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"value": "Changes in financial liabilitiesFor the year ending 31 December 2024in thousand EUR31 DEC 2023 CASH FLOWS NON-CASH CHANGESIN 2024FAIR VALUE EXCHANGE NEW REASSESSMENT INTERESTS ACTUALIS-TRANSFER TO CHANGE IN 31 DEC OF HEDGING AMORTISATION TRANSFERRATE LEASESIFRS 16ACCRUEDATIONHELD FOR SALESCOPE2024INSTRUMENTSDIFFERENCESLong term borrowings 10,001 2,733 0 0 0 0 0 77 (6,942) 0 0 18,473 24,342Short term borrowings 811 (11,650) 0 0 (0) 0 0 0 7,137 (0) 0 7,363 3,661Lease liabilities 18,326 (9,347) 9,711 2,692 467 0 40 0 (54) 416 0 7,777 30,029Accrued interest liabilities 358 (1,413) 0 0 1,589 0 0 0 (68) (162) 0 0 303Total liabilities from financing activities 29,497 (19,676) 9,711 2,692 2,055 0 40 77 73 254 0 33,613 58,335See also note 7.2.4.8, Business combinations, note 7.2.5.16, Financial liabilities and note 7.2.5.4, Right-of-use assets.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.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 or 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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"value": "7.2.1 Summary of significant accounting policies7.2.1.1 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 IFRS Accounting Standards as adopted by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2024 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2023.7.2.1.2 Changes in accounting policies and disclosuresThe following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2024 and have been endorsed by the European Union: \u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They:\u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \u201cright\u201d to defer settlement by at least twelve months and make explicit that only rights in place \u201cat the end of the reporting period\u201d should affect the classification of a liability.\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.\u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability\u2019s classification.\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements. The amendments describe the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash flows and exposure to liquidity risk. \u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained.7.2.1.3 General principlesCurrency of accountsThe 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 is 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 Subsidiaries Subsidiaries 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 Associates The 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 operations A 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 recongnised 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 amortised. \u2022 Business combinations Acquisitions 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, with the following exceptions: \u2022 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.\u2022 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.\u2022 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, 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 (note 7.2.5.4, Right-of-use assets).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, PCs) 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 metres 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.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.Employee benefit liabilities\u2022 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 provision 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:\u2022 actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions;\u2022 the return on plan assets; and\u2022 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 the 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, Share-based payments.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 all its environmental risks and the corresponding provisions twice a year. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of 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: \u2022 Volume discounts \u2022 Year-end rebates \u2022 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 fix 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 relate to: \u2022 Participation in flyers \u2022 Participation in advertising campaigns \u2022 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 are 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, or indirectly via other comprehensive income, 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; and\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 amortisable 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 amortisable 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 \u201cInsulated Panels\u201d.An impairment analysis was performed for the following CGU:\u2022 CGU \u201cInsulated Panels\u201dconsidering the majority of the Recticel goodwill is allocated to the CGU \u201cInsulated Panels\u201d. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence does 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 EURINSULATED PANELS OTHER TOTALGoodwill 74,097 2,370 76,467Other intangible assets 63,005 13,544 76,549Property, plant & equipment 31,337 120,493 151,830Assets under construction 1,061 7,872 8,933Right-of-use assets 619 39,284 39,903Total net book value 170,118 183,563 353,681of which impairments recognised during the period (13) (381) (394)For 2024: 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 are (i) based on the past experiences of the management and/or (ii) in line with trustworthy external information sources. It can not be excluded, however, 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 9.35% is used for all CGUs (11.1% in 2023). 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: 2023 2024 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%Pre-tax cost of debt 2.06% 1.25%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 11.06% 9.99%fmpRisk free interest rate = R 3.39% 3.46%fBeta 1.32 1.26Market equity risk premium = E 6.0% 5.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 23.9%Assumed inflation rate 2.0% 1.9%Pre-tax WACC (weighted average cost of capital) 11.1% 9.4%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 \u201cInsulated Panels\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this three-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cInsulated Panels\u201d amounts to 1.46 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 2025-2027 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 2026) 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, etc., 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)Insulated Panels 1.46 times book value 1.31 times book value 1.30 times book value 1.23 times book value 0.96 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, Trade receivables, other receivables and other financial assets.The Group\u2019s credit management processes continueto prove their effectiveness, resulting in no significantcredit 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, note 7.2.4.7, Discontinued operations. 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 Automotive InteriorsOn 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.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.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 note 7.2.4.3, Other operating revenues and expenses and note 7.2.5.15, Provisions.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, Contingent assets and liabilities.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, Employee benefit liabilities. 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, often with the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium 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 liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2.0 million at 31 December 2024 mainly due to an increase of deferred tax assets in Belgium as a result of increased performance compensated by the deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Rex Panels & Profiles SA.At 31 December 2024 deferred tax assets of EUR 27.4 million are recongnised mainly in Belgium (EUR 20.3 million), in Germany (EUR 2.5 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 0.8 million).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 its financial statements, Recticel has assessed the implications of climate change. This examination encompasses the disclosures outlined in Chapter 4.3, Navigating the landscape of risk and opportunity, as well as the Group\u2019s progress toward the Science Based Targets initiative (SBTi) near-term objectives. These 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.Recticel\u2019s commitments to the SBTi, which were validated in February 2024, are an integral part of the company\u2019s long-standing sustainability strategy. This strategy underwent a strategic transformation, culminating in June 2023 with the divestment of Recticel Engineered Foams, enabling Recticel to transition to a sole focus on insulation and set a growth target of 5% for its insulation business until 2030.In addition to its 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 the climate action plan, \u201cOur Race to Net-Zero,\u201d detailed in Chapter 2.3.3. The company\u2019s efforts concentrate on responsibly selecting raw materials, implementing sustainable and energy-efficient processes, and adopting eco-design principles.Key elements of Recticel\u2019s climate action plan include:1. Energy efficiency initiatives: Implementing measures to reduce energy consumption, enhance operational efficiency, and minimise 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: Recticel is transitioning its 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 should be noted that Recticel is not a high-energy consuming company, as demonstrated by the relatively low scope 1 and scope 2 GHG data. As it is using very low amounts of water in its manufacturing processes, water shortage is not considered as having an impact.As Recticel invests to achieve its near-term and net-zero SBTi targets, it carefully assesses the useful life of replaced assets and adjusts estimates accordingly. The company\u2019s 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 fulfil its SBTi commitments. Recticel has factored these considerations into its financial statements.In summary, the company\u2019s climate change considerations have not materially impacted its financial reporting judgments and estimates. Furthermore, Recticel concludes that climate change risks do not affect the going concern assessment.7.2.1.6 Geopolitical conflictsWar in UkraineCurrently, Recticel has no local operations in Russia, Ukraine or the Middle East (Gaza/Israel). Neither does Recticel export to Russia, Ukraine or Gaza/Israel. Consequently, there is no direct impact observed nor to be expected.However, it is not excluded that future operations and business may be affected indirectly by the conflicts. 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. US trade tariffsRecticel\u2019s operations both in the United States and in Europe primarily source there raw materials regionally. Hence the direct impact of the US trade tariffs on the operations seems to be limited. The investment in the new US plant is impacted because the equipment is mainly sourced from EU suppliers. On the medium term the US trade tariffs could result in an inflationary raw material trend which Recticel would manage in the same way as it is currently managing its material sourcing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 IFRS Accounting Standards as adopted by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2024 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 IFRS Accounting Standards as adopted by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2024 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 IFRS Accounting Standards as adopted by the European Union. The accounting standards applied in the consolidated financial statements for the year ended 31 December 2024 are consistent with those used to prepare the consolidated financial statements for the year ended 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__13": {
"value": "Currency of accountsThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 is 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 2024:On 10 January 2024, the acquisition of REX Panels & Profiles SA (100%).The following changes in the scope of consolidation took place during the year 2023:On 12 June 2023, the disposal of the Recticel Engineered Foams activities to US-based Carpenter Co. (note 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, the disposal of the 33% participation in Italian foam company Orsa Foam srl to its joint venture partner Orsa srl. \u2022 Orsa Foam srl",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__79": {
"value": "Subsidiaries Subsidiaries 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__18": {
"value": "Joint Ventures and Associates The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__17": {
"value": "Joint Ventures and Associates The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__16": {
"value": "Joint Ventures and Associates The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__80": {
"value": "Discontinued operations A 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 recongnised 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 amortised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__19-1": {
"value": "Discontinued operations A 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 recongnised 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 amortised.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__21-1": {
"value": "Business combinations Acquisitions 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, with the following exceptions: \u2022 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.\u2022 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.\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__20-1": {
"value": "Business combinations Acquisitions 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, with the following exceptions: \u2022 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.\u2022 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.\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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, are recognised in profit or loss when the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 (note 7.2.5.4, Right-of-use assets).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, PCs) 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 metres 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__64": {
"value": "Employee benefit liabilities\u2022 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 provision 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:\u2022 actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions;\u2022 the return on plan assets; and\u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__63-1": {
"value": "Employee benefit liabilities\u2022 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 provision 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:\u2022 actuarial gains and losses resulting from differences between previous actuarial assumptions and actual experience, and from changes in actuarial assumptions;\u2022 the return on plan assets; and\u2022 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 all its environmental risks and the corresponding provisions twice a year. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of pollution, clean-up techniques and other available information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 the 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, Share-based payments.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__69": {
"value": "Environmental liabilities Recticel analyses all its environmental risks and the corresponding provisions twice a year. The Group measures these provisions to the best of its knowledge of applicable regulations, the nature and extent of pollution, clean-up techniques and other available information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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: \u2022 Volume discounts \u2022 Year-end rebates \u2022 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 fix 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 relate to: \u2022 Participation in flyers \u2022 Participation in advertising campaigns \u2022 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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: \u2022 Volume discounts \u2022 Year-end rebates \u2022 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 fix 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__73": {
"value": "Interest income & expensesInterest income/expenses are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__72": {
"value": "Interest income & expensesInterest income/expenses are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__71": {
"value": "Interest income & expensesInterest income/expenses are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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, or indirectly via other comprehensive income, in which case the deferred tax is also dealt with in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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, or indirectly via other comprehensive income, in which case the deferred tax is also dealt with in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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; and\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 amortisable 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 amortisable 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 \u201cInsulated Panels\u201d.An impairment analysis was performed for the following CGU:\u2022 CGU \u201cInsulated Panels\u201dconsidering the majority of the Recticel goodwill is allocated to the CGU \u201cInsulated Panels\u201d. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence does 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 EURINSULATED PANELS OTHER TOTALGoodwill 74,097 2,370 76,467Other intangible assets 63,005 13,544 76,549Property, plant & equipment 31,337 120,493 151,830Assets under construction 1,061 7,872 8,933Right-of-use assets 619 39,284 39,903Total net book value 170,118 183,563 353,681of which impairments recognised during the period (13) (381) (394)For 2024: 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 are (i) based on the past experiences of the management and/or (ii) in line with trustworthy external information sources. It can not be excluded, however, 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 9.35% is used for all CGUs (11.1% in 2023). 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: 2023 2024 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%Pre-tax cost of debt 2.06% 1.25%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 11.06% 9.99%fmpRisk free interest rate = R 3.39% 3.46%fBeta 1.32 1.26Market equity risk premium = E 6.0% 5.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 23.9%Assumed inflation rate 2.0% 1.9%Pre-tax WACC (weighted average cost of capital) 11.1% 9.4%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 \u201cInsulated Panels\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this three-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cInsulated Panels\u201d amounts to 1.46 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 2025-2027 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 2026) 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, etc., 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)Insulated Panels 1.46 times book value 1.31 times book value 1.30 times book value 1.23 times book value 0.96 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, Trade receivables, other receivables and other financial assets.The Group\u2019s credit management processes continueto prove their effectiveness, resulting in no significantcredit 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, note 7.2.4.7, Discontinued operations. 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 Automotive InteriorsOn 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.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.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 note 7.2.4.3, Other operating revenues and expenses and note 7.2.5.15, Provisions.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, Contingent assets and liabilities.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, Employee benefit liabilities. 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, often with the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium 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 liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2.0 million at 31 December 2024 mainly due to an increase of deferred tax assets in Belgium as a result of increased performance compensated by the deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Rex Panels & Profiles SA.At 31 December 2024 deferred tax assets of EUR 27.4 million are recongnised mainly in Belgium (EUR 20.3 million), in Germany (EUR 2.5 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 0.8 million).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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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; and\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 amortisable 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 amortisable 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 \u201cInsulated Panels\u201d.An impairment analysis was performed for the following CGU:\u2022 CGU \u201cInsulated Panels\u201dconsidering the majority of the Recticel goodwill is allocated to the CGU \u201cInsulated Panels\u201d. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence does 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 EURINSULATED PANELS OTHER TOTALGoodwill 74,097 2,370 76,467Other intangible assets 63,005 13,544 76,549Property, plant & equipment 31,337 120,493 151,830Assets under construction 1,061 7,872 8,933Right-of-use assets 619 39,284 39,903Total net book value 170,118 183,563 353,681of which impairments recognised during the period (13) (381) (394)For 2024: 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 are (i) based on the past experiences of the management and/or (ii) in line with trustworthy external information sources. It can not be excluded, however, 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 9.35% is used for all CGUs (11.1% in 2023). 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: 2023 2024 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%Pre-tax cost of debt 2.06% 1.25%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 11.06% 9.99%fmpRisk free interest rate = R 3.39% 3.46%fBeta 1.32 1.26Market equity risk premium = E 6.0% 5.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 23.9%Assumed inflation rate 2.0% 1.9%Pre-tax WACC (weighted average cost of capital) 11.1% 9.4%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 \u201cInsulated Panels\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this three-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cInsulated Panels\u201d amounts to 1.46 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 2025-2027 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 2026) 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, etc., 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)Insulated Panels 1.46 times book value 1.31 times book value 1.30 times book value 1.23 times book value 0.96 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, Trade receivables, other receivables and other financial assets.The Group\u2019s credit management processes continueto prove their effectiveness, resulting in no significantcredit 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, note 7.2.4.7, Discontinued operations. 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 Automotive InteriorsOn 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.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.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 note 7.2.4.3, Other operating revenues and expenses and note 7.2.5.15, Provisions.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, Contingent assets and liabilities.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, Employee benefit liabilities. 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, often with the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium 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 liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2.0 million at 31 December 2024 mainly due to an increase of deferred tax assets in Belgium as a result of increased performance compensated by the deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Rex Panels & Profiles SA.At 31 December 2024 deferred tax assets of EUR 27.4 million are recongnised mainly in Belgium (EUR 20.3 million), in Germany (EUR 2.5 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 0.8 million).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.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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; and\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 amortisable 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 amortisable 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 \u201cInsulated Panels\u201d.An impairment analysis was performed for the following CGU:\u2022 CGU \u201cInsulated Panels\u201dconsidering the majority of the Recticel goodwill is allocated to the CGU \u201cInsulated Panels\u201d. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence does 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 EURINSULATED PANELS OTHER TOTALGoodwill 74,097 2,370 76,467Other intangible assets 63,005 13,544 76,549Property, plant & equipment 31,337 120,493 151,830Assets under construction 1,061 7,872 8,933Right-of-use assets 619 39,284 39,903Total net book value 170,118 183,563 353,681of which impairments recognised during the period (13) (381) (394)For 2024: 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 are (i) based on the past experiences of the management and/or (ii) in line with trustworthy external information sources. It can not be excluded, however, 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 9.35% is used for all CGUs (11.1% in 2023). 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: 2023 2024 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%Pre-tax cost of debt 2.06% 1.25%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 11.06% 9.99%fmpRisk free interest rate = R 3.39% 3.46%fBeta 1.32 1.26Market equity risk premium = E 6.0% 5.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 23.9%Assumed inflation rate 2.0% 1.9%Pre-tax WACC (weighted average cost of capital) 11.1% 9.4%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 \u201cInsulated Panels\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this three-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cInsulated Panels\u201d amounts to 1.46 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 2025-2027 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 2026) 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, etc., 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)Insulated Panels 1.46 times book value 1.31 times book value 1.30 times book value 1.23 times book value 0.96 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, Trade receivables, other receivables and other financial assets.The Group\u2019s credit management processes continueto prove their effectiveness, resulting in no significantcredit 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, note 7.2.4.7, Discontinued operations. 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 Automotive InteriorsOn 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.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.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 note 7.2.4.3, Other operating revenues and expenses and note 7.2.5.15, Provisions.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, Contingent assets and liabilities.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, Employee benefit liabilities. 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, often with the assistance of external tax advisors. There are several tax audits ongoing in the Group, notably in Belgium 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 liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2.0 million at 31 December 2024 mainly due to an increase of deferred tax assets in Belgium as a result of increased performance compensated by the deferred tax liabilities on intangible assets, resulting from the purchase price allocation of the acquisition in Rex Panels & Profiles SA.At 31 December 2024 deferred tax assets of EUR 27.4 million are recongnised mainly in Belgium (EUR 20.3 million), in Germany (EUR 2.5 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 0.8 million).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.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__83": {
"value": "Impairments on goodwill, intangible assets and property, plant and equipment and right-of-use assetsFor amortisable 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 amortisable 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 \u201cInsulated Panels\u201d.An impairment analysis was performed for the following CGU:\u2022 CGU \u201cInsulated Panels\u201dconsidering the majority of the Recticel goodwill is allocated to the CGU \u201cInsulated Panels\u201d. For the other CGUs, the amount of goodwill is immaterial compared to the total amount of goodwill and hence does 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 EURINSULATED PANELS OTHER TOTALGoodwill 74,097 2,370 76,467Other intangible assets 63,005 13,544 76,549Property, plant & equipment 31,337 120,493 151,830Assets under construction 1,061 7,872 8,933Right-of-use assets 619 39,284 39,903Total net book value 170,118 183,563 353,681of which impairments recognised during the period (13) (381) (394)For 2024: 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 are (i) based on the past experiences of the management and/or (ii) in line with trustworthy external information sources. It can not be excluded, however, 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 9.35% is used for all CGUs (11.1% in 2023). 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: 2023 2024 Gearing: net financial debt/total equity 50% 50%% net financial debt 33% 33%% total equity 67% 67%Pre-tax cost of debt 2.06% 1.25%Pre-tax cost of equity = (R + (E * Beta) + S)/(1-T) 11.06% 9.99%fmpRisk free interest rate = R 3.39% 3.46%fBeta 1.32 1.26Market equity risk premium = E 6.0% 5.0%mSmall cap premium = S 1.65% 1.65%pCorporate tax rate = T 21.9% 23.9%Assumed inflation rate 2.0% 1.9%Pre-tax WACC (weighted average cost of capital) 11.1% 9.4%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 \u201cInsulated Panels\u201d the value-in-use model projections are based on budgets and financial plans covering in total a three-year period. After this three-year period, a perpetuity value is taken into account without growth rate.On this basis, the value-in-use of the CGU \u201cInsulated Panels\u201d amounts to 1.46 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 2025-2027 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 2026) 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, etc., 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)Insulated Panels 1.46 times book value 1.31 times book value 1.30 times book value 1.23 times book value 0.96 times book valueFor Investments in other associates an impairment test is performed at least annually.",
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"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__87": {
"value": "7.2.1.5 Climate changeIn compiling its financial statements, Recticel has assessed the implications of climate change. This examination encompasses the disclosures outlined in Chapter 4.3, Navigating the landscape of risk and opportunity, as well as the Group\u2019s progress toward the Science Based Targets initiative (SBTi) near-term objectives. These 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.Recticel\u2019s commitments to the SBTi, which were validated in February 2024, are an integral part of the company\u2019s long-standing sustainability strategy. This strategy underwent a strategic transformation, culminating in June 2023 with the divestment of Recticel Engineered Foams, enabling Recticel to transition to a sole focus on insulation and set a growth target of 5% for its insulation business until 2030.In addition to its 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 the climate action plan, \u201cOur Race to Net-Zero,\u201d detailed in Chapter 2.3.3. The company\u2019s efforts concentrate on responsibly selecting raw materials, implementing sustainable and energy-efficient processes, and adopting eco-design principles.Key elements of Recticel\u2019s climate action plan include:1. Energy efficiency initiatives: Implementing measures to reduce energy consumption, enhance operational efficiency, and minimise 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: Recticel is transitioning its 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 should be noted that Recticel is not a high-energy consuming company, as demonstrated by the relatively low scope 1 and scope 2 GHG data. As it is using very low amounts of water in its manufacturing processes, water shortage is not considered as having an impact.As Recticel invests to achieve its near-term and net-zero SBTi targets, it carefully assesses the useful life of replaced assets and adjusts estimates accordingly. The company\u2019s 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 fulfil its SBTi commitments. Recticel has factored these considerations into its financial statements.In summary, the company\u2019s climate change considerations have not materially impacted its financial reporting judgments and estimates. Furthermore, Recticel concludes that climate change risks do not affect the going concern assessment.",
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"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 EUR2023 2024Belgium 75,159 94,414France 83,840 96,932The Netherlands 48,675 65,994Germany 19,137 22,609Slovenia 15,943 16,786Other EU countries 105,315 100,423European Union 348,069 397,158United Kingdom 132,025 162,959United States of America 21,020 24,774Other 28,313 25,305TOTAL 529,426 610,196Reliance on major customersIn 2024, none of the customers represented more than 10% of total sales.The top ten customers of the Group represent 20.31% (2023: 23.64%) of total consolidated sales.Intangible assets \u2013 Property, plant & equipment \u2013 Right-of-use assets \u2013 Investment propertyin thousand EURACQUISITIONS, INCLUDING OWN PRODUCTION31 DEC 2023 31 DEC 2024 2023 2024Belgium 40,265 96,122 6,403 16,583France 19,362 21,216 3,848 4,293Germany 2,523 2,473 161 21Slovenia 100,773 100,571 9,879 9,559Other EU countries 19,945 18,429 563 458European Union 182,868 238,812 20,854 30,914China 0 0 0 0Switzerland 0 0 0 0United Kingdom 22,984 25,672 1,048 1,404United States of America 6,981 7,014 911 1,487Other 5,719 5,717 182 281TOTAL 218,551 277,214 22,995 34,085",
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"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 EUR2023 2024Belgium 75,159 94,414France 83,840 96,932The Netherlands 48,675 65,994Germany 19,137 22,609Slovenia 15,943 16,786Other EU countries 105,315 100,423European Union 348,069 397,158United Kingdom 132,025 162,959United States of America 21,020 24,774Other 28,313 25,305TOTAL 529,426 610,196Reliance on major customersIn 2024, none of the customers represented more than 10% of total sales.The top ten customers of the Group represent 20.31% (2023: 23.64%) of total consolidated sales.7.2.5.9 Contract assets and contract liabilitiesThe following schedule presents the overview of contract assets and liabilities following the application of IFRS 15 in 2024 and includes both the impact of the opening balance and the movements of the period.For the year ending 31 December 2024:in thousand EURCONSIDERATION RELEASE TRANSFER TO CLOSING BALANCE BUSINESS EXCHANGE RATE OPENING BALANCEPAYABLE TO TO INCOME RECLASSIFICATIONDISCONTINUED CHANGE IN SCOPEAT THE END OF THE COMBINATIONSDIFFERENCESCUSTOMERSSTATEMENTOPERATIONSPERIODNon-current contract assets - Consideration payable to a 0 0 0 0 0 0 0 0 0customerNon-current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Tooling 0 0 0 0 0 0 0 0 0& PackagingNon-current contract assets 0 0 0 0 0 0 0 0 0Current contract assets - Consideration payable to a 0 0 0 0 0 0 0 0 0customerCurrent contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Tooling & 0 0 0 0 0 0 0 0 0PackagingCurrent contract assets 0 0 0 0 0 0 0 0 0Total contract assets 0 0 0 0 0 0 0 0 0Non-current contract liabilities - Mould revenue recognition 0 0 0 0 0 0 0 0 0before SOP (start of production)Non-current contract liabilities - Mould revenue recognition 0 0 0 0 0 0 0 0 0after SOP (start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 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 0 0recognition after SOP (start of production)Non-current contract liabilities 0 0 0 0 0 0 0 0 0Contract liabilities - Expected rebates and volume discounts 8,037 0 0 2,024 (803) 320 0 0 9,577Contract liabilities - Long term agreements 0 0 0 0 0 0 0 0 0Contract liabilities - Moulds revenue recognition 0 0 0 0 0 0 0 0 0Contract liabilities - Tooling & Packaging revenue recognition 0 0 0 0 0 0 0 0 0Current contract liabilities 8,037 0 0 2,024 (803) 320 0 0 9,577Total contract liabilities 8,037 0 0 2,024 (803) 320 0 0 9,577In 2024 the rebate contract liabilities increased in line with increased sales.For the year ending 31 December 2023:in thousand EURCONSIDERATION RELEASE TRANSFER TO CLOSING BALANCE BUSINESS EXCHANGE RATE OPENING BALANCEPAYABLE TO TO INCOME RECLASSIFICATIONDISCONTINUED CHANGE IN SCOPEAT THE END OF THE COMBINATIONSDIFFERENCESCUSTOMERSSTATEMENTOPERATIONSPERIODNon-current contract assets - Consideration payable to a 0 0 0 0 0 0 0 0 0customerNon-current contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0 0Non-current contract assets - Contracts in progress Tooling 0 0 0 0 0 0 0 0 0& PackagingNon-current contract assets 0 0 0 0 0 0 0 0 0Current contract assets - Consideration payable to a 0 0 0 0 0 0 0 0 0customerCurrent contract assets - Contracts in progress Moulds 0 0 0 0 0 0 0 0 0Current contract assets - Contracts in progress Tooling & 0 0 0 0 0 0 0 0 0PackagingCurrent contract assets 0 0 0 0 0 0 0 0 0Total contract assets 0 0 0 0 0 0 0 0 0Non-current contract liabilities - Mould revenue recognition 0 0 0 0 0 0 0 0 0before SOP (start of production)Non-current contract liabilities - Mould revenue recognition 0 0 0 0 0 0 0 0 0after SOP (start of production)Non-current contract liabilities - Tooling & Packaging revenue 0 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 0 0recognition after SOP (start of production)Non-current contract liabilities 0 0 0 0 0 0 0 0 0Contract liabilities - Expected rebates and volume discounts 7,587 0 0 1,138 (805) 116 0 0 8,037Contract liabilities - Long term agreements 0 0 0 0 0 0 0 0 0Contract liabilities - Moulds revenue recognition 0 0 0 0 0 0 0 0 0Contract liabilities - Tooling & Packaging revenue recognition 0 0 0 0 0 0 0 0 0Current contract liabilities 7,587 0 0 1,138 (805) 116 0 0 8,037Total contract liabilities 7,587 0 0 1,138 (805) 116 0 0 8,037",
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"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 EUR2023 2024Belgium 75,159 94,414France 83,840 96,932The Netherlands 48,675 65,994Germany 19,137 22,609Slovenia 15,943 16,786Other EU countries 105,315 100,423European Union 348,069 397,158United Kingdom 132,025 162,959United States of America 21,020 24,774Other 28,313 25,305TOTAL 529,426 610,196Reliance on major customersIn 2024, none of the customers represented more than 10% of total sales.The top ten customers of the Group represent 20.31% (2023: 23.64%) of total consolidated sales.",
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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 2024:On 10 January 2024, the acquisition of REX Panels & Profiles SA (100%).The following changes in the scope of consolidation took place during the year 2023:On 12 June 2023, the disposal of the Recticel Engineered Foams activities to US-based Carpenter Co. (note 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, the disposal of the 33% participation in Italian foam company Orsa Foam srl to its joint venture partner Orsa srl. \u2022 Orsa Foam srl7.2.5.5 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 2023 31 DEC 2024Bulgaria Trimo Bulgaria OOD Kan Asparu str. 7, Triaditza District - Sofia City 70.00 (b)0.00Belgium Balim NV/SA 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 100.00 100.00(a)Rex Panels & Profiles NV/SA Rue du Mont des Carliers(BL) - 7522 Blandain 100.00 Finland Recticel Insulation oy Gneissitie 2 - 04600 M\u00e4nts\u00e4l\u00e4 100.00 100.00France Recticel Insulation SAS 1, rue Ferdinand de Lesseps - 18000 Bourges 100.00 100.00Frina Mousse France SARL 1 Rue Jasmin - 68270 Wittenheim 100.00 100.00Germany Recticel Deutschland Beteiligungs GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Grundst\u00fccksverwaltung GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Verwaltung GmbH & Co. KG Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00The Squaire Business Center, Am Flughafen 12, 5th Floor, 60549 Trimo DE GmbH100.00 100.00Frankfurt Am MainLuxembourg Recticel RE SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Recticel Luxembourg SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Macedonia Trimo Makedonija DOOEL Londonska 19/15 \u2013 DTC Olimpiko, 1000 Skopje 100.00 100.00The Netherlands Recticel BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Recticel International BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Trimo Benelux BV Dorpstraat 63 - 5761 BM Bakel 100.00 100.00% shareholding in31 DEC 2023 31 DEC 2024Poland Recticel Insulation Materials sp. z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00(c)Recticel International Services sp.z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 0.00 Trimo Polska sp. z o.o. ul. Obrzezna 5 - 02-691 Warsaw 100.00 100.00Serbia Trimo In\u017eenjering d.o.o. Novo naselje 9 - 22310 Simanovci 100.00 100.00Slovakia Trimo Slovakia spol s.r.o. Lovinsk\u00e9ho 4653 - 81104 Bratislava 25.00 25.00Slovenia Trimo d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Trimo MSS d.d. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Tinde d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Turvac 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 13.59Sweden Recticel Insulation Sweden AB Torsgatan 2 - 11175 Stockholm 100.00 100.00United Kingdom (d)Gradient Insulations (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 0.00 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 100.00 100.00United States of America The Soundcoat Company, Inc. Burt Drive 1 PO Box 25990 - NY 11729 Deer Park, County of Suffolk 100.00 100.00United Arab Emirates Trimo DCS FZE Fujairah Free Zone 2 - Fujairah 100.00 100.00(a) Entity part of the acquisition of Rex Panels & Profiles NV/SA (b) Liquidated on 31 December 2023(c) Transferred to Carpenter Co. on 1 January 2024(d) Liquidated on 31 December 2024Significant 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, (iii) an aggregate amount of EUR 35.1 million in favour of Carpenter Co. and (iv) an aggregate amount of EUR 3.0 million in favour of the insurer HDI Global.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 higher 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 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.5 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 2023 31 DEC 2024GermanyTEMDA2 GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00Apart from having the approval of 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.3. Non-consolidated entitiesSome subsidiaries that are 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. Recticel does not have any non-consolidated entities.7.2.5.6 Interests in joint ventures, associates and other associatesA list of the significant investments in joint ventures and associates is included in note 7.2.5.5, Subsidiaries, joint ventures, associates and other associates.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 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 2023 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2024At the end of the preceding period 0 0 9,520 9,520 0 0 (0) 0Movements 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\u2019s share in the result for the period 0 0 (1,772) (1,772) 0 0 0 0Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 0 (1,772) (1,772) 0 0 0 0Dividends 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 0 0 0 0 0 0 0Impairment 0 0 (7,748) (7,748) 0 0 0 0Other 0 0 0 0 0 0 0 0At the end of the period 0 0 (0) 0 0 0 (0) 0In 2024, considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered.In 2023, based on the FY2023 and the Budget 2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. On 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 recognised 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).Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 66,757 52,778Current assets 0 0 71,126 59,864Total assets 0 0 137,883 112,642Non-current liabilities 0 0 (45,970) (11,848)Current liabilities 0 0 (76,101) (92,752)Total liabilities 0 0 (122,071) (104,600)Net equity 0 0 15,812 8,042Revenue 0 0 143,216 104,451Profit (loss) of the period 0 0 (20,794) (5,834)In 2023 Recticel divested its 33% participation in Orsa Foam srl to its joint venture partner Orsa srl.in thousand EURORSA FOAM TEMDA231 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Net equity (Group share) 0 0 7,748 0Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 0 0Impairment 0 0 7,748 0Carrying amount of interests in associate 0 0 0 0On 01 July 2020, Recticel NV/SA announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH (now Ascorium Holding GmbH), a joint venture set up between the German private equity player Admetos (51%) and Recticel NV/SA (49%). The joint venture shareholder agreement contained reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which were exercisable as from March 2024.At the time of the divestment on 30 June 2020, Recticel NV/SA granted a subordinated vendor loan of EUR 10 million (maturity 2027) to TEMDA2 GmbH. On 31 December 2024, the TEMDA2 GmbH vendor loan (receivable) included accumulated interest and amounted to EUR 11.5 million.Furthermore, Recticel also provided corporate guarantees on first demand towards KBC Bank and BNP Paribas Bank which had provided Temda2 GmbH with an acquisition loan of EUR 25 million and Ascorium Group with a revolving credit facility of EUR 20 million with a duration of five years. A further corporate guarantee was provided towards KBC Bank in 2022 for an amount of EUR 2.75 million to finance a sprinkler system for one of Ascorium\u2019s production sites in Czech Republic.Given the economic consequences of the Ukraine crisis in 2022 and 2023, leading to increased financing costs and reduced automotive business prospects, Ascorium requested an extension of the KBC Bank and BNP Paribas Bank financings and the accompanying Recticel corporate guarantees.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.Despite the overall negative evolution in the automotive sector over the past year, the Ascorium business continues to generate a positive recurring Ebitda, but negative EAT due to the increased financing and financing costs. At the same time, Ascorium has been successful in obtaining new projects allowing to grow the business again as of 2027, while requiring at the same time substantial capex and working capital investments, for which additional financing may be required.Given the continuing uncertainty in the automotive market, Recticel cannot exclude that the above mentioned vendor loan may not be (fully) recuperated, nor can it exclude that at some point, the above mentioned corporate guarantees towards KBC Bank and BNP Paribas Bank will be partly or fully called upon. The maximum risk exposure for Recticel NV/SA in this context amounts to EUR 59.8 million. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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"value": "7.2.4.2 General and administrative expenses - Sales and marketing expenses \u2013 Research and development expensesGeneral and administrative expenses increased by EUR 7.7 million to EUR 43.3 million. This increase is mainly explained by the business combination Rex Panels & Profiles SA (EUR 4.8 million) and the inflationary impact.Sales and marketing expenses remained stable at EUR 30.4 million. Research and development expenses increased from EUR 4.6 million to EUR 4.9 million.",
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"value": "7.2.4.2 General and administrative expenses - Sales and marketing expenses \u2013 Research and development expensesGeneral and administrative expenses increased by EUR 7.7 million to EUR 43.3 million. This increase is mainly explained by the business combination Rex Panels & Profiles SA (EUR 4.8 million) and the inflationary impact.Sales and marketing expenses remained stable at EUR 30.4 million. Research and development expenses increased from EUR 4.6 million to EUR 4.9 million.",
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"value": "7.2.4.3 Other operating revenues and expensesin thousand EUR2023 2024Other operating revenues 4,727 6,366Other operating expenses (11,380) (20,465)TOTAL (6,653) (14,099)Restructuring charges (including site closure, onerous contracts and clean-up costs) (3,118) (7,876)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 61 260Gain (Loss) on investment operations 10 0IAS 19 Pensions and other similar obligations (66) (337)Provisions 1,099 1,071Fees consultancy and subcontractors (815) (430)Other expenses (5,147) (10,417)Other revenues 1,323 3,631TOTAL (6,653) (14,099)Other operating revenuesIn 2024, other operating revenues mainly consist of the invoicing of transitional (IT) services to Carpenter Co. and Aquinos, insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2024, reorganisation charges (EUR -7.9 million) relate to restructuring measures in Belgium, France, Germany, UK and Slovenia. Fees consultancy and subcontractorsIn 2024, this item relates to legal and advisory fees.Other expensesIn 2024, the other expenses mainly relate to the intangible and tangible assets amortisation of the business combination Rex Panels & Profiles SA and Trimo.",
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"value": "7.2.4.3 Other operating revenues and expensesin thousand EUR2023 2024Other operating revenues 4,727 6,366Other operating expenses (11,380) (20,465)TOTAL (6,653) (14,099)Restructuring charges (including site closure, onerous contracts and clean-up costs) (3,118) (7,876)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 61 260Gain (Loss) on investment operations 10 0IAS 19 Pensions and other similar obligations (66) (337)Provisions 1,099 1,071Fees consultancy and subcontractors (815) (430)Other expenses (5,147) (10,417)Other revenues 1,323 3,631TOTAL (6,653) (14,099)Other operating revenuesIn 2024, other operating revenues mainly consist of the invoicing of transitional (IT) services to Carpenter Co. and Aquinos, insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2024, reorganisation charges (EUR -7.9 million) relate to restructuring measures in Belgium, France, Germany, UK and Slovenia. Fees consultancy and subcontractorsIn 2024, this item relates to legal and advisory fees.Other expensesIn 2024, the other expenses mainly relate to the intangible and tangible assets amortisation of the business combination Rex Panels & Profiles SA and Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__98": {
"value": "7.2.4.3 Other operating revenues and expensesin thousand EUR2023 2024Other operating revenues 4,727 6,366Other operating expenses (11,380) (20,465)TOTAL (6,653) (14,099)Restructuring charges (including site closure, onerous contracts and clean-up costs) (3,118) (7,876)Gain (Loss) on disposal of intangible, tangible and right-of-use assets 61 260Gain (Loss) on investment operations 10 0IAS 19 Pensions and other similar obligations (66) (337)Provisions 1,099 1,071Fees consultancy and subcontractors (815) (430)Other expenses (5,147) (10,417)Other revenues 1,323 3,631TOTAL (6,653) (14,099)Other operating revenuesIn 2024, other operating revenues mainly consist of the invoicing of transitional (IT) services to Carpenter Co. and Aquinos, insurance premiums at Recticel\u2019s insurance captive, subventions and indemnities.RestructuringIn 2024, reorganisation charges (EUR -7.9 million) relate to restructuring measures in Belgium, France, Germany, UK and Slovenia. Fees consultancy and subcontractorsIn 2024, this item relates to legal and advisory fees.Other expensesIn 2024, the other expenses mainly relate to the intangible and tangible assets amortisation of the business combination Rex Panels & Profiles SA and Trimo.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__101": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows:in thousand EUR2023 2024Sales 529,426 610,196Purchases and changes in inventories (329,505) (386,546)Other goods and services (97,930) (95,193)Labour costs (82,463) (91,675)Amortisation and depreciation on non-current assets (23,270) (30,679)Impairments on non-current assets (293) (394)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,566) (184)Amounts written back/(off) on receivables 15 218Provisions 1,304 (54)Gain/(Loss) on disposal intangible and tangible assets 61 260Gain/(Loss) on trade receivables (434) (178)Operating taxes (2,654) (2,582)Other operating expenses (665) (2,725)Own production 1,232 793Operating subsidies 905 114Commissions and royalty income 691 (57)Operating lease income 1,140 1,290Service fees 4,018 1,018Other operating income 12,571 7,869Operating profit (loss) 12,582 11,489Sales: Sales increased by 15.3% from EUR 529.4 million to EUR 610.2 million.The sales increase was driven by higher volumes as a result of higher market shares.Purchases and changes in inventories increased as a result of higher sales. Other goods and services comprises mainly transportation costs (EUR 44.3 million versus EUR 35.3 million in 2023), operating lease expenses (EUR 1.2 million versus EUR 1.9 million in 2023), supplies (EUR 7.0 million versus EUR 8.7 million in 2023), fees (EUR 12.2 million versus EUR 12.4 million in 2023), repair and maintenance costs (EUR 6.4 million versus EUR 5.2 million in 2023), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.5 million in 2023), travel expenses (EUR 3.4 million versus EUR 3.1 million in 2023), administrative expenses (EUR 4.0 million versus EUR 4.2 million in 2023), insurance expenses (EUR 6.7 million versus EUR 8.2 million in 2023) and quality claims (EUR -3.0 million versus EUR 3.1 million in 2023). Labour costs increased (EUR 91.7 million versus EUR 82.5 million in 2023) mainly due to the addition of the business combination Rex Panels & Profiles SA for 12 months and increased production volumes.Amortisation and depreciation on non-current assets increased (EUR 30.7 million versus EUR 23.3 million in 2023) due to the Rex Panels & Profiles SA acquisition.Other operating expenses increased (EUR 2.7 million versus EUR 0.7 million in 2023).Other operating income decreased (EUR 7.9 million versus EUR 12.6 million in 2023) and mainly consisted 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__97": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows:in thousand EUR2023 2024Sales 529,426 610,196Purchases and changes in inventories (329,505) (386,546)Other goods and services (97,930) (95,193)Labour costs (82,463) (91,675)Amortisation and depreciation on non-current assets (23,270) (30,679)Impairments on non-current assets (293) (394)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,566) (184)Amounts written back/(off) on receivables 15 218Provisions 1,304 (54)Gain/(Loss) on disposal intangible and tangible assets 61 260Gain/(Loss) on trade receivables (434) (178)Operating taxes (2,654) (2,582)Other operating expenses (665) (2,725)Own production 1,232 793Operating subsidies 905 114Commissions and royalty income 691 (57)Operating lease income 1,140 1,290Service fees 4,018 1,018Other operating income 12,571 7,869Operating profit (loss) 12,582 11,489Sales: Sales increased by 15.3% from EUR 529.4 million to EUR 610.2 million.The sales increase was driven by higher volumes as a result of higher market shares.Purchases and changes in inventories increased as a result of higher sales. Other goods and services comprises mainly transportation costs (EUR 44.3 million versus EUR 35.3 million in 2023), operating lease expenses (EUR 1.2 million versus EUR 1.9 million in 2023), supplies (EUR 7.0 million versus EUR 8.7 million in 2023), fees (EUR 12.2 million versus EUR 12.4 million in 2023), repair and maintenance costs (EUR 6.4 million versus EUR 5.2 million in 2023), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.5 million in 2023), travel expenses (EUR 3.4 million versus EUR 3.1 million in 2023), administrative expenses (EUR 4.0 million versus EUR 4.2 million in 2023), insurance expenses (EUR 6.7 million versus EUR 8.2 million in 2023) and quality claims (EUR -3.0 million versus EUR 3.1 million in 2023). Labour costs increased (EUR 91.7 million versus EUR 82.5 million in 2023) mainly due to the addition of the business combination Rex Panels & Profiles SA for 12 months and increased production volumes.Amortisation and depreciation on non-current assets increased (EUR 30.7 million versus EUR 23.3 million in 2023) due to the Rex Panels & Profiles SA acquisition.Other operating expenses increased (EUR 2.7 million versus EUR 0.7 million in 2023).Other operating income decreased (EUR 7.9 million versus EUR 12.6 million in 2023) and mainly consisted 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"value": "7.2.4.4 Operating profit (loss)The components (by nature) of the Operating profit (loss) are as follows:in thousand EUR2023 2024Sales 529,426 610,196Purchases and changes in inventories (329,505) (386,546)Other goods and services (97,930) (95,193)Labour costs (82,463) (91,675)Amortisation and depreciation on non-current assets (23,270) (30,679)Impairments on non-current assets (293) (394)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,566) (184)Amounts written back/(off) on receivables 15 218Provisions 1,304 (54)Gain/(Loss) on disposal intangible and tangible assets 61 260Gain/(Loss) on trade receivables (434) (178)Operating taxes (2,654) (2,582)Other operating expenses (665) (2,725)Own production 1,232 793Operating subsidies 905 114Commissions and royalty income 691 (57)Operating lease income 1,140 1,290Service fees 4,018 1,018Other operating income 12,571 7,869Operating profit (loss) 12,582 11,489Sales: Sales increased by 15.3% from EUR 529.4 million to EUR 610.2 million.The sales increase was driven by higher volumes as a result of higher market shares.Purchases and changes in inventories increased as a result of higher sales. Other goods and services comprises mainly transportation costs (EUR 44.3 million versus EUR 35.3 million in 2023), operating lease expenses (EUR 1.2 million versus EUR 1.9 million in 2023), supplies (EUR 7.0 million versus EUR 8.7 million in 2023), fees (EUR 12.2 million versus EUR 12.4 million in 2023), repair and maintenance costs (EUR 6.4 million versus EUR 5.2 million in 2023), advertising/fairs/exhibition costs (EUR 2.5 million versus EUR 2.5 million in 2023), travel expenses (EUR 3.4 million versus EUR 3.1 million in 2023), administrative expenses (EUR 4.0 million versus EUR 4.2 million in 2023), insurance expenses (EUR 6.7 million versus EUR 8.2 million in 2023) and quality claims (EUR -3.0 million versus EUR 3.1 million in 2023). Labour costs increased (EUR 91.7 million versus EUR 82.5 million in 2023) mainly due to the addition of the business combination Rex Panels & Profiles SA for 12 months and increased production volumes.Amortisation and depreciation on non-current assets increased (EUR 30.7 million versus EUR 23.3 million in 2023) due to the Rex Panels & Profiles SA acquisition.Other operating expenses increased (EUR 2.7 million versus EUR 0.7 million in 2023).Other operating income decreased (EUR 7.9 million versus EUR 12.6 million in 2023) and mainly consisted 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__102": {
"value": "in thousand EUR2023 2024Sales 529,426 610,196Purchases and changes in inventories (329,505) (386,546)Other goods and services (97,930) (95,193)Labour costs (82,463) (91,675)Amortisation and depreciation on non-current assets (23,270) (30,679)Impairments on non-current assets (293) (394)Amounts written back/(off) on affiliated investments 0 0Amounts written back/(off) on inventories (1,566) (184)Amounts written back/(off) on receivables 15 218Provisions 1,304 (54)Gain/(Loss) on disposal intangible and tangible assets 61 260Gain/(Loss) on trade receivables (434) (178)Operating taxes (2,654) (2,582)Other operating expenses (665) (2,725)Own production 1,232 793Operating subsidies 905 114Commissions and royalty income 691 (57)Operating lease income 1,140 1,290Service fees 4,018 1,018Other operating income 12,571 7,869Operating profit (loss) 12,582 11,489Sales: Sales increased by 15.3% from EUR 529.4 million to EUR 610.2 million.The sales increase was driven by higher volumes as a result of higher market shares.Purchases and changes in inventories increased as a result of higher sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__110": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__109": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__108": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__107": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__106": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__105": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__104": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"value": "7.2.4.5 Financial resultin thousand EUR2023 2024Interest on lease liabilities (560) (867)Interest on long-term bank loans (3,545) (295)Interest on short-term bank loans & overdraft (3,722) (789)Net interest charges on Interest Rate Swaps and Foreign Currency Swaps 22 22Total borrowing cost (7,805) (1,930)Interest income from bank deposits 156 429Interest income from financial receivables 3,781 3,525Interest income from financial receivables and cash 3,937 3,955Interest charges on other debts (63) (124)Interest income on other receivables 10 386Total other interest (53) 262Interest income and expenses (3,921) 2,287Exchange rate differences 18 1,282Net interest cost IAS 19 (410) (339)Other financial result 247 149Total other financial result (144) 1,092Financial result (4,065) 3,380Interest costs on long and short-term bank loans have decreased from EUR -7.8 million to EUR -1.9 million following the proceeds from the divestment of Recticel Engineered Foams to Carpenter Co. The interest income on cash remained stable at EUR +3.9 million, the full year net cash position impact being offset by lower interest rates.The exchange rate income stems from the realized exchange gains on trade receivables EUR +0.7 million primarily in the UK and unrealized exchange gains on financial receivables EUR +0.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__112": {
"value": "Income taxes1. Income tax chargesin thousand EUR2023 2024Recognised in the income statementCurrent tax expense:Current year (4,010) (4,139)Adjustments in respect of prior year (447) (1,794)Total current tax expense \u00b9 (4,457) (5,933)Deferred tax expense:Origination and reversal of temporary differences and tax losses 7,426 163Unrecognised deferred tax assets on current year\u2019s losses (7,311) (740)Recognition of deferred tax assets previously not recognised 955 4,962Derecognition of previously recognised deferred tax assets (2,387) (94)Effect of changes in tax rates on deferred taxes (1,652) 426Adjustments for prior periods (561) 2,708Other deferred tax expenses 0 (16)Total deferred tax expense \u00b2 (3,530) 7,409Total tax expense on continuing operations (7,986) 1,476 The current tax expenses increased in 2024 compared to 2023 further to the realisation of higher profits in 2024.2 The deferred tax expenses decreased from EUR -3.5 million expenses in 2023 to EUR 7.4 million income in 2024 primarily thanks to a one-time positive effect of the recognition of DTA as a result of better future operational expectations in Belgium.in thousand EUR2023 2024Reconciliation of effective tax rateProfit (loss) before taxes - continuing operations (1,002) 14,868Minus income from associates 0Minus income from other associates 1,772 0Minus impairment other associates 7,748 0Result before tax and income from (other) associates 8,517 14,868Group\u2019s domestic tax rate 25.00% 25.00%Tax at the Group\u2019s domestic income tax rate (2,129) (3,717)Effect of different tax rates of subsidiaries operating in different jurisdictions 188 (70)Tax effect of non-deductible expenses (1,326) (1,336)Tax effect of non-taxable income 433 917Tax effect of tax incentives 119 292Unrecognised deferred tax assets on current year\u2019s losses \u00b2 (7,311) (740)955 4,962Recognition of deferred tax assets previously not recognised Derecognition of deferred tax assets previously recognised 2(2,387) (94)Effect of changes in tax rates on deferred taxes 3(1,652) 426Tax effect of current and deferred tax adjustments related to prior years (1,008) 91446,132 (76)Other Tax expense for the year - continuing operations (7,986) 1,476 Additional deferred tax assets have been recognised in Belgium (EUR 4.9 miilion) as a result of increased profit expectations.2 In 2023 lower profit expectations in Belgium led to the unrecognition of deferred tax assets on current year\u2019s tax losses as well as to the derecognition of additional deferred tax assets. In 2024, the unrecognised deferred tax assets on current year\u2019s losses mainly relate to tax losses incurred in Finland.3 In December 2024 new changes to the tax law were enacted in Luxembourg including a reduction of the corporate income tax rate by 1% as from tax year 2025. This change resulted in a gain of EUR 0.4 million related to the remeasurement of deferred tax assets and liabilities in the Group\u2019s entities in Luxembourg being recognised during the year ended 31 December 2024.4 Other in 2023 mainly consists of carve-out operations deductible under continuing operations while the compensating 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 EUR2023 2024Deferred tax charged or (credited) directly to equityImpact of IAS 19R in other comprehensive income 174 (492)Total 174 (492)2. Deferred tax assets and liabilitiesin thousand EUR31 DEC 2023 31 DEC 2024ACQUIRED 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 assets\u00b3 2,130 (13,156) (11,025) 1,599 (1) (3,066) 0 (2) (30) (12,525) 2,046 (14,572)Property, plant & equipment \u00b3 1,667 (7,064) (5,397) (2,281) 0 (2,914) 0 (132) 30 (10,695) 10 (10,705)Investments 27 0 27 119 0 0 0 0 0 146 146 0Receivables 1,321 (297) 1,023 6 0 83 0 0 (15) 1,098 1,115 (17)Inventories 158 (15) 143 (362) 0 375 0 7 0 163 163 0Cash and cash equivalents 0 0 0 0 0 0 0 0 0 0 0 0Tax-free reserves 0 (123) (123) (55) 0 0 0 0 0 (178) 0 (178)Early retirements and defined 2,120 (90) 2,030 273 (497) 0 0 18 0 1,825 1,915 (90)benefitsProvisions for other risks and 1,548 (9,203) (7,654) 3,142 0 424 0 12 4 (4,073) 5,487 (9,560)charges Interest-bearing borrowings 2,541 (58) 2,483 295 0 0 0 94 47 2,918 2,924 (6)and loansOther liabilities 1,677 (440) 1,236 (1,151) (0) 0 0 6 (35) 57 361 (303)Tax loss carry-forwards/Tax 15,369 0 15,369 (393) 0 1,735 0 2 0 16,713 16,713 0credits2352 0 352 6,217 0 0 0 1 0 6,570 6,570 (0)Other tax attributes Total 28,910 (30,447) (1,537) 7,409 (498) (3,363) 0 6 (0) 2,018 37,450 (35,432)Set-off (7,359) 7,359 0 0 (10,055) 10,055Total (as provided in the statement of financial 21,551 (23,088) (1,537) 7,409 (498) (3,363) 0 6 (0) 2,018 27,396 (25,377)position)The total net deferred tax liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2 million at 31 December 2024. The main changes in 2024 are relating to the following items: An increase of deferred tax assets on provisions for other risks and charges due to the deferred tax deduction of provisions recorded in Belgium (EUR 4.2 million).2 An increase of deferred tax assets in relation to other tax attributes as a result of the dividend received deductions being carried forward to future years in Belgium (EUR 6.3 million).3 An increase of deferred tax liabilities on intangible assets and property, plant & equipment mainly due to deferred tax liabilities computed on the step-up basis resulting from the purchase price allocation of the acquisition of Rex Panels & Profiles (impact of EUR 6.0 million included in the column Acquired in business combinations).Tax loss carry-forwards \u2013 amounts by expiration date:in thousand EUR2023 12024 1+2One year 0 0Two years 0 0Three years 0 0Four years 2,180 1,781Five years and thereafter 8,621 12,034Without time limit 275,444 253,761Total 286,245 267,5761 The decrease of the amount of tax losses carried forward on 31 December 2024 compared to 31 December 2023 is mainly driven by the activities in Belgium where the decrease of tax losses in Recticel NV/SA (EUR 31.8 million) is partly offset by tax losses incurred in the newly acquired entity Rex Panels & Profiles SA (EUR 14.8 million).2 At 31 December 2024, EUR 16.7 million of deferred tax assets are recognised in respect of tax losses, representing EUR 67.8 million of tax losses carried forward out of a total amount of tax losses carried forward of EUR 267.6 million. Deferred tax assets in relation to losses which are not recognised relate mainly to Germany (Recticel Verwaltung - EUR 159.3 million) and Belgium (Recticel NV/SA - EUR 37.6 million).Deferred tax assets recognised and unrecognised by the Group apply to the following elements as at 31 December 2024:in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETS 1TAX ASSETS 1+3DEFERRED TAX ASSETS 2Temporary differences 19,777 14,369 5,408Tax losses carried forward 77,286 16,713 60,573Other tax attributes 6,368 6,368 0Total before set-off 103,431 37,450 65,981 The increases in total potential deferred tax assets and recognised deferred tax assets in 2024 compared to 2023 are mainly attributable to the Belgian operations where the deferred tax deduction of provisions for risks and charges resulted in an increase of temporary differences (deferred tax impact of EUR 4.2 million, fully recognised) and the carry forward of the dividends received deduction increased the other tax attributes (deferred tax impact of EUR 6.3 million, fully recognised). These increases were partly offset by the reduction of tax losses carried forward in Belgium.2 The non recognised deferred tax assets decreased in 2024 compared to 2023 mainly as a result of the higher profit expectations in Belgium (deferred tax impact of EUR 4.9 million).3 At 31 December 2024 deferred tax assets of EUR 37.5 million are recognised mainly in Belgium (EUR 25.3 million), in Germany (EUR 2.9 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 1.8 million). These deferred tax assets have been recognised 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 utilised.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 ASSETSTAX ASSETSDEFERRED 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 70,231Deferred 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
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"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__111": {
"value": "Income taxes1. Income tax chargesin thousand EUR2023 2024Recognised in the income statementCurrent tax expense:Current year (4,010) (4,139)Adjustments in respect of prior year (447) (1,794)Total current tax expense \u00b9 (4,457) (5,933)Deferred tax expense:Origination and reversal of temporary differences and tax losses 7,426 163Unrecognised deferred tax assets on current year\u2019s losses (7,311) (740)Recognition of deferred tax assets previously not recognised 955 4,962Derecognition of previously recognised deferred tax assets (2,387) (94)Effect of changes in tax rates on deferred taxes (1,652) 426Adjustments for prior periods (561) 2,708Other deferred tax expenses 0 (16)Total deferred tax expense \u00b2 (3,530) 7,409Total tax expense on continuing operations (7,986) 1,476 The current tax expenses increased in 2024 compared to 2023 further to the realisation of higher profits in 2024.2 The deferred tax expenses decreased from EUR -3.5 million expenses in 2023 to EUR 7.4 million income in 2024 primarily thanks to a one-time positive effect of the recognition of DTA as a result of better future operational expectations in Belgium.in thousand EUR2023 2024Reconciliation of effective tax rateProfit (loss) before taxes - continuing operations (1,002) 14,868Minus income from associates 0Minus income from other associates 1,772 0Minus impairment other associates 7,748 0Result before tax and income from (other) associates 8,517 14,868Group\u2019s domestic tax rate 25.00% 25.00%Tax at the Group\u2019s domestic income tax rate (2,129) (3,717)Effect of different tax rates of subsidiaries operating in different jurisdictions 188 (70)Tax effect of non-deductible expenses (1,326) (1,336)Tax effect of non-taxable income 433 917Tax effect of tax incentives 119 292Unrecognised deferred tax assets on current year\u2019s losses \u00b2 (7,311) (740)955 4,962Recognition of deferred tax assets previously not recognised Derecognition of deferred tax assets previously recognised 2(2,387) (94)Effect of changes in tax rates on deferred taxes 3(1,652) 426Tax effect of current and deferred tax adjustments related to prior years (1,008) 91446,132 (76)Other Tax expense for the year - continuing operations (7,986) 1,476 Additional deferred tax assets have been recognised in Belgium (EUR 4.9 miilion) as a result of increased profit expectations.2 In 2023 lower profit expectations in Belgium led to the unrecognition of deferred tax assets on current year\u2019s tax losses as well as to the derecognition of additional deferred tax assets. In 2024, the unrecognised deferred tax assets on current year\u2019s losses mainly relate to tax losses incurred in Finland.3 In December 2024 new changes to the tax law were enacted in Luxembourg including a reduction of the corporate income tax rate by 1% as from tax year 2025. This change resulted in a gain of EUR 0.4 million related to the remeasurement of deferred tax assets and liabilities in the Group\u2019s entities in Luxembourg being recognised during the year ended 31 December 2024.4 Other in 2023 mainly consists of carve-out operations deductible under continuing operations while the compensating 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 EUR2023 2024Deferred tax charged or (credited) directly to equityImpact of IAS 19R in other comprehensive income 174 (492)Total 174 (492)2. Deferred tax assets and liabilitiesin thousand EUR31 DEC 2023 31 DEC 2024ACQUIRED 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 assets\u00b3 2,130 (13,156) (11,025) 1,599 (1) (3,066) 0 (2) (30) (12,525) 2,046 (14,572)Property, plant & equipment \u00b3 1,667 (7,064) (5,397) (2,281) 0 (2,914) 0 (132) 30 (10,695) 10 (10,705)Investments 27 0 27 119 0 0 0 0 0 146 146 0Receivables 1,321 (297) 1,023 6 0 83 0 0 (15) 1,098 1,115 (17)Inventories 158 (15) 143 (362) 0 375 0 7 0 163 163 0Cash and cash equivalents 0 0 0 0 0 0 0 0 0 0 0 0Tax-free reserves 0 (123) (123) (55) 0 0 0 0 0 (178) 0 (178)Early retirements and defined 2,120 (90) 2,030 273 (497) 0 0 18 0 1,825 1,915 (90)benefitsProvisions for other risks and 1,548 (9,203) (7,654) 3,142 0 424 0 12 4 (4,073) 5,487 (9,560)charges Interest-bearing borrowings 2,541 (58) 2,483 295 0 0 0 94 47 2,918 2,924 (6)and loansOther liabilities 1,677 (440) 1,236 (1,151) (0) 0 0 6 (35) 57 361 (303)Tax loss carry-forwards/Tax 15,369 0 15,369 (393) 0 1,735 0 2 0 16,713 16,713 0credits2352 0 352 6,217 0 0 0 1 0 6,570 6,570 (0)Other tax attributes Total 28,910 (30,447) (1,537) 7,409 (498) (3,363) 0 6 (0) 2,018 37,450 (35,432)Set-off (7,359) 7,359 0 0 (10,055) 10,055Total (as provided in the statement of financial 21,551 (23,088) (1,537) 7,409 (498) (3,363) 0 6 (0) 2,018 27,396 (25,377)position)The total net deferred tax liabilities decreased from EUR -1.5 million at 31 December 2023 to total net deferred tax assets of EUR 2 million at 31 December 2024. The main changes in 2024 are relating to the following items: An increase of deferred tax assets on provisions for other risks and charges due to the deferred tax deduction of provisions recorded in Belgium (EUR 4.2 million).2 An increase of deferred tax assets in relation to other tax attributes as a result of the dividend received deductions being carried forward to future years in Belgium (EUR 6.3 million).3 An increase of deferred tax liabilities on intangible assets and property, plant & equipment mainly due to deferred tax liabilities computed on the step-up basis resulting from the purchase price allocation of the acquisition of Rex Panels & Profiles (impact of EUR 6.0 million included in the column Acquired in business combinations).Tax loss carry-forwards \u2013 amounts by expiration date:in thousand EUR2023 12024 1+2One year 0 0Two years 0 0Three years 0 0Four years 2,180 1,781Five years and thereafter 8,621 12,034Without time limit 275,444 253,761Total 286,245 267,5761 The decrease of the amount of tax losses carried forward on 31 December 2024 compared to 31 December 2023 is mainly driven by the activities in Belgium where the decrease of tax losses in Recticel NV/SA (EUR 31.8 million) is partly offset by tax losses incurred in the newly acquired entity Rex Panels & Profiles SA (EUR 14.8 million).2 At 31 December 2024, EUR 16.7 million of deferred tax assets are recognised in respect of tax losses, representing EUR 67.8 million of tax losses carried forward out of a total amount of tax losses carried forward of EUR 267.6 million. Deferred tax assets in relation to losses which are not recognised relate mainly to Germany (Recticel Verwaltung - EUR 159.3 million) and Belgium (Recticel NV/SA - EUR 37.6 million).Deferred tax assets recognised and unrecognised by the Group apply to the following elements as at 31 December 2024:in thousand EURTOTAL POTENTIAL RECOGNISED DEFERRED NOT RECOGNISED DEFERRED TAX ASSETS 1TAX ASSETS 1+3DEFERRED TAX ASSETS 2Temporary differences 19,777 14,369 5,408Tax losses carried forward 77,286 16,713 60,573Other tax attributes 6,368 6,368 0Total before set-off 103,431 37,450 65,981 The increases in total potential deferred tax assets and recognised deferred tax assets in 2024 compared to 2023 are mainly attributable to the Belgian operations where the deferred tax deduction of provisions for risks and charges resulted in an increase of temporary differences (deferred tax impact of EUR 4.2 million, fully recognised) and the carry forward of the dividends received deduction increased the other tax attributes (deferred tax impact of EUR 6.3 million, fully recognised). These increases were partly offset by the reduction of tax losses carried forward in Belgium.2 The non recognised deferred tax assets decreased in 2024 compared to 2023 mainly as a result of the higher profit expectations in Belgium (deferred tax impact of EUR 4.9 million).3 At 31 December 2024 deferred tax assets of EUR 37.5 million are recognised mainly in Belgium (EUR 25.3 million), in Germany (EUR 2.9 million), in Finland (EUR 2.2 million) and in Slovenia (EUR 1.8 million). These deferred tax assets have been recognised 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 utilised.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 ASSETSTAX ASSETSDEFERRED 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 70,231Deferred 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__115-1": {
"value": "7.2.4.7 Discontinued operationsFor the period ending 31 December 2024Result from discontinued operations: from EUR 12.2 million in 2023 to EUR 1.6 million in 2024.The result from discontinued operations in 2024 mainly represents the net capital gain as a result of the final agreement and settlement of the Completion Accounts on 5 July 2024 on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +2.0 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +2.3 million; \u2022 direct attributable transaction costs: EUR -0.3 million;\u2022 direct attributable costs to discontinued operations: EUR -0.4 million.The result from discontinued operations in 2023 mainly represents:\u2022 the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);\u2022 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 H1 2023 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million), and\u2022 the result of the Aquinos closing account settlement (including the release of the closing accounts provision and the interest on the Aquinos receivable (EUR +2.0 million)).TEMDA2 GmbH (formerly Automotive Interiors) On 31 December 2024, Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3, General Principles).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter Co. Reference is made to note 7.2.4.7, Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__114-1": {
"value": "7.2.4.7 Discontinued operationsFor the period ending 31 December 2024Result from discontinued operations: from EUR 12.2 million in 2023 to EUR 1.6 million in 2024.The result from discontinued operations in 2024 mainly represents the net capital gain as a result of the final agreement and settlement of the Completion Accounts on 5 July 2024 on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +2.0 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +2.3 million; \u2022 direct attributable transaction costs: EUR -0.3 million;\u2022 direct attributable costs to discontinued operations: EUR -0.4 million.The result from discontinued operations in 2023 mainly represents:\u2022 the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);\u2022 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 H1 2023 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million), and\u2022 the result of the Aquinos closing account settlement (including the release of the closing accounts provision and the interest on the Aquinos receivable (EUR +2.0 million)).TEMDA2 GmbH (formerly Automotive Interiors) On 31 December 2024, Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3, General Principles).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter Co. Reference is made to note 7.2.4.7, Discontinued operations.7.2.5.19 Business combinations and disposalsOn 10 January 2024, Recticel acquired 100% of the shares of Rex Panels & Profiles SA, a Belgium-based company, for an enterprise value of EUR 70 million.In 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter Co., see note 7.2.4.7, Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__113-1": {
"value": "7.2.4.7 Discontinued operationsFor the period ending 31 December 2024Result from discontinued operations: from EUR 12.2 million in 2023 to EUR 1.6 million in 2024.The result from discontinued operations in 2024 mainly represents the net capital gain as a result of the final agreement and settlement of the Completion Accounts on 5 July 2024 on the disposal of the Engineered Foams activities sold to Carpenter Co. amounting to EUR +2.0 million and composed of the following items:\u2022 gain on the divestment of Engineered Foams: EUR +2.3 million; \u2022 direct attributable transaction costs: EUR -0.3 million;\u2022 direct attributable costs to discontinued operations: EUR -0.4 million.The result from discontinued operations in 2023 mainly represents:\u2022 the result until 12 June 2023 of the Engineered Foams activities sold to Carpenter Co. (EUR -0.5 million);\u2022 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 H1 2023 Orsa Foam (EUR +0.5 million) + impairment (EUR -6.9 million) + related costs (EUR -0.8 million), and\u2022 the result of the Aquinos closing account settlement (including the release of the closing accounts provision and the interest on the Aquinos receivable (EUR +2.0 million)).TEMDA2 GmbH (formerly Automotive Interiors) On 31 December 2024, Recticel\u2019s investment in TEMDA2 (Investment in other associates) amounted to zero.Vendor loan (receivable) including accumulated interest amounted to EUR 11.5 million, due date 2027 (see also note 7.2.1.3, General Principles).7.2.5.12 Assets and Liabilities held for sale and discontinued operationsDiscontinued operationsIn 2023 the Recticel Engineered Foams activities were sold to Carpenter Co. Reference is made to note 7.2.4.7, Discontinued operations.7.2.5.19 Business combinations and disposalsOn 10 January 2024, Recticel acquired 100% of the shares of Rex Panels & Profiles SA, a Belgium-based company, for an enterprise value of EUR 70 million.In 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter Co., see note 7.2.4.7, Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__116-1": {
"value": "7.2.4.9 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 2024 of EUR 0.31 per share, leading to a total pay-out of EUR 17,547,835 (2023: EUR 17,431,585), including the portion attributable to the treasury shares (326,800 in total on 31 December 2024).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 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend payout of EUR 17.5 million (excluding treasury shares). This amount is higher than the above-mentioned maximum payout limit and consequently a waiver was requested and granted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "31000.0",
"decimals": -3,
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"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f0__s7__6__8": {
"value": "0.31",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f0__s7__6__7": {
"value": "0.31",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
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},
"f0__s7__6__117-1": {
"value": "7.2.4.10 Basic earnings per shareThe calculation of the basic and diluted earnings per share is based on the following data:in thousand EUR2023 2024Net profit (loss) for the period 3,165 17,957Net profit (loss) from continuing operations (8,989) 16,345Net profit (loss) from discontinued operations 12,154 1,613Weighted average shares outstandingOrdinary shares on 01 January (excluding treasury shares*) 55,881,620 55,904,120Exercised subscription rights 22,500 375,000Ordinary shares on 31 December (excluding treasury shares*) 55,904,120 56,279,120Weighted average shares outstanding 55,897,911 56,067,538* Number of treasury shares held on 31 December 326,800 326,800in EUR2023 2024Basic earnings per share 0.06 0.32Basic earnings per share from continuing operations (0.16) 0.29Basic earnings per share from discontinued operations 0.22 0.037.2.4.11 Diluted earnings per shareComputation of the diluted earnings per share:in thousand EUR2023 2024Dilutive elementsNet profit (loss) from continuing operations (8,989) 16,345Net profit (loss) from discontinued operations 12,154 1,613Profit (loss) attributable to ordinary equity holders of the parent entity 3,165 17,957including assumed conversionsWeighted average ordinary shares outstanding 55,897,911 56,067,538613,312 407,772Stock option plans - subscription rights Weighted average shares for diluted earnings per share 56,511,223 56,475,310in EUR2023 2024Diluted earnings per share 0.06 0.32Diluted earnings per share from continuing operations (0.16) 0.29Diluted earnings per share from discontinued operations 0.22 0.03 On 31 December 2024, all outstanding subscription right plans as from April 2016 are in-the-money except for the subscription plans of May 2021, May 2022 and June 2024. 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",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__121": {
"value": "7.2.5.1 Intangible assetsFor the year ending 31 December 2024:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross 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 preceding 0 35,317 29,792 3,324 1,660 70,094periodMovements during the periodBusiness combinations 0 4,904 7,850 0 0 12,754Acquisitions 0 363 2 1 2,997 3,362Amortisation 0 (5,151) (3,821) (755) 0 (9,727)Impairments 0 0 0 0 0 0Sales and scrapped 0 0 0 0 0 0Transfers from one heading to another 0 2,336 0 636 (2,920) 52Transfer to discontinued operations 0 0 0 0 0 0Exchange rate differences 0 9 3 0 0 13At the end of the current period 0 37,779 33,827 3,206 1,737 76,549Gross book value 0 69,097 47,545 13,683 2,586 132,912Accumulated amortisation 0 (25,018) (13,718) (10,477) (53) (49,266)Accumulated impairment 0 (6,300) 0 0 (797) (7,097)Net book value at the end of the period 0 37,779 33,827 3,206 1,737 76,549Useful 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.In 2024, the item \u2018Business combinations\u2019 relates to the acquisition of Rex Panels & Profiles SA. Total acquisition of intangible assets amounted to EUR 3.4 million, compared to EUR 2.7 million in 2023.For 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__119-1": {
"value": "7.2.5.1 Intangible assetsFor the year ending 31 December 2024:in thousand EURCLIENT OTHER ASSETS UNDER DEVELOPMENT TRADEMARKS, PORTFOLIO INTANGIBLE CONSTRUCTION AND TOTALCOSTSPATENTS & LICENCESGOODWILLASSETSADVANCE PAYMENTSAt the end of the preceding period Gross 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 preceding 0 35,317 29,792 3,324 1,660 70,094periodMovements during the periodBusiness combinations 0 4,904 7,850 0 0 12,754Acquisitions 0 363 2 1 2,997 3,362Amortisation 0 (5,151) (3,821) (755) 0 (9,727)Impairments 0 0 0 0 0 0Sales and scrapped 0 0 0 0 0 0Transfers from one heading to another 0 2,336 0 636 (2,920) 52Transfer to discontinued operations 0 0 0 0 0 0Exchange rate differences 0 9 3 0 0 13At the end of the current period 0 37,779 33,827 3,206 1,737 76,549Gross book value 0 69,097 47,545 13,683 2,586 132,912Accumulated amortisation 0 (25,018) (13,718) (10,477) (53) (49,266)Accumulated impairment 0 (6,300) 0 0 (797) (7,097)Net book value at the end of the period 0 37,779 33,827 3,206 1,737 76,549Useful 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.In 2024, the item \u2018Business combinations\u2019 relates to the acquisition of Rex Panels & Profiles SA. Total acquisition of intangible assets amounted to EUR 3.4 million, compared to EUR 2.7 million in 2023.For 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.7.2.5.2 GoodwillFor the year ending 31 December 2024: in thousand EURGOODWILLAt the end of the period Gross book value 76,883Accumulated impairment (14,474)Net book value at the end of the preceding period 62,409Movements during the periodBusiness combinations 14,058Impairments 0Sales and scrapped 0Transfers from one heading to another 0Transfer to discontinued operations 0Exchange rate differences 0At the end of the current period 76,467Gross book value 91,680Accumulated impairment (15,214)Net book value at the end of the period 76,467For the year ending 31 December 2023:in thousand EURGOODWILLAt the end of the preceding period Gross book value 79,366Accumulated impairment (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 impairment (14,474)Net book value at the end of the period 62,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__122": {
"value": "7.2.5.2 GoodwillFor the year ending 31 December 2024: in thousand EURGOODWILLAt the end of the period Gross book value 76,883Accumulated impairment (14,474)Net book value at the end of the preceding period 62,409Movements during the periodBusiness combinations 14,058Impairments 0Sales and scrapped 0Transfers from one heading to another 0Transfer to discontinued operations 0Exchange rate differences 0At the end of the current period 76,467Gross book value 91,680Accumulated impairment (15,214)Net book value at the end of the period 76,467For the year ending 31 December 2023:in thousand EURGOODWILLAt the end of the preceding period Gross book value 79,366Accumulated impairment (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 impairment (14,474)Net book value at the end of the period 62,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__123": {
"value": "7.2.5.3 Property, plant & equipmentFor the year ending 31 December 2024: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 101,445 143,842 13,648 0 116 13,069 272,758Accumulated depreciation (32,875) (106,803) (11,152) 0 (92) 0 (151,560)Accumulated impairments (328) (183) 0 0 0 0 (511)Net book value at the end of the preceding period 68,242 36,856 2,496 0 24 13,069 120,687Movements during the yearBusiness combinations 23,522 8,745 313 0 0 0 32,580Acquisitions 2,561 3,469 544 0 0 14,438 21,012Depreciation (4,566) (8,377) (1,188) 0 (2) 0 (14,134)Impairments 0 (0) 0 0 0 (517) (517)Sales and scrapped (10) (376) (13) 0 0 8 (391)Transfers from one heading to another 10,167 7,792 482 0 0 (18,078) 364Transfer to discontinued operations 0 0 0 0 0 0 0Changes in scope 0 0 0 0 0 0 0Exchange rate differences 924 204 21 0 0 12 1,161At the end of the current period 100,840 48,313 2,656 0 22 8,933 160,763Gross value 143,905 167,839 11,630 0 111 9,517 333,639Accumulated depreciation (42,751) (119,345) (8,974) 0 (89) (67) (171,863)Accumulated impairments (314) (181) 0 0 0 (517) (1,012)Net book value at the end of the period 100,840 48,313 2,656 0 22 8,933 160,763On 31 December 2024, Assets under construction mainly relate to Recticel Insulation France and Trimo.On 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant & equipment, mainly in France, amounting to EUR 7.3 million (2023: EUR 2.1 million).For 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 96,907 156,732 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 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 101,445 144,587 13,648 0 116 13,069 272,866Accumulated depreciation (32,875) (107,549) (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 and note 7.2.4.7, Discontinued operations.On 31 December 2023, Assets under construction mainly relate to Turvac and Recticel Insulation France.On 31 December 2023, the Group had entered into contractual commitments for the acquisition of property, plant & equipment, mainly in Slovenia, amounting to EUR 2.1 million(2022: EUR 5.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__124-1": {
"value": "On 31 December 2024, the Group had entered into contractual commitments for the acquisition of property, plant & equipment, mainly in France, amounting to EUR 7.3 million (2023: EUR 2.1 million).7.2.6.1 Off-balance sheet items Recticel 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 on 31 December 2023, most outstanding guarantees and/or comfort letters remained in place; save for some minor adjustments in some committed amounts. in thousand EUR31 DEC 2023 31 DEC 2024Guarantees given or irrevocably promised by Recticel NV/SA as security for debts 85,431 128,488and commitments of companiesThese guarantees mainly include parental corporate guarantees and letters of comfort for commitments contracted by subsidiaries with banks (EUR 20.5 million), lessors (EUR 13.0 million), governmental institutions (EUR 2 million), other third parties (EUR 3.2 million), corporate guarantees related to TEMDA2 and various Automotive Interiors companies (EUR 54.8 million) and bank guarantees related to the divestment of Recticel Engineered Foams to Carpenter Co. (EUR 35.1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__125-1": {
"value": "7.2.5.4 Right-of-use assetsFor the year ending 31 December 2024:in thousand EURPLANT, MACHINERY & FURNITURE AND LAND AND BUILDINGSTOTALEQUIPMENTVEHICLESAt the end of the preceding periodGross 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 preceding period 26,135 345 1,291 27,771Movements during the yearBusiness combinations 0 6,545 0 6,545New leases 169 6,455 3,082 9,705Adjustment for reassessment of assumptions on dismantling 2,924 0 (167) 2,756and restoration costsDepreciation (3,538) (1,945) (1,336) (6,818)Impairments 123 0 0 123Ended contracts 46 0 (48) (2)Transfers from one heading to another (0) (611) 33 (577)Transfer to discontinued operations 0 0 0 0Changes in scope 0 0 0 0Exchange rate differences 369 13 19 400At the end of the period 26,227 10,802 2,874 39,903Gross value 53,950 19,033 4,766 77,749Accumulated depreciation (27,160) (8,231) (1,891) (37,283)Accumulated impairments (564) 0 0 (564)Net book value at the end of the period 26,227 10,802 2,874 39,903Contractual tenor (in years) 6 - 12 3 - 12 4The new leases are comprised of an additional production line at Rex Panels & Profiles SA, new forklifts in Slovenia and the increase/renewal of company cars throughout the group. The weighted average underlying incremental borrowing rate of the right-of-use asset agreements on 31 December 2024 was 3.32% (3.16% on 31 December 2023).For 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 0New leases 466 29 541 1,036Adjustment for reassessment of assumptions on dismantling 4,719 143 (39) 4,823and restoration costsDepreciation (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 0Transfer to discontinued operations 0 0 0 0Changes in scope 56 (92) (1) (37)Exchange rate differences (354) 91 7 (257)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 on 31 December 2023 was 3.16% (1.48% on 31 December 2022).The below table comprises the recognised lease charge during the financial period.in thousand EUR2023 2024Low value leases 3 1Short term leases 128Services under leases 1,903 469Other considerations 0Total leases 1,906 5987.2.5.16 Financial liabilitiesFinancial liabilities carried at amortised cost include mainly interest-bearing borrowings:in thousand EURNON-CURRENT LIABILITIES CURRENT LIABILITIES31 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024SecuredLease liabilities 13,062 21,876 5,097 8,152Bank loans 10,020 19,852 974 2,358Total secured 23,082 41,728 6,071 10,511UnsecuredSubordinated loans 0 4,490 0 1,227Other loans (0) (0) 0 0Current bank loans 0 0 0 (0)Commercial paper 0 0 0 0Bank overdrafts 0 0 12 72Other financial liabilities 0 0 332 307Total unsecured (0) 4,490 345 1,606Total liabilities carried at amortised cost 23,082 46,218 6,415 12,116Gross financial debt: interest-bearing borrowings, including continuing involvement of off-balance sheet non-recourse factoring programmesin thousand EUR31 DEC 2023 31 DEC 2024Drawn amounts under the various available interest-bearing borrowing facilitiesOutstanding amounts under syndicated credit facility 0 0Outstanding amounts under lease liabilities 13,062 21,876Outstanding amounts under subordinated loans 0 4,490Outstanding amounts under other non-current loans 10,020 19,852Outstanding amounts under non-current gross interest-bearing borrowing 23,082 46,218facilities (a)Outstanding amounts under bank overdrafts 12 72Outstanding amounts under current bank loans 974 2,358Outstanding amounts under lease liabilities 5,097 8,152Outstanding amounts under factoring programmes - retention amount 0 0Outstanding amounts under commercial paper programmes \u00b9 0 0Outstanding amounts under subordinated loans 0 1,227Outstanding amounts under other current loans 0 0Outstanding amounts under other financial liabilities 332 307Outstanding amounts under current gross interest-bearing borrowing facilities (b) 6,415 12,116Total outstanding amounts under gross interest-bearing borrowings (c)=(a)+(b) 29,497 58,334Outstanding amounts under non-recourse factoring programmes (d) 18 0Total outstanding amounts under gross interest-bearing borrowings and factoring 29,515 58,334programmes (e)=(c)+(d)Weighted average lifetime of non-current interest-bearing borrowings (in years) 1.32 5.26Weighted average interest rate of gross financial debt at fixed interest rate 2.14% 2.60%0.62% - Interest rate range of gross financial debt at fixed interest rate 1.46% - 2.62%3.86%Weighted average interest rate of gross financial debt at variable interest rate 5.61% 4.00%4.00% - Interest rate range of gross financial debt at variable interest rate 4.85% - 5.61%4.00%Weighted average interest rate of total gross financial debt 3.42% 2.60%Percentage of gross financial debt at fixed interest rate 93.0% 100.0%Percentage of gross financial debt at variable interest rate 7.0% 0.0%\u00b9 The amount drawn under the commercial paper programme 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 programme.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 the following leases:\u2022 the additional lease to finance the extension of the insulation plant in Wevelgem (Belgium) in 2017, with an outstanding amount of EUR 5.0 million as of 31 December 2024, at a fixed rate. \u2022 the lease financing of Rex Panels & Profiles SA equipment, with an outstanding amount of EUR 9.6 million as of 31 December 2024, at a fixed rate. (ii) Bank loans \u2013 \u201csyndicated credit facility\u201dWith the proceeds from the divestment of Recticel Engineered foams to Carpenter Co. the syndicated credit facility was repaid.The facility has a three-year tenor with two one-year extension options and has 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 two years until the end of 2025. The new syndicated facility is subject to bank covenants. At 31 December 2024, due to the net cash position, the covenant calculation was not applicable.(iii) Subordinated loansSubordinated loans of Rex Panels & Profiles SA with an outstanding amount of EUR 5.7 million as of 31 December 2024, at a fixed rate.(iv) 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 2024 is EUR 10.0 million. (v) Other Current loans With the proceeds from the divestment of Recticel Engineered foams to Carpenter Co., all other current loans were repaid.(vi) Commercial paper programmeWith the proceeds from the divestment of Recticel Engineered foams to Carpenter Co., all commercial paper was repaid.Other financial liabilitiesFor interest rate swaps, reference is made to note 7.2.5.18, Financial instruments and financial risks.in thousand EUR31 DEC 2023 31 DEC 2024Other financial debt 52 31Interest accruals 280 275Total 332 307",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__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 2023 31 DEC 2024Bulgaria Trimo Bulgaria OOD Kan Asparu str. 7, Triaditza District - Sofia City 70.00 (b)0.00Belgium Balim NV/SA 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 100.00 100.00(a)Rex Panels & Profiles NV/SA Rue du Mont des Carliers(BL) - 7522 Blandain 100.00 Finland Recticel Insulation oy Gneissitie 2 - 04600 M\u00e4nts\u00e4l\u00e4 100.00 100.00France Recticel Insulation SAS 1, rue Ferdinand de Lesseps - 18000 Bourges 100.00 100.00Frina Mousse France SARL 1 Rue Jasmin - 68270 Wittenheim 100.00 100.00Germany Recticel Deutschland Beteiligungs GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Grundst\u00fccksverwaltung GmbH Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00Recticel Verwaltung GmbH & Co. KG Adolfstrasse 1 - 65185 Wiesbaden 100.00 100.00The Squaire Business Center, Am Flughafen 12, 5th Floor, 60549 Trimo DE GmbH100.00 100.00Frankfurt Am MainLuxembourg Recticel RE SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Recticel Luxembourg SA 23 Avenue Monterey - 2163 Luxembourg 100.00 100.00Macedonia Trimo Makedonija DOOEL Londonska 19/15 \u2013 DTC Olimpiko, 1000 Skopje 100.00 100.00The Netherlands Recticel BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Recticel International BV Wanraaij 4 - 6673 DN Andelst 100.00 100.00Trimo Benelux BV Dorpstraat 63 - 5761 BM Bakel 100.00 100.00% shareholding in31 DEC 2023 31 DEC 2024Poland Recticel Insulation Materials sp. z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 100.00(c)Recticel International Services sp.z o.o. ul. Lakowa 29 - 90-554 Lodz 100.00 0.00 Trimo Polska sp. z o.o. ul. Obrzezna 5 - 02-691 Warsaw 100.00 100.00Serbia Trimo In\u017eenjering d.o.o. Novo naselje 9 - 22310 Simanovci 100.00 100.00Slovakia Trimo Slovakia spol s.r.o. Lovinsk\u00e9ho 4653 - 81104 Bratislava 25.00 25.00Slovenia Trimo d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Trimo MSS d.d. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Tinde d.o.o. Prijateljeva cesta 12 - 8210 Trebnje 100.00 100.00Turvac 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 13.59Sweden Recticel Insulation Sweden AB Torsgatan 2 - 11175 Stockholm 100.00 100.00United Kingdom (d)Gradient Insulations (UK) Limited Blue Bell Close Clover Nook Industrial Park - Alfreton DE554RD 100.00 0.00 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 100.00 100.00United States of America The Soundcoat Company, Inc. Burt Drive 1 PO Box 25990 - NY 11729 Deer Park, County of Suffolk 100.00 100.00United Arab Emirates Trimo DCS FZE Fujairah Free Zone 2 - Fujairah 100.00 100.00(a) Entity part of the acquisition of Rex Panels & Profiles NV/SA (b) Liquidated on 31 December 2023(c) Transferred to Carpenter Co. on 1 January 2024(d) Liquidated on 31 December 2024Significant 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, (iii) an aggregate amount of EUR 35.1 million in favour of Carpenter Co. and (iv) an aggregate amount of EUR 3.0 million in favour of the insurer HDI Global.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 higher 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 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend pay-out of EUR 17.5 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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"value": "2. Associates accounted for using the equity method% shareholding in31 DEC 2023 31 DEC 2024GermanyTEMDA2 GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00Apart from having the approval of 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.7.2.5.6 Interests in joint ventures, associates and other associatesA list of the significant investments in joint ventures and associates is included in note 7.2.5.5, Subsidiaries, joint ventures, associates and other associates.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 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 2023 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2024At the end of the preceding period 0 0 9,520 9,520 0 0 (0) 0Movements 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\u2019s share in the result for the period 0 0 (1,772) (1,772) 0 0 0 0Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 0 (1,772) (1,772) 0 0 0 0Dividends 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 0 0 0 0 0 0 0Impairment 0 0 (7,748) (7,748) 0 0 0 0Other 0 0 0 0 0 0 0 0At the end of the period 0 0 (0) 0 0 0 (0) 0In 2024, considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered.In 2023, based on the FY2023 and the Budget 2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. On 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 recognised 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).Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 66,757 52,778Current assets 0 0 71,126 59,864Total assets 0 0 137,883 112,642Non-current liabilities 0 0 (45,970) (11,848)Current liabilities 0 0 (76,101) (92,752)Total liabilities 0 0 (122,071) (104,600)Net equity 0 0 15,812 8,042Revenue 0 0 143,216 104,451Profit (loss) of the period 0 0 (20,794) (5,834)In 2023 Recticel divested its 33% participation in Orsa Foam srl to its joint venture partner Orsa srl.in thousand EURORSA FOAM TEMDA231 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Net equity (Group share) 0 0 7,748 0Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 0 0Impairment 0 0 7,748 0Carrying amount of interests in associate 0 0 0 0On 01 July 2020, Recticel NV/SA announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH (now Ascorium Holding GmbH), a joint venture set up between the German private equity player Admetos (51%) and Recticel NV/SA (49%). The joint venture shareholder agreement contained reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which were exercisable as from March 2024.At the time of the divestment on 30 June 2020, Recticel NV/SA granted a subordinated vendor loan of EUR 10 million (maturity 2027) to TEMDA2 GmbH. On 31 December 2024, the TEMDA2 GmbH vendor loan (receivable) included accumulated interest and amounted to EUR 11.5 million.Furthermore, Recticel also provided corporate guarantees on first demand towards KBC Bank and BNP Paribas Bank which had provided Temda2 GmbH with an acquisition loan of EUR 25 million and Ascorium Group with a revolving credit facility of EUR 20 million with a duration of five years. A further corporate guarantee was provided towards KBC Bank in 2022 for an amount of EUR 2.75 million to finance a sprinkler system for one of Ascorium\u2019s production sites in Czech Republic.Given the economic consequences of the Ukraine crisis in 2022 and 2023, leading to increased financing costs and reduced automotive business prospects, Ascorium requested an extension of the KBC Bank and BNP Paribas Bank financings and the accompanying Recticel corporate guarantees.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.Despite the overall negative evolution in the automotive sector over the past year, the Ascorium business continues to generate a positive recurring Ebitda, but negative EAT due to the increased financing and financing costs. At the same time, Ascorium has been successful in obtaining new projects allowing to grow the business again as of 2027, while requiring at the same time substantial capex and working capital investments, for which additional financing may be required.Given the continuing uncertainty in the automotive market, Recticel cannot exclude that the above mentioned vendor loan may not be (fully) recuperated, nor can it exclude that at some point, the above mentioned corporate guarantees towards KBC Bank and BNP Paribas Bank will be partly or fully called upon. The maximum risk exposure for Recticel NV/SA in this context amounts to EUR 59.8 million. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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"value": "2. Associates accounted for using the equity method% shareholding in31 DEC 2023 31 DEC 2024GermanyTEMDA2 GmbH Gut Hochschloss 1 - 82396 P\u00e4hl 49.00 49.00Apart from having the approval of 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.",
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"f0__s7__6__131": {
"value": "7.2.5.6 Interests in joint ventures, associates and other associatesA list of the significant investments in joint ventures and associates is included in note 7.2.5.5, Subsidiaries, joint ventures, associates and other associates.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 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 2023 JOINT VENTURES ASSOCIATES OTHER ASSOCIATES 31 DEC 2024At the end of the preceding period 0 0 9,520 9,520 0 0 (0) 0Movements 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\u2019s share in the result for the period 0 0 (1,772) (1,772) 0 0 0 0Translation differences 0 0 0 0 0 0 0 0Comprehensive income for the period 0 0 (1,772) (1,772) 0 0 0 0Dividends 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 0 0 0 0 0 0 0Impairment 0 0 (7,748) (7,748) 0 0 0 0Other 0 0 0 0 0 0 0 0At the end of the period 0 0 (0) 0 0 0 (0) 0In 2024, considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of the original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered.In 2023, based on the FY2023 and the Budget 2024 figures, a full impairment of the TEMDA2 participation value i.e. EUR 7.7 million was made. On 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 recognised 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).Pro forma key figures for associates and other associates (on a 100% basis):in thousand EURASSOCIATES OTHER ASSOCIATESORSA FOAM TEMDA2 31 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Aggregated figures (sum of individual company ledgers before eliminations)Non-current assets 0 0 66,757 52,778Current assets 0 0 71,126 59,864Total assets 0 0 137,883 112,642Non-current liabilities 0 0 (45,970) (11,848)Current liabilities 0 0 (76,101) (92,752)Total liabilities 0 0 (122,071) (104,600)Net equity 0 0 15,812 8,042Revenue 0 0 143,216 104,451Profit (loss) of the period 0 0 (20,794) (5,834)In 2023 Recticel divested its 33% participation in Orsa Foam srl to its joint venture partner Orsa srl.in thousand EURORSA FOAM TEMDA231 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024Net equity (Group share) 0 0 7,748 0Reversal of real estate revaluation 0 0 0 0Corrections on opening balance 0 0 0 0Impairment 0 0 7,748 0Carrying amount of interests in associate 0 0 0 0On 01 July 2020, Recticel NV/SA announced the closing of the divestment of its Automotive Interiors business to TEMDA2 GmbH (now Ascorium Holding GmbH), a joint venture set up between the German private equity player Admetos (51%) and Recticel NV/SA (49%). The joint venture shareholder agreement contained reciprocal call/put options - for Admetos to acquire, or Recticel to sell its remaining 49% share -, which were exercisable as from March 2024.At the time of the divestment on 30 June 2020, Recticel NV/SA granted a subordinated vendor loan of EUR 10 million (maturity 2027) to TEMDA2 GmbH. On 31 December 2024, the TEMDA2 GmbH vendor loan (receivable) included accumulated interest and amounted to EUR 11.5 million.Furthermore, Recticel also provided corporate guarantees on first demand towards KBC Bank and BNP Paribas Bank which had provided Temda2 GmbH with an acquisition loan of EUR 25 million and Ascorium Group with a revolving credit facility of EUR 20 million with a duration of five years. A further corporate guarantee was provided towards KBC Bank in 2022 for an amount of EUR 2.75 million to finance a sprinkler system for one of Ascorium\u2019s production sites in Czech Republic.Given the economic consequences of the Ukraine crisis in 2022 and 2023, leading to increased financing costs and reduced automotive business prospects, Ascorium requested an extension of the KBC Bank and BNP Paribas Bank financings and the accompanying Recticel corporate guarantees.In the course of 2024, Admetos and Recticel have renegotiated their respective agreements, whereby Recticel agreed to extend its corporate guarantees, and whereby the reciprocal call/put options were abolished, and the parties would work together towards a joint divestment at the appropriate time. Changes were also made in the corporate governance structure, providing more governance rights to Recticel.Despite the overall negative evolution in the automotive sector over the past year, the Ascorium business continues to generate a positive recurring Ebitda, but negative EAT due to the increased financing and financing costs. At the same time, Ascorium has been successful in obtaining new projects allowing to grow the business again as of 2027, while requiring at the same time substantial capex and working capital investments, for which additional financing may be required.Given the continuing uncertainty in the automotive market, Recticel cannot exclude that the above mentioned vendor loan may not be (fully) recuperated, nor can it exclude that at some point, the above mentioned corporate guarantees towards KBC Bank and BNP Paribas Bank will be partly or fully called upon. The maximum risk exposure for Recticel NV/SA in this context amounts to EUR 59.8 million. The Group did not incur significant contingent liabilities for its interests in associates or other associates.",
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"value": "7.2.5.8 Inventoriesin thousand EUR31 DEC 2023 31 DEC 2024Raw materials & supplies - Gross 31,528 41,802Raw materials & supplies - Amounts written off (1,277) (2,381)Raw materials & supplies 30,251 39,422Work in progress - Gross 904 1,523Work in progress - Amounts written off (7) (2)Work in progress 897 1,521Finished goods - Gross 12,226 13,085Finished goods - Amounts written off (273) (64)Finished goods 11,953 13,021Traded goods - Gross 727 1,144Traded goods - Amounts written off (236) (221)Traded goods 491 923Down payments - Gross 99 189Down payments - Amounts written off 0 0Down payments 99 189Contracts in progress - Gross 0 0Contracts in progress - Gross - Moulds 0 0Contracts in progress 0 0Total inventories 43,692 55,075Amounts written off on inventories during the period (1,886) (961)Amounts written back on inventories during the period 320 777Total inventories in 2024 increased due to higher activities.",
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"f0__s7__6__137-1": {
"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2023 31 DEC 2024Trade receivables 81,464 106,319Loss allowance for expected credit losses (3,330) (4,394)Total trade receivables 78,134 101,925Other receivables7,333 9,494Derivatives (forward exchange contracts) 24 0Loans carried at amortised cost 2,670 2,62622,694 2,626Other financial assetsOther receivables and other financial assets 1+210,027 12,119Trade receivables at reporting date 2024 comprise amounts receivable from the sale of goods and services for EUR 101.9 million (2023: EUR 78.1 million). The increase is partly related to the business combination Rex Panels & Profiles.In 2024, other receivables amounting to EUR 9.5 million relate to (i) VAT receivable (EUR 1.8 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.5 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 4.2 million).7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables increased to EUR 87.9 million (2023: EUR 70.1 million) mainly due to the acquisition of Rex. Other current amounts payable are composed as follows:in thousand EUR31 DEC 2023 31 DEC 2024Other non-current liabilities maturing within one year 0VAT payable - local and foreign 5,696 6,066Other tax payables 3,744 141Payroll, social security 9,166 10,284Dividend payable 874 961Result transfer (fiscal unit) (0) (0)Other debts 14,082 4,369Operating subsidies 0 0Accrued liabilities - operating 10,042 9,308Deferred income - operating 685 437Deferred income - insurance premium 348 348Deferred income - gain on sale and leaseback 319 268Total 44,955 32,181The decrease in 2024 is due to the settlement of an outstanding (net) payable on Carpenter Co. of EUR 9.4 million.",
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"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2023 31 DEC 2024Trade receivables 81,464 106,319Loss allowance for expected credit losses (3,330) (4,394)Total trade receivables 78,134 101,925Other receivables7,333 9,494Derivatives (forward exchange contracts) 24 0Loans carried at amortised cost 2,670 2,62622,694 2,626Other financial assetsOther receivables and other financial assets 1+210,027 12,119Trade receivables at reporting date 2024 comprise amounts receivable from the sale of goods and services for EUR 101.9 million (2023: EUR 78.1 million). The increase is partly related to the business combination Rex Panels & Profiles.In 2024, other receivables amounting to EUR 9.5 million relate to (i) VAT receivable (EUR 1.8 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.5 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 4.2 million).",
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"value": "Trade receivables, other receivables and other financial assetsin thousand EUR31 DEC 2023 31 DEC 2024Trade receivables 81,464 106,319Loss allowance for expected credit losses (3,330) (4,394)Total trade receivables 78,134 101,925Other receivables7,333 9,494Derivatives (forward exchange contracts) 24 0Loans carried at amortised cost 2,670 2,62622,694 2,626Other financial assetsOther receivables and other financial assets 1+210,027 12,119Trade receivables at reporting date 2024 comprise amounts receivable from the sale of goods and services for EUR 101.9 million (2023: EUR 78.1 million). The increase is partly related to the business combination Rex Panels & Profiles.In 2024, other receivables amounting to EUR 9.5 million relate to (i) VAT receivable (EUR 1.8 million), (ii) advances paid to third parties for operating costs spread over several financial years (EUR 3.5 million), (iii) prepayments, tax credits and subsidies, and contractual commitments with co-contractors (EUR 4.2 million).",
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"value": "Movement in loss allowance for expected credit losses:in thousand EUR31 DEC 2023 31 DEC 2024At the end of the preceding period (3,412) (3,330)Business combinations 0 (1,199)Additions (283) (833)Reversals 298 1,050Non-recoverable amounts 7 0Reclassification 1 (208)Exchange differences 59 125Change in scope 0 0Transfer to assets held for sale 0 0Total at the end of the period (3,330) (4,394)The non-recoverable amounts refer to trade receivable balances which have been written off as the Group considers that these are not recoverable.",
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"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 or 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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"value": "7.2.5.13 Share capitalin thousand EUR2023 2024Number of sharesNumber of shares issued and fully paid at 01 January 56,208,420 56,230,920Number of shares issued and fully paid at 31 December 56,230,920 56,605,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2023 31 DEC 2024Issued and fully paid shares 140,577 141,515The change in share capital is explained by the exercise of subscription rights in 2024.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\u2019 which is subject to some financial covenants. One covenant limits the annual dividend payment to the higher of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2024 dividend, a waiver was requested and granted.",
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"value": "7.2.5.13 Share capitalin thousand EUR2023 2024Number of sharesNumber of shares issued and fully paid at 01 January 56,208,420 56,230,920Number of shares issued and fully paid at 31 December 56,230,920 56,605,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2023 31 DEC 2024Issued and fully paid shares 140,577 141,515The change in share capital is explained by the exercise of subscription rights in 2024.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\u2019 which is subject to some financial covenants. One covenant limits the annual dividend payment to the higher of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2024 dividend, a waiver was requested and granted.",
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"f0__s7__6__143": {
"value": "7.2.5.13 Share capitalin thousand EUR2023 2024Number of sharesNumber of shares issued and fully paid at 01 January 56,208,420 56,230,920Number of shares issued and fully paid at 31 December 56,230,920 56,605,920of which number of treasury shares at 31 December 326,800 326,800in thousand EUR31 DEC 2023 31 DEC 2024Issued and fully paid shares 140,577 141,515The change in share capital is explained by the exercise of subscription rights in 2024.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\u2019 which is subject to some financial covenants. One covenant limits the annual dividend payment to the higher of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2024 dividend, a waiver was requested and granted.",
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"f0__s7__6__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\u2019 which is subject to some financial covenants. One covenant limits the annual dividend payment to the higher of (i) 50% of the consolidated net income of the Group for the previous financial year and (ii) EUR 14.0 million. For the 2024 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 2023 31 DEC 2024Hedging liabilities 52 28Non-current financial liabilities 23,082 46,218Current portion of non-current financial liabilities 6,071 11,738Current financial liabilities (23) 74Interest accruals 315 277Gross financial debt 29,497 58,334Cash and cash equivalents (191,393) (132,717)Deferred interest (54) (110)Hedging assets (27) 0Net financial debt (161,977) (74,493)Drawn amounts under off-balance non-recourse factoring programmes (0) (0)Total net financial debt (161,977) (74,493)Total equity 437,987 445,133RatiosNet financial debt / Total equity N/A N/ATotal net financial debt / Total equity N/A N/A",
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"f0__s7__6__148-1": {
"value": "7.2.5.14 Employee benefit liabilitiesin thousand EUR31 DEC 2023 31 DEC 2024Post-employment benefits: defined benefit plans 11,947 10,487Other long-term benefits and termination benefits 465 510Net liabilities at 31 December 12,412 10,996\u2022 Post-employment benefits: defined benefit plans97.0% of the defined benefit obligation is concentrated in three countries: Belgium (52.7%), United Kingdom (38.1%) and Germany (6.1%). 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 90.9% of the total defined benefit obligation.in thousand EURADJUSTMENT DUE DEFINED BENEFIT FUNDED STATUSTO ASSET CEILING/ NET LIABILITY/ ASSETSOBLIGATIONDEFICIT/(SURPLUS)ADDITIONAL LIABILITY (ASSET)UNDER IFRIC 14Belgium 35,206 (31,458) 3,748 0 3,748United Kingdom 25,461 (28,487) (3,026) 4,026 1,000Germany 4,063 (342) 3,721 0 3,721Other countries 2,018 0 2,018 0 2,018Total 66,748 (60,287) 6,461 4,026 10,487BelgiumRecticel 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 2022 and showed a deficit of GBP 2.5 million. A recovery plan was agreed in July 2024 under which Recticel agreed to pay an amount of GBP 1.0 million on 31 December 2027.Recticel has agreed with the trustees of the plan to fund the cost of transferring the plan to an insurance company in due course. At 31 December 2024, the estimated cost in excess of the employee benefit liability recognised under IAS 19 was GBP 0.8 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 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 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 2023 31 DEC 2024Evolution of the net liability during the year is as follows:Net liability at 01 January 12,783 11,947Changes in scope of consolidation 0 0Expense recognised in the income statement 1,851 1,614Employer contributions (4,192) (2,289)Amount recognised in other comprehensive income 1,457 (839)Exchange rate differences 48 53Discontinued net liability 0 0Net liability at 31 December 11,947 10,487in thousand EUR31 DEC 2023 31 DEC 2024Pension costs recognised in profit and loss and other comprehensive income:Service cost:Current service cost 3,325 1,298Employee contributions (347) 0Past service cost (including curtailments) (9) (100)Cost or gain on settlement (157) 0Administration expenses 103 91Net interest cost:Interest cost 3,323 2,391Interest income (2,941) (2,326)Interest on asset ceiling/ additional liability recognised under IFRIC 14 229 260Pension expense recognised in profit and loss 3,526 1,614Remeasurements in other comprehensive incomeReturn on plan assets (in excess of)/below that recognised in net interest (1,508) 3,052Actuarial (gains)/losses due to changes in financial assumptions 3,572 (2,483)Actuarial (gains)/losses due to changes in demographic assumptions (930) (276)Actuarial (gains)/losses due to experience 707 354Changes in the asset ceiling/additional liability under IFRIC 14, excluding amounts (812) (1,486)recognised in net interest costTotal amount recognised in other comprehensive income 1,029 (839)Total amount recognised in profit and loss and other comprehensive income 4,555 775In 2024, amounts for past service costs and curtailments relate mainly to restructuring in Belgium.in thousand EUR31 DEC 2023 31 DEC 2024Amounts recorded in the statement of financial position in respect of the defined benefit plans are:Defined benefit obligations for funded plans 65,649 64,730Fair value of plan assets (60,334) (60,287)Funded status for funded plans deficit/(surplus) 5,315 4,443Defined benefit obligations for unfunded plans 1,611 2,018Total funded status at 31 December deficit/(surplus) 6,926 6,461Effect of the asset ceiling/ additional liability recognised under IFRIC 14 5,021 4,026Net liabilities at 31 December 11,947 10,487The key actuarial assumptions used at 31 December (weighted averages) are:Discount rate 3.68% 2.95%Future pension increases 2.36% 2.36%Expected rate of salary increases 3.11% 3.05%Inflation 2.22% 2.27%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 54,952 60,334Changes in scope of consolidation 0 0Interest income 2,406 2,326Employer contributions 4,192 2,289Employee contributions 0 0Benefits paid (direct & indirect, including taxes on contributions paid) (2,910) (2,910)Return on plan assets in excess of/(below) that recognised in net interest, excl. 1,648 (3,052)interest incomeSettlement gains/(losses) (442) 0Administration expenses (96) (91)Exchange rate differences 584 1,392Discontinued plan assets 0 (0)Fair value of plan assets at 31 December 60,334 60,287The 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 on 31 December 2024Non unit-linked insurance contracts (non-quoted); 34.12%Government bonds (quoted); 36.96% Corporate bonds (quoted); 8.25%Unit-linked insurance contracts Cash (quoted); (non-quoted); 19.77%0.90%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 2023 31 DEC 2024Movement of the defined benefit obligationDefined benefit obligation at 01 January 64,112 67,260Changes in scope of consolidation 0 0Current service cost 1,518 1,298Interest cost 2,618 2,391Benefits paid (direct & indirect, including taxes on contributions paid) (2,910) (2,910)Actuarial (gains)/losses on liabilities arising from changes in financial 2,582 (2,483)assumptionsActuarial (gains)/losses on liabilities arising from changes in demographic (483) (276)assumptionsActuarial (gains)/losses on liabilities arising from experience (133) 354Past service cost (including curtailments) 4 (100)Settlement (gains)/losses (604) 0Exchange rate differences 556 1,215Defined benefit obligation at 31 December 67,260 66,749Split of the defined benefit obligation per populationActive members 18,786 16,636Members with deferred benefit entitlements 29,902 29,662Pensioners/Beneficiaries 18,572 20,450Total defined benefit obligation at 31 December 67,260 66,748Changes in the effect of the asset ceiling/ additional liability under IFRIC 14Asset ceiling/additional liability impact at 01 January 3,623 5,021Interest on asset ceiling/additional liability 183 260Changes in the asset ceiling/additional liability, excluding amounts recognised in 1,139 (1,486)net interest costExchange rate differences 76 230Asset ceiling/additional liability impact on 31 December 5,021 4,025Weighted average duration of the defined benefit obligation on 31 December 11 years 9.23 years31 DEC 2023 31 DEC 2024Sensitivity of defined benefit obligation to key assumptions on 31 December% increase in defined benefit obligation following a 0.25% decrease in the discount rate 2.69% 2.40%% decrease in defined benefit obligation following a 0.25% increase in the discount rate -2.53% -2.31%% decrease in defined benefit obligation following a 0.25% decrease in the inflation rate -0.97% -0.51%% increase in defined benefit obligation following a 0.25% increase in the inflation rate 1.00% 0.51%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 approx-imate and takes into account the duration of the liabilities and the overall profile of the plan membership.in thousand EUR2025Estimated contributions for the coming yearExpected employer contributions for defined benefit plans 1,722\u2022 Post-employment benefits: defined contribution plansThe amount recognised as an expense for defined contribution plans in respect of continuing operations was EUR 1,722,000 (2023: EUR 869,000).7.2.5.15 ProvisionsFor the year ending 31 December 2024:in thousand EURPROVISIONS FOR ONEROUS CONTRACTS AND LITIGATIONS DEFECTIVE PRODUCTS ENVIRONMENTAL RISKS RESTRUCTURINGOTHER RISKS TOTALDILAPIDATION COSTSAt the end of the preceding year 0 552 2,696 0 686 27,214 31,148Movements during the yearBusiness combinations 0 1,695 0 0 0 0 1,695Increases 18 741 0 1,252 0 97 2,108Actualisation 0 0 0 0 0 0 0Utilisations (18) (1,414) (18) 0 0 (2,250) (3,700)Write-backs 0 4 0 0 (146) (1,455) (1,598)Transfer from one heading to another 0 97 0 0 0 (97) 0Transfer to discontinued operations 0 0 0 0 0 0 0Change in ascope 0 0 0 0 0 0 0Exchange rate differences 0 0 0 0 29 49 79At year-end 0 1,674 2,678 1,252 569 23,559 29,732Non-current provisions (more than one year) 0 1,674 2,678 (0) 569 23,559 28,479Current provisions (less than one year) 0 0 0 1,252 0 0 1,252Total 0 1,674 2,678 1,252 569 23,559 29,732Provisions 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. The increase mainly relates to the acquisition of Rex Panels & Profiles SA. 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 0.6 million).Provisions for other risks relate mainly to legal costs and fees for legacy remediation and litigations (note 7.2.6.9, 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) (note 7.2.4.7, Discontinued operations) and a UK pension buyout provision. The utilisations relate to the payout of the TEMDA2 restructuring provision. The write-backs relate mainly to a further release of the TEMDA2 IT and insurance provision. For the major risks (i.e. environmental, reorganisation and other risks) the cash outflow is expected to occur within a three-year horizon.",
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"f0__s7__6__147": {
"value": "7.2.5.14 Employee benefit liabilitiesin thousand EUR31 DEC 2023 31 DEC 2024Post-employment benefits: defined benefit plans 11,947 10,487Other long-term benefits and termination benefits 465 510Net liabilities at 31 December 12,412 10,996\u2022 Post-employment benefits: defined benefit plans97.0% of the defined benefit obligation is concentrated in three countries: Belgium (52.7%), United Kingdom (38.1%) and Germany (6.1%). 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 90.9% of the total defined benefit obligation.in thousand EURADJUSTMENT DUE DEFINED BENEFIT FUNDED STATUSTO ASSET CEILING/ NET LIABILITY/ ASSETSOBLIGATIONDEFICIT/(SURPLUS)ADDITIONAL LIABILITY (ASSET)UNDER IFRIC 14Belgium 35,206 (31,458) 3,748 0 3,748United Kingdom 25,461 (28,487) (3,026) 4,026 1,000Germany 4,063 (342) 3,721 0 3,721Other countries 2,018 0 2,018 0 2,018Total 66,748 (60,287) 6,461 4,026 10,487BelgiumRecticel 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 2022 and showed a deficit of GBP 2.5 million. A recovery plan was agreed in July 2024 under which Recticel agreed to pay an amount of GBP 1.0 million on 31 December 2027.Recticel has agreed with the trustees of the plan to fund the cost of transferring the plan to an insurance company in due course. At 31 December 2024, the estimated cost in excess of the employee benefit liability recognised under IAS 19 was GBP 0.8 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 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 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 2023 31 DEC 2024Evolution of the net liability during the year is as follows:Net liability at 01 January 12,783 11,947Changes in scope of consolidation 0 0Expense recognised in the income statement 1,851 1,614Employer contributions (4,192) (2,289)Amount recognised in other comprehensive income 1,457 (839)Exchange rate differences 48 53Discontinued net liability 0 0Net liability at 31 December 11,947 10,487in thousand EUR31 DEC 2023 31 DEC 2024Pension costs recognised in profit and loss and other comprehensive income:Service cost:Current service cost 3,325 1,298Employee contributions (347) 0Past service cost (including curtailments) (9) (100)Cost or gain on settlement (157) 0Administration expenses 103 91Net interest cost:Interest cost 3,323 2,391Interest income (2,941) (2,326)Interest on asset ceiling/ additional liability recognised under IFRIC 14 229 260Pension expense recognised in profit and loss 3,526 1,614Remeasurements in other comprehensive incomeReturn on plan assets (in excess of)/below that recognised in net interest (1,508) 3,052Actuarial (gains)/losses due to changes in financial assumptions 3,572 (2,483)Actuarial (gains)/losses due to changes in demographic assumptions (930) (276)Actuarial (gains)/losses due to experience 707 354Changes in the asset ceiling/additional liability under IFRIC 14, excluding amounts (812) (1,486)recognised in net interest costTotal amount recognised in other comprehensive income 1,029 (839)Total amount recognised in profit and loss and other comprehensive income 4,555 775In 2024, amounts for past service costs and curtailments relate mainly to restructuring in Belgium.in thousand EUR31 DEC 2023 31 DEC 2024Amounts recorded in the statement of financial position in respect of the defined benefit plans are:Defined benefit obligations for funded plans 65,649 64,730Fair value of plan assets (60,334) (60,287)Funded status for funded plans deficit/(surplus) 5,315 4,443Defined benefit obligations for unfunded plans 1,611 2,018Total funded status at 31 December deficit/(surplus) 6,926 6,461Effect of the asset ceiling/ additional liability recognised under IFRIC 14 5,021 4,026Net liabilities at 31 December 11,947 10,487The key actuarial assumptions used at 31 December (weighted averages) are:Discount rate 3.68% 2.95%Future pension increases 2.36% 2.36%Expected rate of salary increases 3.11% 3.05%Inflation 2.22% 2.27%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 54,952 60,334Changes in scope of consolidation 0 0Interest income 2,406 2,326Employer contributions 4,192 2,289Employee contributions 0 0Benefits paid (direct & indirect, including taxes on contributions paid) (2,910) (2,910)Return on plan assets in excess of/(below) that recognised in net interest, excl. 1,648 (3,052)interest incomeSettlement gains/(losses) (442) 0Administration expenses (96) (91)Exchange rate differences 584 1,392Discontinued plan assets 0 (0)Fair value of plan assets at 31 December 60,334 60,287The 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 on 31 December 2024Non unit-linked insurance contracts (non-quoted); 34.12%Government bonds (quoted); 36.96% Corporate bonds (quoted); 8.25%Unit-linked insurance contracts Cash (quoted); (non-quoted); 19.77%0.90%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 2023 31 DEC 2024Movement of the defined benefit obligationDefined benefit obligation at 01 January 64,112 67,260Changes in scope of consolidation 0 0Current service cost 1,518 1,298Interest cost 2,618 2,391Benefits paid (direct & indirect, including taxes on contributions paid) (2,910) (2,910)Actuarial (gains)/losses on liabilities arising from changes in financial 2,582 (2,483)assumptionsActuarial (gains)/losses on liabilities arising from changes in demographic (483) (276)assumptionsActuarial (gains)/losses on liabilities arising from experience (133) 354Past service cost (including curtailments) 4 (100)Settlement (gains)/losses (604) 0Exchange rate differences 556 1,215Defined benefit obligation at 31 December 67,260 66,749Split of the defined benefit obligation per populationActive members 18,786 16,636Members with deferred benefit entitlements 29,902 29,662Pensioners/Beneficiaries 18,572 20,450Total defined benefit obligation at 31 December 67,260 66,748Changes in the effect of the asset ceiling/ additional liability under IFRIC 14Asset ceiling/additional liability impact at 01 January 3,623 5,021Interest on asset ceiling/additional liability 183 260Changes in the asset ceiling/additional liability, excluding amounts recognised in 1,139 (1,486)net interest costExchange rate differences 76 230Asset ceiling/additional liability impact on 31 December 5,021 4,025Weighted average duration of the defined benefit obligation on 31 December 11 years 9.23 years31 DEC 2023 31 DEC 2024Sensitivity of defined benefit obligation to key assumptions on 31 December% increase in defined benefit obligation following a 0.25% decrease in the discount rate 2.69% 2.40%% decrease in defined benefit obligation following a 0.25% increase in the discount rate -2.53% -2.31%% decrease in defined benefit obligation following a 0.25% decrease in the inflation rate -0.97% -0.51%% increase in defined benefit obligation following a 0.25% increase in the inflation rate 1.00% 0.51%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 approx-imate and takes into account the duration of the liabilities and the overall profile of the plan membership.in thousand EUR2025Estimated contributions for the coming yearExpected employer contributions for defined benefit plans 1,722\u2022 Post-employment benefits: defined contribution plansThe amount recognised as an expense for defined contribution plans in respect of continuing operations was EUR 1,722,000 (2023: EUR 869,000).",
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"value": "7.2.5.15 ProvisionsFor the year ending 31 December 2024:in thousand EURPROVISIONS FOR ONEROUS CONTRACTS AND LITIGATIONS DEFECTIVE PRODUCTS ENVIRONMENTAL RISKS RESTRUCTURINGOTHER RISKS TOTALDILAPIDATION COSTSAt the end of the preceding year 0 552 2,696 0 686 27,214 31,148Movements during the yearBusiness combinations 0 1,695 0 0 0 0 1,695Increases 18 741 0 1,252 0 97 2,108Actualisation 0 0 0 0 0 0 0Utilisations (18) (1,414) (18) 0 0 (2,250) (3,700)Write-backs 0 4 0 0 (146) (1,455) (1,598)Transfer from one heading to another 0 97 0 0 0 (97) 0Transfer to discontinued operations 0 0 0 0 0 0 0Change in ascope 0 0 0 0 0 0 0Exchange rate differences 0 0 0 0 29 49 79At year-end 0 1,674 2,678 1,252 569 23,559 29,732Non-current provisions (more than one year) 0 1,674 2,678 (0) 569 23,559 28,479Current provisions (less than one year) 0 0 0 1,252 0 0 1,252Total 0 1,674 2,678 1,252 569 23,559 29,732Provisions 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. The increase mainly relates to the acquisition of Rex Panels & Profiles SA. 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 0.6 million).Provisions for other risks relate mainly to legal costs and fees for legacy remediation and litigations (note 7.2.6.9, 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) (note 7.2.4.7, Discontinued operations) and a UK pension buyout provision. The utilisations relate to the payout of the TEMDA2 restructuring provision. The write-backs relate mainly to a further release of the TEMDA2 IT and insurance provision. For the major risks (i.e. environmental, reorganisation and other risks) the cash outflow is expected to occur within a three-year 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 were concluded. The total provision amounted to EUR 1.0 million at the end of 2024. This site was transferred with the legal entity Recticel Engineered Foams Belgium BV to Carpenter Co. on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, was transferred to Carpenter Co. as well. The clean-up responsibility remains partly with Recticel and was partly transferred to Carpenter Co. The clean-up is due to start in 2026. b) LitigationsThe Recticel 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. These proceedings are very slow due to changes at the court and have been suspended until May 2025. No additional new claims can be launched as the statute of limitations has expired. Recticel has carefully reviewed the merits for this case with its legal advisors and has made a provision to cover any legal costs in this regard.Regarding the ongoing litigation, no considered judgment can be formed at this stage on the outcome of this procedure or on the amount of any potential loss for the Company. One of the former entities of the Recticel Group in Germany was sued in 2014 by a dissatisfied distributor for alleged anti-competitive behaviour, including fixed prices in 2005, 2006 and 2007-2009. The cases relating to 2005 and 2006 were dismissed, both in the first instance and on appeal. The case concerning 2007-2009 was initially dismissed, but was reopened by decision of 12 September 2023 of the Berlin Supreme Court and referred back to the Berlin Court of Appeal. The case has not yet been reopened for consideration. The entity in question was transferred to the Aquinos Group in 2022, but any liability that may arise from this case, as well as the costs of these proceedings, remain with Recticel. A provision has been made for this case, after consultation with the legal advisors. However, at this time, no further judgement can be given on the outcome of these proceedings for Recticel.On 23 December 2024, the Polish owner of the production site leased by Aquinos Bedding Poland Sp. z o.o. (formerly Recticel Bedding Poland Sp.z o.o.) sent a demand for payment to Recticel NV/SA for the amount of EUR 0.9 million based on a guarantee given by Recticel NV in 2020 (for its former subsidiary Recticel Bedding), as Aquinos Bedding Poland had not paid the rent and service costs for many months. Based on the sales agreement concluded in 2022 with Aquinos Group for the sale of the Recticel Bedding entities, Aquinos Group should have assumed this guarantee, which has not yet happened. If Recticel is obliged to pay under this guarantee, it can reclaim these sums, plus any interest and costs, from Aquinos Group on the basis of the aforementioned sales agreement of 2022. One of our Group entities in the United Kingdom was the subject of an investigation by the UK\u2019s Health and Safety Executive (HSE) following the accidental death of one of its employees in 2015. After a fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel replied to these allegations. In October 2021, the HSE 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 was transferred to Carpenter Co. on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.On 3 May 2024, Carpenter sent a claim to Recticel for the amount of EUR 1.9 million in the context of a possible tax that would result from the recognition of a badwill on the sale of Recticel Engineered Foams Belgium NV, following the revision of the sales price in 2023. Recticel NV disputes this claim and has well-founded legal and economic arguments to refute it.Following a fire incident in Most (Czech Republic), the Group entity involved has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at direct customers and car manufacturers. While the Group entity involved has claimed Force Majeure in this respect, this has been put in question and 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 launched a legal proceeding in France in the course of the first semester of 2019. The proceedings in the court of first instance are still ongoing and are expected to be finalised in mid-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 the sellers subsequently 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 no longer wanted 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 in the short term.During 2024, a number of claims were received by our French insulation entity and by Recticel NV regarding quality problems. These problems can be summarised as follows: (i) a change in the formulation of insulation boards produced in 2018-2019, (ii) expansion of roof curbs in the case of a certain installation on flat roofs, (iii) shrinkage of insulation boards, and (iii) delamination of the so-called \u2018facer\u2019 of the PIR inside the insulation boards. Although the Group is insured for product liability in line with industry standards, it cannot be excluded that such claims could result in financial losses for the Group. Provisions were made for these claims in 2023, which could largely be reversed in 2024.As of 31 December 2024, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.7 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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"f0__s7__6__151": {
"value": "7.2.5.16 Financial liabilitiesFinancial liabilities carried at amortised cost include mainly interest-bearing borrowings:in thousand EURNON-CURRENT LIABILITIES CURRENT LIABILITIES31 DEC 2023 31 DEC 2024 31 DEC 2023 31 DEC 2024SecuredLease liabilities 13,062 21,876 5,097 8,152Bank loans 10,020 19,852 974 2,358Total secured 23,082 41,728 6,071 10,511UnsecuredSubordinated loans 0 4,490 0 1,227Other loans (0) (0) 0 0Current bank loans 0 0 0 (0)Commercial paper 0 0 0 0Bank overdrafts 0 0 12 72Other financial liabilities 0 0 332 307Total unsecured (0) 4,490 345 1,606Total liabilities carried at amortised cost 23,082 46,218 6,415 12,116Gross financial debt: interest-bearing borrowings, including continuing involvement of off-balance sheet non-recourse factoring programmesin thousand EUR31 DEC 2023 31 DEC 2024Drawn amounts under the various available interest-bearing borrowing facilitiesOutstanding amounts under syndicated credit facility 0 0Outstanding amounts under lease liabilities 13,062 21,876Outstanding amounts under subordinated loans 0 4,490Outstanding amounts under other non-current loans 10,020 19,852Outstanding amounts under non-current gross interest-bearing borrowing 23,082 46,218facilities (a)Outstanding amounts under bank overdrafts 12 72Outstanding amounts under current bank loans 974 2,358Outstanding amounts under lease liabilities 5,097 8,152Outstanding amounts under factoring programmes - retention amount 0 0Outstanding amounts under commercial paper programmes \u00b9 0 0Outstanding amounts under subordinated loans 0 1,227Outstanding amounts under other current loans 0 0Outstanding amounts under other financial liabilities 332 307Outstanding amounts under current gross interest-bearing borrowing facilities (b) 6,415 12,116Total outstanding amounts under gross interest-bearing borrowings (c)=(a)+(b) 29,497 58,334Outstanding amounts under non-recourse factoring programmes (d) 18 0Total outstanding amounts under gross interest-bearing borrowings and factoring 29,515 58,334programmes (e)=(c)+(d)Weighted average lifetime of non-current interest-bearing borrowings (in years) 1.32 5.26Weighted average interest rate of gross financial debt at fixed interest rate 2.14% 2.60%0.62% - Interest rate range of gross financial debt at fixed interest rate 1.46% - 2.62%3.86%Weighted average interest rate of gross financial debt at variable interest rate 5.61% 4.00%4.00% - Interest rate range of gross financial debt at variable interest rate 4.85% - 5.61%4.00%Weighted average interest rate of total gross financial debt 3.42% 2.60%Percentage of gross financial debt at fixed interest rate 93.0% 100.0%Percentage of gross financial debt at variable interest rate 7.0% 0.0%\u00b9 The amount drawn under the commercial paper programme 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 programme.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 the following leases:\u2022 the additional lease to finance the extension of the insulation plant in Wevelgem (Belgium) in 2017, with an outstanding amount of EUR 5.0 million as of 31 December 2024, at a fixed rate. \u2022 the lease financing of Rex Panels & Profiles SA equipment, with an outstanding amount of EUR 9.6 million as of 31 December 2024, at a fixed rate. (ii) Bank loans \u2013 \u201csyndicated credit facility\u201dWith the proceeds from the divestment of Recticel Engineered foams to Carpenter Co. the syndicated credit facility was repaid.The facility has a three-year tenor with two one-year extension options and has 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 two years until the end of 2025. The new syndicated facility is subject to bank covenants. At 31 December 2024, due to the net cash position, the covenant calculation was not applicable.(iii) Subordinated loansSubordinated loans of Rex Panels & Profiles SA with an outstanding amount of EUR 5.7 million as of 31 December 2024, at a fixed rate.(iv) 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 2024 is EUR 10.0 million. (v) Other Current loans With the proceeds from the divestment of Recticel Engineered foams to Carpenter Co., all other current loans were repaid.(vi) Commercial paper programmeWith the proceeds from the divestment of Recticel Engineered foams to Carpenter Co., all commercial paper was repaid.Other financial liabilitiesFor interest rate swaps, reference is made to note 7.2.5.18, Financial instruments and financial risks.in thousand EUR31 DEC 2023 31 DEC 2024Other financial debt 52 31Interest accruals 280 275Total 332 307",
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"f0__s7__6__156": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables increased to EUR 87.9 million (2023: EUR 70.1 million) mainly due to the acquisition of Rex. Other current amounts payable are composed as follows:in thousand EUR31 DEC 2023 31 DEC 2024Other non-current liabilities maturing within one year 0VAT payable - local and foreign 5,696 6,066Other tax payables 3,744 141Payroll, social security 9,166 10,284Dividend payable 874 961Result transfer (fiscal unit) (0) (0)Other debts 14,082 4,369Operating subsidies 0 0Accrued liabilities - operating 10,042 9,308Deferred income - operating 685 437Deferred income - insurance premium 348 348Deferred income - gain on sale and leaseback 319 268Total 44,955 32,181The decrease in 2024 is due to the settlement of an outstanding (net) payable on Carpenter Co. of EUR 9.4 million.",
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"f0__s7__6__154": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables increased to EUR 87.9 million (2023: EUR 70.1 million) mainly due to the acquisition of Rex. Other current amounts payable are composed as follows:in thousand EUR31 DEC 2023 31 DEC 2024Other non-current liabilities maturing within one year 0VAT payable - local and foreign 5,696 6,066Other tax payables 3,744 141Payroll, social security 9,166 10,284Dividend payable 874 961Result transfer (fiscal unit) (0) (0)Other debts 14,082 4,369Operating subsidies 0 0Accrued liabilities - operating 10,042 9,308Deferred income - operating 685 437Deferred income - insurance premium 348 348Deferred income - gain on sale and leaseback 319 268Total 44,955 32,181The decrease in 2024 is due to the settlement of an outstanding (net) payable on Carpenter Co. of EUR 9.4 million.",
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"f0__s7__6__153": {
"value": "7.2.5.17 Trade and other payables Trade payables principally comprise amounts outstanding for trade purchases. Trade payables increased to EUR 87.9 million (2023: EUR 70.1 million) mainly due to the acquisition of Rex. Other current amounts payable are composed as follows:in thousand EUR31 DEC 2023 31 DEC 2024Other non-current liabilities maturing within one year 0VAT payable - local and foreign 5,696 6,066Other tax payables 3,744 141Payroll, social security 9,166 10,284Dividend payable 874 961Result transfer (fiscal unit) (0) (0)Other debts 14,082 4,369Operating subsidies 0 0Accrued liabilities - operating 10,042 9,308Deferred income - operating 685 437Deferred income - insurance premium 348 348Deferred income - gain on sale and leaseback 319 268Total 44,955 32,181The decrease in 2024 is due to the settlement of an outstanding (net) payable on Carpenter Co. of EUR 9.4 million.",
"dimensions": {
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"f0__s7__6__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 FAIR VALUE 31 DEC 2023 31 DEC 2024IFRS 9LEVELFinancial assetsTransactional hedges - operational FVTPL 20 0 2Derivatives not designed in a hedge relationship FVTPL 2 0 2Current trade receivables AC 78,135 101,925 2Other non-current receivables AC 544 352 2Other receivables AC 7,333 9,494 2Other receivables AC 7,877 9,845 2Loans to affiliates AC 11,523 11,522 2Other loans AC 2,517 449 2Non-current loans AC 14,041 11,971 2Financial receivables AC 2,672 2,626 2Loans to affiliates AC 16,712 14,596 2Cash and cash equivalents AC 191,393 132,717 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 26 0 2Transactional hedges - operational FVTPL 6 28 2Derivatives not designated in a hedge relationship FVTPL 21 0 2Non-current financial liabilities at amortised cost AC 23,081 46,218 2Current financial liabilities at amortised cost AC 6,351 12,088 2Trade payables AC 70,080 87,845 2Other non-current payables AC 982 972 2Other payables AC 44,955 32,181 2Other payables AC 45,937 33,154 2AC = financial assets or liabilities at amortised costCFH = cash flow hedgeFVTPL = Financial assets or liabilities at fair value through profit or lossFVTOCI = financial assets at fair value through other comprehensive income",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__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 FAIR VALUE 31 DEC 2023 31 DEC 2024IFRS 9LEVELFinancial assetsTransactional hedges - operational FVTPL 20 0 2Derivatives not designed in a hedge relationship FVTPL 2 0 2Current trade receivables AC 78,135 101,925 2Other non-current receivables AC 544 352 2Other receivables AC 7,333 9,494 2Other receivables AC 7,877 9,845 2Loans to affiliates AC 11,523 11,522 2Other loans AC 2,517 449 2Non-current loans AC 14,041 11,971 2Financial receivables AC 2,672 2,626 2Loans to affiliates AC 16,712 14,596 2Cash and cash equivalents AC 191,393 132,717 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 26 0 2Transactional hedges - operational FVTPL 6 28 2Derivatives not designated in a hedge relationship FVTPL 21 0 2Non-current financial liabilities at amortised cost AC 23,081 46,218 2Current financial liabilities at amortised cost AC 6,351 12,088 2Trade payables AC 70,080 87,845 2Other non-current payables AC 982 972 2Other payables AC 44,955 32,181 2Other payables AC 45,937 33,154 2AC = financial assets or liabilities at amortised costCFH = cash flow hedgeFVTPL = Financial assets or liabilities at fair value through profit or lossFVTOCI = financial assets at fair value through other comprehensive incomeThe 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 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__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 FAIR VALUE 31 DEC 2023 31 DEC 2024IFRS 9LEVELFinancial assetsTransactional hedges - operational FVTPL 20 0 2Derivatives not designed in a hedge relationship FVTPL 2 0 2Current trade receivables AC 78,135 101,925 2Other non-current receivables AC 544 352 2Other receivables AC 7,333 9,494 2Other receivables AC 7,877 9,845 2Loans to affiliates AC 11,523 11,522 2Other loans AC 2,517 449 2Non-current loans AC 14,041 11,971 2Financial receivables AC 2,672 2,626 2Loans to affiliates AC 16,712 14,596 2Cash and cash equivalents AC 191,393 132,717 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 26 0 2Transactional hedges - operational FVTPL 6 28 2Derivatives not designated in a hedge relationship FVTPL 21 0 2Non-current financial liabilities at amortised cost AC 23,081 46,218 2Current financial liabilities at amortised cost AC 6,351 12,088 2Trade payables AC 70,080 87,845 2Other non-current payables AC 982 972 2Other payables AC 44,955 32,181 2Other payables AC 45,937 33,154 2AC = financial assets or liabilities at amortised costCFH = cash flow hedgeFVTPL = Financial assets or liabilities at fair value through profit or lossFVTOCI = financial assets at fair value through other comprehensive incomeThe 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 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.",
"dimensions": {
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"f0__s7__6__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 FAIR VALUE 31 DEC 2023 31 DEC 2024IFRS 9LEVELFinancial assetsTransactional hedges - operational FVTPL 20 0 2Derivatives not designed in a hedge relationship FVTPL 2 0 2Current trade receivables AC 78,135 101,925 2Other non-current receivables AC 544 352 2Other receivables AC 7,333 9,494 2Other receivables AC 7,877 9,845 2Loans to affiliates AC 11,523 11,522 2Other loans AC 2,517 449 2Non-current loans AC 14,041 11,971 2Financial receivables AC 2,672 2,626 2Loans to affiliates AC 16,712 14,596 2Cash and cash equivalents AC 191,393 132,717 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 26 0 2Transactional hedges - operational FVTPL 6 28 2Derivatives not designated in a hedge relationship FVTPL 21 0 2Non-current financial liabilities at amortised cost AC 23,081 46,218 2Current financial liabilities at amortised cost AC 6,351 12,088 2Trade payables AC 70,080 87,845 2Other non-current payables AC 982 972 2Other payables AC 44,955 32,181 2Other payables AC 45,937 33,154 2AC = financial assets or liabilities at amortised costCFH = cash flow hedgeFVTPL = Financial assets or liabilities at fair value through profit or lossFVTOCI = financial assets at fair value through other comprehensive incomeThe 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 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__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 FAIR VALUE 31 DEC 2023 31 DEC 2024IFRS 9LEVELFinancial assetsTransactional hedges - operational FVTPL 20 0 2Derivatives not designed in a hedge relationship FVTPL 2 0 2Current trade receivables AC 78,135 101,925 2Other non-current receivables AC 544 352 2Other receivables AC 7,333 9,494 2Other receivables AC 7,877 9,845 2Loans to affiliates AC 11,523 11,522 2Other loans AC 2,517 449 2Non-current loans AC 14,041 11,971 2Financial receivables AC 2,672 2,626 2Loans to affiliates AC 16,712 14,596 2Cash and cash equivalents AC 191,393 132,717 2Other investments FVTOCI 500 500 2Financial liabilitiesInterest rate swaps designated as cash flow hedge relationship CFH 26 0 2Transactional hedges - operational FVTPL 6 28 2Derivatives not designated in a hedge relationship FVTPL 21 0 2Non-current financial liabilities at amortised cost AC 23,081 46,218 2Current financial liabilities at amortised cost AC 6,351 12,088 2Trade payables AC 70,080 87,845 2Other non-current payables AC 982 972 2Other payables AC 44,955 32,181 2Other payables AC 45,937 33,154 2AC = financial assets or liabilities at amortised costCFH = cash flow hedgeFVTPL = Financial assets or liabilities at fair value through profit or lossFVTOCI = financial assets at fair value through other comprehensive incomeThe 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 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.Financial risk management\u2022 Credit risk The Group\u2019s principal current financial assets are cash and 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 ongoing 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 depending on 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 Co., Recticel repaid all its loans and consequently terminated the corresponding IRS. All financial leases (EUR 14.6 million) and a bank loan of EUR 22.2 million are at fixed rate. The undrawn syndicated revolving credit facility is contracted at floating rate. \u2022 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 NV/SA. (RIS), which acts as the Group\u2019s internal bank. 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 2.5 million. \u2022 Sensitivity analysis on currency risks The Group deals mainly in four currencies outside the eurozone: GBP, USD, SEK and 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 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase or decrease of the Polish Zloty and Swedish Krona 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 respective 10% and 5%, changes 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 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a 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 EUR2023 2024 2023 2024 2023 2024 2023 2024Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognised in the P&L 121 167 (118) 1,892 186 163 48 (10)accountFinancial assets\u00b9 1,225 1,872 128 19,437 3,715 3,268 973 (199)Financial liabilities\u00b9 (19) (198) (1,289) (516) (1) (6) (5) 0Derivatives 0 0 (21) 0 2 0 0 0Total net exposure 1,206 1,674 (1,182) 18,921 3,716 3,262 968 (199)\u00b9 Includes trade and other receivables and trade and other payables.Financial assets and liabilities represent the foreign currency exposure of the different subsidiaries of the Group in relation to their local currency.\u2022 Liquidity risk The 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 three-year EUR 100 syndicated revolving credit facility, which has been extended over a period of two years until the end of 2025. This EUR 100 million revolving credit facility guarantees necessary liquidity to ensure future activities and to meet short- and medium-term financial commitments. In June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility. In addition to its long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper programme and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter Co.. The Group does not enter into 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 December 2024, 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 million. The gross dividend over 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend payout of EUR 17.5 million (excluding treasury shares). This amount is higher than the above-mentioned maximum payout limit and consequently a waiver was requested and granted.",
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"f0__s7__6__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 2024, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.",
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"f0__s7__6__161": {
"value": "Financial risk management\u2022 Credit risk The Group\u2019s principal current financial assets are cash and 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 ongoing 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 depending on 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 Co., Recticel repaid all its loans and consequently terminated the corresponding IRS. All financial leases (EUR 14.6 million) and a bank loan of EUR 22.2 million are at fixed rate. The undrawn syndicated revolving credit facility is contracted at floating rate. \u2022 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 NV/SA. (RIS), which acts as the Group\u2019s internal bank. 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 2.5 million. \u2022 Sensitivity analysis on currency risks The Group deals mainly in four currencies outside the eurozone: GBP, USD, SEK and 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 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase or decrease of the Polish Zloty and Swedish Krona 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 respective 10% and 5%, changes 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 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a 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 EUR2023 2024 2023 2024 2023 2024 2023 2024Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognised in the P&L 121 167 (118) 1,892 186 163 48 (10)accountFinancial assets\u00b9 1,225 1,872 128 19,437 3,715 3,268 973 (199)Financial liabilities\u00b9 (19) (198) (1,289) (516) (1) (6) (5) 0Derivatives 0 0 (21) 0 2 0 0 0Total net exposure 1,206 1,674 (1,182) 18,921 3,716 3,262 968 (199)\u00b9 Includes trade and other receivables and trade and other payables.Financial assets and liabilities represent the foreign currency exposure of the different subsidiaries of the Group in relation to their local currency.\u2022 Liquidity risk The 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 three-year EUR 100 syndicated revolving credit facility, which has been extended over a period of two years until the end of 2025. This EUR 100 million revolving credit facility guarantees necessary liquidity to ensure future activities and to meet short- and medium-term financial commitments. In June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility. In addition to its long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper programme and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter Co.. The Group does not enter into 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 December 2024, 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 million. The gross dividend over 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend payout of EUR 17.5 million (excluding treasury shares). This amount is higher than the above-mentioned maximum payout 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 2023 31 DEC 2024Unused amounts under non-current financing facilitiesUndrawn available commitments under the club deal facility\u00b9 100,000 105,000Total available under non-current facilities 100,000 105,000Unused amounts under current financing facilitiesUndrawn under current on-balance facilities 22,000 16,000Undrawn under off-balance factoring programmes 35,000 8,400Total available under current facilities 57,000 24,400Total unused amounts under financing facilities 157,000 129,4001 The amount drawn under the commercial paper programme is to be covered at any time by the undrawn amount under the syndicated credit facility. At 31 December 2024 no amounts are drawn under the commercial paper programme or under the syndicated credit facility.\u2022 Maturity analysis of financial liabilitiesFor the year ending 31 December 2024:in thousand EURMATURING MATURING FUTURE MATURING CARRYING BETWEEN 1 AND AFTER 5 TOTALFINANCIAL WITHIN 1 YEARAMOUNT5 YEARSYEARSCHARGES(a) (b) (c) (a)+(b)+(c)Lease liabilities 8,590 20,279 3,102 31,971 1,942 30,029Bank loans 2,891 10,763 11,567 25,221 3,010 22,210Other loans 1,359 3,792 1,022 6,174 457 5,717Interest-bearing borrowings 12,840 34,835 15,691 63,366 5,410 57,956long termInterest-bearing borrowings 12short termOther financial liabilities 280non derivativeOther financial liabilities 52derivativeTotal 58,300Non-current financial liabilities 46,218Current financial liabilities 12,116Total 275 58,334For the year ending 31 December 2023:in thousand EURMATURINGMATURINGFUTUREMATURINGCARRYING Maturing within 1 yearBETWEEN 1AFTER 5 TOTALFINANCIALWITHIN 1 YEARAMOUNTAND 5 YEARSYEARSCHARGES(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 0 0 0 0Interest-bearing borrowings 6,496 15,549 10,037 32,082 (2,930) 29,152long termInterest-bearing borrowings 12short termOther financial liabilities 280non-derivativeOther financial liabilities 52derivativeTotal 29,497Non-current financial liabilities 23,082Current financial liabilities 6,415Total 29,497Reference is also made to notes 7.2.1.5 - Climate change and 7.2.1.6 - Geopolitical conflicts.",
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"f0__s7__6__160": {
"value": "Credit risk The Group\u2019s principal current financial assets are cash and 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 ongoing 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 depending on 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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},
"f0__s7__6__165": {
"value": "Interest rate risk management After the sale of the Recticel Engineered Foams activities to Carpenter Co., Recticel repaid all its loans and consequently terminated the corresponding IRS. All financial leases (EUR 14.6 million) and a bank loan of EUR 22.2 million are at fixed rate. The undrawn syndicated revolving credit facility is contracted at floating rate. \u2022 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 NV/SA. (RIS), which acts as the Group\u2019s internal bank. 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 2.5 million. \u2022 Sensitivity analysis on currency risks The Group deals mainly in four currencies outside the eurozone: GBP, USD, SEK and 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 10% increase (or decrease) of the US Dollar and Pound Sterling against the Euro, and 5% increase or decrease of the Polish Zloty and Swedish Krona 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 respective 10% and 5%, changes 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 10% against the US Dollar or the Pound Sterling, or 5% against the Polish Zloty or Swedish Krona. For a 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 EUR2023 2024 2023 2024 2023 2024 2023 2024Historical average variation 10% 10% 10% 10% 5% 5% 5% 5%Profit (loss) recognised in the P&L 121 167 (118) 1,892 186 163 48 (10)accountFinancial assets\u00b9 1,225 1,872 128 19,437 3,715 3,268 973 (199)Financial liabilities\u00b9 (19) (198) (1,289) (516) (1) (6) (5) 0Derivatives 0 0 (21) 0 2 0 0 0Total net exposure 1,206 1,674 (1,182) 18,921 3,716 3,262 968 (199)\u00b9 Includes trade and other receivables and trade and other payables.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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"f0__s7__6__166": {
"value": "Liquidity risk The 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 three-year EUR 100 syndicated revolving credit facility, which has been extended over a period of two years until the end of 2025. This EUR 100 million revolving credit facility guarantees necessary liquidity to ensure future activities and to meet short- and medium-term financial commitments. In June 2023, a redemption of EUR 219 million was made to the banks, thus repaying the entire facility. In addition to its long-term loans, the Group has a diversified range of short-term financing sources, including a commercial paper programme and non-recourse factoring facilities which have not been used after the sale of the Recticel Engineered Foams activities to Carpenter Co.. The Group does not enter into 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 December 2024, 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 million. The gross dividend over 2024 \u2013 to be paid in 2025 \u2013 proposed to the Annual General Meeting amounts to EUR 0.31 per share, leading to a total dividend payout of EUR 17.5 million (excluding treasury shares). This amount is higher than the above-mentioned maximum payout 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 2023 31 DEC 2024Unused amounts under non-current financing facilitiesUndrawn available commitments under the club deal facility\u00b9 100,000 105,000Total available under non-current facilities 100,000 105,000Unused amounts under current financing facilitiesUndrawn under current on-balance facilities 22,000 16,000Undrawn under off-balance factoring programmes 35,000 8,400Total available under current facilities 57,000 24,400Total unused amounts under financing facilities 157,000 129,4001 The amount drawn under the commercial paper programme is to be covered at any time by the undrawn amount under the syndicated credit facility. At 31 December 2024 no amounts are drawn under the commercial paper programme or under the syndicated credit facility.\u2022 Maturity analysis of financial liabilitiesFor the year ending 31 December 2024:in thousand EURMATURING MATURING FUTURE MATURING CARRYING BETWEEN 1 AND AFTER 5 TOTALFINANCIAL WITHIN 1 YEARAMOUNT5 YEARSYEARSCHARGES(a) (b) (c) (a)+(b)+(c)Lease liabilities 8,590 20,279 3,102 31,971 1,942 30,029Bank loans 2,891 10,763 11,567 25,221 3,010 22,210Other loans 1,359 3,792 1,022 6,174 457 5,717Interest-bearing borrowings 12,840 34,835 15,691 63,366 5,410 57,956long termInterest-bearing borrowings 12short termOther financial liabilities 280non derivativeOther financial liabilities 52derivativeTotal 58,300Non-current financial liabilities 46,218Current financial liabilities 12,116Total 275 58,334For the year ending 31 December 2023:in thousand EURMATURINGMATURINGFUTUREMATURINGCARRYING Maturing within 1 yearBETWEEN 1AFTER 5 TOTALFINANCIALWITHIN 1 YEARAMOUNTAND 5 YEARSYEARSCHARGES(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 0 0 0 0Interest-bearing borrowings 6,496 15,549 10,037 32,082 (2,930) 29,152long termInterest-bearing borrowings 12short termOther financial liabilities 280non-derivativeOther financial liabilities 52derivativeTotal 29,497Non-current financial liabilities 23,082Current financial liabilities 6,415Total 29,497Reference is also made to notes 7.2.1.5 - Climate change and 7.2.1.6 - Geopolitical conflicts.",
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"f0__s7__6__169": {
"value": "7.2.5.19 Business combinations and disposalsOn 10 January 2024, Recticel acquired 100% of the shares of Rex Panels & Profiles SA, a Belgium-based company, for an enterprise value of EUR 70 million.In 2023, business disposals related to the Engineered Foams activities which were sold to Carpenter Co., see note 7.2.4.7, Discontinued operations.",
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"f0__s7__6__172": {
"value": "7.2.6.2 Share-based paymentsFollowing the decision of the Board of Directors of 28 February 2024, a new edition of the stock option plan was launched in favour of leading staff members of the Group. A total of 492,500 options were attributed with an exercise price of EUR 12.92. The exercise period runs -after a vesting period of three years- from 1 January 2028 until 16 June 2031. Fair value of this option series amounts to EUR 1.96 million.350,000 out of the 492,500 options were allocated to the current members of the Management Committee.Recticel Group has implemented a warrant plan for its leading managers. The table below gives the overview of all outstanding subscription rights on 31 December 2024: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 45,000 5.73 01/01/2020 - 28/04/2025 0.786June 2017 410,000 0 7.00 01/01/2021 - 29/06/2024 0.928April 2018 460,000 192,500 10.21 01/01/2022 - 24/04/2025 1.572June 2019 500,000 407,500 7.90 01/01/2023 - 27/06/2026 1.181March 2020 505,000 425,000 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 3.231June 2024 492,500 402,500 12.92 01/01/2028 - 16/06/2031 3.976Total 3,830,000 2,552,500All subscription rights have a vesting period of three years. Beneficiaries can lose the right to exercise their subscription rights in cases of voluntary leave or dismissal for misconduct.The expense recognised for the year for the share-based payments amounts to EUR 1.3 million (2023: EUR 1.1 million). The plan of June 2024 was approved and formalised appropriately.A more general overview showing the trend during 2024 is given below:in units2023 2024Total number of subscription rights outstanding on 31 December 2,525,000 2,552,500Weighted average exercise price (in EUR) 10.14 10.93Weighted average remaining contractual life (in years) 3.54 3.48Movements in number of subscription rightsSubscription rights outstanding at the beginning of the period 2,212,500 2,525,000New subscription rights granted during the period 350,000 492,500Subscription rights forfeited and expired during the period (15,000) (90,000)Subscription rights exercised during the period (22,500) (375,000)Subscription rights outstanding at the end of the period 2,525,000 2,552,500Status of subscription rights outstandingClosing share price at end of period (in EUR) 10.60 10.48Total number of subscription rights exercisable at the end of the period 967,500 1,070,000Total number of subscription rights that are \u2018in-the-money\u2019 at the end of the period\u00b9 2,235,000 1,420,000Total number of subscription rights that are exercisable and \u2018in-the-money\u2019 at the end of the period\u00b9 967,500 1,070,000\u00b9 In comparison with the average daily closing price over the periodThe table below provides an overview of all subscription rights exercised during the period:in units2023 2024Total number of subscription rights exercised 22,500 375,000Weighted average exercise price 8.41 7.74Period during which these subscription rights were exercised 30/3 - 27/04 29/3 - 20/12Average closing price of period during which these subscription rights were exercised 16.37 12.33Average daily closing price for full year 12.61 11.92To 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: 2.40%), interest rate (Euribor 5 years: 1.07%) and volatility (stock market data on the Recticel share: 38.3%). For the issue of June 2024, the fair value amounted to EUR 3.976 per subscription right.Overview of the outstanding subscription rights held by the members of the current Management Committee (on 31 December 2024):in thousand EURNUMBER OF SUBSCRIPTION RIGHTS Issue HELD BY THE MEMBERS OF THE CURRENT MANAGEMENT COMMITTEEApril 2016 0June 2017 0April 2018 0June 2019 65,000March 2020 65,000May 2021 90,000May 2022 120,000June 2023 120,000June 2024 260,000Total 720,000\u00b9 The conditions of the various issues are reflected in the global overview table aboveMembers of the Management Committee received the following subscription rights for the 2024 series:in EURTOTAL THEORETICAL VALUE TOTAL NUMBER OF NameOF SUBSCRIPTION RIGHTS AT SUBSCRIPTION RIGHTSISSUANCE\u00b9Jan Vergote 125,000 497,000Bo\u017eo \u010cernila 90,000 357,840Betty Bogaert 180,000 715,680Rob Nijskens 130,000 516,880Stijn Vermeulen 15,000 59,640Dirk Verbruggen 180,000 715,680Total 720,000 2,862,7201 The theoretical value is calculated by using the Black-Scholes formula and taken into account certain assumptions regarding dividend yield, interest rate and volatility.",
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"value": "7.2.6.3 Events after the reporting dateRESTRUCTURING On 27 January 2025, Recticel announced the closure of its thermo-acoustic boards plant in Angers, France, by the end of H1 2025.",
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"value": "7.2.6.4 Related party transactionsTransactions between Recticel NV/SA and its subsidiaries, which are related parties, have been eliminated from the consolidation and are not disclosed in this note. Transactions with other related parties are disclosed below and primarily concern commercial transactions done at prevailing market conditions. The tables below only include transactions considered to be material, i.e. exceeding a total of EUR 1 million.Transactions with joint ventures and associates: 2024in thousand EURNON-CURRENT TRADE OTHER CURRENT FINANCIAL TRADE PAYABLES OTHER PAYABLES REVENUE COST OF SALESRECEIVABLESRECEIVABLESRECEIVABLESLIABILITIESTotal Orsa Foam companies 0 0 0 0 0 0 0 0Total Proseat companies 0 0 0 0 0 0 0 0Total TEMDA2 companies 11,524 356 0 0 0 0 0 0TOTAL 11,524 356 0 0 0 0 0 0Transactions with joint ventures and associates: 2023in thousand EURNON-CURRENT TRADE OTHER CURRENT FINANCIAL TRADE PAYABLES OTHER PAYABLES REVENUE COST OF SALESRECEIVABLESRECEIVABLESRECEIVABLESLIABILITIESTotal 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 0TOTAL 11,524 385 0 0 0 0 0 07.2.6.5 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 Chapter 6 of this annual report.Total gross remuneration for the members of the Board of Directors:in EUR2023 2024Director fees 115,027 113,860Attendance fees Board of Directors 152,500 147,500Attendance fees Audit & Sustainability Committee 47,500 50,000Attendance fees Remuneration and Nomination Committee 70,000 50,000Attendance fees Strategy Committee 0 0TOTAL 385,027 361,360In 2024 the Board remuneration stayed at the same level. The decrease in the total cost is due to the lower number of meetings than in 2023 that were linked to the sale of the Recticel Engineered Foams activities.Total gross remuneration for the members of the Management Committeein EUR2023 2024Fixed remuneration 2,133,637 1,950,098Variable remuneration 2,263,888 1,103,007Pensions 101,675 69,402Other benefits 117,605 84,515Extraordinary items 0 0TOTAL 4,616,805 3,207,022",
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"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 Chapter 6 of this annual report.Total gross remuneration for the members of the Board of Directors:in EUR2023 2024Director fees 115,027 113,860Attendance fees Board of Directors 152,500 147,500Attendance fees Audit & Sustainability Committee 47,500 50,000Attendance fees Remuneration and Nomination Committee 70,000 50,000Attendance fees Strategy Committee 0 0TOTAL 385,027 361,360In 2024 the Board remuneration stayed at the same level. The decrease in the total cost is due to the lower number of meetings than in 2023 that were linked to the sale of the Recticel Engineered Foams activities.Total gross remuneration for the members of the Management Committeein EUR2023 2024Fixed remuneration 2,133,637 1,950,098Variable remuneration 2,263,888 1,103,007Pensions 101,675 69,402Other benefits 117,605 84,515Extraordinary items 0 0TOTAL 4,616,805 3,207,022",
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"value": "7.2.6.7 Staffin units2023 2024Management Committee 5 5 Employees 721 665Workers 560 591Average number of people employed (full time equivalent) on a consolidated 1,286 1,261basis (i.e. excluding joint ventures)Remuneration and social charges (in thousand EUR) 82,463 91,675Average number of people employed in Belgium 422 309The decrease of the average number of people employed as a result of the workforce alignment with reduced market circumstances is partly compensated by the business combination Rex Panels & Profiles SA. The costs for remuneration and social charges include restructuring costs amounting to EUR 7.9 million.",
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"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 2023 31 DEC 2024Audit fees 651 635Other audit services and legal missions 554 129Tax services 31 54Consulting services 0 0Total fees 1,235 818Audit fees for Recticel NV/SA and its subsidiaries are determined by the Annual General 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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"f0__s7__6__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 were concluded. The total provision amounted to EUR 1.0 million at the end of 2024. This site was transferred with the legal entity Recticel Engineered Foams Belgium BV to Carpenter Co. on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, was transferred to Carpenter Co. as well. The clean-up responsibility remains partly with Recticel and was partly transferred to Carpenter Co. The clean-up is due to start in 2026. b) LitigationsThe Recticel 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. These proceedings are very slow due to changes at the court and have been suspended until May 2025. No additional new claims can be launched as the statute of limitations has expired. Recticel has carefully reviewed the merits for this case with its legal advisors and has made a provision to cover any legal costs in this regard.Regarding the ongoing litigation, no considered judgment can be formed at this stage on the outcome of this procedure or on the amount of any potential loss for the Company. One of the former entities of the Recticel Group in Germany was sued in 2014 by a dissatisfied distributor for alleged anti-competitive behaviour, including fixed prices in 2005, 2006 and 2007-2009. The cases relating to 2005 and 2006 were dismissed, both in the first instance and on appeal. The case concerning 2007-2009 was initially dismissed, but was reopened by decision of 12 September 2023 of the Berlin Supreme Court and referred back to the Berlin Court of Appeal. The case has not yet been reopened for consideration. The entity in question was transferred to the Aquinos Group in 2022, but any liability that may arise from this case, as well as the costs of these proceedings, remain with Recticel. A provision has been made for this case, after consultation with the legal advisors. However, at this time, no further judgement can be given on the outcome of these proceedings for Recticel.On 23 December 2024, the Polish owner of the production site leased by Aquinos Bedding Poland Sp. z o.o. (formerly Recticel Bedding Poland Sp.z o.o.) sent a demand for payment to Recticel NV/SA for the amount of EUR 0.9 million based on a guarantee given by Recticel NV in 2020 (for its former subsidiary Recticel Bedding), as Aquinos Bedding Poland had not paid the rent and service costs for many months. Based on the sales agreement concluded in 2022 with Aquinos Group for the sale of the Recticel Bedding entities, Aquinos Group should have assumed this guarantee, which has not yet happened. If Recticel is obliged to pay under this guarantee, it can reclaim these sums, plus any interest and costs, from Aquinos Group on the basis of the aforementioned sales agreement of 2022. One of our Group entities in the United Kingdom was the subject of an investigation by the UK\u2019s Health and Safety Executive (HSE) following the accidental death of one of its employees in 2015. After a fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel replied to these allegations. In October 2021, the HSE 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 was transferred to Carpenter Co. on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.On 3 May 2024, Carpenter sent a claim to Recticel for the amount of EUR 1.9 million in the context of a possible tax that would result from the recognition of a badwill on the sale of Recticel Engineered Foams Belgium NV, following the revision of the sales price in 2023. Recticel NV disputes this claim and has well-founded legal and economic arguments to refute it.Following a fire incident in Most (Czech Republic), the Group entity involved has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at direct customers and car manufacturers. While the Group entity involved has claimed Force Majeure in this respect, this has been put in question and 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 launched a legal proceeding in France in the course of the first semester of 2019. The proceedings in the court of first instance are still ongoing and are expected to be finalised in mid-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 the sellers subsequently 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 no longer wanted 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 in the short term.During 2024, a number of claims were received by our French insulation entity and by Recticel NV regarding quality problems. These problems can be summarised as follows: (i) a change in the formulation of insulation boards produced in 2018-2019, (ii) expansion of roof curbs in the case of a certain installation on flat roofs, (iii) shrinkage of insulation boards, and (iii) delamination of the so-called \u2018facer\u2019 of the PIR inside the insulation boards. Although the Group is insured for product liability in line with industry standards, it cannot be excluded that such claims could result in financial losses for the Group. Provisions were made for these claims in 2023, which could largely be reversed in 2024.As of 31 December 2024, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.7 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": "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 were concluded. The total provision amounted to EUR 1.0 million at the end of 2024. This site was transferred with the legal entity Recticel Engineered Foams Belgium BV to Carpenter Co. on 12 June 2023. A further small part of the site, leased out to Ascorium Belgium NV, was transferred to Carpenter Co. as well. The clean-up responsibility remains partly with Recticel and was partly transferred to Carpenter Co. The clean-up is due to start in 2026. b) LitigationsThe Recticel 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. These proceedings are very slow due to changes at the court and have been suspended until May 2025. No additional new claims can be launched as the statute of limitations has expired. Recticel has carefully reviewed the merits for this case with its legal advisors and has made a provision to cover any legal costs in this regard.Regarding the ongoing litigation, no considered judgment can be formed at this stage on the outcome of this procedure or on the amount of any potential loss for the Company. One of the former entities of the Recticel Group in Germany was sued in 2014 by a dissatisfied distributor for alleged anti-competitive behaviour, including fixed prices in 2005, 2006 and 2007-2009. The cases relating to 2005 and 2006 were dismissed, both in the first instance and on appeal. The case concerning 2007-2009 was initially dismissed, but was reopened by decision of 12 September 2023 of the Berlin Supreme Court and referred back to the Berlin Court of Appeal. The case has not yet been reopened for consideration. The entity in question was transferred to the Aquinos Group in 2022, but any liability that may arise from this case, as well as the costs of these proceedings, remain with Recticel. A provision has been made for this case, after consultation with the legal advisors. However, at this time, no further judgement can be given on the outcome of these proceedings for Recticel.On 23 December 2024, the Polish owner of the production site leased by Aquinos Bedding Poland Sp. z o.o. (formerly Recticel Bedding Poland Sp.z o.o.) sent a demand for payment to Recticel NV/SA for the amount of EUR 0.9 million based on a guarantee given by Recticel NV in 2020 (for its former subsidiary Recticel Bedding), as Aquinos Bedding Poland had not paid the rent and service costs for many months. Based on the sales agreement concluded in 2022 with Aquinos Group for the sale of the Recticel Bedding entities, Aquinos Group should have assumed this guarantee, which has not yet happened. If Recticel is obliged to pay under this guarantee, it can reclaim these sums, plus any interest and costs, from Aquinos Group on the basis of the aforementioned sales agreement of 2022. One of our Group entities in the United Kingdom was the subject of an investigation by the UK\u2019s Health and Safety Executive (HSE) following the accidental death of one of its employees in 2015. After a fact-finding phase, the HSE had initially made certain allegations against Recticel Ltd for breach of HSE regulations. Recticel replied to these allegations. In October 2021, the HSE 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 was transferred to Carpenter Co. on 12 June 2023, but the risk on this issue remains with Recticel and remains provisioned.On 3 May 2024, Carpenter sent a claim to Recticel for the amount of EUR 1.9 million in the context of a possible tax that would result from the recognition of a badwill on the sale of Recticel Engineered Foams Belgium NV, following the revision of the sales price in 2023. Recticel NV disputes this claim and has well-founded legal and economic arguments to refute it.Following a fire incident in Most (Czech Republic), the Group entity involved has been temporarily unable to supply the contractually agreed quantities of products, leading to production interruptions at direct customers and car manufacturers. While the Group entity involved has claimed Force Majeure in this respect, this has been put in question and 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 launched a legal proceeding in France in the course of the first semester of 2019. The proceedings in the court of first instance are still ongoing and are expected to be finalised in mid-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 the sellers subsequently 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 no longer wanted 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 in the short term.During 2024, a number of claims were received by our French insulation entity and by Recticel NV regarding quality problems. These problems can be summarised as follows: (i) a change in the formulation of insulation boards produced in 2018-2019, (ii) expansion of roof curbs in the case of a certain installation on flat roofs, (iii) shrinkage of insulation boards, and (iii) delamination of the so-called \u2018facer\u2019 of the PIR inside the insulation boards. Although the Group is insured for product liability in line with industry standards, it cannot be excluded that such claims could result in financial losses for the Group. Provisions were made for these claims in 2023, which could largely be reversed in 2024.As of 31 December 2024, total overall provisions and accruals for other litigations, environmental risk and other risks on Recticel Group level amounted to EUR 29.7 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": "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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"value": "naamloze vennootschap / soci\u00e9t\u00e9 anonyme (limited company)",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300R8K43AXHYP5M15",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}