (39.6%), and Germany (6.5%). Within these three countries Recticel operates funded defined benefit retirement plans. This includes hybrid defined contribution plans, which are treated as defined benefit plans because of the guarantee obligations of the employer. These plans typically provide retirement benefits related to remuneration and period of service.The following information describes the retirement plans in Belgium and the United Kingdom, which make up 91.1% of the total defined benefit obligation.in thousand EURADJUSTMENT DUE DEFINED BENEFIT TO ASSET CEILING/ NET LIABILITY/ ASSETS FUNDED STATUSOBLIGATIONADDITIONAL LIABILITY (ASSET)UNDER IFRIC 14Belgium 34,660 (29,522) 5,138 0 5,138United Kingdom 26,608 (30,406) (3,798) 5,021 1,223Germany 4,381 (406) 3,975 0 3,975Other countries 1,611 0 1,611 0 1,611Total 67,260 (60,334) 6,926 5,021 11,947BelgiumRecticel operates defined benefit and hybrid defined contribution pension plans in Belgium. These plans are funded through group insurances, and contributions are payable only by the employer. The defined benefit plans have been closed to new employees since 2003; most hybrid plans are still open to new employees. The plans function in, and comply with, a regulatory framework and comply with the local minimum funding requirements. Plan participants are entitled to salary-related benefits on retirement at age 65, and in case of death in service. The usual, and assumed, form of benefit payment is in all cases a lump sum, but the plans foresee the option to convert to annuity. United Kingdom Recticel sponsors one funded defined benefit plan in the United Kingdom, which is closed to new entrants and to further accrual of benefits for existing members. The plan is governed via a trust which is legally separate from Recticel and is administered by a board of Trustees composed of both employer-appointed and member-nominated Trustees. The Trustees are required by law to act in the interest of the beneficiaries of the plan, and are responsible for the investment policy in respect of plan assets and for the day-to-day administration of the benefits. The plan functions in, and complies with, a regulatory framework, and is subject to minimum funding requirements. Under the plan, members are entitled to annual pensions on retirement at age 60 or 65, based on final pensionable salary and years of pensionable service.UK legislation requires that the liabilities of defined benefit pension schemes are calculated for funding purposes on a prudent basis. The last funding valuation of the plan was carried out as at 31 December 2019 and showed a deficit of GBP 3.0 million. A new recovery plan was agreed in March 2021 to eliminate this deficit. Recticel agreed to pay a total amount of GBP 5.4 million during the period 01 January 2021 to 31 December 2024. The outstanding amount at 31 December 2023 is GBP 1.1 million.During 2023, Recticel entered into an agreement with the Trustees of the plan to fund the cost of transferring the plan to an insurance company. At 31 December 2023, the estimated cost in excess of the employee benefit liability recognised under IAS 37 was GBP 1 million, and this amount has been recognised in provisions for other risks.\u2022 Risks associated with defined benefit pension plansThe most significant risks associated with Recticel\u2019s defined benefit plans are:Changes in bond yields: Benefit obligations are calculated using a discount rate typically set with reference to corporate or government bond yields. A decrease in bond yields will therefore increase the value of the benefit obligations, although this will be partially offset by an increase in the value of those assets held in bonds.Asset volatility: If asset portfolios underperform bond yields overall, the net liability will increase. Some plans hold a proportion of equities which, though expected to outperform corporate bonds in the long-term, carry the risk of volatility in the short-term. The allocation to equities is monitored to ensure it remains appropriate.Inflation risk: Increases in benefits, and in the underlying salaries on which some benefits are based, are based, are linked to inflation, so that higher inflation will lead to higher benefit obligations. Most plan assets are either unaffected by or only loosely correlated with inflation, so that higher in inflation will increase the net liability. For some plans, this risk is mitigated by caps on the level of benefit increases, which protects against extreme inflation.Life expectancy: Some plans provide benefits for the life of the member, so that increases in life expectancy will result in an increase in the defined benefit obligation.Currency risk: Currency risk arises principally from fluctuations in the Euro value of net liabilities of plans denominated in other currencies.in thousand EUR31 DEC 2022 31 DEC 2023Evolution of the net liability during the year is as follows:Net liability at 01 January 36,572 12,783Changes in scope of consolidation 975 0Expense recognized in the income statement 6,224 1,851Employer contributions (9,725) (4,192)Amount recognized in other comprehensive income (6,072) 1,457Exchange differences (155) 48Discontinued net liability (15,036) 0Net liability at 31 December 12,783 11,947Changes in scope of consolidation relate in 2022 to the acquisition of Trimo.Discontinued net liability relates to the position at 31 December of Engineered Foams activities in 2022.in thousand EUR31 DEC 2022 31 DEC 2023Pension costs recognized in profit and loss and other comprehensive income:Service cost:Current service cost 7,361 3,325Employee contributions (941) (347)Past service cost (including curtailments) (639) (9)Cost or gain on settlement 0 (157)Administration expenses 277 103Net interest cost:Interest cost 1,854 3,323Interest income (1,602) (2,941)Interest on asset ceiling/ additional liability recognized under IFRIC 14 129 229Pension expense recognized in profit and loss 6,439 3,526Remeasurements in other comprehensive incomeReturn on plan assets (in excess of)/below that recognized in net interest 39,109 (1,508)Actuarial (gains)/losses due to changes in financial assumptions (45,665) 3,572Actuarial (gains)/losses due to changes in demographic assumptions 208 (930)Actuarial (gains)/losses due to experience 5,730 707Changes in the asset ceiling/additional liability under IFRIC 14, excluding amounts (6,215) (812)recognized in net interest costTotal amount recognized in other comprehensive income (6,832) 1,029Total amount recognized in profit and loss and other comprehensive income (393) 4,555In 2022, amounts for past service costs and curtailments relate mainly to personnel changes in Germany. The amounts above are in respect of both continuing and discontinued operations i.e. for Bedding until its divestment on 31 March 2022, and for Engineered Foams until its divestment on 12-13 June 2023.in thousand EUR31 DEC 2022 31 DEC 2023Amounts recorded in the statement of financial position in respect of the defined benefit plans are:Defined benefit obligations for funded plans 63,331 65,649Fair value of plan assets (54,952) (60,334)Funded status for funded plans 8,379 5,315Defined benefit obligations for unfunded plans 781 1,611Total funded status at 31 December 9,160 6,926Effect of the asset ceiling/ additional liability recognized under IFRIC 14 3,623 5,021Net liabilities at 31 December 12,783 11,947The key actuarial assumptions used at 31 December (weighted averages) are:Discount rate 4.20% 3.68%Future pension increases 2.50% 2.36%Expected rate of salary increases 3.20% 3.11%Inflation 2.35% 2.22%The mortality assumptions are based on recent mortality tables. The mortality tables of the United Kingdom and Germany assume that life expectancies will increase in future years.Movement of the plan assetsFair value of plan assets at 01 January 131,834 54,952Changes in scope of consolidation 0 0Interest income 1,560 2,406Employer contributions 9,725 4,192Employee contributions 874 0Benefits paid (direct & indirect, including taxes on contributions paid) (14,197) (2,910)Return on plan assets in excess of/(below) that recognized in net interest, excl. (27,415) 1,648interest incomeSettlement gains/(losses) 0 (442)Administration expenses (260) (96)Exchange rate differences 9 584Discontinued plan assets (47,178) 0Fair value of plan assets at 31 December 54,952 60,334The funded plans\u2019 assets are invested in mixed portfolios of shares and bonds, or insurance contracts. The plan assets do not include direct investments in Recticel shares, Recticel bonds or any property used by Recticel companies.Plan assets portfolio mix at 31 December 2023Government bonds (quoted);38.10%Unit-linked insurance contracts (non-quoted); 20.17%Cash (quoted); 2.17%Non unit-linked insurance Corporate bonds (quoted);contracts (non-quoted);8.88%30.68%Asset classes of unit-linked insurance contractsBonds;Equity;75,00%25,00%Unit-linked insurance contracts are investments in debt and equity instruments managed by an insurance company, in which Recticel holds a specific number of fund units, and for which the unit value is declared on a regular basis.Non-unit-linked insurance contracts are pure insurance policies with only limited financial investment risk.in thousand EUR31 DEC 2022 31 DEC 2023Movement of the defined benefit obligationDefined benefit obligation at 01 January 160,831 64,112Changes in scope of consolidation 975 0Current service cost 7,105 1,518Interest cost 1,809 2,618Benefits paid (direct & indirect, including taxes on contributions paid) (14,197) (2,910)Actuarial (gains)/losses on liabilities arising from changes in financial (40,474) 2,582assumptionsActuarial (gains)/losses on liabilities arising from changes in demographic 208 (483)assumptionsActuarial (gains)/losses on liabilities arising from experience 5,811 (133)Past service cost (including curtailments) (639) 4Settlement (gains)/losses 0 (604)Exchange differences (59) 556Discontinued defined benefit obligation (57,258) 0Defined benefit obligation at 31 December 64,112 67,260Split of the defined benefit obligation per populationActive members 19,628 18,786Members with deferred benefit entitlements 25,249 29,902Pensioners/Beneficiaries 19,235 18,572Total defined benefit obligation at 31 December 64,112 67,260Changes in the effect of the asset ceiling/ additional liability under IFRIC 14Asset ceiling/additional liability impact at 01 January 7,575 3,623Interest on asset ceiling/additional liability 123 183Changes in the asset ceiling/additional liability, excluding amounts recognized in 968 1,139net interest costExchange differences (86) 76Discontinued asset ceiling/additional liability (4,957) 0Asset ceiling/additional liability impact at 31 December 3,623 5,021Weighted average duration of the defined benefit obligation at 31 December 12 years 11 years31 DEC 2022 31 DEC 2023Sensitivity of defined benefit obligation to key assumptions at 31 December% increase in defined benefit obligation following a 0.25% decrease in the discount rate 3.24% 2.69%% decrease in defined benefit obligation following a 0.25% increase in the discount rate -3.02% -2.53%% decrease in defined benefit obligation following a 0.25% decrease in the inflation rate -1.36% -0.97%% increase in defined benefit obligation following a 0.25% increase in the inflation rate 1.37% 1.00%For plans where a full valuation has been performed, the sensitivity information shown above is exact and based on the results of this full valuation. For plans where results have been rolled forward from the last full actuarial valuation, the sensitivity information above is approximate and takes into account the duration of the liabilities and the overall profile of the plan membership.Discontinued defined benefit obligation and discontinued asset ceiling/additional liability in 2022 relate to the position at 31 December 2022 of the Engineered Foams activities.in thousand EUR2024Estimated contributions for the coming yearExpected employer contributions for defined benefit plans 3,305\u2022 Post-employment benefits: defined contribution plans The amount recognised as an expense for defined contribution plans in respect of 1continuing operations was EUR 869,000 (2022 restated: EUR 1,425,000).",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__150-1": {
"value": "7.2.5.15 Provisions For the year ending 31 December 2023:in thousand EURPROVISIONS FOR ONEROUS CONTRACTS AND LITIGATIONS DEFECTIVE PRODUCTS ENVIRONMENTAL RISKS RESTRUCTURINGOTHER RISKS TOTALDILAPIDATION COSTSAt the end of the preceding year 0 608 2,802 50 840 13,947 18,248Movements during the yearBusiness combinations 0 0 0 0 0 0 0Increases 2 20 0 0 66 16,900 16,988Actualisation 0 0 0 0 8 0 8Utilisations (2) (10) (5) 0 (42) (2,634) (2,693)Write-backs 0 (67) (101) (50) (203) (1,000) (1,421)Transfer from one heading to another 0 0 0 0 0 0 0Transfer to discontinued operations 0 0 (0) (21) (0) (0) (21)Exchange rate differences 0 1 0 21 17 1 39At year-end 0 552 2,696 0 686 27,214 31,148Non-current provisions (more than one year) 0 552 2,696 (0) 686 27,214 31,148Current provisions (less than one year) 0 0 0 0 0 0 0Total 0 552 2,696 0 686 27,214 31,148Provisions for defective products are generally calculated on the basis of 1% of yearly turnover, which corresponds to the management\u2019s best estimate of the risk under 12-month warranties. When historical data are unavailable, the level of the provisions is compared to the yearly effective rate of liabilities, and if necessary, the amount of provision is adjusted. Provisions for environmental risks cover primarily pollution risks in Belgium (Wetteren/Balen). Provisions for onerous contracts relate mainly to the buildings in the United Kingdom (EUR 0.7 million).Provisions for other risks relate mainly to legal costs and fees for legacy remediation and litigations (see 7.2.6.9 \u2013 Contingent assets and liabilities) as well as management assessments with regards to post-closing settlements. The increase is mainly due to a provision for indemnities related to the divestment of Recticel Engineered Foams activities (EUR 10.0 million related to environmental risks, EUR 4.0 million to litigation/non-compliance matters, legal proceedings and lawyer costs and EUR 1.8 million to a lease guarantee indemnity) (see 7.2.4.7 \u2013 Discontinued operations) and a UK pension buyout provision. The utilisations relate to the release of the closing account provision for the Bedding divestment. The write-backs relate mainly to a partial release of the TEMDA2 insurance provision. For the major risks (i.e. environmental, reorganisation and other risks) the cash outflow is expected to occur within a three years\u2019 horizon.7.2.6.9 Contingent assets and liabilities a) Wetteren (Belgium)In the production plant of Wetteren (Belgium) a historic asbestos pollution was found in the course of 2021. In 2022 the soil investigations and provisional remediation plans have been concluded. The total provision amounts to EUR 1.0 million at the end of 2023. This site has been transferred with the legal entity Recticel Engineered Foams Belgium BV to the Carpenter Group on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, will be transferred shortly to Carpenter as well. The clean-up responsibility remains partly with Recticel and will partly transfer to Carpenter.b) LitigationsThe Group has been the subject of an antitrust investigation at European level. Recticel announced on 29 January 2014 that a settlement was reached with the European Commission in the polyurethane foam investigation. The case was closed after payment of the last instalment of the effective overall fine in April 2016.Various claims have been issued by one or more customers, in which these entities allege harm with regard to the conduct covered by the European Commission\u2019s cartel decision. Only one court procedure is still ongoing in Germany linked to the former Eurofoam joint venture. No additional new claims can be launched as these have all become time-barred. Recticel has carefully reviewed and evaluated the merits for this case with its legal advisors to determine the appropriate defensive strategy and has recognised, where appropriate, a provision to cover any legal costs.Regarding the ongoing litigation no considered judgment can at this stage be formed on the outcome of this procedure or on the amount of any potential loss for the company. One of our Group entities in the United Kingdom was the subject of a HSE investigation following the accidental death of one of its employees in 2015. After a very fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel has replied to these allegations. In October 2021, the HSE had confirmed that it had taken an enforcement decision. At the end of 2022, the HSE indicated that it would no longer take enforcement actions against the company in absence of evidence. The provision that was established for this case has hence been taken back. The procedure itself has still not been terminated for administrative reasons.One of the former Group\u2019s entities in France is implicated in a labour law case following the closure of a production site, whereby the former employees have launched a claim to obtain additional compensations, on the basis that the economic reasons for the closure were invalid. The court proceedings have so far confirmed the position of the employees, with one procedure ongoing. A provision has been established to cover the potential negative outcome. The respective entity has been transferred to Carpenter on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.Following the fire incident in Most (Czech Republic), the involved Group entity has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at the direct customers and the car manufacturers. While the Group entity involved have claimed Force Majeure in this respect, this has been put in question or even contested by a number of customers, with indication that further claims could be raised to obtain damage compensation. While the Group is insured in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the companies involved. One customer has launched a legal proceeding in France in the course of the first semester of 2019 and this procedure continues and is expected to be concluded only by the end of 2024 or early 2025.Recticel signed a preliminary purchase agreement with the G\u00f3r-Stal shareholders to acquire G\u00f3r-Stal\u2019s insulation board business located in Bochnia, Poland, for an enterprise value of EUR 30 million. The sale required a prior carve-out of these activities into a new legal entity. Both parties cooperated well to finalise the due diligence and to realise this carve-out by July 2021, but then, the sellers came back to request a price adjustment, citing changed market conditions. Recticel requested more information before considering such a request, which was contrary to the agreement. The sellers did not provide such information and in October 2021, they informed Recticel that they did no longer want to continue the transaction. Recticel notified the sellers at the end of the year that they breached their obligations under the agreement and that Recticel would launch legal proceedings to enforce the preliminary agreement or obtain damage compensation. These legal proceedings were launched in 2022 and continue to this date, with no conclusion expected before 2025.During the year 2023, a number of claims were received by our French Insulation entity concerning quality issues with regard to insulation boards produced in 2018-2019 linked to a shift in formulation at the time. Also in 2019, certain claims had been received and were solved at the time. While the Group is insured for product liability in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the Group.As of 31 December 2023, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.9 million in the consolidated financial statements. With reference to the prejudicial exemption in IAS 37 \u00a792, the Group will not disclose any further information about the assumptions for the provision, including any details about current and the expected number of lawsuits and claims.The disclosure of such information is believed to be detrimental to the Group in connection with the ongoing confidential negotiations and could inflict financial losses on Recticel and its shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__151": {
"value": "7.2.5.16 Financial liabilities Financial liabilities carried at amortised cost include mainly interest-bearing borrowings:in thousand EURNON-CURRENT LIABILITIES CURRENT LIABILITIES31 DEC 2022 31 DEC 2022 31 DEC 202331 DEC 2023RESTATED\u00b9RESTATED\u00b9SecuredLease liabilities 15,132 13,062 3,844 5,097Bank loans 181,631 10,020 949 974Total secured 196,763 23,082 4,793 6,071UnsecuredNon-current bank loans with current portion 0 0Other loans 0 0 0 0Current bank loans 0 0 75,000 0Commercial paper 0 0 11,948 0Bank overdrafts 0 0 1,038 12Other financial liabilities 0 0 1,045 332Total unsecured 0 0 89,031 344Total liabilities carried at amortised cost 196,763 23,082 93,824 6,415Gross financial debt: interest-bearing borrowings, including continuing involvement of off-balance sheet non-recourse factoring programsin thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Drawn amounts under the various available interest-bearing borrowing facilitiesOutstanding amounts under syndicated credit facility 170,638 0Outstanding amounts under lease liabilities 15,132 13,062Outstanding amounts under other non-current loans 10,993 10,020Outstanding amounts under non-current gross interest-bearing borrowing 196,763 23,082facilities (a)Outstanding amounts under bank overdrafts 1,038 12Outstanding amounts under current bank loans 949 974Outstanding amounts under lease liabilities 3,844 5,097Outstanding amounts under factoring programs - retention amount211,948 0Outstanding amounts under commercial paper programsOutstanding amounts under other current loans 75,000 0Outstanding amounts under other financial liabilities 1,045 332Outstanding amounts under current gross interest-bearing borrowing facilities (b) 93,824 6,415Total outstanding amounts under gross interest-bearing borrowings (c)=(a)+(b) 290,587 29,497Outstanding amounts under non-recourse factoring programs (d) 13,237 18Total outstanding amounts under gross interest-bearing borrowings and factoring 303,824 29,515programs (e)=(c)+(d)Weighted average lifetime of non-current interest-bearing borrowings (in years) 1.32 4.33Weighted average interest rate of gross financial debt at fixed interest rate 2.14% 2.14%1.46% - Interest rate range of gross financial debt at fixed interest rate 1.46% - 2.62%2.62%Weighted average interest rate of gross financial debt at variable interest rate 3.51% 5.61%4.85% - Interest rate range of gross financial debt at variable interest rate 2.55% - 3.85%5.61%Weighted average interest rate of total gross financial debt 3.42% 2.44%Percentage of gross financial debt at fixed interest rate 10.0% 93.0%Percentage of gross financial debt at variable interest rate 90.0% 7.0%2 The amount drawn under the commercial paper program is to be covered at any time by the undrawn amount under the syndicated credit facility. Therefore the reported unused amount under the EUR 100 million revolving syndicated credit facility is after deduction of the issued amounts under the commercial paper program.The majority of the Group\u2019s financial debt is centrally contracted and managed through Recticel International Services nv/sa, which acts as the Group\u2019s internal bank.(i) Lease liabilitiesLease liabilities comprise (i) following the application of IFRS 16, the leases for property, plant and equipment, furniture and vehicles, and (ii) leases formerly classified as \u2018finance leases\u2019.These finance leases consist mainly of three leases:\u2022 the lease financing of the Insulation plant in Bourges (France), with an outstanding amount of EUR 1.3 million as of 31 December 2023 and is at floating rate, hedged by interest rate swap;\u2022 the lease financing buildings in Slovenia, with an outstanding amount of EUR 0.2 million as of 31 December 2023 and is at a fixed rate;\u2022 the additional lease to finance the extension of the Insulation plant in Wevelgem (Belgium) in 2017, with an outstanding amount of EUR 5.6 million as of 31 December 2023 and is at a fixed rate. (ii) Bank loans \u2013 \u201csyndicated credit facility\u201dWith the proceeds from the divestment of Recticel Engineered foams to Carpenter syndicated credit facility was repaid.Recticel maintains the EUR 100 million syndicated revolving credit facility maturing in February 2024.The facility has a 3-year tenor with two 1-year extension options and have been arranged and underwritten by KBC Bank. The participating banks are Belfius Bank, BNP Paribas Fortis, Commerzbank and LCL. This EUR 100 million syndicated revolving credit facility has been extended over a period of 2 years until 2025. The new syndicated facility is subject to bank covenants. At 31/12/2023, due to the net cash position, the covenant calculation was not applicable.(iii) Other bank loans In 2018, Recticel concluded a secured fixed rate bilateral bank loan of EUR 15.5 million for the financing of the new greenfield Insulation plant in Finland. The tenor of this amortising bank loan is 15 years, with maturity in March 2033. The outstanding amount at 31 December 2023 is EUR 11.0 million. (iv) Other Current loans With the proceeds from the divestment of Recticel Engineered foams to Carpenter all other current loans were repaid.(iv) Commercial paper programWith the proceeds from the divestment of Recticel Engineered foams to Carpenter all commercial paper was repaid.Other financial liabilitiesFor interest rate swaps reference is made to 7.2.5.18. in thousand EUR31 DEC 2022 31 DEC 2023Other financial debt 10 0Interest accruals 743 280Total 754 280",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__156": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables decreased to EUR 70.1 million (2022: EUR 75.6 million). Other current amounts payable is composed as follows:in thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Other non current liabilities maturing within one year 0VAT payable - local and foreign 7,009 5,696Other tax payables 314 3,744Payroll, social security 10,623 9,166Dividend payable 1,857 874Result transfer (fiscal unit)Other debts 2,633 14,082Accrued liabilities - operating 6,359 10,042Deferred income - operating 481 685Deferred income - insurance premium 352 348Deferred income - gain on sale and leaseback 335 319Total 29,964 44,955The increase in 2023 is due an outstanding (net) payable on Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__154": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables decreased to EUR 70.1 million (2022: EUR 75.6 million). Other current amounts payable is composed as follows:in thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Other non current liabilities maturing within one year 0VAT payable - local and foreign 7,009 5,696Other tax payables 314 3,744Payroll, social security 10,623 9,166Dividend payable 1,857 874Result transfer (fiscal unit)Other debts 2,633 14,082Accrued liabilities - operating 6,359 10,042Deferred income - operating 481 685Deferred income - insurance premium 352 348Deferred income - gain on sale and leaseback 335 319Total 29,964 44,955The increase in 2023 is due an outstanding (net) payable on Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__153": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables decreased to EUR 70.1 million (2022: EUR 75.6 million). Other current amounts payable is composed as follows:in thousand EUR31 DEC 2022 31 DEC 2023RESTATED\u00b9Other non current liabilities maturing within one year 0VAT payable - local and foreign 7,009 5,696Other tax payables 314 3,744Payroll, social security 10,623 9,166Dividend payable 1,857 874Result transfer (fiscal unit)Other debts 2,633 14,082Accrued liabilities - operating 6,359 10,042Deferred income - operating 481 685Deferred income - insurance premium 352 348Deferred income - gain on sale and leaseback 335 319Total 29,964 44,955The increase in 2023 is due an outstanding (net) payable on Carpenter of EUR 11.7 million, to be paid subject to final agreement on the completion accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__159": {
"value": "7.2.5.18 Financial instruments and financial risksThe following table presents the financial instruments by category of IFRS 9 and the fair value level for the financial assets and liabilities measured at fair value:in thousand EURCATEGORY UNDER 31 DEC 2022 FAIR VALUE 31 DEC 2023IFRS 9RESTATED\u00b9LEVELFinancial assetsTransactional hedges - operational FVTPL 156 20 2Derivatives not designed in a hedge relationship FVTPL 178 2 2Current trade receivables AC 67,716 78,135 2Other non-current receivables AC 553 544 2Other receivables AC 7,475 7,333 2Other receivables AC 8,028 7,877 2Loans to affiliates AC 11,068 11,523 2Other loans AC 219 2,517 2Non-current loans AC 11,287 14,041 2Financial receivables AC 1,944 2,672 2Loans to affiliates AC 13,231 16,712 2Cash and cash equivalents AC 39,782 191,393 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 27 26 2Transactional hedges - operational FVTPL 0 6 2Derivatives not designated in a hedge relationship FVTPL 265 21 2Non-current financial liabilities at amortised cost AC 196,763 23,082 2Current financial liabilities at amortised cost AC 93,532 6,363 2Trade payables AC 75,713 70,080 2Other non-current payables AC 1,016 982 2Other payables AC 29,964 44,955 2Other payables AC 30,979 45,937 2AC = financial assets or liabilities at amortised cost CFH = cash flow hedge FVTPL = Financial assets or liabilities at fair value through profit or loss FVTOCI = financial assets at fair value through other comprehensive income",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__158": {
"value": "7.2.5.18 Financial instruments and financial risksThe following table presents the financial instruments by category of IFRS 9 and the fair value level for the financial assets and liabilities measured at fair value:in thousand EURCATEGORY UNDER 31 DEC 2022 FAIR VALUE 31 DEC 2023IFRS 9RESTATED\u00b9LEVELFinancial assetsTransactional hedges - operational FVTPL 156 20 2Derivatives not designed in a hedge relationship FVTPL 178 2 2Current trade receivables AC 67,716 78,135 2Other non-current receivables AC 553 544 2Other receivables AC 7,475 7,333 2Other receivables AC 8,028 7,877 2Loans to affiliates AC 11,068 11,523 2Other loans AC 219 2,517 2Non-current loans AC 11,287 14,041 2Financial receivables AC 1,944 2,672 2Loans to affiliates AC 13,231 16,712 2Cash and cash equivalents AC 39,782 191,393 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 27 26 2Transactional hedges - operational FVTPL 0 6 2Derivatives not designated in a hedge relationship FVTPL 265 21 2Non-current financial liabilities at amortised cost AC 196,763 23,082 2Current financial liabilities at amortised cost AC 93,532 6,363 2Trade payables AC 75,713 70,080 2Other non-current payables AC 1,016 982 2Other payables AC 29,964 44,955 2Other payables AC 30,979 45,937 2AC = financial assets or liabilities at amortised cost CFH = cash flow hedge FVTPL = Financial assets or liabilities at fair value through profit or loss FVTOCI = financial assets at fair value through other comprehensive income The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market dataDuring 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__157": {
"value": "7.2.5.18 Financial instruments and financial risksThe following table presents the financial instruments by category of IFRS 9 and the fair value level for the financial assets and liabilities measured at fair value:in thousand EURCATEGORY UNDER 31 DEC 2022 FAIR VALUE 31 DEC 2023IFRS 9RESTATED\u00b9LEVELFinancial assetsTransactional hedges - operational FVTPL 156 20 2Derivatives not designed in a hedge relationship FVTPL 178 2 2Current trade receivables AC 67,716 78,135 2Other non-current receivables AC 553 544 2Other receivables AC 7,475 7,333 2Other receivables AC 8,028 7,877 2Loans to affiliates AC 11,068 11,523 2Other loans AC 219 2,517 2Non-current loans AC 11,287 14,041 2Financial receivables AC 1,944 2,672 2Loans to affiliates AC 13,231 16,712 2Cash and cash equivalents AC 39,782 191,393 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 27 26 2Transactional hedges - operational FVTPL 0 6 2Derivatives not designated in a hedge relationship FVTPL 265 21 2Non-current financial liabilities at amortised cost AC 196,763 23,082 2Current financial liabilities at amortised cost AC 93,532 6,363 2Trade payables AC 75,713 70,080 2Other non-current payables AC 1,016 982 2Other payables AC 29,964 44,955 2Other payables AC 30,979 45,937 2AC = financial assets or liabilities at amortised cost CFH = cash flow hedge FVTPL = Financial assets or liabilities at fair value through profit or loss FVTOCI = financial assets at fair value through other comprehensive income The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market dataDuring 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__164": {
"value": "Financial instruments and financial risksThe following table presents the financial instruments by category of IFRS 9 and the fair value level for the financial assets and liabilities measured at fair value:in thousand EURCATEGORY UNDER 31 DEC 2022 FAIR VALUE 31 DEC 2023IFRS 9RESTATED\u00b9LEVELFinancial assetsTransactional hedges - operational FVTPL 156 20 2Derivatives not designed in a hedge relationship FVTPL 178 2 2Current trade receivables AC 67,716 78,135 2Other non-current receivables AC 553 544 2Other receivables AC 7,475 7,333 2Other receivables AC 8,028 7,877 2Loans to affiliates AC 11,068 11,523 2Other loans AC 219 2,517 2Non-current loans AC 11,287 14,041 2Financial receivables AC 1,944 2,672 2Loans to affiliates AC 13,231 16,712 2Cash and cash equivalents AC 39,782 191,393 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 27 26 2Transactional hedges - operational FVTPL 0 6 2Derivatives not designated in a hedge relationship FVTPL 265 21 2Non-current financial liabilities at amortised cost AC 196,763 23,082 2Current financial liabilities at amortised cost AC 93,532 6,363 2Trade payables AC 75,713 70,080 2Other non-current payables AC 1,016 982 2Other payables AC 29,964 44,955 2Other payables AC 30,979 45,937 2AC = financial assets or liabilities at amortised cost CFH = cash flow hedge FVTPL = Financial assets or liabilities at fair value through profit or loss FVTOCI = financial assets at fair value through other comprehensive income The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market dataDuring 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__5__163": {
"value": "Financial instruments and financial risksThe following table presents the financial instruments by category of IFRS 9 and the fair value level for the financial assets and liabilities measured at fair value:in thousand EURCATEGORY UNDER 31 DEC 2022 FAIR VALUE 31 DEC 2023IFRS 9RESTATED\u00b9LEVELFinancial assetsTransactional hedges - operational FVTPL 156 20 2Derivatives not designed in a hedge relationship FVTPL 178 2 2Current trade receivables AC 67,716 78,135 2Other non-current receivables AC 553 544 2Other receivables AC 7,475 7,333 2Other receivables AC 8,028 7,877 2Loans to affiliates AC 11,068 11,523 2Other loans AC 219 2,517 2Non-current loans AC 11,287 14,041 2Financial receivables AC 1,944 2,672 2Loans to affiliates AC 13,231 16,712 2Cash and cash equivalents AC 39,782 191,393 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 27 26 2Transactional hedges - operational FVTPL 0 6 2Derivatives not designated in a hedge relationship FVTPL 265 21 2Non-current financial liabilities at amortised cost AC 196,763 23,082 2Current financial liabilities at amortised cost AC 93,532 6,363 2Trade payables AC 75,713 70,080 2Other non-current payables AC 1,016 982 2Other payables AC 29,964 44,955 2Other payables AC 30,979 45,937 2AC = financial assets or liabilities at amortised cost CFH = cash flow hedge FVTPL = Financial assets or liabilities at fair value through profit or loss FVTOCI = financial assets at fair value through other comprehensive income The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market dataDuring 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.Financial risk management\u2022 Credit riskThe Group\u2019s principal current financial assets are cash & cash equivalents, trade and other receivables, and investments, which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of loss allowances for expected credit losses, estimated by the Group\u2019s management based on prior experience and their assessment of the current economic environment. The risk profile of the trade receivables portfolio is based on the conditions of sale observed on the market. At the same time, it is confined by the agreed limits of the general conditions of sale and the specifically agreed conditions, adapted accordingly. The latter also depend on the degree of industrial and commercial integration of the customer, as well as on the level of market competitiveness.The trade receivables portfolio consists of a large number of customers distributed among various markets, for which the credit risk is assessed on an on-going basis and based on which the commercial and financial conditions are granted. In addition, the credit risks on trade receivables are partly covered by external credit insurance policies which the Group manages centrally and harmonises and partly covered by Recticel\u2019s insurance captive. In case of transfer of these receivables to the factoring company, the latter becomes the beneficiary of these credit insurance policies. The credit risk management is also strengthened by an organisation which is to a great extent centralised and enabled by the SAP FSCM software and best practice regarding the collection of receivables.Credit terms granted on sales vary in function of the customer credit assessment, the business line and the country of operations.There is a limited credit risk assessment on shareholder loans granted to the other associates. Shareholder loans to other associates are provided in accordance with rules foreseen in the joint venture agreements, which are subject to the evolution of the operational business performance. \u2022 Interest rate risk management After the sale of the Recticel Engineered Foams activities to Carpenter Recticel repaid all its loans and consequently terminated the corresponding IRS contract and received interest for an amount of EUR 0.48 million (including accrued interest) with the Floor at 0.00%. Most financial leases (EUR 5.7 million) and a bank loan of EUR 10.9 million are at fixed rate ; whereas most other bank debt is contracted at floating rate. Sensitivity to interest rates The Group\u2019s interest rate risk exposure derives from the fact that it finances at both fixed and variable interest rates. The Group manages the risk centrally through an appropriate structure of loans at fixed and variable interest. The interest rate hedges are evaluated regularly to bring them in line with the Group\u2019s view on the trend in interest rates on the financial markets, with the aim of optimising interest charges throughout the various economic cycles. Hedge accounting in accordance with IFRS 9 is not applied.\u2022 Currency risk management It is the Group\u2019s policy to hedge foreign exchange exposures resulting from financial and operational activities via Recticel International Services s.a./n.v. (RIS), which acts as internal bank of the Group. This hedging policy is mainly implemented through forward exchange contracts. Hedge accounting under IFRS 9 is not applied for currency risk management.In general, the Group concludes forward exchange contracts to cover currency risks on incoming and outgoing payments in foreign currency. The Group may also conclude forward exchange contracts and option contracts to cover currency risks associated with planned sales and purchases of the year, at a percentage which varies according to the predictability of the payment flows.At reporting date, forward exchange contracts were outstanding for a nominal amount of EUR 3.6 million. Sensitivity analysis on currency risksThe Group deals mainly in 4 currencies outside the euro zone: GBP, USD, SEK, PLN.The following table details the sensitivity of the Group to a positive or negative variation, compared to the annual variation in the pairs of currencies during the previous financial year.The sensitivity analysis covers only the financial amounts in foreign currency which are recognised in the statement of financial position and which are outstanding at 31 December and determines their variations at the conversion rates based on the following assumptions: USD and GBP 10%; PLN and SEK 5%.The following table details the Group\u2019s sensitivity in profit or loss to a respectively 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase and decrease of the Polish Zloty and Swedish against the Euro. The percentages applied in this sensitivity analysis represent the management\u2019s assessment of the volatility of these currency exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary assets and liabilities and adjusts their translation at the period end for a 10%, respectively 5%, change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. It includes also the foreign exchange derivatives (not designated as hedging instruments).A positive number indicates an increase in profit or loss when the Euro weakens by respectively 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a respectively 10% strengthening of the Euro against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona, there would be a comparable opposite impact on the profit or loss (i.e. the impact would be negative). in thousand EURSTRENGTHENING OF USD STRENGTHENING OF GBP STRENGTHENING OF SEK STRENGTHENING OF PLN VERSUS EURVERSUS EURVERSUS EURVERSUS EUR2022 2023 2022 2023 2022 2023 2022 2023Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognized in the P&L 250 121 (15,180) (118) (36) 186 59 48account29,683 1,225 42,376 128 6,152 3,715 1,350 973Financial assetsFinancial liabilities2(875) (19) (210,985) (1,289) (5,967) (1) (172) (5)Derivatives (6,309) 0 16,805 (21) (900) 2 0Total net exposure 2,499 1,206 (151,804) (1,182) (715) 3,716 1,178 9682 includes trade and other receivables and trade and other payables.2022 figures including Recticel Engineered Foams activities.Financial assets and liabilities represent the foreign currency exposure of the different subsidiaries of the Group in relation to their local currency.\u2022 Liquidity riskThe financing sources are well diversified, and the bulk of the debt is irrevocable and long-term or backed-up by long-term commitments. It includes as of 1 February 2021 a new 3-year EUR 100 million syndicated revolving credit facility, which has been extended over a period of 2 years until 2025. This EUR 100 million revolving credit facility guarantees the necessary liquidity to ensure the future activities and to meet the short- and medium-term financial commitments.On June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility.In addition to the long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper program and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter.The Group does not enter in financial instruments that require cash deposits or other guarantees (i.e. margin calls).The new syndicated facility that replaced the former club deal facility as of 01 February 2021 is subject to bank covenants based on an adjusted leverage ratio and an adjusted interest cover, on a consolidated basis. These bank covenants will continue to be determined on the basis of the generally accepted accounting principles that were in place at the moment of the closing of the club deal agreement (\u201cfrozen GAAP\u201d). The adoption of IFRS 16 has no impact on the measurement of these covenants. All conditions under the financial arrangements with its banks are respected. At 31/12/2023, due to the net cash position, the covenant calculation was not applicable.Under the new syndicated facility agreement, the maximum dividend authorised for distribution, excluding the portion attributable to the treasury shares, amounts to the highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 millionThe gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted..",
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"s8_notes__5__81": {
"value": "The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market dataDuring 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.",
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"s8_notes__5__161": {
"value": "Financial risk management\u2022 Credit riskThe Group\u2019s principal current financial assets are cash & cash equivalents, trade and other receivables, and investments, which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of loss allowances for expected credit losses, estimated by the Group\u2019s management based on prior experience and their assessment of the current economic environment. The risk profile of the trade receivables portfolio is based on the conditions of sale observed on the market. At the same time, it is confined by the agreed limits of the general conditions of sale and the specifically agreed conditions, adapted accordingly. The latter also depend on the degree of industrial and commercial integration of the customer, as well as on the level of market competitiveness.The trade receivables portfolio consists of a large number of customers distributed among various markets, for which the credit risk is assessed on an on-going basis and based on which the commercial and financial conditions are granted. In addition, the credit risks on trade receivables are partly covered by external credit insurance policies which the Group manages centrally and harmonises and partly covered by Recticel\u2019s insurance captive. In case of transfer of these receivables to the factoring company, the latter becomes the beneficiary of these credit insurance policies. The credit risk management is also strengthened by an organisation which is to a great extent centralised and enabled by the SAP FSCM software and best practice regarding the collection of receivables.Credit terms granted on sales vary in function of the customer credit assessment, the business line and the country of operations.There is a limited credit risk assessment on shareholder loans granted to the other associates. Shareholder loans to other associates are provided in accordance with rules foreseen in the joint venture agreements, which are subject to the evolution of the operational business performance. \u2022 Interest rate risk management After the sale of the Recticel Engineered Foams activities to Carpenter Recticel repaid all its loans and consequently terminated the corresponding IRS contract and received interest for an amount of EUR 0.48 million (including accrued interest) with the Floor at 0.00%. Most financial leases (EUR 5.7 million) and a bank loan of EUR 10.9 million are at fixed rate ; whereas most other bank debt is contracted at floating rate. Sensitivity to interest rates The Group\u2019s interest rate risk exposure derives from the fact that it finances at both fixed and variable interest rates. The Group manages the risk centrally through an appropriate structure of loans at fixed and variable interest. The interest rate hedges are evaluated regularly to bring them in line with the Group\u2019s view on the trend in interest rates on the financial markets, with the aim of optimising interest charges throughout the various economic cycles. Hedge accounting in accordance with IFRS 9 is not applied.\u2022 Currency risk management It is the Group\u2019s policy to hedge foreign exchange exposures resulting from financial and operational activities via Recticel International Services s.a./n.v. (RIS), which acts as internal bank of the Group. This hedging policy is mainly implemented through forward exchange contracts. Hedge accounting under IFRS 9 is not applied for currency risk management.In general, the Group concludes forward exchange contracts to cover currency risks on incoming and outgoing payments in foreign currency. The Group may also conclude forward exchange contracts and option contracts to cover currency risks associated with planned sales and purchases of the year, at a percentage which varies according to the predictability of the payment flows.At reporting date, forward exchange contracts were outstanding for a nominal amount of EUR 3.6 million. Sensitivity analysis on currency risksThe Group deals mainly in 4 currencies outside the euro zone: GBP, USD, SEK, PLN.The following table details the sensitivity of the Group to a positive or negative variation, compared to the annual variation in the pairs of currencies during the previous financial year.The sensitivity analysis covers only the financial amounts in foreign currency which are recognised in the statement of financial position and which are outstanding at 31 December and determines their variations at the conversion rates based on the following assumptions: USD and GBP 10%; PLN and SEK 5%.The following table details the Group\u2019s sensitivity in profit or loss to a respectively 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase and decrease of the Polish Zloty and Swedish against the Euro. The percentages applied in this sensitivity analysis represent the management\u2019s assessment of the volatility of these currency exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary assets and liabilities and adjusts their translation at the period end for a 10%, respectively 5%, change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. It includes also the foreign exchange derivatives (not designated as hedging instruments).A positive number indicates an increase in profit or loss when the Euro weakens by respectively 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a respectively 10% strengthening of the Euro against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona, there would be a comparable opposite impact on the profit or loss (i.e. the impact would be negative). in thousand EURSTRENGTHENING OF USD STRENGTHENING OF GBP STRENGTHENING OF SEK STRENGTHENING OF PLN VERSUS EURVERSUS EURVERSUS EURVERSUS EUR2022 2023 2022 2023 2022 2023 2022 2023Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognized in the P&L 250 121 (15,180) (118) (36) 186 59 48account29,683 1,225 42,376 128 6,152 3,715 1,350 973Financial assetsFinancial liabilities2(875) (19) (210,985) (1,289) (5,967) (1) (172) (5)Derivatives (6,309) 0 16,805 (21) (900) 2 0Total net exposure 2,499 1,206 (151,804) (1,182) (715) 3,716 1,178 9682 includes trade and other receivables and trade and other payables.2022 figures including Recticel Engineered Foams activities.Financial assets and liabilities represent the foreign currency exposure of the different subsidiaries of the Group in relation to their local currency.\u2022 Liquidity riskThe financing sources are well diversified, and the bulk of the debt is irrevocable and long-term or backed-up by long-term commitments. It includes as of 1 February 2021 a new 3-year EUR 100 million syndicated revolving credit facility, which has been extended over a period of 2 years until 2025. This EUR 100 million revolving credit facility guarantees the necessary liquidity to ensure the future activities and to meet the short- and medium-term financial commitments.On June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility.In addition to the long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper program and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter.The Group does not enter in financial instruments that require cash deposits or other guarantees (i.e. margin calls).The new syndicated facility that replaced the former club deal facility as of 01 February 2021 is subject to bank covenants based on an adjusted leverage ratio and an adjusted interest cover, on a consolidated basis. These bank covenants will continue to be determined on the basis of the generally accepted accounting principles that were in place at the moment of the closing of the club deal agreement (\u201cfrozen GAAP\u201d). The adoption of IFRS 16 has no impact on the measurement of these covenants. All conditions under the financial arrangements with its banks are respected. At 31/12/2023, due to the net cash position, the covenant calculation was not applicable.Under the new syndicated facility agreement, the maximum dividend authorised for distribution, excluding the portion attributable to the treasury shares, amounts to the highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 millionThe gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted..The following table presents the unused credit facilities available to the Group:in thousand EUR31 DEC 2022 31 DEC 2023Unused amounts under non-current financing facilitiesUndrawn available commitments under the club deal facility263,000 100,000Total available under non-current facilities 63,000 100,000Unused amounts under current financing facilitiesUndrawn under current on-balance facilities 24,100 22,000Undrawn under off-balance factoring programs 11,763 35,000Total available under current facilities 35,863 57,000Total unused amounts under financing facilities 98,863 157,0002 The amount drawn under the commercial paper program is to be covered at any time by the undrawn amount under the syndicated credit facility. At 31 December 2023 no amounts are drawn under the commercial paper program and under the syndicated credit facility.\u2022 Maturity analysis of financial liabilities For the year ending 31 December 2023:in thousand EURMATURING MATURING WITHIN MATURING AFTER FUTURE FINANCIAL CARRYING BETWEEN 1 AND 5 TOTAL1 YEAR5 YEARSCHARGESAMOUNTYEARS(a) (b) (c) (a)+(b)+(c)Lease liabilities 5,230 10,485 3,707 19,422 (1,263) 18,159Bank loans 1,266 5,064 6,330 12,660 (1,667) 10,994Other loans 0 0 0Interest-bearing borrowings - long term 6,496 15,549 10,037 32,082 (2,930) 29,152Interest-bearing borrowings - short term 12Other financial liabilities - Non-derivative 280Other financial liabilities - Derivative 52Total 29,497Non-current financial liabilities 23,082Current financial liabilities 6,415Total 29,4971For the year ending 31 December 2022 restated:in thousand EURMATURING MATURING AFTER 5 FUTURE FINANCIAL CARRYING Maturing within 1 yearBETWEEN 1 AND 5 TOTALCARRYING AMOUNTYEARSCHARGESAMOUNTYEARS(a) (b) (c) (a)+(b)+(c)Lease liabilities 5,781 10,857 4,967 21,604 (2,629) 18,976Bank loans 2,240 177,064 7,596 186,900 (4,320) 182,581Other loans 0 0 0 0 0 0Interest-bearing borrowings - long term 8,021 187,921 12,563 208,505 (6,949) 201,556Interest-bearing borrowings - short term 87,985Other financial liabilities - Non-derivative 753Other financial liabilities - Derivative 292Total 290,587Non-current financial liabilities 196,763Current financial liabilities 93,824Total 290,587Reference is also made to notes 7.2.1.5 - Climate change and 7.2.1.6 - Geopolitical conflicts.",
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"s8_notes__5__160": {
"value": "Credit riskThe Group\u2019s principal current financial assets are cash & cash equivalents, trade and other receivables, and investments, which represent the Group\u2019s maximum exposure to credit risk in relation to financial assets. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of loss allowances for expected credit losses, estimated by the Group\u2019s management based on prior experience and their assessment of the current economic environment. The risk profile of the trade receivables portfolio is based on the conditions of sale observed on the market. At the same time, it is confined by the agreed limits of the general conditions of sale and the specifically agreed conditions, adapted accordingly. The latter also depend on the degree of industrial and commercial integration of the customer, as well as on the level of market competitiveness.The trade receivables portfolio consists of a large number of customers distributed among various markets, for which the credit risk is assessed on an on-going basis and based on which the commercial and financial conditions are granted. In addition, the credit risks on trade receivables are partly covered by external credit insurance policies which the Group manages centrally and harmonises and partly covered by Recticel\u2019s insurance captive. In case of transfer of these receivables to the factoring company, the latter becomes the beneficiary of these credit insurance policies. The credit risk management is also strengthened by an organisation which is to a great extent centralised and enabled by the SAP FSCM software and best practice regarding the collection of receivables.Credit terms granted on sales vary in function of the customer credit assessment, the business line and the country of operations.There is a limited credit risk assessment on shareholder loans granted to the other associates. Shareholder loans to other associates are provided in accordance with rules foreseen in the joint venture agreements, which are subject to the evolution of the operational business performance.",
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"s8_notes__5__165": {
"value": "Interest rate risk management After the sale of the Recticel Engineered Foams activities to Carpenter Recticel repaid all its loans and consequently terminated the corresponding IRS contract and received interest for an amount of EUR 0.48 million (including accrued interest) with the Floor at 0.00%. Most financial leases (EUR 5.7 million) and a bank loan of EUR 10.9 million are at fixed rate ; whereas most other bank debt is contracted at floating rate. Sensitivity to interest rates The Group\u2019s interest rate risk exposure derives from the fact that it finances at both fixed and variable interest rates. The Group manages the risk centrally through an appropriate structure of loans at fixed and variable interest. The interest rate hedges are evaluated regularly to bring them in line with the Group\u2019s view on the trend in interest rates on the financial markets, with the aim of optimising interest charges throughout the various economic cycles. Hedge accounting in accordance with IFRS 9 is not applied.\u2022 Currency risk management It is the Group\u2019s policy to hedge foreign exchange exposures resulting from financial and operational activities via Recticel International Services s.a./n.v. (RIS), which acts as internal bank of the Group. This hedging policy is mainly implemented through forward exchange contracts. Hedge accounting under IFRS 9 is not applied for currency risk management.In general, the Group concludes forward exchange contracts to cover currency risks on incoming and outgoing payments in foreign currency. The Group may also conclude forward exchange contracts and option contracts to cover currency risks associated with planned sales and purchases of the year, at a percentage which varies according to the predictability of the payment flows.At reporting date, forward exchange contracts were outstanding for a nominal amount of EUR 3.6 million. Sensitivity analysis on currency risksThe Group deals mainly in 4 currencies outside the euro zone: GBP, USD, SEK, PLN.The following table details the sensitivity of the Group to a positive or negative variation, compared to the annual variation in the pairs of currencies during the previous financial year.The sensitivity analysis covers only the financial amounts in foreign currency which are recognised in the statement of financial position and which are outstanding at 31 December and determines their variations at the conversion rates based on the following assumptions: USD and GBP 10%; PLN and SEK 5%.The following table details the Group\u2019s sensitivity in profit or loss to a respectively 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase and decrease of the Polish Zloty and Swedish against the Euro. The percentages applied in this sensitivity analysis represent the management\u2019s assessment of the volatility of these currency exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary assets and liabilities and adjusts their translation at the period end for a 10%, respectively 5%, change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. It includes also the foreign exchange derivatives (not designated as hedging instruments).A positive number indicates an increase in profit or loss when the Euro weakens by respectively 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a respectively 10% strengthening of the Euro against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona, there would be a comparable opposite impact on the profit or loss (i.e. the impact would be negative). in thousand EURSTRENGTHENING OF USD STRENGTHENING OF GBP STRENGTHENING OF SEK STRENGTHENING OF PLN VERSUS EURVERSUS EURVERSUS EURVERSUS EUR2022 2023 2022 2023 2022 2023 2022 2023Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognized in the P&L 250 121 (15,180) (118) (36) 186 59 48account29,683 1,225 42,376 128 6,152 3,715 1,350 973Financial assetsFinancial liabilities2(875) (19) (210,985) (1,289) (5,967) (1) (172) (5)Derivatives (6,309) 0 16,805 (21) (900) 2 0Total net exposure 2,499 1,206 (151,804) (1,182) (715) 3,716 1,178 9682 includes trade and other receivables and trade and other payables.2022 figures including Recticel Engineered Foams activities.Financial assets and liabilities represent the foreign currency exposure of the different subsidiaries of the Group in relation to their local currency.",
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"s8_notes__5__166": {
"value": "Liquidity riskThe financing sources are well diversified, and the bulk of the debt is irrevocable and long-term or backed-up by long-term commitments. It includes as of 1 February 2021 a new 3-year EUR 100 million syndicated revolving credit facility, which has been extended over a period of 2 years until 2025. This EUR 100 million revolving credit facility guarantees the necessary liquidity to ensure the future activities and to meet the short- and medium-term financial commitments.On June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility.In addition to the long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper program and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter.The Group does not enter in financial instruments that require cash deposits or other guarantees (i.e. margin calls).The new syndicated facility that replaced the former club deal facility as of 01 February 2021 is subject to bank covenants based on an adjusted leverage ratio and an adjusted interest cover, on a consolidated basis. These bank covenants will continue to be determined on the basis of the generally accepted accounting principles that were in place at the moment of the closing of the club deal agreement (\u201cfrozen GAAP\u201d). The adoption of IFRS 16 has no impact on the measurement of these covenants. All conditions under the financial arrangements with its banks are respected. At 31/12/2023, due to the net cash position, the covenant calculation was not applicable.Under the new syndicated facility agreement, the maximum dividend authorised for distribution, excluding the portion attributable to the treasury shares, amounts to the highest of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 millionThe gross dividend over 2023 \u2013 to be paid in 2024 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.4 million (excluding treasury shares). This amount is higher than the above-mentioned maximum pay-out limit and consequently a waiver was requested and granted..The following table presents the unused credit facilities available to the Group:in thousand EUR31 DEC 2022 31 DEC 2023Unused amounts under non-current financing facilitiesUndrawn available commitments under the club deal facility263,000 100,000Total available under non-current facilities 63,000 100,000Unused amounts under current financing facilitiesUndrawn under current on-balance facilities 24,100 22,000Undrawn under off-balance factoring programs 11,763 35,000Total available under current facilities 35,863 57,000Total unused amounts under financing facilities 98,863 157,0002 The amount drawn under the commercial paper program is to be covered at any time by the undrawn amount under the syndicated credit facility. At 31 December 2023 no amounts are drawn under the commercial paper program and under the syndicated credit facility.\u2022 Maturity analysis of financial liabilities For the year ending 31 December 2023:in thousand EURMATURING MATURING WITHIN MATURING AFTER FUTURE FINANCIAL CARRYING BETWEEN 1 AND 5 TOTAL1 YEAR5 YEARSCHARGESAMOUNTYEARS(a) (b) (c) (a)+(b)+(c)Lease liabilities 5,230 10,485 3,707 19,422 (1,263) 18,159Bank loans 1,266 5,064 6,330 12,660 (1,667) 10,994Other loans 0 0 0Interest-bearing borrowings - long term 6,496 15,549 10,037 32,082 (2,930) 29,152Interest-bearing borrowings - short term 12Other financial liabilities - Non-derivative 280Other financial liabilities - Derivative 52Total 29,497Non-current financial liabilities 23,082Current financial liabilities 6,415Total 29,4971For the year ending 31 December 2022 restated:in thousand EURMATURING MATURING AFTER 5 FUTURE FINANCIAL CARRYING Maturing within 1 yearBETWEEN 1 AND 5 TOTALCARRYING AMOUNTYEARSCHARGESAMOUNTYEARS(a) (b) (c) (a)+(b)+(c)Lease liabilities 5,781 10,857 4,967 21,604 (2,629) 18,976Bank loans 2,240 177,064 7,596 186,900 (4,320) 182,581Other loans 0 0 0 0 0 0Interest-bearing borrowings - long term 8,021 187,921 12,563 208,505 (6,949) 201,556Interest-bearing borrowings - short term 87,985Other financial liabilities - Non-derivative 753Other financial liabilities - Derivative 292Total 290,587Non-current financial liabilities 196,763Current financial liabilities 93,824Total 290,587Reference is also made to notes 7.2.1.5 - Climate change and 7.2.1.6 - Geopolitical conflicts.",
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"s8_notes__5__169": {
"value": "7.2.5.19 Business combinations and disposalsIn 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter (see note 7.2.4.7).",
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},
"s8_notes__5__172": {
"value": "7.2.6.2 Share-based paymentsFollowing the decision of the Board of Directors of 27 February 2023 and 27 June 2023, a new edition of the stock option plan was launched in favour of leading staff members of the Group. In total of 350,000 options were attributed with an exercise price of EUR 10.80. The exercise period runs -after a vesting period of three years-, from 1 January 2027 till 29 June 2030. Fair value of this option series amounts to EUR 1.13 million.270,000 out of the 350,000 were allocated to the current members of the Management Committee.The Recticel Group has implemented a warrant plan for its leading managers. The table below gives the overview of all outstanding subscription rights per 31 December 2023:in thousand EURNUMBER OF NUMBER OF EXERCISE FAIR VALUE OF SUBSCRIPTION IssueWARRANTS PRICE IN EXERCISE PERIODSUBSCRIPTION RIGHTS AT RIGHTS ISSUEDEURMOMENT OF ISSUE IN EUROUTSTANDINGApril 2016 317,500 75,000 5.73 01/01/2020 - 28/04/2025 0.786June 2017 410,000 160,000 7.00 01/01/2021 - 29/06/2024 0.928April 2018 460,000 285,000 10.21 01/01/2022 - 24/04/2025 1.572June 2019 500,000 447,500 7.90 01/01/2023 - 27/06/2026 1.181March 2020 512,000 477,500 6.70 01/01/2024 - 02/03/2027 1.466May 2021 475,000 440,000 12.44 01/01/2025 - 11/05/2028 2.290May 2022 320,000 290,000 17.74 01/01/2026 - 12/05/2029 5.741June 2023 350,000 350,000 10.80 01/01/2027 - 29/06/2030 3.231Total 3,344,500 2,525,000All subscription rights have a vesting period of 3 years. Beneficiaries can lose the right to exercise their subscription rights in case of voluntary leave or dismissal for misconduct.The expense recognised for the year for the share-based payments amounts to EUR 1.1 million (2022: EUR 1.0 million). The plan of June 2023 was approved and formalised appropriately.A more general overview showing the trend during 2023 is given below:in units2022 2023Total number of subscription rights outstanding per 31 December 2,212,500 2,525,000Weighted average exercise price (in EUR) 10.03 10.14Weighted average remaining contractual life (in years) 4.06 3.54 Movements in number of subscription rightsSubscription rights outstanding at the beginning of the period 2,175,000 2,212,500New subscription rights granted during the period 320,000 350,000Subscription rights forfeited and expired during the period (37,500) (15,000)Subscription rights exercised during the period (245,000) (22,500)Subscription rights outstanding at the end of the period 2,212,500 2,525,000Status of subscription rights outstandingClosing share price at end of period (in EUR) 15.54 10.60Total number of subscription rights exercisable at the end of the period 525,000 967,500Total number of subscription rights that are 'in-the-money' at the end of the period\u00b9 1,922,500 2,235,000Total number of subscription rights that are exercisable and 'in-the-money' at the end of the period\u00b9 525,000 967,500\u00b9 in comparison with the average daily closing price over the periodThe table below gives the overview of all subscription rights exercised during the period:in units2022 2023Total number of subscription rights exercised 245,000 22,500Weighted average exercise price 8.66 8.41 Period during which these subscription rights were exercised 31/3 - 23/12 30/3 - 27/04Average closing price of period during which these subscription rights were exercised 15.87 16.37Average daily closing price for full year 16.47 12.61To date, the Group has not issued share appreciation rights to any of its managers or employees, nor has it implemented any share purchase plan.The theoretical value of the subscription rights at issuance is calculated by applying the Black & Scholes formula, and taking into account certain assumptions regarding dividend payment (last dividend compared to share price - dividend yield: 2.87%), interest rate (Euribor 5 years: 1.07%) and volatility (stock market data on the Recticel share: 40.7%). For the issue of June 2023, the fair value amounted to EUR 3.23 per subscription right.Overview of the outstanding subscription rights held by the members of the current Management Committee (per 31 December 2023):in thousand EURNUMBER OF SUBSCRIPTION RIGHTS Issue HELD BY THE MEMBERS OF THE CURRENT MANAGEMENT COMMITTEEApril 2016 30,000June 2017 50,000April 2018 50,000June 2019 65,000March 2020 65,000May 2021 90,000May 2022 120,000June 2023 120,000Total 590,000 The conditions of the various issues are reflected in the global overview table hereaboveMembers of the Management Committee received the following subscription rights for the 2023 series:in EURTOTAL THEORETICAL VALUE OF NameTOTAL NUMBER OF SUBSCRIPTION RIGHTSSUBSCRIPTION RIGHTS AT ISSUANCE\u00b9Olivier Chapelle until 31/08/2023 120,000 387,720Ralf Becker until 09/11/2023 30,000 96,930Bo\u017eo \u010cernila 30,000 96,930Betty Bogaert 30,000 96,930Rob Nijskens 30,000 96,930Dirk Verbruggen 30,000 96,930Total 270,000 872,3701 The theoretical value is calculated by using a Black & Scholes formula, and taken into account certain assumptions regarding dividend yield, interest rate and volatility.",
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"s8_notes__5__173": {
"value": "7.2.6.3 Events after the reporting dateREXRecticel announced that on 10 January 2024 it successfully completed the acquisition of REX Panels & Profiles SA. This acquisition is the second major step in deploying its strategy to become a pan-European leader in the insulated panels segment (see also press release of 21 December 2023).The acquisition price was paid in cash for an enterprise value of EUR 70 million. REX Panels & Profiles SA will be consolidated in Recticel\u2019s financial statements as from 10 January 2024.",
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"s8_notes__5__174-1": {
"value": "7.2.6.4 Related party transactionsTransactions between Recticel NV/SA and its subsidiaries, which are related parties, have been eliminated in the consolidation and are not disclosed in this note. Transactions with other related parties are disclosed below, and concern primarily commercial transactions done at prevailing market conditions. The tables below include only transactions considered to be material, i.e. exceeding a total of EUR 1 million.Transactions with joint ventures and associates: 2023in thousand EURNON-CURRENT OTHER CURRENT FINANCIAL TRADE RECEIVABLESTRADE PAYABLES OTHER PAYABLES REVENUE COST OF SALESRECEIVABLESRECEIVABLESLIABILITIESTotal Orsa Foam companies 0 0 0 0 0 0 0 0Total Proseat companies 0 0 0 0 0 0 0 0Total TEMDA2 companies 11,524 385 0 0 0 0 0 (0)TOTAL 11,524 385 0 0 0 0 0 (0)Transactions with joint ventures and associates: 2022in thousand EURNON-CURRENT TRADE OTHER CURRENT FINANCIAL TRADE PAYABLES OTHER PAYABLES REVENUE COST OF SALESRECEIVABLESRECEIVABLESRECEIVABLESLIABILITIESTotal Orsa Foam companies 0 0 0 0 0 0 41 (362)Total Proseat companies 0 0 0 0 0 0 9,716 0Total TEMDA2 companies 11,068 326 15 0 15 (0) 18 (839)TOTAL 11,068 326 15 0 15 (0) 9,775 (1,201)Revenues from respectively Proseat companies relate to the sale of chemical raw materials at cost. Recticel ended the sale of chemical raw materials to Proseat as per 31 March 2022.7.2.6.5 Remuneration of the Board of Directors and of the Management CommitteeThe remuneration of the members of the Board of Directors and of the Management Committee is included in this note. For more information, reference is made to the remuneration report in the section \u2018Corporate Governance\u2019 of this annual report.Total gross remuneration for the members of the Board of Directors:in EUR2022 2023Director fees 122,125 115,027Attendance fees Board of Directors 157,500 152,500Attendance fees Audit Committee 45,000 47,500Attendance fees Remuneration and Nomination Committee 22,500 70,000Attendance fees Strategy Committee 15,000 0TOTAL 362,125 385,027In 2023 the board remuneration stayed at the same level. The increase in the total cost is due to the number of meetings linked to the sale of the Engineered Foams activities.Total gross remuneration for the members of the Management Committeein EUR2022 2023Fixed remuneration 2,414,643 2,133,637Variable remuneration 2,688,559 2,263,888Pensions 141,640 101,675Other benefits 132,067 117,605Extraordinary items 564,000 0TOTAL 5,940,909 4,616,805The extraordinary item in 2022 was related to a one one-off strategic reorientation bonus in the context of a strategic reorientation plan awarded to certain members of the management. This bonus was taken into cost over the period 2021-2022 but paid out in full in 2022.",
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"s8_notes__5__176": {
"value": "7.2.6.5 Remuneration of the Board of Directors and of the Management CommitteeThe remuneration of the members of the Board of Directors and of the Management Committee is included in this note. For more information, reference is made to the remuneration report in the section \u2018Corporate Governance\u2019 of this annual report.Total gross remuneration for the members of the Board of Directors:in EUR2022 2023Director fees 122,125 115,027Attendance fees Board of Directors 157,500 152,500Attendance fees Audit Committee 45,000 47,500Attendance fees Remuneration and Nomination Committee 22,500 70,000Attendance fees Strategy Committee 15,000 0TOTAL 362,125 385,027In 2023 the board remuneration stayed at the same level. The increase in the total cost is due to the number of meetings linked to the sale of the Engineered Foams activities.Total gross remuneration for the members of the Management Committeein EUR2022 2023Fixed remuneration 2,414,643 2,133,637Variable remuneration 2,688,559 2,263,888Pensions 141,640 101,675Other benefits 132,067 117,605Extraordinary items 564,000 0TOTAL 5,940,909 4,616,805The extraordinary item in 2022 was related to a one one-off strategic reorientation bonus in the context of a strategic reorientation plan awarded to certain members of the management. This bonus was taken into cost over the period 2021-2022 but paid out in full in 2022.",
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"s8_notes__5__178": {
"value": "7.2.6.8 Audit and non-audit services provided by the statutory auditorThe total fees in relation to services provided by the statutory auditor PwC Bedrijfsrevisoren BV and by companies related to the auditor to Recticel NV/SA and its subsidiaries, are as follows:in thousand EUR31 DEC 2022 31 DEC 2023Audit fees 1,188 651Other audit services and legal missions 342 554Tax services 8 31Consulting services 18Total fees 1,556 1,235Audit fees for Recticel NV/SA and its subsidiaries are determined by the shareholders meeting after review and approval by the company\u2019s Audit Committee and Board of Directors. All non-audit fees have been pre-approved by the company\u2019s Audit Committee.",
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"s8_notes__5__177": {
"value": "7.2.6.7 Staffin units31 DEC 2022 31 DEC 2023RESTATEDManagement Committee 6 5 Employees 780 721 Workers 641 560 Average number of people employed (full time equivalent) on a consolidated basis (i.e. excluding 1,361 1,286joint ventures)Remuneration and social charges (in thousand EUR) 80,660 82,463Average number of people employed in Belgium 422 294The decrease of the average number of people employed is a result of the workforce alignment in line with the reduced market circumstances. The cost for remuneration and social charges increased due to the indexation.)",
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"s8_notes__5__181": {
"value": "7.2.6.9 Contingent assets and liabilities a) Wetteren (Belgium)In the production plant of Wetteren (Belgium) a historic asbestos pollution was found in the course of 2021. In 2022 the soil investigations and provisional remediation plans have been concluded. The total provision amounts to EUR 1.0 million at the end of 2023. This site has been transferred with the legal entity Recticel Engineered Foams Belgium BV to the Carpenter Group on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, will be transferred shortly to Carpenter as well. The clean-up responsibility remains partly with Recticel and will partly transfer to Carpenter.b) LitigationsThe Group has been the subject of an antitrust investigation at European level. Recticel announced on 29 January 2014 that a settlement was reached with the European Commission in the polyurethane foam investigation. The case was closed after payment of the last instalment of the effective overall fine in April 2016.Various claims have been issued by one or more customers, in which these entities allege harm with regard to the conduct covered by the European Commission\u2019s cartel decision. Only one court procedure is still ongoing in Germany linked to the former Eurofoam joint venture. No additional new claims can be launched as these have all become time-barred. Recticel has carefully reviewed and evaluated the merits for this case with its legal advisors to determine the appropriate defensive strategy and has recognised, where appropriate, a provision to cover any legal costs.Regarding the ongoing litigation no considered judgment can at this stage be formed on the outcome of this procedure or on the amount of any potential loss for the company. One of our Group entities in the United Kingdom was the subject of a HSE investigation following the accidental death of one of its employees in 2015. After a very fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel has replied to these allegations. In October 2021, the HSE had confirmed that it had taken an enforcement decision. At the end of 2022, the HSE indicated that it would no longer take enforcement actions against the company in absence of evidence. The provision that was established for this case has hence been taken back. The procedure itself has still not been terminated for administrative reasons.One of the former Group\u2019s entities in France is implicated in a labour law case following the closure of a production site, whereby the former employees have launched a claim to obtain additional compensations, on the basis that the economic reasons for the closure were invalid. The court proceedings have so far confirmed the position of the employees, with one procedure ongoing. A provision has been established to cover the potential negative outcome. The respective entity has been transferred to Carpenter on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.Following the fire incident in Most (Czech Republic), the involved Group entity has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at the direct customers and the car manufacturers. While the Group entity involved have claimed Force Majeure in this respect, this has been put in question or even contested by a number of customers, with indication that further claims could be raised to obtain damage compensation. While the Group is insured in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the companies involved. One customer has launched a legal proceeding in France in the course of the first semester of 2019 and this procedure continues and is expected to be concluded only by the end of 2024 or early 2025.Recticel signed a preliminary purchase agreement with the G\u00f3r-Stal shareholders to acquire G\u00f3r-Stal\u2019s insulation board business located in Bochnia, Poland, for an enterprise value of EUR 30 million. The sale required a prior carve-out of these activities into a new legal entity. Both parties cooperated well to finalise the due diligence and to realise this carve-out by July 2021, but then, the sellers came back to request a price adjustment, citing changed market conditions. Recticel requested more information before considering such a request, which was contrary to the agreement. The sellers did not provide such information and in October 2021, they informed Recticel that they did no longer want to continue the transaction. Recticel notified the sellers at the end of the year that they breached their obligations under the agreement and that Recticel would launch legal proceedings to enforce the preliminary agreement or obtain damage compensation. These legal proceedings were launched in 2022 and continue to this date, with no conclusion expected before 2025.During the year 2023, a number of claims were received by our French Insulation entity concerning quality issues with regard to insulation boards produced in 2018-2019 linked to a shift in formulation at the time. Also in 2019, certain claims had been received and were solved at the time. While the Group is insured for product liability in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the Group.As of 31 December 2023, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.9 million in the consolidated financial statements. With reference to the prejudicial exemption in IAS 37 \u00a792, the Group will not disclose any further information about the assumptions for the provision, including any details about current and the expected number of lawsuits and claims.The disclosure of such information is believed to be detrimental to the Group in connection with the ongoing confidential negotiations and could inflict financial losses on Recticel and its shareholders.",
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"s8_notes__5__180": {
"value": "7.2.6.9 Contingent assets and liabilities a) Wetteren (Belgium)In the production plant of Wetteren (Belgium) a historic asbestos pollution was found in the course of 2021. In 2022 the soil investigations and provisional remediation plans have been concluded. The total provision amounts to EUR 1.0 million at the end of 2023. This site has been transferred with the legal entity Recticel Engineered Foams Belgium BV to the Carpenter Group on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, will be transferred shortly to Carpenter as well. The clean-up responsibility remains partly with Recticel and will partly transfer to Carpenter.b) LitigationsThe Group has been the subject of an antitrust investigation at European level. Recticel announced on 29 January 2014 that a settlement was reached with the European Commission in the polyurethane foam investigation. The case was closed after payment of the last instalment of the effective overall fine in April 2016.Various claims have been issued by one or more customers, in which these entities allege harm with regard to the conduct covered by the European Commission\u2019s cartel decision. Only one court procedure is still ongoing in Germany linked to the former Eurofoam joint venture. No additional new claims can be launched as these have all become time-barred. Recticel has carefully reviewed and evaluated the merits for this case with its legal advisors to determine the appropriate defensive strategy and has recognised, where appropriate, a provision to cover any legal costs.Regarding the ongoing litigation no considered judgment can at this stage be formed on the outcome of this procedure or on the amount of any potential loss for the company. One of our Group entities in the United Kingdom was the subject of a HSE investigation following the accidental death of one of its employees in 2015. After a very fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel has replied to these allegations. In October 2021, the HSE had confirmed that it had taken an enforcement decision. At the end of 2022, the HSE indicated that it would no longer take enforcement actions against the company in absence of evidence. The provision that was established for this case has hence been taken back. The procedure itself has still not been terminated for administrative reasons.One of the former Group\u2019s entities in France is implicated in a labour law case following the closure of a production site, whereby the former employees have launched a claim to obtain additional compensations, on the basis that the economic reasons for the closure were invalid. The court proceedings have so far confirmed the position of the employees, with one procedure ongoing. A provision has been established to cover the potential negative outcome. The respective entity has been transferred to Carpenter on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.Following the fire incident in Most (Czech Republic), the involved Group entity has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at the direct customers and the car manufacturers. While the Group entity involved have claimed Force Majeure in this respect, this has been put in question or even contested by a number of customers, with indication that further claims could be raised to obtain damage compensation. While the Group is insured in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the companies involved. One customer has launched a legal proceeding in France in the course of the first semester of 2019 and this procedure continues and is expected to be concluded only by the end of 2024 or early 2025.Recticel signed a preliminary purchase agreement with the G\u00f3r-Stal shareholders to acquire G\u00f3r-Stal\u2019s insulation board business located in Bochnia, Poland, for an enterprise value of EUR 30 million. The sale required a prior carve-out of these activities into a new legal entity. Both parties cooperated well to finalise the due diligence and to realise this carve-out by July 2021, but then, the sellers came back to request a price adjustment, citing changed market conditions. Recticel requested more information before considering such a request, which was contrary to the agreement. The sellers did not provide such information and in October 2021, they informed Recticel that they did no longer want to continue the transaction. Recticel notified the sellers at the end of the year that they breached their obligations under the agreement and that Recticel would launch legal proceedings to enforce the preliminary agreement or obtain damage compensation. These legal proceedings were launched in 2022 and continue to this date, with no conclusion expected before 2025.During the year 2023, a number of claims were received by our French Insulation entity concerning quality issues with regard to insulation boards produced in 2018-2019 linked to a shift in formulation at the time. Also in 2019, certain claims had been received and were solved at the time. While the Group is insured for product liability in this regard in line with industrial standards, it cannot be excluded that such claims could lead to financial losses for the Group.As of 31 December 2023, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.9 million in the consolidated financial statements. With reference to the prejudicial exemption in IAS 37 \u00a792, the Group will not disclose any further information about the assumptions for the provision, including any details about current and the expected number of lawsuits and claims.The disclosure of such information is believed to be detrimental to the Group in connection with the ongoing confidential negotiations and could inflict financial losses on Recticel and its shareholders.",
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"value": "Recticel NV/SA",
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"value": "Bourgetlaan 42 Avenue du Bourget1130 BrusselsBelgium",
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"value": "Brussels",
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"value": "Belgium",
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"value": "The object of the company is the development, production, conversion, trading, buying, selling and transportation, on its own account or on behalf of third parties, of all plastics, polymers, polyurethanes and other synthetic components, of natural substances, metal products, chemical or other products used by private individuals or by industry, commerce and transport, especially for furniture, bedding, insulation, the construction industry, the automotive sector, chemicals, petrochemicals, as well as products belonging to or necessary for their production or which may result or be derived from this process. It may achieve its object in whole or in part, directly or indirectly, via subsidiaries, joint ventures, participations in other companies, partnerships or associations. In order to achieve this object, it can carry out all actions in the industrial, property, financial or commercial field which are associated with its object directly or indirectly, in whole or in part, or which would be of a nature to promote, develop or facilitate its operation or its trade or that of the companies, partnerships or associations in which it has a participation or an interest; it can in particular develop, transfer, acquire, rent, hire out and exploit all movable and immovable goods and all intellectual property.",
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"s8_notes__5__183": {
"value": "naamloze vennootschap / soci\u00e9t\u00e9 anonyme (limited company)",
"dimensions": {
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