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"value": "The Navigator Group (Group) is comprised by The Navigator Company, S.A., whose name remained unchanged during the period, (until 2015 designated as Portucel, S.A.) and its subsidiaries.",
"dimensions": {
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"value": "The Group\u2019s main business is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the entire value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp \u2013 BEKP \u2013 and electric and thermal energy, as well as its commercialisation.",
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"value": "1.2. Acquisition of Accrol Group's United Kingdom consumer tissue business On 24 May 2024, the Navigator Group concluded a public takeover bid, in the form of a \u201cRecommended Firm Cash Offer\u201d, for the entire share capital of Accrol Group Holdings Plc, a company based in Blackburn, England, which holds 9 subsidiaries, 5 of which operational. thAs part of its diversification and growth strategy, the acquisition of the Accrol Group, a leading player in the UK tissue market (4in the ranking), provided additional capacity to the tissue business segment, with a production and converting capacity of 131 thousand tons based on 5 sites: Blackburn (rolls and facials); Leicester (rolls); Leyland (rolls); Flint (wet wipes) and Bridgewater (wet wipes). Following the entry into the British market through the acquisition of the main independent Group in the tissue paper processing sector, whose competitive advantages and values are aligned with those of the Navigator Group, sales volume and EBITDA benefited from the integration of Accrol on 1 May 2024. With this acquisition, the Navigator Group expects a number of synergies in the Tissue segment, as well as an increase in its market share by accessing the Accrol Group's customer portfolio, namely in markets where it intends to strengthen its presence, as well as a reduction in costs through economies of scale. In the eight months to December 31, 2024, the Accrol Group contributed Euro 142,690,517 to sales, Euro 7,991,873 to EBITDA and Euro 3,000,680 to the Group's net profit/(loss). If the acquisition had occurred on 1 January 2024, management estimates that consolidated sales would have amounted to Euro 2,161,240,841, EBITDA Euro 551,602,627, and a net profit/(loss) for the period of Euro 280,703,147. When determining these amounts, the Board assumed that any provisionally determined fair value adjustments arising on the acquisition date would be the same if the acquisition date was 1 January 2024. Transferred consideration As part of the acquisition of Accrol Group Holdings Ltd, the consideration transferred amounted to Euro 153,765,152 (GBP 130,823,390) and was paid entirely in cash and cash equivalents, with no contingent consideration associated with this acquisition. At the purchase date, the Group's cash and cash equivalents amounted to Euro 2,986,092, meaning that the net effort amounted to Euro 150,779,060. Identification of assets and liabilities acquired and goodwill As at this date, the Group concluded the necessary procedures to recognise and measure the identifiable assets acquired, the liabilities assumed and consequently the calculation of the goodwill, in accordance with IFRS 3. This valuation was carried out by specialized and independent external valuers and resulted in the recognition of the fair value of the customer portfolio, the acquired brands and an increase in property, plant and equipment, as well as the respective deferred tax liabilities. The goodwill arising from this transaction is not expected to be tax deductible. The valuation techniques used to determine the fair value of the assets acquired were as follows: The multi-period excess earnings method (MPEEM) was used to determine the fair value of the customer portfolio, Customer portfolio considering the present value of the expected net cash flows of the portfolio and the excess earnings that the customer portfolio will contribute to the Group in the coming years. The useful life assigned to the customer portfolio was 18 years. Four brands with the highest intrinsic value were identified and valued within the scope of this purchase: Elegance, Magum, Softy and Litle Heroes according to the relief from royalty (RfR) method. According to this method, the fair value of the Brands brands is determined on the basis of the discounted value of the royalties that the Group would have to pay if it did not own them. The fair value of the land was determined using the Market Approach, by analysing real transactions or offers for assets which are economically comparable and were available on the valuation date. Property, plant and The fair value of the industrial property, plant and equipment acquired was determined in accordance with the replacement equipment cost method, which consists of identifying the replacement value of the assets acquired adjusted for depreciation, in accordance with the useful life of the assets on the date of purchase. According to the study, the basic assumption was a useful life of 25 years. The net assets acquired, the fair value attributed and the goodwill calculated at the date of acquisition are summarised as follows: Value Navigator Navigator allocation to Holding Group Holding Tissue net assets Tissue Amounts in Euro UK, Ltd acquired Adjusted Non-current assets - Other intangible assets 4,216,879 74,045,509 78,262,388 Property, plant and equipment 69,391,552 25,734,059 95,125,611 Right-of-use assets 31,878,471 - 31,878,471 Deferred tax assets 14,271,453 - 14,271,453 Other non-current assets 2,758,801 - 2,758,801 Current assets Inventories 24,383,078 - 24,383,078 Current receivables 31,379,589 - 31,379,589 Cash and cash equivalents 2,986,092 - 2,986,092 Non-current liabilities Interest-bearing liabilities (2,093,024) (2,093,024) Lease liabilities (34,297,272) - (34,297,272) Provisions (293,841) - (293,841) Deferred tax liabilities (8,865,765) (24,944,891) (33,810,656) Current liabilities Interest-bearing liabilities (22,421,695) - (22,421,695) Lease liabilities (5,789,939) - (5,789,939) Current payables (68,590,054) - (68,590,054) Income tax (69,975) - (69,975) Total identifiable assets and liabilities 38,844,350 74,834,677 113,679,027 Initial Goodwill 114,920,802 (74,834,677) 40,086,125 Total purchase price 153,765,152 - 153,765,152 Cash and cash equivalents (2,986,092) - (2,986,092) Net effect on cash and cash equivalents 150,779,060 - 150,779,060 Acquisition-related costs The Group incurred costs related to this acquisition amounting to Euro 3,499,552, related to legal fees incurred in the Public Takeover Bid process and other due diligence costs. These costs are recognised as external services and supplies in the Consolidated income statement and Consolidated statement of comprehensive income.",
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"value": "Accounting policies Business combinations Under IFRS 3 (Business Combinations), in a business combination, the acquirer must recognise and measure the assets acquired and liabilities assumed at fair value on the acquisition date in the consolidated financial statements. The difference between the acquisition price and the fair value of the assets and liabilities acquired gives rise to the recognition of goodwill or a gain resulting from a bargain purchase. The fair value of the assets acquired and liabilities assumed is determined internally or through independent external valuers, using the discounted cash flow method, replacement cost or other techniques for determining fair value, which are based on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, energy sales and purchase prices, the cost of raw materials, production estimates and business forecasts. Consequently, the determination of fair values and goodwill or gains resulting from low-price purchases is subject to various assumptions and judgements, so changes could result in different impacts on profit/(loss).1.4.3.1. Subsidiaries Subsidiaries are all entities over which the Group has control, which occurs when the Group is exposed or entitled to the variable returns resulting from its involvement with the entities and has the capacity to affect that return through the exercise of power over the entities, regardless of the percentage they hold over equity. The existence and the effect of potential voting rights which are currently exercisable, or convertible are considered when the Group assesses whether it has control over another entity. Subsidiaries are consolidated using the full consolidation method with effect from the date on which control is transferred to the Group while they are excluded as from the date control ceases. These companies\u2019 equity and net profit/(loss) corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the Consolidated income statement. The companies included in the consolidated financial statements are detailed in Note 11. The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured by the fair value of the assets transferred, the equity instruments issued, and liabilities incurred or assumed on acquisition date, and the best estimate of any agreed contingent payment. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are initially measured at fair value on the date of acquisition, irrespective of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group\u2019s share of the identifiable assets and liabilities acquired is recorded as goodwill, as described in Note 3.1. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary (negative goodwill), the difference is recognised directly in the Income Statement in the period it takes place. Transaction costs directly attributable to the acquisition are immediately expensed. Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. When, at the date of the acquisition of control, The Navigator Company already holds a previously acquired interest in the subsidiary, its fair value is considered in determining the goodwill or negative goodwill. On a step acquisition process resulting in the acquisition of control, the revaluation of any participation previously held is recognised against the income statement when Goodwill is calculated. When subsequent transactions of disposal or acquisition of shares with non-controlling interests with no impact in control take place, no gain, loss or goodwill is determined, and the differences between the transaction cost and the book value of the share acquired are recognised in equity. Losses generated in each period by subsidiaries with non-controlling interests are allocated, in the percentage held, to non-controlling interests, regardless of whether they become negative. In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against profit/(loss), as well as the gain or loss resulting from such disposal. The subsidiaries\u2019 accounting policies are adjusted, whenever necessary, so as to ensure that they are applied consistently by all the Group's companies.1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.1.4.4. Presentation currency and foreign currency transactions i. Functional and reporting currency The items included in the Financial Statements of each one of the Group\u2019s entities are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro, which is the Group\u2019s functional and reporting currency. ii. Balances and Transactions expressed in foreign currencies All the Group\u2019s assets and liabilities denominated in currencies other than the reporting currency have been translated to Euro using the exchange rates prevailing at the consolidated statement of financial position date (Note 8.1.1). Currency adjustments, favourable and unfavourable, arising from differences between the exchange rates prevailing at the date of the transaction and those at the date of collection, payment, or statement of financial position, are recorded as income and/or expenses in the Consolidated income statement for the period. iii. Group companies The profit/(loss) and the financial position of the Group\u2019s entities which have a different functional currency from the Group\u2019s reporting currency are translated into the reporting currency as follows: i. The assets and liabilities of each Statement of financial position are translated at the exchange rates prevailing at the date of the consolidated statement of financial position; ii. Equity balances are translated at the historical exchange rate; iii. The income and expenses disclosed in the Income Statement are converted at the exchange rate prevailing at the dates of the transactions. When this is not possible or when benefits do not arise from the use of this procedure, income and expenses are translated at the average exchange rate of the period. The exchange differences resulting from the topics i) and iii) are recognised in the Consolidated comprehensive income under the equity caption \u201cCurrency translation reserves\u201d, being transferred to Financial profit/(loss) when the disposal of the investments occur. Long-term loans granted to subsidiaries in currencies other than the Group's functional currency, which are neither planned nor likely to be settled in the foreseeable future, are treated as a net extension of the investment in the foreign subsidiary. On this basis, exchange rate differences arising on these loans, which have not been eliminated on consolidation, are recognised in Comprehensive income under Currency translation reserves, being transferred to profit/(loss) for the period when the loans are settled, to the extent that such settlement represents an absolute reduction in the subsidiary's interest and exposure. iv. Exchange rates used Appreciation / 31-12-2024 31-12-2023 (Depreciation) GBP (Sterling pound) Average exchange rate for the period 0.8466 0.8698 2.67%) Closing exchange rate for the period 0.8292 0.8691 4.59%) USD (American dollar) Average exchange rate for the period 1.0824 1.0813 -0.10%) Closing exchange rate for the period 1.0389 1.1050 5.98%) PLN (Polish zloti) Average exchange rate for the period 4.3058 4.5420 5.20%) Closing exchange rate for the period 4.2750 4.3395 1.49%) SEK (Swedish krona) Average exchange rate for the period 11.4325 11.4788 0.40%) Closing exchange rate for the period 11.4590 11.0960 -3.27%) CZK (Czech koruna) Average exchange rate for the period 25.1198 24.0043 -4.65%) Closing exchange rate for the period 25.1850 24.7240 -1.86%) CHF (Swiss franc) Average exchange rate for the period 0.9526 0.9718 1.97%) Closing exchange rate for the period 0.9412 0.9260 -1.64%) DKK (Danish krone) Average exchange rate for the period 7.4589 7.4509 -0.11%) Closing exchange rate for the period 7.4578 7.4529 -0.07%) HUF (Hungarian forint) Average exchange rate for the period 395.3039 381.8527 -3.52%) Closing exchange rate for the period 411.3500 382.8000 -7.46%) AUD (Australian dollar) Average exchange rate for the period 1.6397 1.6288 -0.67%) Closing exchange rate for the period 1.6772 1.6263 -3.13%) MZM (Mozambican metical) Average exchange rate for the period 69.1732 69.1060 -0.10%) Closing exchange rate for the period 66.7900 70.6500 5.46%) MAD (Moroccan dirham) Average exchange rate for the period 10.7549 10.9552 1.83%) Closing exchange rate for the period 10.5190 10.9445 3.89%) NOK (Norway kroner) Average exchange rate for the period 11.6290 11.4248 -1.79%) Closing exchange rate for the period 11.7950 11.2405 -4.93%) MXN (Mexican peso) Average exchange rate for the period 19.8314 19.1830 -3.38%) Closing exchange rate for the period 21.5504 18.7231 -15.10%) AED (Dirham) Average exchange rate for the period 3.9751 3.9710 -0.10%) Closing exchange rate for the period 3.8154 4.0581 5.98%) CAD (Canadian dollar) Average exchange rate for the period 1.4821 1.4595 -1.55%) Closing exchange rate for the period 1.4948 1.4642 -2.09%) ZAR (South African rand) Average exchange rate for the period 19.8297 19.9551 0.63%) Closing exchange rate for the period 19.6188 20.3477 3.58%) BRL (Brazilian real) Average exchange rate for the period 5.8283 5.4010 -7.91%) Closing exchange rate for the period 6.4253 5.3618 -19.83%) EGP (Egyptian pound) Average exchange rate for the period 49.1213 33.1117 -48.35%) Closing exchange rate for the period 53.0349 34.2710 -54.75%) TRY (Turkish lira) Average exchange rate for the period 35.5734 25.7597 -38.10%) Closing exchange rate for the period 36.7372 32.6531 -12.51%)2.1. Revenue and segment reportingAccounting policies Navigator Group business areas The Navigator Group\u2019s main business is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the whole value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp \u2013 BEKP and electric and thermal energy, as well as its commercialisation. In the last quarter of 2024, the group also started producing moulded fibre packaging at the Aveiro industrial complex. This new production unit is aimed at a market with high growth potential, fully aligned with the challenges of reducing the use of single-use plastics. The Navigator Group currently has ten industrial sites - four in Portugal, one in Spain and five in the United Kingdom. Of the industrial complexes in Portugal, two are dedicated to the production of BEKP pulp, electricity and UWF paper (Figueira da Foz and Set\u00fabal), one is dedicated to the production of BEKP pulp, energy, moulded cellulose packaging and tissue paper (Aveiro) and a fourth, in Vila Velha de R\u00f3d\u00e3o, produces tissue. In Spain, the Group owns an industrial complex in Zaragoza where it produces tissue paper. In May 2024, with the acquisition of the Navigator Tissue Uk Group (formerly the Accrol Group), the Navigator Group now has five production sites in the UK related to the tissue business: Blackburn (rolls and facials); Leicester (rolls); Leyland (rolls); Flint (wet wipes) and Bridgewater (wet wipes). Wood is produced from woodlands owned or leased by the Group in Portugal and Spain, and also form granted lands in Mozambique. The production of cork and pine wood are sold to third parties while the eucalyptus wood is mainly consumed in the production of BEKP. A significant portion of the Group\u2019s own BEKP production is consumed in the production of UWF and tissue paper. Sales of BEKP pulp, UWF paper and tissue paper \u2013 to 118 (2023: 134) countries and territories around the world. Regarding energy production, the Group has three cogeneration plants, integrated in the production of pulp. Heat production is used for internal consumption while electricity is sold to the national energy grid. The Group also owns two cogeneration plants fuelled by natural gas and two independent plants fuelled by biomass, integrated into paper production in Figueira da Foz and Set\u00fabal, the majority of whose output is sold to the national energy grid. In addition, the Group currently has eight photovoltaic plants in operation for self-consumption: three in Set\u00fabal - two at the factory complex and one at Herdade de Espirra, two at the Figueira da Foz industrial complex (one of which came into operation in 2024), one at the Zaragoza industrial complex, one at Raiz (in Aveiro) and also two plants that came into operation during 2024, at the Aveiro and Vila Velha de R\u00f3d\u00e3o industrial complexes. With the conclusion of the construction of new photovoltaic plants in 2024, on a self-consumption basis, at the industrial sites of Figueira da Foz, Aveiro and Vila Velha de R\u00f3d\u00e3o, Navigator, with around 38 MW of installed photovoltaic solar energy capacity, will become the largest self-consumption producer in Portugal, in an industrial context. Segment reporting In accordance with IFRS 8, the Group considers an operating segment as a component of the group that develops business activities from which it can obtain revenue and incur expenses, whose operating profit/(loss) are regularly reviewed by the Executive Committee, which is primarily responsible for the Group's operational decision-making for allocation of resources to the segment and the assessment of its performance and for which separate financial information is available. Each reportable segment corresponds to the value chain of the integrated production process associated with the product of each business segment, (Market Pulp, UWF paper, Tissue Paper and Energy) considering the sales activity of the respective products on the market, in a manner consistent with the information used by the Executive Committee for operational monitoring of its businesses. Accordingly, intra-segmental sales are those that occur within the same manufacturing plant and whose production inputs are used in the production process of that segment. Thus, the values reported for each operating segment result from the aggregation of the business units and subsidiaries defined in the perimeter of each segment, as well as the cancellation of intra-segment transactions. Intra-segmental sales correspond to sales between business segments or when there are transactions between manufacturing plants, which are eliminated for consolidation purposes, being this effect reported in the \u201cCancellations\u201d. When aggregating the Group's operating segments, Management defined as reportable segments those that correspond to each of the business areas developed by the Group, as follows: i. Market pulp \u2013 bleached eucalyptus BEKP for sale in the market; ii. UWF paper \u2013 production and sale of UWF uncoated writing and printing thin paper; iii. Tissue Paper \u2013 production and sale of domestic consumption paper; iv. Biomass renewable energy \u2013 which includes the cogeneration units and the two independent thermoelectric power plants; v. Support - segment that includes the corporate centre (mixed holding). Regarding the allocation of assets and liabilities to business segments, it should be noted that: \u2022 All equipment allocated to the UWF pulp and paper production are included in Property, plant and equipment of the respective segments. \u2022 The Group's real estate assets are allocated to the respective business segment. \u2022 The assets related to forests are allocated to the pulp and UWF paper segments, according to the production capacity of each segment. \u2022 The majority of the assets allocated to each of the individual segments, with the exception of receivables, is located in Portugal. \u2022 In accordance with the Navigator Company Group's financing policy, all loans are contracted by the Group's holding company, The Navigator Company, S.A., which is responsible for bearing all debt and related charges. Accordingly, interest-bearing liabilities (Note 5.7) are allocated to the \u201cSupport\u201d segment, which includes the Group's corporate centre (Holding), with the exception of the repayable grant related to the construction of the new tissue mill, allocated to the \u201cTissue Paper\u201d segment and a portion of the \u201cInpactus\u201d grant allocated to the \u201cUWF Paper\u201d segment. Revenue Revenue is presented by operating segment and by geographic area, based on the country of destination of the goods and services sold by the Group. Commercial contracts with Customers refer essentially to the sale of goods such as paper, pulp, tissue and energy, and to an extent, to the transportation inherent to those goods, when applicable. Revenue recognition in each operating segment is described as follows: Pulp revenue results from sales to international paper and decor producers. Revenue is recognised point in time, by the amount of the performance obligation satisfied, the price of the transaction corresponding to a fixed amount invoiced on the basis of quantities sold, less Market pulp cash discounts and quantity discounts, which are reliably determinable. On the export side, the transfer of control of the products occurs in general when there is a transfer of control to the Customer, according to the Incoterms negotiated. Paper revenue refers to sales made through Commercial Distributors (B2B) which include large distributors, wholesalers or commercial operators. Revenue is recognised point in time, on the date of delivery of the product to the customer when the transfer of control occurs, UWF by the amount of the performance obligation satisfied, and the price of the transaction corresponds to a fixed amount invoiced according to the quantities sold, less cash discounts and quantity discounts, which are reliably determinable. Tissue revenue results from sales of tissue paper produced for the private label of modern national and international retail chains. Revenue is recognised point in time, by the amount of the performance obligation satisfied, and the price of the transaction corresponds Tissue to a fixed amount invoiced according to quantities sold, less cash discounts and quantity discounts, which are reliably determined. Revenue is recognised against the delivery of the product, at which time the transfer of control over the product is deemed to take place. Energy revenue results from the valuation of the sale of electricity to the national grid. Renewable biomass cogeneration and thermoelectric plants sell all their production and benefit from a regulated sales tariff defined in accordance with the current legal Energy framework. In turn, the natural gas cogeneration plant in Set\u00fabal has been operating on a self-consumption basis since January 2024, selling its surplus production at market prices. The revenue from the sale of other products such as waste, or services (brokerage, for example) is recognised on the date of delivery of Support the product to the Customer by the amount of the performance obligation satisfied. The income related to this segment is reclassified to other operating income or to less costs. The Navigator Group considers the facts and circumstances when analysing the terms of each Customer contract and its usual business practices in determining the transaction price. In this sense, in terms of sales tax, from the assessment performed by Navigator, there are no situations that could be included in the transaction price. Regarding specifically to the anti-dumping tax, this is a tax for the entry of goods into the country (in the case of the USA) and is not a tax determined a priori but depends on the analysis of the Department of Commerce a posteriori. Therefore, it represents a decrease to the gross margin obtained in the United States and not an adjustment to the price of the individual transaction.Accounting policies Government grants Operating grants Government grants are only recognised when there is a reasonable assurance that the grant will be received, and the Group will comply with all required conditions. Operating grants, received with the purpose of compensating the Group for costs incurred, are systematically recorded in the income statement during the periods in which the costs that those grants are intended to compensate are recorded. Grants related to biological assets Grants related to biological assets (Note 3.8) carried at fair value, in accordance with IAS 41, are recognised in the income statement when the terms and conditions of the grant are met. Grants \u2013 CO2 Emission allowances Grants related to CO2 emission allowances (Note 3.2) are recognised as deferred income and are systematically recorded in the income statement during the periods in which the expenses that those grants are intended to compensate are recorded.Accounting policies Goodwill Goodwill represents the difference between the fair value of the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiaries included in the consolidation on the acquisition date and is allocated to each CGU or to the lower group of CGUs to which it belongs. Amortisation and impairment Goodwill is not amortised. The Group carries out annual impairment tests on goodwill, or where there are signs of impairment. The recoverable amounts of cash-generating units are determined as the higher of value in use and fair value less cost of sale. Impairment losses on goodwill cannot be reversed. Disposal and loss of control Gains or losses arising from the sale or loss of control over an entity or business to which Goodwill is allocated include the amount of the corresponding goodwill. Tax deductibility Derived from the current tax legislation in Portugal, it is not expected that Goodwill generated or to be recognised will be tax deductible.Accounting policies Intangible assets are recorded at acquisition cost less depreciation and impairment losses. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. CO2 Emission Rights CO2 emission Allowances attributed to the Group within the European Union Emissions Trading Scheme (EU ETS) for the assignment of CO2 emission allowances at no cost, gives rise to an intangible asset for the allowances, a Government grant and a liability for the obligation to deliver allowances equal to the emissions that have been made during the compliance period. Emission allowances are only recorded as intangible assets when the Group is able to exercise control and are measured at fair value (level 1) at the date of initial recognition. When the market value of the emission allowances falls significantly below its book value and such decrease is considered permanent, an impairment charge is booked for allowances which the group will not use internally. The liability to deliver allowances is recognised based on actual emissions. This liability will be settled using allowances on hand, measured at the book value of those allowances. Any additional emissions are valued at market value as at the reporting date. FIFO is used in the costing of intangible asset decreases by the refund to the Licensing Coordinating Entity. In the Consolidated Income Statement, the Group expenses, under Other costs and losses, actual emissions at fair value at the grant date, except for acquired allowances, where the expense is measured at their purchase price. Such costs will offset other operating income resulting from the recognition of the original Government grant (also recognised at fair value at grant date) as well as any disposal of excess allowances. The effect on the income statement will, therefore, be neutral regarding the consumption of granted allowances. Any net effect on the Income Statement will result from the purchase of additional allowances to cover excess emissions, from the sale of effective consumption or from impairment losses booked to allowances that are not used at operational level. Brands Whenever brands are identified in a business combination, the Group records them separately in the consolidated financial statements as an asset at cost, which represents their fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the fair value of the brands acquired by the Group was as follows: Amounts in Euro 2024 2023 My Tissue 1,257,549 1,257,549 My Tissue Ecologic + 1,142,451 1,142,451 Elegance 6,753,660 - Magnum 8,562,676 - Softy 4,703,442 - Little Heroes 964,809 - 23,384,587 2,400,000 On subsequent valuation exercises, brands are recognised in the Group\u2019s consolidated financial statements at cost. They are not subject to annual amortisation, but instead tested for impairment at each reporting date. Own brands are not recognised in the Group\u2019s financial statements, as they represent internally generated intangible assets. Customer Portfolio Within the scope of a business combination, whenever identifiable, the Group recognises separately in the consolidated financial statements as an asset measured at cost the value of the customer portfolio acquired, which corresponds to its fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the customer portfolios acquired were as follows: Useful lifeUseful lifeAmounts in Euro 2024 2023 2024 2023 Customer portfolio - Consumer tissue business in Spain 1,400,000 1,600,000 7 8 Customer portfolio - Consumer tissue business in the United 52,957,272 - 18 -Kingdom 54,357,272 1,600,000 In the subsequent measurement, the customer portfolio is deducted from the respective amortisations and impairment losses, if applicable. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Intangible assets developed internally Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.Accounting policies Property, plant and equipment Recognition and initial measurement Property, plant and equipment are shown at cost, less accumulated depreciation and impairment losses. Depreciation and impairment We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life. Average useful lifeAverage useful life2024 2023 Land (cost of preparing for afforestation) 50 50 Buildings and other constructions 10 \u2013 30 10 \u2013 30 Basic equipment 4 \u2013 20 4 \u2013 20 Transportation equipment 4 \u2013 9 4 \u2013 9 Tools 2 \u2013 8 2 \u2013 8 Administrative equipment 4 \u2013 8 4 \u2013 8 Other property, plant and equipment 4 \u2013 10 4 \u2013 10 The residual values of the assets and respective useful lives are reviewed and adjusted, on the date of the consolidated statement of financial position. If there are changes to useful lives, they are treated as a change in accounting estimate and are applied prospectively. When the book value of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.7). Subsequent costs Scheduled maintenance expenses are considered a component of the acquisition cost of property, plant and equipment and are fully depreciated by the next forecasted maintenance date. All other repairs and maintenance costs are charged to the income statement in the financial period in which they are incurred. Spare and maintenance parts Spare parts are considered strategic as they are directly related to production equipment and their use is expected to last for more than two economic years. Maintenance parts considered as \u201ccritical spare parts\u201d are recorded under non-current assets, as Property, plant and equipment. In accordance with this classification, spare parts are depreciated from the moment they become available for use and are assigned a useful life that follows the nature of the equipment, where they are expected to be integrated, not exceeding the remaining useful life of these. Spare parts are accounted for as property, plant and equipment if they are material and used for more than one period, or if they are used only in relation to an item of property, plant and equipment. In other situations, spare parts are accounted for as part of inventories and recognized in the period when consumed. Borrowing costs Borrowing costs directly related to the acquisition or construction (if the construction or development period exceeds one year) of property, plant and equipment are capitalised and form part of the asset\u2019s cost. During the periods presented, no financial charges for loans directly related to the acquisition or construction of property, plant and equipment were capitalised. Write-offs and disposals Gains or losses arising from write-offs or disposals are determined by the difference between the proceeds from the disposals when applicable less transaction costs and the carrying amount of the asset and are recognised in the income statement as Other operating income (Note 2.2) or Other operating expenses (Note 2.3). Accounting policies Government grants Government grants received to compensate the Group for investments made in Property, plant and equipment, including those attributed as tax credits, are classified as Deferred income (Note 4.3 - Payables) and are recognised in income over the estimated useful life of the respective subsidised assets, and are associated with the depreciation of the period (Note 3.7), for presentation purposes. Repayable government grants Government grants, in the form of repayable loans at a subsidised rate, are discounted on the date of initial recognition based on the market interest rate at the date of grant, the value of the discount constituting the value of the grant to be amortised over the period of the loan or asset whose acquisition it is intended to finance, depending on the activities financed. These liabilities are included in the caption Interest-bearing liabilities (Note 5.7). Grants received are classified as a financing activity in the statement of cash flows.Accounting policies At the date the lease enters into force, the Group recognises a right-of-use asset at its cost, which corresponds to the initial amount of the lease liability adjusted for: i) any prepayments; ii) lease incentives received; and iii) initial direct costs incurred. To the right-of-use asset, the estimate of removing and/or restoring the underlying asset and/or the location where it is located may be added, when required by the lease agreement. The right-of-use asset is subsequently depreciated using the straight-line method, from the start date until the lower between the end of the asset's useful life and the lease term. Additionally, the right-of-use asset reduced of impairment losses, if any, and adjusted for any remeasurement of the lease liability. The useful life considered for each class of right-of-use asset is equal to the useful life of Property, plant and equipment (Note 3.3) in the same class when there is a call option, and the Group expects to exercise it. Short-term leases and low-value asset leases The Group recognises payments for leases of 12 months or less and for leases of assets whose individual acquisition value is less than Euro 5,000 directly as operating expenses of the period (Note 2.3), on a straight-line basis. Accounting policies The Group\u2019s biological assets comprise the forests held for the production of timber, suitable for incorporating in the production of BEKP or for sale on the market, mostly eucalyptus, but also include other species such as pine and cork oak. Forest land owned by the Group is included in Property, plant and equipment in the consolidated balance sheet and is valued in accordance with the accounting policy described in Note 3.3. Forest land that is not owned by the Navigator Group and that is leased is valued in accordance with the accounting policy described in Note 3.6 and is presented in the consolidated balance sheet under \u201cRight-of-use assets\u201d. Fair Value (level 3 of the IFRS 13 fair value hierarchy) When calculating the fair value of forests, the Group uses the discounted cash flows method, based on a model developed in house, regularly tested by independent external assessments. In the model developed, assumptions are considered corresponding to the nature of the assets being assessed, namely, the development cycle of the different species, the productivity of the forests, climate and other environmental considerations, the wood sales price (when there is an active market) less the cost of harvesting, the rents of own, leased land, replanting and transport, the costs of planting and maintenance, the cost inherent in leasing the forest land, and the discount rate. The main unobservable inputs of the fair value model are detailed as follows, and the amount of the fair value of biological assets will increase / (decrease) respectively if: \u2022 Wood sales prices increase / (decrease); \u2022 Estimated cutting, replanting and transport costs decrease / (increase); \u2022 Estimated planting and maintenance costs decrease / (increase); and \u2022 The discount rate decrease / (increase). The discount rate corresponds to a market rate without inflation, in a manner consistent with the structure of forecasts, determined on the basis of the Navigator Group\u2019s expected rate of return on its forests, which are intended to be sold intragroup. Concession areas The costs incurred with the site preparation before the first forestation are recorded as property, plant and equipment and depreciated in line with its expected useful lives corresponding to the concession period. Change of estimates Changes in estimates of growth, growth period, price, cost and other assumptions are recognised in the income statement as fair value adjustments of biological assets. Harvesting At the time of harvesting, wood is recognised at fair value less estimated costs since that point until the point of sale, which is the initial cost of the inventory.Accounting policies Inventories are valued in accordance with the following criteria: i. Goods and raw materials Goods and raw, subsidiary and consumable materials are valued at the lower of their purchase cost or their net realisable value. The purchase cost includes ancillary costs and it is determined using the weighted average cost as the valuation method. ii. Finished and intermediate products and work in progress Finished and intermediate products and work in progress are valued at the lower of their production cost (which includes incorporated raw materials, labour and general manufacturing costs, based on a normal production capacity level) or their net realisable value. The net realisable value corresponds to the estimated selling price, after deducting estimated completion and selling costs. The difference between production cost and net realisable value, if lower, are recorded as an operational cost.Accounting policies Trade receivables and other debtors Classification Trade receivables result from the Group's main activities and the business model followed is the collection of contractual cash flows. Balances from other debtors generally assume the business model of collecting contractual cash flows. Initial measurement At fair value. Subsequent measurement At amortised cost, net of impairment losses. Impairment from Trade receivables Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk (Note 8.1.4). Impairment from other debtors Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.Accounting policies Trade payables and other current liabilities are initially recorded at fair value and subsequently at their amortised cost.Accounting policies Ordinary shares are classified in Shareholders\u2019 equity. Costs directly attributable to the issue of new shares or other equity instruments are reported as a deduction, net of taxes, from the proceeds of the issue. Costs directly attributable to the issue of new shares or options for the acquisition of a new business are deducted from the amount issued. When any Group company acquires shares of the parent company (treasury shares), the payment, which includes directly attributable incremental costs, is deducted from the Shareholders\u2019 equity attributable to the Company\u2019s equity holders until such time the shares are cancelled, reissued or sold. When such shares are subsequently disposed or reissued, any proceeds, net of the directly attributable transaction costs and taxes, is directly reflected in the Shareholders\u2019 equity and not in profit/(loss) for the period.Accounting policies Basic earnings per share are determined based on the division of profits or losses attributable to the ordinary Shareholders of the Company by the weighted average number of common shares outstanding during the period. For the purpose of calculating diluted earnings per share, the Company adjusts the profits or losses attributable to ordinary equity holders, as well as the weighted average number of outstanding shares for the purposes of all potential dilutive common shares. Accounting policies The distribution of dividends to equity holders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Shareholders at the General Shareholders Meeting and up until the time of their payment or, in the case of anticipated distributions, when approved by the Board of Directors.Accounting policies Fair value reserves It corresponds to the accumulated change in fair value of derivative financial instruments classified as hedging instruments (Note 8.2), net of deferred taxes. Changes related to derivatives are reclassified to profit/(loss) for the period (Note 5.10) as the hedged instruments affect profit/(loss) for the period. The fair value adjustments of financial investments recorded under this caption is not recycled to profit/(loss). Currency translation reserve The currency translation reserve corresponds to the accumulated amount related to the settlement by the Group of the exchange rate differences resulting from the translation of the financial statements of the subsidiaries operating outside the Euro zone. Legal reserve The Portuguese commercial legislation prescribes that at least 5% of annual net profit must be transferred to the legal reserve, until this is equal to at least 20% of the share capital. This reserve cannot be distributed unless the company is liquidated. It may, however, be drawn on to absorb losses, after other reserves are exhausted, or incorporated in the share capital. The legal reserve is constituted by its maximum amount in the periods presented. Other reserves and Retained earnings This caption corresponds to reserves available for distribution to Shareholders that were constituted through the appropriation of prior period\u2019s earnings, the reduction of share capital and other movements. The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable (Note 5.2).Accounting policies Interest-bearing liabilities includes Bonds, Commercial Paper, bank loans and other financing. Initial measurement At fair value, net of transaction costs incurred. Subsequent measurement At amortised cost, using the effective interest rate method. The difference between the repayment amount and the initial measurement amount is recognised in the income statement over the debt period under \"Interest expenses on other loans\" in Note 5.10 \u2013 Net financial results. Fair value The book value of short-term interest-bearing liabilities or loans contracted at variable interest rates are close to their fair value. The fair value of interest-bearing liabilities that are remunerated at a fixed rate is disclosed in Note 8.3 \u2013 Financial assets and liabilities. Disclosure The Group must classify a liability as current when: a) it expects to settle the liability in the normal course of its operating cycle; b) it holds the liability primarily for trading purposes; c) the liability is expected to be settled within twelve months of the reporting period; or d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.Accounting policies At the start date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments, which include fixed payments less lease incentives, variable lease payments, and amounts expected to be paid as residual value. Lease payments also include the price of exercise of renewal options reasonably certain to be exercised by the Group or lease termination penalty payments if the lease term reflects the Group's option to terminate the agreement. In calculating the present value of future lease payments, the Group uses an incremental financing rate if the implied interest rate on the lease transaction is not easily determinable. Subsequently, the value of the lease liabilities is increased by the interest amount (Note 5.10 Net Financial Results) and decreased by the lease payments (rents).Accounting policies Cash and cash equivalents include cash, bank accounts and other short-term investments with an initial maturity of up to 3 months, which can be mobilised immediately without any significant risk in value fluctuations. For cash flow statement purposes, this caption also includes bank overdrafts, which are presented in the statement of financial position as a current liability, under the caption Interest-bearing liabilities (Note 5.7). Accounting policies The Group classifies as \u201cFinancial income\u201d the income and gains resulting from treasury management activities such as: i) interest obtained from the application of cash surplus; and ii) changes in the fair value in derivative financial instruments negotiated to hedge interest rate and exchange rate risk on loans, regardless of the formal designation of hedge.Accounting policies Current income tax is calculated based on net profit/(loss), adjusted in conformity with tax legislation in force at the statement of consolidated financial position date. Taxation group In Portugal, the Navigator Group is subject to the special tax regime for groups of companies (RETGS), comprising companies in which the shareholding is equal to or more than 75% and which meet the conditions laid down in articles 69 and following of the Corporate Income Tax Code (IRC Code). These companies included in the RETGS calculate income taxes as if they were taxed independently. Liabilities are recognised as due to the controlling company of the tax business Group, currently The Navigator Company, S.A. which is responsible for the Group\u2019s overall assessment and payment of the corporate income tax. Where there are gains on the use of this regime, these are recorded as income in the controlling company\u2019s financial statements. In 2018, a tax group was also established in Spain, which includes the three subsidiaries of the group based in that country and owned by Bosques do Atl\u00e2ntico, S.L., the controlling company in the tax group.Accounting policies Deferred tax is calculated based on the liability of the consolidated financial position on the temporary differences between the book values of the assets and liabilities and their respective tax base. To determine the deferred tax, the tax rate expected to be in force in the period in which the temporary differences will be reversed is used. Deferred tax assets are recognised whenever there is a reasonable likelihood that future taxable profits will be generated against which they can be offset. Deferred tax assets are revised periodically and decreased, whenever it is likely that tax losses will not be used. Deferred taxes are recorded as an income or expense for the year, except where they result from amounts recorded directly under equity, situation in which deferred tax is also recorded under the same caption. Tax benefits attributed to the Group regarding its investment projects are recognised through the income statement as there is sufficient taxable income to allow its use.Accounting policies Short-term employee benefits Acquired rights - holidays and holiday allowance In accordance with the collective labour agreement applicable to The Navigator Company, S.A. as well as under the agreement celebrated with the Labour Unions, the Group companies are entitled to a 25 working days leave, as well as to a month\u2019s holiday allowance. Moreover, employees who work continuous shifts for more than 25 or 30 years get one or two additional days' holiday, respectively. Productivity bonus In 2022, the Group introduced a Productivity bonus in addition to the normal bonus paid to employees. The aim of this bonus is to focus on increasing productivity and profitability, which are critical and fundamental prerequisites for continued investment in business growth and sustainable improvements in salaries and benefits. Thus, the Productivity Bonus sets the achievement of production levels at challenging thresholds corresponding to different levels of remuneration, based on a basic monthly salary. Bonuses According to the current Performance Management System (Sistema de Gest\u00e3o de Desempenho), employees have the right to a bonus, based on annually defined objectives. The entitlement of this bonus is usually acquired in the year preceding its payment. These liabilities are recorded in the year in which the Employees acquire the respective right, irrespective of the date of payment, whilst the balance payable at the date of the consolidated statement of financial position is shown under the caption Current payables. Benefits arising from termination of employment The benefits arising from termination of employment are recognised when the Group can no longer withdraw the offer of such benefits or in which the Group recognises the cost of restructuring under the provisions recording. Benefits due more than 12 months after the end of the reporting period are discounted to their present value.Accounting policies Post-employment benefits - defined benefit plan Some of the Group subsidiaries have assumed the commitment to make payments to their employees in the form of complementary retirement pensions, disability, early retirement and survivors\u2019 pensions, having constituted defined-benefit plans. The Group set up autonomous pension funds as a means of funding most of the liabilities. Based on the projected credit unit method, the Group recognises the costs with the attribution of these benefits as the services are provided by the employees. The total liability is estimated separately for each plan at least once every six months, on the date of closing of the interim and annual accounts, by a specialised and independent entity. The liability thus determined is presented in the consolidated statement of financial position, less the fair value of the funds set up, under Pension liabilities. Actuarial deviations resulting from changes in the value of estimated liabilities, as a consequence of changes in the financial and demographic assumptions used and experience gains, added to the differential between the actual return on fund assets and the estimated share of net interest, are designated as re-measurements and recorded directly in the statement of comprehensive income, under retained earnings. Net interest corresponds to the application of the discount rate to the value of net liabilities (value of liabilities less the fair value of fund assets) and is recognised in the income statement for the period under Payroll costs. The gains and losses generated by a curtailment or settlement of a defined-benefit plan are recognised in the income statement for the period when the curtailment or settlement occurs. A curtailment occurs when there is a material reduction in the number of employees. Costs for past liabilities resulting from the implementation of a new plan or increases in benefits attributed are recognised immediately in profit/(loss) for the period. Post-employment benefits - defined contribution plan Most of the Group subsidiaries assumed commitments regarding payments to a defined contribution plan in a percentage of the employees\u2019 salary, in order to provide retirement, disability, early retirement and survivors\u2019 pensions. To this end, Pension Funds have been set up to capitalise on those contributions, for which employees may still make voluntary contributions, but for which the Group does not assume any additional contribution responsibilities or a pre-fixed return. Thus, the contributions made are recorded as expenses of the period in which they are recognised, regardless of the time of their settlement.Accounting policies Impairment of debt instruments The Group assesses, on a prospective basis, the expected credit losses associated with its financial assets measured at amortised cost and at fair value through other comprehensive income, in accordance with IFRS 9. On this basis, the Group recognises expected credit losses throughout the lifetime of financial instruments that have been subject to significant increases in credit risk since its initial recognition, assessed either individually or collectively, considering all reasonable and sustainable information, including available prospective information. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since its initial recognition, the Group measures the impairment of that financial instrument by an amount equivalent to the expected credit losses. IFRS 9 provides that for the calculation of these impairments, one of two models is used: the 3-step method or the use of a matrix, the distinguishing component being the existence or not of a significant financing component. For Navigator's financial assets, since it is not a financial institution and there are no assets that have a significant financing component, the use of a matrix was chosen. The model adopted for the impairment assessment in accordance with IFRS 9 is as follows: i. Calculate the total credit sales made by the Group over the last 12 months, as well as the total amount of bad debts relating to them; ii. Determine the Customers\u2019 payment profile, by setting buckets of receipt frequency; iii. Based on I. and II. above, estimate the probability of default (i.e., the amount of bad debts calculated at I. compared to the balance of outstanding sales in each bucket calculated at II.); iv. Adjust the percentages of future forecasts obtained in III.; v. Apply the default percentages as calculated in IV. to the balances of Customers still outstanding at the reporting date. Although IFRS 9 assumes 90 days as \u201cdefault\u201d, the Navigator Group considered a period of 180 days, since the experience of real losses before this period is low. This period is aligned with the current risk management policies of the company, namely in what regards the credit insurance hired, and to the fact that there is no sales with significant components of funding in light of IFRS 15. Additionally, the company evaluated the impact of considering 180 days of \u201cdefault\u201d instead of the 90 days and the Expected Credit Loss would not change significantly. In addition to this period, in the event of an accident in the credit insurance company, the model considers the limit of 5% paid by the Navigator Group (10% for national Customers). In addition, the Group recognises impairment on a case-by-case basis, based on specific balances and specific past events, considering the historical information of the counterparties, their risk profile and other observable data in order to assess whether there are objective indicators of impairment for these financial assets. The Group uses the write-off procedure only when the credit is considered to be definitely uncollectible by a court decision.Accounting policies The fair value of derivative financial instruments is included under Payables (Note 4.3), when negative, and under Receivables (Note 4.2), when positive. In accordance with IFRS 9 - Financial Instruments, the Group has opted to continue applying the hedge accounting requirements of IAS 39 - Financial Instruments, until there is greater visibility on the Dynamic Risk Management (macro hedging) project currently in progress. Whenever expectations of changes in interest or exchange rates so justify, the Group hedges these risks through derivative financial instruments, such as interest rate swaps (IRS), interest rate and foreign exchange collars, forwards, etc. Trading derivative financial instruments Although the derivatives contracted by the Group represent effective economic hedges of risks, not all of them qualify as hedging instruments in accounting terms to satisfy the applicable rules and requirements. Instruments that do not qualify as hedging instruments are recorded in the Consolidated statement of financial position at their fair value and changes are recognised in Net financial results (Note 5.10), when related to financing operations, or in External services and supplies (Note 2.3) or Revenue (Note 2.1), when referring to hedging of sales receivable flows in a currency other than the presentation currency. Derivative financial instruments - hedging Derivative financial instruments used for hedging purposes may be recognised as hedging instruments provided that they comply, cumulatively, with the conditions set out in IAS 39. Cash flow hedging (interest rate, exchange rate and commodity risk - BHKP) In order to manage its exposure to interest rate risk and exchange rate risk, the Group enters into cash flow hedges. Those transactions are recorded in the Interim consolidated statement of financial position at their fair value, if considered effective hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Accumulated amounts in equity are reclassified to profit/(loss) in the periods when the hedged item affects the Income statement (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement under Net financial results (Note 5.10). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory or property, plant and equipment), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the income statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. Derivative financial instruments used by Navigator Group Foreign exchange trading derivatives The Navigator Group has a currency exposure on sales invoiced in foreign currencies, namely US dollars (USD) and pounds sterling (GBP). As the Group\u2019s financial statements are presented in Euro, it is exposed to an economic risk on the conversion of these currency flows to the Euro. The Group is also required, albeit to a lesser degree, to make certain payments in those same currencies which, for currency exposure purposes, act as a natural hedge. Thus, the hedge is aimed at safeguarding the net value of items in the statement of financial position denominated in a currency other than the presentation currency against the respective currency fluctuations. The hedging instruments used in this operation are foreign exchange forward contracts covering the net exposure to currencies other than the presentation currency, for amounts and due dates close to that exposure. The nature of the risk hedged is the change in the book value on sales and purchases expressed in currencies other than the presentation currency. At the end of each month, the balances of Trade receivables and Trade payables expressed in foreign currency are updated, with the gain or loss offset against the fair value change of the forwards negotiated. Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP The Group makes use of derivative financial instruments in order to limit the net exchange risk associated with sales and future purchases estimated at USD and GBP. Cash flow hedge | Interest rate The Navigator Group hedges future interest payments associated with commercial paper issues by hiring an interest rate swap, which pays a fixed rate and receives a floating rate. This instrument is designated as hedge of cash flows from the commercial paper programme and the bond loan. Cash flow hedge | Commodities - BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USDAccounting policies The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement: Level 1 Based on quotes from active net markets at the reporting date. Level 2 Determined using evaluation models, whose main inputs are observable in the market. Level 3 Determined using evaluation models, the main inputs of which are not observable in the market. Accounting policies Provisions are recognised whenever the Group has a present legal or constructive obligation, as a result of past events, in which it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions for future operating losses are not recognised. Provisions are reviewed on the date of the statement of financial position and are adjusted to reflect the best estimate at that date. The Group incurs expenditure and assumes liabilities of an environmental nature. Accordingly, expenditures on equipment and operating techniques that ensure compliance with applicable legislation and regulations (as well as on the reduction of environmental impacts to levels that do not exceed those representing a viable application of the best available technologies, on those related to minimising energy consumption, atmospheric emissions, the production of residues and noise), are capitalised when they are intended to serve the Group\u2019s business in a durable way, as well as those associated with future economic benefits and which serve to extend the useful lives, increase capacity or improve the safety or efficiency of other assets owned by the Group.11.3. Transactions with related partiesOn 1 February 2013, a contract to render administrative and management services was signed between Semapa - Sociedade de Investimentos e Gest\u00e3o, SGPS, S.A. (currently owner of 70.03% of the Group\u00b4s share capital) and Navigator Group, establishing a remuneration system based in equal criteria for both parties in the continuous cooperation and assistance relationships, that meets the rules applicable to commercial relationships between Group companies. The operations performed with the Secil Group arise from normal market operations. In the identification of the Navigator Company Group\u2019s related parties for the purpose of financial reporting, the members of the Navigator Company Group\u2019s Board of Directors and other corporate bodies were considered as related parties. The remuneration of the Group's key management personnel is detailed in Note 7.3 - Remuneration of corporate bodies.",
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"value": "Accounting policies Business combinations Under IFRS 3 (Business Combinations), in a business combination, the acquirer must recognise and measure the assets acquired and liabilities assumed at fair value on the acquisition date in the consolidated financial statements. The difference between the acquisition price and the fair value of the assets and liabilities acquired gives rise to the recognition of goodwill or a gain resulting from a bargain purchase. The fair value of the assets acquired and liabilities assumed is determined internally or through independent external valuers, using the discounted cash flow method, replacement cost or other techniques for determining fair value, which are based on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, energy sales and purchase prices, the cost of raw materials, production estimates and business forecasts. Consequently, the determination of fair values and goodwill or gains resulting from low-price purchases is subject to various assumptions and judgements, so changes could result in different impacts on profit/(loss).",
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"value": "Accounting policies Business combinations Under IFRS 3 (Business Combinations), in a business combination, the acquirer must recognise and measure the assets acquired and liabilities assumed at fair value on the acquisition date in the consolidated financial statements. The difference between the acquisition price and the fair value of the assets and liabilities acquired gives rise to the recognition of goodwill or a gain resulting from a bargain purchase. The fair value of the assets acquired and liabilities assumed is determined internally or through independent external valuers, using the discounted cash flow method, replacement cost or other techniques for determining fair value, which are based on the use of assumptions including macroeconomic indicators such as inflation rates, interest rates, exchange rates, discount rates, energy sales and purchase prices, the cost of raw materials, production estimates and business forecasts. Consequently, the determination of fair values and goodwill or gains resulting from low-price purchases is subject to various assumptions and judgements, so changes could result in different impacts on profit/(loss).1.4.3. Scope of consolidation 1.4.3.1. Subsidiaries Subsidiaries are all entities over which the Group has control, which occurs when the Group is exposed or entitled to the variable returns resulting from its involvement with the entities and has the capacity to affect that return through the exercise of power over the entities, regardless of the percentage they hold over equity. The existence and the effect of potential voting rights which are currently exercisable, or convertible are considered when the Group assesses whether it has control over another entity. Subsidiaries are consolidated using the full consolidation method with effect from the date on which control is transferred to the Group while they are excluded as from the date control ceases. These companies\u2019 equity and net profit/(loss) corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the Consolidated income statement. The companies included in the consolidated financial statements are detailed in Note 11. The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured by the fair value of the assets transferred, the equity instruments issued, and liabilities incurred or assumed on acquisition date, and the best estimate of any agreed contingent payment. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are initially measured at fair value on the date of acquisition, irrespective of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group\u2019s share of the identifiable assets and liabilities acquired is recorded as goodwill, as described in Note 3.1. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary (negative goodwill), the difference is recognised directly in the Income Statement in the period it takes place. Transaction costs directly attributable to the acquisition are immediately expensed. Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. When, at the date of the acquisition of control, The Navigator Company already holds a previously acquired interest in the subsidiary, its fair value is considered in determining the goodwill or negative goodwill. On a step acquisition process resulting in the acquisition of control, the revaluation of any participation previously held is recognised against the income statement when Goodwill is calculated. When subsequent transactions of disposal or acquisition of shares with non-controlling interests with no impact in control take place, no gain, loss or goodwill is determined, and the differences between the transaction cost and the book value of the share acquired are recognised in equity. Losses generated in each period by subsidiaries with non-controlling interests are allocated, in the percentage held, to non-controlling interests, regardless of whether they become negative. In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against profit/(loss), as well as the gain or loss resulting from such disposal. The subsidiaries\u2019 accounting policies are adjusted, whenever necessary, so as to ensure that they are applied consistently by all the Group's companies. 1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.1.4.4. Presentation currency and foreign currency transactions i. Functional and reporting currency The items included in the Financial Statements of each one of the Group\u2019s entities are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro, which is the Group\u2019s functional and reporting currency. ii. Balances and Transactions expressed in foreign currencies All the Group\u2019s assets and liabilities denominated in currencies other than the reporting currency have been translated to Euro using the exchange rates prevailing at the consolidated statement of financial position date (Note 8.1.1). Currency adjustments, favourable and unfavourable, arising from differences between the exchange rates prevailing at the date of the transaction and those at the date of collection, payment, or statement of financial position, are recorded as income and/or expenses in the Consolidated income statement for the period. iii. Group companies The profit/(loss) and the financial position of the Group\u2019s entities which have a different functional currency from the Group\u2019s reporting currency are translated into the reporting currency as follows: i. The assets and liabilities of each Statement of financial position are translated at the exchange rates prevailing at the date of the consolidated statement of financial position; ii. Equity balances are translated at the historical exchange rate; iii. The income and expenses disclosed in the Income Statement are converted at the exchange rate prevailing at the dates of the transactions. When this is not possible or when benefits do not arise from the use of this procedure, income and expenses are translated at the average exchange rate of the period. The exchange differences resulting from the topics i) and iii) are recognised in the Consolidated comprehensive income under the equity caption \u201cCurrency translation reserves\u201d, being transferred to Financial profit/(loss) when the disposal of the investments occur. Long-term loans granted to subsidiaries in currencies other than the Group's functional currency, which are neither planned nor likely to be settled in the foreseeable future, are treated as a net extension of the investment in the foreign subsidiary. On this basis, exchange rate differences arising on these loans, which have not been eliminated on consolidation, are recognised in Comprehensive income under Currency translation reserves, being transferred to profit/(loss) for the period when the loans are settled, to the extent that such settlement represents an absolute reduction in the subsidiary's interest and exposure. iv. Exchange rates used Appreciation / 31-12-2024 31-12-2023 (Depreciation) GBP (Sterling pound) Average exchange rate for the period 0.8466 0.8698 2.67%) Closing exchange rate for the period 0.8292 0.8691 4.59%) USD (American dollar) Average exchange rate for the period 1.0824 1.0813 -0.10%) Closing exchange rate for the period 1.0389 1.1050 5.98%) PLN (Polish zloti) Average exchange rate for the period 4.3058 4.5420 5.20%) Closing exchange rate for the period 4.2750 4.3395 1.49%) SEK (Swedish krona) Average exchange rate for the period 11.4325 11.4788 0.40%) Closing exchange rate for the period 11.4590 11.0960 -3.27%) CZK (Czech koruna) Average exchange rate for the period 25.1198 24.0043 -4.65%) Closing exchange rate for the period 25.1850 24.7240 -1.86%) CHF (Swiss franc) Average exchange rate for the period 0.9526 0.9718 1.97%) Closing exchange rate for the period 0.9412 0.9260 -1.64%) DKK (Danish krone) Average exchange rate for the period 7.4589 7.4509 -0.11%) Closing exchange rate for the period 7.4578 7.4529 -0.07%) HUF (Hungarian forint) Average exchange rate for the period 395.3039 381.8527 -3.52%) Closing exchange rate for the period 411.3500 382.8000 -7.46%) AUD (Australian dollar) Average exchange rate for the period 1.6397 1.6288 -0.67%) Closing exchange rate for the period 1.6772 1.6263 -3.13%) MZM (Mozambican metical) Average exchange rate for the period 69.1732 69.1060 -0.10%) Closing exchange rate for the period 66.7900 70.6500 5.46%) MAD (Moroccan dirham) Average exchange rate for the period 10.7549 10.9552 1.83%) Closing exchange rate for the period 10.5190 10.9445 3.89%) NOK (Norway kroner) Average exchange rate for the period 11.6290 11.4248 -1.79%) Closing exchange rate for the period 11.7950 11.2405 -4.93%) MXN (Mexican peso) Average exchange rate for the period 19.8314 19.1830 -3.38%) Closing exchange rate for the period 21.5504 18.7231 -15.10%) AED (Dirham) Average exchange rate for the period 3.9751 3.9710 -0.10%) Closing exchange rate for the period 3.8154 4.0581 5.98%) CAD (Canadian dollar) Average exchange rate for the period 1.4821 1.4595 -1.55%) Closing exchange rate for the period 1.4948 1.4642 -2.09%) ZAR (South African rand) Average exchange rate for the period 19.8297 19.9551 0.63%) Closing exchange rate for the period 19.6188 20.3477 3.58%) BRL (Brazilian real) Average exchange rate for the period 5.8283 5.4010 -7.91%) Closing exchange rate for the period 6.4253 5.3618 -19.83%) EGP (Egyptian pound) Average exchange rate for the period 49.1213 33.1117 -48.35%) Closing exchange rate for the period 53.0349 34.2710 -54.75%) TRY (Turkish lira) Average exchange rate for the period 35.5734 25.7597 -38.10%) Closing exchange rate for the period 36.7372 32.6531 -12.51%)Accounting policies Navigator Group business areas The Navigator Group\u2019s main business is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the whole value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp \u2013 BEKP and electric and thermal energy, as well as its commercialisation. In the last quarter of 2024, the group also started producing moulded fibre packaging at the Aveiro industrial complex. This new production unit is aimed at a market with high growth potential, fully aligned with the challenges of reducing the use of single-use plastics. The Navigator Group currently has ten industrial sites - four in Portugal, one in Spain and five in the United Kingdom. Of the industrial complexes in Portugal, two are dedicated to the production of BEKP pulp, electricity and UWF paper (Figueira da Foz and Set\u00fabal), one is dedicated to the production of BEKP pulp, energy, moulded cellulose packaging and tissue paper (Aveiro) and a fourth, in Vila Velha de R\u00f3d\u00e3o, produces tissue. In Spain, the Group owns an industrial complex in Zaragoza where it produces tissue paper. In May 2024, with the acquisition of the Navigator Tissue Uk Group (formerly the Accrol Group), the Navigator Group now has five production sites in the UK related to the tissue business: Blackburn (rolls and facials); Leicester (rolls); Leyland (rolls); Flint (wet wipes) and Bridgewater (wet wipes). Wood is produced from woodlands owned or leased by the Group in Portugal and Spain, and also form granted lands in Mozambique. The production of cork and pine wood are sold to third parties while the eucalyptus wood is mainly consumed in the production of BEKP. A significant portion of the Group\u2019s own BEKP production is consumed in the production of UWF and tissue paper. Sales of BEKP pulp, UWF paper and tissue paper \u2013 to 118 (2023: 134) countries and territories around the world. Regarding energy production, the Group has three cogeneration plants, integrated in the production of pulp. Heat production is used for internal consumption while electricity is sold to the national energy grid. The Group also owns two cogeneration plants fuelled by natural gas and two independent plants fuelled by biomass, integrated into paper production in Figueira da Foz and Set\u00fabal, the majority of whose output is sold to the national energy grid. In addition, the Group currently has eight photovoltaic plants in operation for self-consumption: three in Set\u00fabal - two at the factory complex and one at Herdade de Espirra, two at the Figueira da Foz industrial complex (one of which came into operation in 2024), one at the Zaragoza industrial complex, one at Raiz (in Aveiro) and also two plants that came into operation during 2024, at the Aveiro and Vila Velha de R\u00f3d\u00e3o industrial complexes. With the conclusion of the construction of new photovoltaic plants in 2024, on a self-consumption basis, at the industrial sites of Figueira da Foz, Aveiro and Vila Velha de R\u00f3d\u00e3o, Navigator, with around 38 MW of installed photovoltaic solar energy capacity, will become the largest self-consumption producer in Portugal, in an industrial context. Segment reporting In accordance with IFRS 8, the Group considers an operating segment as a component of the group that develops business activities from which it can obtain revenue and incur expenses, whose operating profit/(loss) are regularly reviewed by the Executive Committee, which is primarily responsible for the Group's operational decision-making for allocation of resources to the segment and the assessment of its performance and for which separate financial information is available. Each reportable segment corresponds to the value chain of the integrated production process associated with the product of each business segment, (Market Pulp, UWF paper, Tissue Paper and Energy) considering the sales activity of the respective products on the market, in a manner consistent with the information used by the Executive Committee for operational monitoring of its businesses. Accordingly, intra-segmental sales are those that occur within the same manufacturing plant and whose production inputs are used in the production process of that segment. Thus, the values reported for each operating segment result from the aggregation of the business units and subsidiaries defined in the perimeter of each segment, as well as the cancellation of intra-segment transactions. Intra-segmental sales correspond to sales between business segments or when there are transactions between manufacturing plants, which are eliminated for consolidation purposes, being this effect reported in the \u201cCancellations\u201d. When aggregating the Group's operating segments, Management defined as reportable segments those that correspond to each of the business areas developed by the Group, as follows: i. Market pulp \u2013 bleached eucalyptus BEKP for sale in the market; ii. UWF paper \u2013 production and sale of UWF uncoated writing and printing thin paper; iii. Tissue Paper \u2013 production and sale of domestic consumption paper; iv. Biomass renewable energy \u2013 which includes the cogeneration units and the two independent thermoelectric power plants; v. Support - segment that includes the corporate centre (mixed holding). Regarding the allocation of assets and liabilities to business segments, it should be noted that: \u2022 All equipment allocated to the UWF pulp and paper production are included in Property, plant and equipment of the respective segments. \u2022 The Group's real estate assets are allocated to the respective business segment. \u2022 The assets related to forests are allocated to the pulp and UWF paper segments, according to the production capacity of each segment. \u2022 The majority of the assets allocated to each of the individual segments, with the exception of receivables, is located in Portugal. \u2022 In accordance with the Navigator Company Group's financing policy, all loans are contracted by the Group's holding company, The Navigator Company, S.A., which is responsible for bearing all debt and related charges. Accordingly, interest-bearing liabilities (Note 5.7) are allocated to the \u201cSupport\u201d segment, which includes the Group's corporate centre (Holding), with the exception of the repayable grant related to the construction of the new tissue mill, allocated to the \u201cTissue Paper\u201d segment and a portion of the \u201cInpactus\u201d grant allocated to the \u201cUWF Paper\u201d segment. Revenue Revenue is presented by operating segment and by geographic area, based on the country of destination of the goods and services sold by the Group. Commercial contracts with Customers refer essentially to the sale of goods such as paper, pulp, tissue and energy, and to an extent, to the transportation inherent to those goods, when applicable. Revenue recognition in each operating segment is described as follows: Pulp revenue results from sales to international paper and decor producers. Revenue is recognised point in time, by the amount of the performance obligation satisfied, the price of the transaction corresponding to a fixed amount invoiced on the basis of quantities sold, less Market pulp cash discounts and quantity discounts, which are reliably determinable. On the export side, the transfer of control of the products occurs in general when there is a transfer of control to the Customer, according to the Incoterms negotiated. Paper revenue refers to sales made through Commercial Distributors (B2B) which include large distributors, wholesalers or commercial operators. Revenue is recognised point in time, on the date of delivery of the product to the customer when the transfer of control occurs, UWF by the amount of the performance obligation satisfied, and the price of the transaction corresponds to a fixed amount invoiced according to the quantities sold, less cash discounts and quantity discounts, which are reliably determinable. Tissue revenue results from sales of tissue paper produced for the private label of modern national and international retail chains. Revenue is recognised point in time, by the amount of the performance obligation satisfied, and the price of the transaction corresponds Tissue to a fixed amount invoiced according to quantities sold, less cash discounts and quantity discounts, which are reliably determined. Revenue is recognised against the delivery of the product, at which time the transfer of control over the product is deemed to take place. Energy revenue results from the valuation of the sale of electricity to the national grid. Renewable biomass cogeneration and thermoelectric plants sell all their production and benefit from a regulated sales tariff defined in accordance with the current legal Energy framework. In turn, the natural gas cogeneration plant in Set\u00fabal has been operating on a self-consumption basis since January 2024, selling its surplus production at market prices. The revenue from the sale of other products such as waste, or services (brokerage, for example) is recognised on the date of delivery of Support the product to the Customer by the amount of the performance obligation satisfied. The income related to this segment is reclassified to other operating income or to less costs. The Navigator Group considers the facts and circumstances when analysing the terms of each Customer contract and its usual business practices in determining the transaction price. In this sense, in terms of sales tax, from the assessment performed by Navigator, there are no situations that could be included in the transaction price. Regarding specifically to the anti-dumping tax, this is a tax for the entry of goods into the country (in the case of the USA) and is not a tax determined a priori but depends on the analysis of the Department of Commerce a posteriori. Therefore, it represents a decrease to the gross margin obtained in the United States and not an adjustment to the price of the individual transaction.Accounting policies Government grants Operating grants Government grants are only recognised when there is a reasonable assurance that the grant will be received, and the Group will comply with all required conditions. Operating grants, received with the purpose of compensating the Group for costs incurred, are systematically recorded in the income statement during the periods in which the costs that those grants are intended to compensate are recorded. Grants related to biological assets Grants related to biological assets (Note 3.8) carried at fair value, in accordance with IAS 41, are recognised in the income statement when the terms and conditions of the grant are met. Grants \u2013 CO2 Emission allowances Grants related to CO2 emission allowances (Note 3.2) are recognised as deferred income and are systematically recorded in the income statement during the periods in which the expenses that those grants are intended to compensate are recorded.Accounting policies Goodwill Goodwill represents the difference between the fair value of the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiaries included in the consolidation on the acquisition date and is allocated to each CGU or to the lower group of CGUs to which it belongs. Amortisation and impairment Goodwill is not amortised. The Group carries out annual impairment tests on goodwill, or where there are signs of impairment. The recoverable amounts of cash-generating units are determined as the higher of value in use and fair value less cost of sale. Impairment losses on goodwill cannot be reversed. Disposal and loss of control Gains or losses arising from the sale or loss of control over an entity or business to which Goodwill is allocated include the amount of the corresponding goodwill. Tax deductibility Derived from the current tax legislation in Portugal, it is not expected that Goodwill generated or to be recognised will be tax deductible.Accounting policies Intangible assets are recorded at acquisition cost less depreciation and impairment losses. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. CO2 Emission Rights CO2 emission Allowances attributed to the Group within the European Union Emissions Trading Scheme (EU ETS) for the assignment of CO2 emission allowances at no cost, gives rise to an intangible asset for the allowances, a Government grant and a liability for the obligation to deliver allowances equal to the emissions that have been made during the compliance period. Emission allowances are only recorded as intangible assets when the Group is able to exercise control and are measured at fair value (level 1) at the date of initial recognition. When the market value of the emission allowances falls significantly below its book value and such decrease is considered permanent, an impairment charge is booked for allowances which the group will not use internally. The liability to deliver allowances is recognised based on actual emissions. This liability will be settled using allowances on hand, measured at the book value of those allowances. Any additional emissions are valued at market value as at the reporting date. FIFO is used in the costing of intangible asset decreases by the refund to the Licensing Coordinating Entity. In the Consolidated Income Statement, the Group expenses, under Other costs and losses, actual emissions at fair value at the grant date, except for acquired allowances, where the expense is measured at their purchase price. Such costs will offset other operating income resulting from the recognition of the original Government grant (also recognised at fair value at grant date) as well as any disposal of excess allowances. The effect on the income statement will, therefore, be neutral regarding the consumption of granted allowances. Any net effect on the Income Statement will result from the purchase of additional allowances to cover excess emissions, from the sale of effective consumption or from impairment losses booked to allowances that are not used at operational level. Brands Whenever brands are identified in a business combination, the Group records them separately in the consolidated financial statements as an asset at cost, which represents their fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the fair value of the brands acquired by the Group was as follows: Amounts in Euro 2024 2023 My Tissue 1,257,549 1,257,549 My Tissue Ecologic + 1,142,451 1,142,451 Elegance 6,753,660 - Magnum 8,562,676 - Softy 4,703,442 - Little Heroes 964,809 - 23,384,587 2,400,000 On subsequent valuation exercises, brands are recognised in the Group\u2019s consolidated financial statements at cost. They are not subject to annual amortisation, but instead tested for impairment at each reporting date. Own brands are not recognised in the Group\u2019s financial statements, as they represent internally generated intangible assets. Customer Portfolio Within the scope of a business combination, whenever identifiable, the Group recognises separately in the consolidated financial statements as an asset measured at cost the value of the customer portfolio acquired, which corresponds to its fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the customer portfolios acquired were as follows: Useful lifeUseful lifeAmounts in Euro 2024 2023 2024 2023 Customer portfolio - Consumer tissue business in Spain 1,400,000 1,600,000 7 8 Customer portfolio - Consumer tissue business in the United 52,957,272 - 18 -Kingdom 54,357,272 1,600,000 In the subsequent measurement, the customer portfolio is deducted from the respective amortisations and impairment losses, if applicable. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Intangible assets developed internally Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.Accounting policies Property, plant and equipment Recognition and initial measurement Property, plant and equipment are shown at cost, less accumulated depreciation and impairment losses. Depreciation and impairment We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life. Average useful lifeAverage useful life2024 2023 Land (cost of preparing for afforestation) 50 50 Buildings and other constructions 10 \u2013 30 10 \u2013 30 Basic equipment 4 \u2013 20 4 \u2013 20 Transportation equipment 4 \u2013 9 4 \u2013 9 Tools 2 \u2013 8 2 \u2013 8 Administrative equipment 4 \u2013 8 4 \u2013 8 Other property, plant and equipment 4 \u2013 10 4 \u2013 10 The residual values of the assets and respective useful lives are reviewed and adjusted, on the date of the consolidated statement of financial position. If there are changes to useful lives, they are treated as a change in accounting estimate and are applied prospectively. When the book value of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.7). Subsequent costs Scheduled maintenance expenses are considered a component of the acquisition cost of property, plant and equipment and are fully depreciated by the next forecasted maintenance date. All other repairs and maintenance costs are charged to the income statement in the financial period in which they are incurred. Spare and maintenance parts Spare parts are considered strategic as they are directly related to production equipment and their use is expected to last for more than two economic years. Maintenance parts considered as \u201ccritical spare parts\u201d are recorded under non-current assets, as Property, plant and equipment. In accordance with this classification, spare parts are depreciated from the moment they become available for use and are assigned a useful life that follows the nature of the equipment, where they are expected to be integrated, not exceeding the remaining useful life of these. Spare parts are accounted for as property, plant and equipment if they are material and used for more than one period, or if they are used only in relation to an item of property, plant and equipment. In other situations, spare parts are accounted for as part of inventories and recognized in the period when consumed. Borrowing costs Borrowing costs directly related to the acquisition or construction (if the construction or development period exceeds one year) of property, plant and equipment are capitalised and form part of the asset\u2019s cost. During the periods presented, no financial charges for loans directly related to the acquisition or construction of property, plant and equipment were capitalised. Write-offs and disposals Gains or losses arising from write-offs or disposals are determined by the difference between the proceeds from the disposals when applicable less transaction costs and the carrying amount of the asset and are recognised in the income statement as Other operating income (Note 2.2) or Other operating expenses (Note 2.3). Accounting policies Government grants Government grants received to compensate the Group for investments made in Property, plant and equipment, including those attributed as tax credits, are classified as Deferred income (Note 4.3 - Payables) and are recognised in income over the estimated useful life of the respective subsidised assets, and are associated with the depreciation of the period (Note 3.7), for presentation purposes. Repayable government grants Government grants, in the form of repayable loans at a subsidised rate, are discounted on the date of initial recognition based on the market interest rate at the date of grant, the value of the discount constituting the value of the grant to be amortised over the period of the loan or asset whose acquisition it is intended to finance, depending on the activities financed. These liabilities are included in the caption Interest-bearing liabilities (Note 5.7). Grants received are classified as a financing activity in the statement of cash flows.Accounting policies At the date the lease enters into force, the Group recognises a right-of-use asset at its cost, which corresponds to the initial amount of the lease liability adjusted for: i) any prepayments; ii) lease incentives received; and iii) initial direct costs incurred. To the right-of-use asset, the estimate of removing and/or restoring the underlying asset and/or the location where it is located may be added, when required by the lease agreement. The right-of-use asset is subsequently depreciated using the straight-line method, from the start date until the lower between the end of the asset's useful life and the lease term. Additionally, the right-of-use asset reduced of impairment losses, if any, and adjusted for any remeasurement of the lease liability. The useful life considered for each class of right-of-use asset is equal to the useful life of Property, plant and equipment (Note 3.3) in the same class when there is a call option, and the Group expects to exercise it. Short-term leases and low-value asset leases The Group recognises payments for leases of 12 months or less and for leases of assets whose individual acquisition value is less than Euro 5,000 directly as operating expenses of the period (Note 2.3), on a straight-line basis. Accounting policies The Group\u2019s biological assets comprise the forests held for the production of timber, suitable for incorporating in the production of BEKP or for sale on the market, mostly eucalyptus, but also include other species such as pine and cork oak. Forest land owned by the Group is included in Property, plant and equipment in the consolidated balance sheet and is valued in accordance with the accounting policy described in Note 3.3. Forest land that is not owned by the Navigator Group and that is leased is valued in accordance with the accounting policy described in Note 3.6 and is presented in the consolidated balance sheet under \u201cRight-of-use assets\u201d. Fair Value (level 3 of the IFRS 13 fair value hierarchy) When calculating the fair value of forests, the Group uses the discounted cash flows method, based on a model developed in house, regularly tested by independent external assessments. In the model developed, assumptions are considered corresponding to the nature of the assets being assessed, namely, the development cycle of the different species, the productivity of the forests, climate and other environmental considerations, the wood sales price (when there is an active market) less the cost of harvesting, the rents of own, leased land, replanting and transport, the costs of planting and maintenance, the cost inherent in leasing the forest land, and the discount rate. The main unobservable inputs of the fair value model are detailed as follows, and the amount of the fair value of biological assets will increase / (decrease) respectively if: \u2022 Wood sales prices increase / (decrease); \u2022 Estimated cutting, replanting and transport costs decrease / (increase); \u2022 Estimated planting and maintenance costs decrease / (increase); and \u2022 The discount rate decrease / (increase). The discount rate corresponds to a market rate without inflation, in a manner consistent with the structure of forecasts, determined on the basis of the Navigator Group\u2019s expected rate of return on its forests, which are intended to be sold intragroup. Concession areas The costs incurred with the site preparation before the first forestation are recorded as property, plant and equipment and depreciated in line with its expected useful lives corresponding to the concession period. Change of estimates Changes in estimates of growth, growth period, price, cost and other assumptions are recognised in the income statement as fair value adjustments of biological assets. Harvesting At the time of harvesting, wood is recognised at fair value less estimated costs since that point until the point of sale, which is the initial cost of the inventory.Accounting policies Inventories are valued in accordance with the following criteria: i. Goods and raw materials Goods and raw, subsidiary and consumable materials are valued at the lower of their purchase cost or their net realisable value. The purchase cost includes ancillary costs and it is determined using the weighted average cost as the valuation method. ii. Finished and intermediate products and work in progress Finished and intermediate products and work in progress are valued at the lower of their production cost (which includes incorporated raw materials, labour and general manufacturing costs, based on a normal production capacity level) or their net realisable value. The net realisable value corresponds to the estimated selling price, after deducting estimated completion and selling costs. The difference between production cost and net realisable value, if lower, are recorded as an operational cost.Accounting policies Trade receivables and other debtors Classification Trade receivables result from the Group's main activities and the business model followed is the collection of contractual cash flows. Balances from other debtors generally assume the business model of collecting contractual cash flows. Initial measurement At fair value. Subsequent measurement At amortised cost, net of impairment losses. Impairment from Trade receivables Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk (Note 8.1.4). Impairment from other debtors Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.Accounting policies Trade payables and other current liabilities are initially recorded at fair value and subsequently at their amortised cost.Accounting policies Ordinary shares are classified in Shareholders\u2019 equity. Costs directly attributable to the issue of new shares or other equity instruments are reported as a deduction, net of taxes, from the proceeds of the issue. Costs directly attributable to the issue of new shares or options for the acquisition of a new business are deducted from the amount issued. When any Group company acquires shares of the parent company (treasury shares), the payment, which includes directly attributable incremental costs, is deducted from the Shareholders\u2019 equity attributable to the Company\u2019s equity holders until such time the shares are cancelled, reissued or sold. When such shares are subsequently disposed or reissued, any proceeds, net of the directly attributable transaction costs and taxes, is directly reflected in the Shareholders\u2019 equity and not in profit/(loss) for the period.Accounting policies Basic earnings per share are determined based on the division of profits or losses attributable to the ordinary Shareholders of the Company by the weighted average number of common shares outstanding during the period. For the purpose of calculating diluted earnings per share, the Company adjusts the profits or losses attributable to ordinary equity holders, as well as the weighted average number of outstanding shares for the purposes of all potential dilutive common shares. Accounting policies The distribution of dividends to equity holders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Shareholders at the General Shareholders Meeting and up until the time of their payment or, in the case of anticipated distributions, when approved by the Board of Directors.Accounting policies Fair value reserves It corresponds to the accumulated change in fair value of derivative financial instruments classified as hedging instruments (Note 8.2), net of deferred taxes. Changes related to derivatives are reclassified to profit/(loss) for the period (Note 5.10) as the hedged instruments affect profit/(loss) for the period. The fair value adjustments of financial investments recorded under this caption is not recycled to profit/(loss). Currency translation reserve The currency translation reserve corresponds to the accumulated amount related to the settlement by the Group of the exchange rate differences resulting from the translation of the financial statements of the subsidiaries operating outside the Euro zone. Legal reserve The Portuguese commercial legislation prescribes that at least 5% of annual net profit must be transferred to the legal reserve, until this is equal to at least 20% of the share capital. This reserve cannot be distributed unless the company is liquidated. It may, however, be drawn on to absorb losses, after other reserves are exhausted, or incorporated in the share capital. The legal reserve is constituted by its maximum amount in the periods presented. Other reserves and Retained earnings This caption corresponds to reserves available for distribution to Shareholders that were constituted through the appropriation of prior period\u2019s earnings, the reduction of share capital and other movements. The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable (Note 5.2).Accounting policies Interest-bearing liabilities includes Bonds, Commercial Paper, bank loans and other financing. Initial measurement At fair value, net of transaction costs incurred. Subsequent measurement At amortised cost, using the effective interest rate method. The difference between the repayment amount and the initial measurement amount is recognised in the income statement over the debt period under \"Interest expenses on other loans\" in Note 5.10 \u2013 Net financial results. Fair value The book value of short-term interest-bearing liabilities or loans contracted at variable interest rates are close to their fair value. The fair value of interest-bearing liabilities that are remunerated at a fixed rate is disclosed in Note 8.3 \u2013 Financial assets and liabilities. Disclosure The Group must classify a liability as current when: a) it expects to settle the liability in the normal course of its operating cycle; b) it holds the liability primarily for trading purposes; c) the liability is expected to be settled within twelve months of the reporting period; or d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.Accounting policies At the start date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments, which include fixed payments less lease incentives, variable lease payments, and amounts expected to be paid as residual value. Lease payments also include the price of exercise of renewal options reasonably certain to be exercised by the Group or lease termination penalty payments if the lease term reflects the Group's option to terminate the agreement. In calculating the present value of future lease payments, the Group uses an incremental financing rate if the implied interest rate on the lease transaction is not easily determinable. Subsequently, the value of the lease liabilities is increased by the interest amount (Note 5.10 Net Financial Results) and decreased by the lease payments (rents).Accounting policies Cash and cash equivalents include cash, bank accounts and other short-term investments with an initial maturity of up to 3 months, which can be mobilised immediately without any significant risk in value fluctuations. For cash flow statement purposes, this caption also includes bank overdrafts, which are presented in the statement of financial position as a current liability, under the caption Interest-bearing liabilities (Note 5.7). Accounting policies The Group classifies as \u201cFinancial income\u201d the income and gains resulting from treasury management activities such as: i) interest obtained from the application of cash surplus; and ii) changes in the fair value in derivative financial instruments negotiated to hedge interest rate and exchange rate risk on loans, regardless of the formal designation of hedge.Accounting policies Current income tax is calculated based on net profit/(loss), adjusted in conformity with tax legislation in force at the statement of consolidated financial position date. Taxation group In Portugal, the Navigator Group is subject to the special tax regime for groups of companies (RETGS), comprising companies in which the shareholding is equal to or more than 75% and which meet the conditions laid down in articles 69 and following of the Corporate Income Tax Code (IRC Code). These companies included in the RETGS calculate income taxes as if they were taxed independently. Liabilities are recognised as due to the controlling company of the tax business Group, currently The Navigator Company, S.A. which is responsible for the Group\u2019s overall assessment and payment of the corporate income tax. Where there are gains on the use of this regime, these are recorded as income in the controlling company\u2019s financial statements. In 2018, a tax group was also established in Spain, which includes the three subsidiaries of the group based in that country and owned by Bosques do Atl\u00e2ntico, S.L., the controlling company in the tax group.Accounting policies Deferred tax is calculated based on the liability of the consolidated financial position on the temporary differences between the book values of the assets and liabilities and their respective tax base. To determine the deferred tax, the tax rate expected to be in force in the period in which the temporary differences will be reversed is used. Deferred tax assets are recognised whenever there is a reasonable likelihood that future taxable profits will be generated against which they can be offset. Deferred tax assets are revised periodically and decreased, whenever it is likely that tax losses will not be used. Deferred taxes are recorded as an income or expense for the year, except where they result from amounts recorded directly under equity, situation in which deferred tax is also recorded under the same caption. Tax benefits attributed to the Group regarding its investment projects are recognised through the income statement as there is sufficient taxable income to allow its use.Accounting policies Short-term employee benefits Acquired rights - holidays and holiday allowance In accordance with the collective labour agreement applicable to The Navigator Company, S.A. as well as under the agreement celebrated with the Labour Unions, the Group companies are entitled to a 25 working days leave, as well as to a month\u2019s holiday allowance. Moreover, employees who work continuous shifts for more than 25 or 30 years get one or two additional days' holiday, respectively. Productivity bonus In 2022, the Group introduced a Productivity bonus in addition to the normal bonus paid to employees. The aim of this bonus is to focus on increasing productivity and profitability, which are critical and fundamental prerequisites for continued investment in business growth and sustainable improvements in salaries and benefits. Thus, the Productivity Bonus sets the achievement of production levels at challenging thresholds corresponding to different levels of remuneration, based on a basic monthly salary. Bonuses According to the current Performance Management System (Sistema de Gest\u00e3o de Desempenho), employees have the right to a bonus, based on annually defined objectives. The entitlement of this bonus is usually acquired in the year preceding its payment. These liabilities are recorded in the year in which the Employees acquire the respective right, irrespective of the date of payment, whilst the balance payable at the date of the consolidated statement of financial position is shown under the caption Current payables. Benefits arising from termination of employment The benefits arising from termination of employment are recognised when the Group can no longer withdraw the offer of such benefits or in which the Group recognises the cost of restructuring under the provisions recording. Benefits due more than 12 months after the end of the reporting period are discounted to their present value.Accounting policies Post-employment benefits - defined benefit plan Some of the Group subsidiaries have assumed the commitment to make payments to their employees in the form of complementary retirement pensions, disability, early retirement and survivors\u2019 pensions, having constituted defined-benefit plans. The Group set up autonomous pension funds as a means of funding most of the liabilities. Based on the projected credit unit method, the Group recognises the costs with the attribution of these benefits as the services are provided by the employees. The total liability is estimated separately for each plan at least once every six months, on the date of closing of the interim and annual accounts, by a specialised and independent entity. The liability thus determined is presented in the consolidated statement of financial position, less the fair value of the funds set up, under Pension liabilities. Actuarial deviations resulting from changes in the value of estimated liabilities, as a consequence of changes in the financial and demographic assumptions used and experience gains, added to the differential between the actual return on fund assets and the estimated share of net interest, are designated as re-measurements and recorded directly in the statement of comprehensive income, under retained earnings. Net interest corresponds to the application of the discount rate to the value of net liabilities (value of liabilities less the fair value of fund assets) and is recognised in the income statement for the period under Payroll costs. The gains and losses generated by a curtailment or settlement of a defined-benefit plan are recognised in the income statement for the period when the curtailment or settlement occurs. A curtailment occurs when there is a material reduction in the number of employees. Costs for past liabilities resulting from the implementation of a new plan or increases in benefits attributed are recognised immediately in profit/(loss) for the period. Post-employment benefits - defined contribution plan Most of the Group subsidiaries assumed commitments regarding payments to a defined contribution plan in a percentage of the employees\u2019 salary, in order to provide retirement, disability, early retirement and survivors\u2019 pensions. To this end, Pension Funds have been set up to capitalise on those contributions, for which employees may still make voluntary contributions, but for which the Group does not assume any additional contribution responsibilities or a pre-fixed return. Thus, the contributions made are recorded as expenses of the period in which they are recognised, regardless of the time of their settlement.Accounting policies Impairment of debt instruments The Group assesses, on a prospective basis, the expected credit losses associated with its financial assets measured at amortised cost and at fair value through other comprehensive income, in accordance with IFRS 9. On this basis, the Group recognises expected credit losses throughout the lifetime of financial instruments that have been subject to significant increases in credit risk since its initial recognition, assessed either individually or collectively, considering all reasonable and sustainable information, including available prospective information. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since its initial recognition, the Group measures the impairment of that financial instrument by an amount equivalent to the expected credit losses. IFRS 9 provides that for the calculation of these impairments, one of two models is used: the 3-step method or the use of a matrix, the distinguishing component being the existence or not of a significant financing component. For Navigator's financial assets, since it is not a financial institution and there are no assets that have a significant financing component, the use of a matrix was chosen. The model adopted for the impairment assessment in accordance with IFRS 9 is as follows: i. Calculate the total credit sales made by the Group over the last 12 months, as well as the total amount of bad debts relating to them; ii. Determine the Customers\u2019 payment profile, by setting buckets of receipt frequency; iii. Based on I. and II. above, estimate the probability of default (i.e., the amount of bad debts calculated at I. compared to the balance of outstanding sales in each bucket calculated at II.); iv. Adjust the percentages of future forecasts obtained in III.; v. Apply the default percentages as calculated in IV. to the balances of Customers still outstanding at the reporting date. Although IFRS 9 assumes 90 days as \u201cdefault\u201d, the Navigator Group considered a period of 180 days, since the experience of real losses before this period is low. This period is aligned with the current risk management policies of the company, namely in what regards the credit insurance hired, and to the fact that there is no sales with significant components of funding in light of IFRS 15. Additionally, the company evaluated the impact of considering 180 days of \u201cdefault\u201d instead of the 90 days and the Expected Credit Loss would not change significantly. In addition to this period, in the event of an accident in the credit insurance company, the model considers the limit of 5% paid by the Navigator Group (10% for national Customers). In addition, the Group recognises impairment on a case-by-case basis, based on specific balances and specific past events, considering the historical information of the counterparties, their risk profile and other observable data in order to assess whether there are objective indicators of impairment for these financial assets. The Group uses the write-off procedure only when the credit is considered to be definitely uncollectible by a court decision.Accounting policies The fair value of derivative financial instruments is included under Payables (Note 4.3), when negative, and under Receivables (Note 4.2), when positive. In accordance with IFRS 9 - Financial Instruments, the Group has opted to continue applying the hedge accounting requirements of IAS 39 - Financial Instruments, until there is greater visibility on the Dynamic Risk Management (macro hedging) project currently in progress. Whenever expectations of changes in interest or exchange rates so justify, the Group hedges these risks through derivative financial instruments, such as interest rate swaps (IRS), interest rate and foreign exchange collars, forwards, etc. Trading derivative financial instruments Although the derivatives contracted by the Group represent effective economic hedges of risks, not all of them qualify as hedging instruments in accounting terms to satisfy the applicable rules and requirements. Instruments that do not qualify as hedging instruments are recorded in the Consolidated statement of financial position at their fair value and changes are recognised in Net financial results (Note 5.10), when related to financing operations, or in External services and supplies (Note 2.3) or Revenue (Note 2.1), when referring to hedging of sales receivable flows in a currency other than the presentation currency. Derivative financial instruments - hedging Derivative financial instruments used for hedging purposes may be recognised as hedging instruments provided that they comply, cumulatively, with the conditions set out in IAS 39. Cash flow hedging (interest rate, exchange rate and commodity risk - BHKP) In order to manage its exposure to interest rate risk and exchange rate risk, the Group enters into cash flow hedges. Those transactions are recorded in the Interim consolidated statement of financial position at their fair value, if considered effective hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Accumulated amounts in equity are reclassified to profit/(loss) in the periods when the hedged item affects the Income statement (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement under Net financial results (Note 5.10). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory or property, plant and equipment), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the income statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. Derivative financial instruments used by Navigator Group Foreign exchange trading derivatives The Navigator Group has a currency exposure on sales invoiced in foreign currencies, namely US dollars (USD) and pounds sterling (GBP). As the Group\u2019s financial statements are presented in Euro, it is exposed to an economic risk on the conversion of these currency flows to the Euro. The Group is also required, albeit to a lesser degree, to make certain payments in those same currencies which, for currency exposure purposes, act as a natural hedge. Thus, the hedge is aimed at safeguarding the net value of items in the statement of financial position denominated in a currency other than the presentation currency against the respective currency fluctuations. The hedging instruments used in this operation are foreign exchange forward contracts covering the net exposure to currencies other than the presentation currency, for amounts and due dates close to that exposure. The nature of the risk hedged is the change in the book value on sales and purchases expressed in currencies other than the presentation currency. At the end of each month, the balances of Trade receivables and Trade payables expressed in foreign currency are updated, with the gain or loss offset against the fair value change of the forwards negotiated. Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP The Group makes use of derivative financial instruments in order to limit the net exchange risk associated with sales and future purchases estimated at USD and GBP. Cash flow hedge | Interest rate The Navigator Group hedges future interest payments associated with commercial paper issues by hiring an interest rate swap, which pays a fixed rate and receives a floating rate. This instrument is designated as hedge of cash flows from the commercial paper programme and the bond loan. Cash flow hedge | Commodities - BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USDAccounting policies The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement: Level 1 Based on quotes from active net markets at the reporting date. Level 2 Determined using evaluation models, whose main inputs are observable in the market. Level 3 Determined using evaluation models, the main inputs of which are not observable in the market. Accounting policies Provisions are recognised whenever the Group has a present legal or constructive obligation, as a result of past events, in which it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions for future operating losses are not recognised. Provisions are reviewed on the date of the statement of financial position and are adjusted to reflect the best estimate at that date. The Group incurs expenditure and assumes liabilities of an environmental nature. Accordingly, expenditures on equipment and operating techniques that ensure compliance with applicable legislation and regulations (as well as on the reduction of environmental impacts to levels that do not exceed those representing a viable application of the best available technologies, on those related to minimising energy consumption, atmospheric emissions, the production of residues and noise), are capitalised when they are intended to serve the Group\u2019s business in a durable way, as well as those associated with future economic benefits and which serve to extend the useful lives, increase capacity or improve the safety or efficiency of other assets owned by the Group.On 1 February 2013, a contract to render administrative and management services was signed between Semapa - Sociedade de Investimentos e Gest\u00e3o, SGPS, S.A. (currently owner of 70.03% of the Group\u00b4s share capital) and Navigator Group, establishing a remuneration system based in equal criteria for both parties in the continuous cooperation and assistance relationships, that meets the rules applicable to commercial relationships between Group companies. The operations performed with the Secil Group arise from normal market operations. In the identification of the Navigator Company Group\u2019s related parties for the purpose of financial reporting, the members of the Navigator Company Group\u2019s Board of Directors and other corporate bodies were considered as related parties. The remuneration of the Group's key management personnel is detailed in Note 7.3 - Remuneration of corporate bodies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__19": {
"value": "1.3. Subsequent events There were no events that resulted in additional adjustments or disclosures in the Group's consolidated financial statements in the period ended 31 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__20": {
"value": "1.4.1. Authorisation to issue financial statements These consolidated financial statements were approved by the Board of Directors on 27 March 2025. However, they are still subject to approval by the General Shareholders Meeting, in accordance with the Portuguese commercial legislation. The Group\u2019s senior management, which are the members of the Board of Directors who sign this report, declare that, to the best of their knowledge, the information contained herein was prepared in conformity with the applicable accounting standards, providing a true and fair view of the assets and liabilities, the financial position and results of the companies included in the Group\u2019s consolidation scope.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__22": {
"value": "1.4.2. Accounting principles The consolidated financial statements for the period ended 31 December 2024 were prepared in accordance with the International Financial Reporting Standards (IFRS), effective 1 January 2024 and as adopted by the European Union.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__21-1": {
"value": "1.4.2. Accounting principles The consolidated financial statements for the period ended 31 December 2024 were prepared in accordance with the International Financial Reporting Standards (IFRS), effective 1 January 2024 and as adopted by the European Union.1.4.5.Basis for measurement The accompanying consolidated financial statements have been prepared on the going concern basis from the accounting books and records of the companies included in the consolidation (Note 11.1), and under the historical cost convention, except for biological assets (Note 3.8), and for financial instruments measured at fair value through profit/(loss) or at fair value through other comprehensive income (Note 8.3), in which derivative financial instruments are included (Note 8.2). The liability related to responsibilities for defined benefits is recognised at its present value deducted from the respective asset. 1.4.6. Comparability These financial statements are comparable in all material respects with those of the previous year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__23-1": {
"value": "1.4.3. Scope of consolidation 1.4.3.1. Subsidiaries Subsidiaries are all entities over which the Group has control, which occurs when the Group is exposed or entitled to the variable returns resulting from its involvement with the entities and has the capacity to affect that return through the exercise of power over the entities, regardless of the percentage they hold over equity. The existence and the effect of potential voting rights which are currently exercisable, or convertible are considered when the Group assesses whether it has control over another entity. Subsidiaries are consolidated using the full consolidation method with effect from the date on which control is transferred to the Group while they are excluded as from the date control ceases. These companies\u2019 equity and net profit/(loss) corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the Consolidated income statement. The companies included in the consolidated financial statements are detailed in Note 11. The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured by the fair value of the assets transferred, the equity instruments issued, and liabilities incurred or assumed on acquisition date, and the best estimate of any agreed contingent payment. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are initially measured at fair value on the date of acquisition, irrespective of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group\u2019s share of the identifiable assets and liabilities acquired is recorded as goodwill, as described in Note 3.1. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary (negative goodwill), the difference is recognised directly in the Income Statement in the period it takes place. Transaction costs directly attributable to the acquisition are immediately expensed. Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. When, at the date of the acquisition of control, The Navigator Company already holds a previously acquired interest in the subsidiary, its fair value is considered in determining the goodwill or negative goodwill. On a step acquisition process resulting in the acquisition of control, the revaluation of any participation previously held is recognised against the income statement when Goodwill is calculated. When subsequent transactions of disposal or acquisition of shares with non-controlling interests with no impact in control take place, no gain, loss or goodwill is determined, and the differences between the transaction cost and the book value of the share acquired are recognised in equity. Losses generated in each period by subsidiaries with non-controlling interests are allocated, in the percentage held, to non-controlling interests, regardless of whether they become negative. In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against profit/(loss), as well as the gain or loss resulting from such disposal. The subsidiaries\u2019 accounting policies are adjusted, whenever necessary, so as to ensure that they are applied consistently by all the Group's companies. 1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.1.4.4. Presentation currency and foreign currency transactions i. Functional and reporting currency The items included in the Financial Statements of each one of the Group\u2019s entities are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro, which is the Group\u2019s functional and reporting currency. ii. Balances and Transactions expressed in foreign currencies All the Group\u2019s assets and liabilities denominated in currencies other than the reporting currency have been translated to Euro using the exchange rates prevailing at the consolidated statement of financial position date (Note 8.1.1). Currency adjustments, favourable and unfavourable, arising from differences between the exchange rates prevailing at the date of the transaction and those at the date of collection, payment, or statement of financial position, are recorded as income and/or expenses in the Consolidated income statement for the period. iii. Group companies The profit/(loss) and the financial position of the Group\u2019s entities which have a different functional currency from the Group\u2019s reporting currency are translated into the reporting currency as follows: i. The assets and liabilities of each Statement of financial position are translated at the exchange rates prevailing at the date of the consolidated statement of financial position; ii. Equity balances are translated at the historical exchange rate; iii. The income and expenses disclosed in the Income Statement are converted at the exchange rate prevailing at the dates of the transactions. When this is not possible or when benefits do not arise from the use of this procedure, income and expenses are translated at the average exchange rate of the period. The exchange differences resulting from the topics i) and iii) are recognised in the Consolidated comprehensive income under the equity caption \u201cCurrency translation reserves\u201d, being transferred to Financial profit/(loss) when the disposal of the investments occur. Long-term loans granted to subsidiaries in currencies other than the Group's functional currency, which are neither planned nor likely to be settled in the foreseeable future, are treated as a net extension of the investment in the foreign subsidiary. On this basis, exchange rate differences arising on these loans, which have not been eliminated on consolidation, are recognised in Comprehensive income under Currency translation reserves, being transferred to profit/(loss) for the period when the loans are settled, to the extent that such settlement represents an absolute reduction in the subsidiary's interest and exposure. iv. Exchange rates used Appreciation / 31-12-2024 31-12-2023 (Depreciation) GBP (Sterling pound) Average exchange rate for the period 0.8466 0.8698 2.67%) Closing exchange rate for the period 0.8292 0.8691 4.59%) USD (American dollar) Average exchange rate for the period 1.0824 1.0813 -0.10%) Closing exchange rate for the period 1.0389 1.1050 5.98%) PLN (Polish zloti) Average exchange rate for the period 4.3058 4.5420 5.20%) Closing exchange rate for the period 4.2750 4.3395 1.49%) SEK (Swedish krona) Average exchange rate for the period 11.4325 11.4788 0.40%) Closing exchange rate for the period 11.4590 11.0960 -3.27%) CZK (Czech koruna) Average exchange rate for the period 25.1198 24.0043 -4.65%) Closing exchange rate for the period 25.1850 24.7240 -1.86%) CHF (Swiss franc) Average exchange rate for the period 0.9526 0.9718 1.97%) Closing exchange rate for the period 0.9412 0.9260 -1.64%) DKK (Danish krone) Average exchange rate for the period 7.4589 7.4509 -0.11%) Closing exchange rate for the period 7.4578 7.4529 -0.07%) HUF (Hungarian forint) Average exchange rate for the period 395.3039 381.8527 -3.52%) Closing exchange rate for the period 411.3500 382.8000 -7.46%) AUD (Australian dollar) Average exchange rate for the period 1.6397 1.6288 -0.67%) Closing exchange rate for the period 1.6772 1.6263 -3.13%) MZM (Mozambican metical) Average exchange rate for the period 69.1732 69.1060 -0.10%) Closing exchange rate for the period 66.7900 70.6500 5.46%) MAD (Moroccan dirham) Average exchange rate for the period 10.7549 10.9552 1.83%) Closing exchange rate for the period 10.5190 10.9445 3.89%) NOK (Norway kroner) Average exchange rate for the period 11.6290 11.4248 -1.79%) Closing exchange rate for the period 11.7950 11.2405 -4.93%) MXN (Mexican peso) Average exchange rate for the period 19.8314 19.1830 -3.38%) Closing exchange rate for the period 21.5504 18.7231 -15.10%) AED (Dirham) Average exchange rate for the period 3.9751 3.9710 -0.10%) Closing exchange rate for the period 3.8154 4.0581 5.98%) CAD (Canadian dollar) Average exchange rate for the period 1.4821 1.4595 -1.55%) Closing exchange rate for the period 1.4948 1.4642 -2.09%) ZAR (South African rand) Average exchange rate for the period 19.8297 19.9551 0.63%) Closing exchange rate for the period 19.6188 20.3477 3.58%) BRL (Brazilian real) Average exchange rate for the period 5.8283 5.4010 -7.91%) Closing exchange rate for the period 6.4253 5.3618 -19.83%) EGP (Egyptian pound) Average exchange rate for the period 49.1213 33.1117 -48.35%) Closing exchange rate for the period 53.0349 34.2710 -54.75%) TRY (Turkish lira) Average exchange rate for the period 35.5734 25.7597 -38.10%) Closing exchange rate for the period 36.7372 32.6531 -12.51%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__26": {
"value": "1.4.3.1. Subsidiaries Subsidiaries are all entities over which the Group has control, which occurs when the Group is exposed or entitled to the variable returns resulting from its involvement with the entities and has the capacity to affect that return through the exercise of power over the entities, regardless of the percentage they hold over equity. The existence and the effect of potential voting rights which are currently exercisable, or convertible are considered when the Group assesses whether it has control over another entity. Subsidiaries are consolidated using the full consolidation method with effect from the date on which control is transferred to the Group while they are excluded as from the date control ceases. These companies\u2019 equity and net profit/(loss) corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the Consolidated income statement. The companies included in the consolidated financial statements are detailed in Note 11. The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured by the fair value of the assets transferred, the equity instruments issued, and liabilities incurred or assumed on acquisition date, and the best estimate of any agreed contingent payment. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are initially measured at fair value on the date of acquisition, irrespective of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group\u2019s share of the identifiable assets and liabilities acquired is recorded as goodwill, as described in Note 3.1. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary (negative goodwill), the difference is recognised directly in the Income Statement in the period it takes place. Transaction costs directly attributable to the acquisition are immediately expensed. Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. When, at the date of the acquisition of control, The Navigator Company already holds a previously acquired interest in the subsidiary, its fair value is considered in determining the goodwill or negative goodwill. On a step acquisition process resulting in the acquisition of control, the revaluation of any participation previously held is recognised against the income statement when Goodwill is calculated. When subsequent transactions of disposal or acquisition of shares with non-controlling interests with no impact in control take place, no gain, loss or goodwill is determined, and the differences between the transaction cost and the book value of the share acquired are recognised in equity. Losses generated in each period by subsidiaries with non-controlling interests are allocated, in the percentage held, to non-controlling interests, regardless of whether they become negative. In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against profit/(loss), as well as the gain or loss resulting from such disposal. The subsidiaries\u2019 accounting policies are adjusted, whenever necessary, so as to ensure that they are applied consistently by all the Group's companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__25-1": {
"value": "1.4.3.1. Subsidiaries Subsidiaries are all entities over which the Group has control, which occurs when the Group is exposed or entitled to the variable returns resulting from its involvement with the entities and has the capacity to affect that return through the exercise of power over the entities, regardless of the percentage they hold over equity. The existence and the effect of potential voting rights which are currently exercisable, or convertible are considered when the Group assesses whether it has control over another entity. Subsidiaries are consolidated using the full consolidation method with effect from the date on which control is transferred to the Group while they are excluded as from the date control ceases. These companies\u2019 equity and net profit/(loss) corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the Consolidated income statement. The companies included in the consolidated financial statements are detailed in Note 11. The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured by the fair value of the assets transferred, the equity instruments issued, and liabilities incurred or assumed on acquisition date, and the best estimate of any agreed contingent payment. The identifiable assets and liabilities acquired, and contingent liabilities assumed in a business combination are initially measured at fair value on the date of acquisition, irrespective of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group\u2019s share of the identifiable assets and liabilities acquired is recorded as goodwill, as described in Note 3.1. If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary (negative goodwill), the difference is recognised directly in the Income Statement in the period it takes place. Transaction costs directly attributable to the acquisition are immediately expensed. Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. When, at the date of the acquisition of control, The Navigator Company already holds a previously acquired interest in the subsidiary, its fair value is considered in determining the goodwill or negative goodwill. On a step acquisition process resulting in the acquisition of control, the revaluation of any participation previously held is recognised against the income statement when Goodwill is calculated. When subsequent transactions of disposal or acquisition of shares with non-controlling interests with no impact in control take place, no gain, loss or goodwill is determined, and the differences between the transaction cost and the book value of the share acquired are recognised in equity. Losses generated in each period by subsidiaries with non-controlling interests are allocated, in the percentage held, to non-controlling interests, regardless of whether they become negative. In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against profit/(loss), as well as the gain or loss resulting from such disposal. The subsidiaries\u2019 accounting policies are adjusted, whenever necessary, so as to ensure that they are applied consistently by all the Group's companies.11.1.1. Navigator Group subsidiaries Share equity owned 31-12-2024 31-12-2023 Company Head Office Direct Indirect Total Total Main activity Parent company: The Navigator Company, S.A. Portugal - - - - Sale of paper and pulp Subsidiaries: Acquisition, operation, lease or concession of the use and disposal of Navigator Brands, S.A. Portugal 100.0 - 100.0 100.0 trademarks, patents and other industrial or intellectual property Navigator Parques Industriais, S.A. Portugal 100.0 - 100.0 100.0 Management of industrial real estate Navigator Pulp Figueira, S.A Portugal 100.0 - 100.0 100.0 Paper production Emprem\u00e9dia - Corretores de Seguros, S.A. Portugal 100.0 - 100.0 100.0 Insurance mediation and advisory services Empremedia, DAC Ireland 100.0 - 100.0 100.0 Management of shareholdings Empremedia RE , DAC Ireland - 100.0 100.0 100.0 Insurance mediation and advisory services Applied research in the field of pulp and paper industry and forestry Raiz - Instituto de Investiga\u00e7\u00e3o da Floresta e Papel Portugal 97.0 - 97.0 97.0 activity Enerpulp \u2013 Cogera\u00e7\u00e3o Energ\u00e9tica de Pasta, S.A. Portugal 100.0 - 100.0 100.0 Energy production Production of cellulose pulp and provision of administration, Navigator Pulp Figueira, S.A. Portugal 100.0 - 100.0 100.0 management and internal advisory services Ema Cacia - Engenharia e Manuten\u00e7\u00e3o Industrial, ACE Portugal - 73.8 73.8 73.8 Ema Set\u00fabal - Engenharia e Manuten\u00e7\u00e3o Industrial, ACE Portugal - 80.7 80.7 80.7 Provision of industrial maintenance services Ema Figueira da Foz \u2013 Engenharia e Manuten\u00e7\u00e3o Industrial, ACE Portugal - 79.7 79.7 79.7 Navigator Pulp Set\u00fabal, S.A. Portugal 100.0 - 100.0 100.0 Cellulose pulp production Navigator Pulp Aveiro, S.A. Portugal 100.0 - 100.0 100.0 Cellulose pulp production Wholesale and manufacture of packaging and other articles of cellulose Navigator Fiber Solutions, S.A. Portugal - 100.0 100.0 100.0 pulp, paper and cardboard and related products . Navigator Tissue Aveiro, S.A. Portugal 100.0 - 100.0 100.0 Tissue paper production Navigator Tissue R\u00f3d\u00e3o, S.A. Portugal - 100.0 100.0 100.0 Navigator Tissue Iberica , S.A. Spain - 100.0 100.0 100.0 Sale of tissue paper Navigator Tissue Ejea, SL Spain 100.0 - 100.0 100.0 Tissue paper production Navigator Tissue France, EURL France - 100.0 100.0 100.0 Sale of tissue paper Portucel Mo\u00e7ambique - Sociedade de Desenvolvimento Florestal e Mozambique 90.0 - 90.0 90.0 Forestry production Industrial, Lda Navigator Forest Portugal, S.A. Portugal 100.0 - 100.0 100.0 Forestry production EucaliptusLand, S.A. Portugal - 100.0 100.0 100.0 Forestry production Gavi\u00e3o - Sociedade de Ca\u00e7a e Turismo, S.A. Portugal - 100.0 100.0 100.0 Management of hunting resources Afocelca - Agrupamento complementar de empresas para protec\u00e7\u00e3o Portugal - 64.8 64.8 64.8 Provision of forest fire prevention and fighting services contra inc\u00eandios, ACE Viveiros Alian\u00e7a - Empresa Produtora de Plantas, S.A. Portugal - 100.0 100.0 100.0 Plant production in nurseries Bosques do Atlantico, SL Spain - 100.0 100.0 100.0 Trade in wood and biomass and logging Navigator Africa, SRL Italy - 100.0 100.0 100.0 Trade in wood and biomass and logging Navigator Paper Set\u00fabal , S.A. Portugal 100.0 - 100.0 100.0 Paper and energy production Navigator North America Inc. USA - 100.0 100.0 100.0 Sale of paper Navigator Afrique du Nord Morocco - 100.0 100.0 100.0 Navigator Espa\u00f1a, S.A. Spain - 100.0 100.0 100.0 Navigator Netherlands, BV The Netherlands - 100.0 100.0 100.0 Provision of sales intermediation services Navigator France, EURL France - 100.0 100.0 100.0 Navigator Paper Company UK, Ltd United Kingdom - 100.0 100.0 100.0 Navigator Holding Tissue UK, Ltd (formerly Accrol Group Holdings United Kingdom - 100.0 100.0 Holding company plc) Navigator Corporate UK, ltd (formerly Accrol UK, ltd) United Kingdom - 100.0 100.0 Holding company Accrol Holdings, ltd United Kingdom - 100.0 100.0 Holding company Navigator Tissue UK, ltd (formerly Accrol Papers, ltd) United Kingdom - 100.0 100.0 Tissue paper conversion LTC Parent Ltd United Kingdom - 100.0 100.0 Holding company Leicester Tissue Company ltd United Kingdom - 100.0 100.0 Tissue paper conversion Art Tissue ltd United Kingdom - 100.0 100.0 Sale of tissue paper John Dale (Holdings) ltd United Kingdom - 100.0 100.0 Holding company John Dale, ltd United Kingdom - 100.0 100.0 Tissue paper production Severn Delta, ltd United Kingdom - 100.0 100.0 Tissue paper production Navigator Italia, SRL Italy - 100.0 100.0 100.0 Navigator Deutschland, GmbH Germany - 100.0 100.0 100.0 Navigator Paper Austria, GmbH Austria - 100.0 100.0 100.0 Navigator Paper Poland SP Z o o Poland - 100.0 100.0 100.0 Navigator Eurasia Turkey - 100.0 100.0 100.0 Provision of sales intermediation services Navigator Paper Mexico Mexico 25.0 75.0 100.0 100.0 Navigator Middle East Trading DMCC Dubai - 100.0 100.0 100.0 Navigator Egypt, ELLC Egypt 1.0 99.0 100.0 100.0 Navigator Paper Southern Africa South Africa 1.0 99.0 100.0 100.0 Portucel Nigeria Limited Nigeria 1.0 99.0 100.0 100.0 Navigator Green Fuels Set\u00fabal, S.A. Portugal 100.0 - 100.0 100.0 Production of sustainable fuels. Navigator Green Fuels Figueira da Foz, S.A. Portugal 100.0 - 100.0 100.0 Production of sustainable fuels. Navigator Abastecimento de Madeira, ACE Portugal 97.0 3.0 100.0 100.0 Sale of timber",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__30": {
"value": "1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__29": {
"value": "1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__28": {
"value": "1.4.3.2 Associates Associates are all the entities in which the Group exercises significant influence but does not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method. In accordance with the equity method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group\u2019s share of changes in the associates\u2019 Shareholders\u2019 equity (including net income/loss) with a corresponding gain or loss recognised for the period on earnings or on changes in capital, and by dividends received. Differences between the acquisition cost and the fair value of the assets and liabilities attributable to the associate on the acquisition date are, if positive, recognised as Goodwill and recorded as investments in associated. If negative, goodwill is recorded as profit/(loss) for the period under the caption \u201cGroup share of (loss)/gains of associates and joint ventures\u201d. Transaction costs directly attributable to the acquisition are immediately expensed. In the event that impairment loss indicators arise on investments in associates, an evaluation of the potential impairment is made, and if deemed necessary, a loss is recognised in the consolidated income statement. When the Group\u2019s share of losses in associate companies equals or exceeds its investment in that associate, the Group ceases the recognition of additional losses, unless it has incurred in liabilities or has made payments on behalf of that associate. Unrealised gains on transactions with associates are eliminated to the extent of the Navigator Group\u2019s investment in the associates. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset. The associates\u2019 accounting policies used in the preparation of the individual financial statements are adjusted, whenever necessary, so as to ensure consistency with the policies adopted by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "1.4.4. Presentation currency and foreign currency transactions i. Functional and reporting currency The items included in the Financial Statements of each one of the Group\u2019s entities are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro, which is the Group\u2019s functional and reporting currency. ii. Balances and Transactions expressed in foreign currencies All the Group\u2019s assets and liabilities denominated in currencies other than the reporting currency have been translated to Euro using the exchange rates prevailing at the consolidated statement of financial position date (Note 8.1.1). Currency adjustments, favourable and unfavourable, arising from differences between the exchange rates prevailing at the date of the transaction and those at the date of collection, payment, or statement of financial position, are recorded as income and/or expenses in the Consolidated income statement for the period. iii. Group companies The profit/(loss) and the financial position of the Group\u2019s entities which have a different functional currency from the Group\u2019s reporting currency are translated into the reporting currency as follows: i. The assets and liabilities of each Statement of financial position are translated at the exchange rates prevailing at the date of the consolidated statement of financial position; ii. Equity balances are translated at the historical exchange rate; iii. The income and expenses disclosed in the Income Statement are converted at the exchange rate prevailing at the dates of the transactions. When this is not possible or when benefits do not arise from the use of this procedure, income and expenses are translated at the average exchange rate of the period. The exchange differences resulting from the topics i) and iii) are recognised in the Consolidated comprehensive income under the equity caption \u201cCurrency translation reserves\u201d, being transferred to Financial profit/(loss) when the disposal of the investments occur. Long-term loans granted to subsidiaries in currencies other than the Group's functional currency, which are neither planned nor likely to be settled in the foreseeable future, are treated as a net extension of the investment in the foreign subsidiary. On this basis, exchange rate differences arising on these loans, which have not been eliminated on consolidation, are recognised in Comprehensive income under Currency translation reserves, being transferred to profit/(loss) for the period when the loans are settled, to the extent that such settlement represents an absolute reduction in the subsidiary's interest and exposure. iv. Exchange rates used Appreciation / 31-12-2024 31-12-2023 (Depreciation) GBP (Sterling pound) Average exchange rate for the period 0.8466 0.8698 2.67%) Closing exchange rate for the period 0.8292 0.8691 4.59%) USD (American dollar) Average exchange rate for the period 1.0824 1.0813 -0.10%) Closing exchange rate for the period 1.0389 1.1050 5.98%) PLN (Polish zloti) Average exchange rate for the period 4.3058 4.5420 5.20%) Closing exchange rate for the period 4.2750 4.3395 1.49%) SEK (Swedish krona) Average exchange rate for the period 11.4325 11.4788 0.40%) Closing exchange rate for the period 11.4590 11.0960 -3.27%) CZK (Czech koruna) Average exchange rate for the period 25.1198 24.0043 -4.65%) Closing exchange rate for the period 25.1850 24.7240 -1.86%) CHF (Swiss franc) Average exchange rate for the period 0.9526 0.9718 1.97%) Closing exchange rate for the period 0.9412 0.9260 -1.64%) DKK (Danish krone) Average exchange rate for the period 7.4589 7.4509 -0.11%) Closing exchange rate for the period 7.4578 7.4529 -0.07%) HUF (Hungarian forint) Average exchange rate for the period 395.3039 381.8527 -3.52%) Closing exchange rate for the period 411.3500 382.8000 -7.46%) AUD (Australian dollar) Average exchange rate for the period 1.6397 1.6288 -0.67%) Closing exchange rate for the period 1.6772 1.6263 -3.13%) MZM (Mozambican metical) Average exchange rate for the period 69.1732 69.1060 -0.10%) Closing exchange rate for the period 66.7900 70.6500 5.46%) MAD (Moroccan dirham) Average exchange rate for the period 10.7549 10.9552 1.83%) Closing exchange rate for the period 10.5190 10.9445 3.89%) NOK (Norway kroner) Average exchange rate for the period 11.6290 11.4248 -1.79%) Closing exchange rate for the period 11.7950 11.2405 -4.93%) MXN (Mexican peso) Average exchange rate for the period 19.8314 19.1830 -3.38%) Closing exchange rate for the period 21.5504 18.7231 -15.10%) AED (Dirham) Average exchange rate for the period 3.9751 3.9710 -0.10%) Closing exchange rate for the period 3.8154 4.0581 5.98%) CAD (Canadian dollar) Average exchange rate for the period 1.4821 1.4595 -1.55%) Closing exchange rate for the period 1.4948 1.4642 -2.09%) ZAR (South African rand) Average exchange rate for the period 19.8297 19.9551 0.63%) Closing exchange rate for the period 19.6188 20.3477 3.58%) BRL (Brazilian real) Average exchange rate for the period 5.8283 5.4010 -7.91%) Closing exchange rate for the period 6.4253 5.3618 -19.83%) EGP (Egyptian pound) Average exchange rate for the period 49.1213 33.1117 -48.35%) Closing exchange rate for the period 53.0349 34.2710 -54.75%) TRY (Turkish lira) Average exchange rate for the period 35.5734 25.7597 -38.10%) Closing exchange rate for the period 36.7372 32.6531 -12.51%)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__34": {
"value": "1.4.4. Presentation currency and foreign currency transactions i. Functional and reporting currency The items included in the Financial Statements of each one of the Group\u2019s entities are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro, which is the Group\u2019s functional and reporting currency. ii. Balances and Transactions expressed in foreign currencies All the Group\u2019s assets and liabilities denominated in currencies other than the reporting currency have been translated to Euro using the exchange rates prevailing at the consolidated statement of financial position date (Note 8.1.1). Currency adjustments, favourable and unfavourable, arising from differences between the exchange rates prevailing at the date of the transaction and those at the date of collection, payment, or statement of financial position, are recorded as income and/or expenses in the Consolidated income statement for the period. iii. Group companies The profit/(loss) and the financial position of the Group\u2019s entities which have a different functional currency from the Group\u2019s reporting currency are translated into the reporting currency as follows: i. The assets and liabilities of each Statement of financial position are translated at the exchange rates prevailing at the date of the consolidated statement of financial position; ii. Equity balances are translated at the historical exchange rate; iii. The income and expenses disclosed in the Income Statement are converted at the exchange rate prevailing at the dates of the transactions. When this is not possible or when benefits do not arise from the use of this procedure, income and expenses are translated at the average exchange rate of the period. The exchange differences resulting from the topics i) and iii) are recognised in the Consolidated comprehensive income under the equity caption \u201cCurrency translation reserves\u201d, being transferred to Financial profit/(loss) when the disposal of the investments occur. Long-term loans granted to subsidiaries in currencies other than the Group's functional currency, which are neither planned nor likely to be settled in the foreseeable future, are treated as a net extension of the investment in the foreign subsidiary. On this basis, exchange rate differences arising on these loans, which have not been eliminated on consolidation, are recognised in Comprehensive income under Currency translation reserves, being transferred to profit/(loss) for the period when the loans are settled, to the extent that such settlement represents an absolute reduction in the subsidiary's interest and exposure. iv. Exchange rates used Appreciation / 31-12-2024 31-12-2023 (Depreciation) GBP (Sterling pound) Average exchange rate for the period 0.8466 0.8698 2.67%) Closing exchange rate for the period 0.8292 0.8691 4.59%) USD (American dollar) Average exchange rate for the period 1.0824 1.0813 -0.10%) Closing exchange rate for the period 1.0389 1.1050 5.98%) PLN (Polish zloti) Average exchange rate for the period 4.3058 4.5420 5.20%) Closing exchange rate for the period 4.2750 4.3395 1.49%) SEK (Swedish krona) Average exchange rate for the period 11.4325 11.4788 0.40%) Closing exchange rate for the period 11.4590 11.0960 -3.27%) CZK (Czech koruna) Average exchange rate for the period 25.1198 24.0043 -4.65%) Closing exchange rate for the period 25.1850 24.7240 -1.86%) CHF (Swiss franc) Average exchange rate for the period 0.9526 0.9718 1.97%) Closing exchange rate for the period 0.9412 0.9260 -1.64%) DKK (Danish krone) Average exchange rate for the period 7.4589 7.4509 -0.11%) Closing exchange rate for the period 7.4578 7.4529 -0.07%) HUF (Hungarian forint) Average exchange rate for the period 395.3039 381.8527 -3.52%) Closing exchange rate for the period 411.3500 382.8000 -7.46%) AUD (Australian dollar) Average exchange rate for the period 1.6397 1.6288 -0.67%) Closing exchange rate for the period 1.6772 1.6263 -3.13%) MZM (Mozambican metical) Average exchange rate for the period 69.1732 69.1060 -0.10%) Closing exchange rate for the period 66.7900 70.6500 5.46%) MAD (Moroccan dirham) Average exchange rate for the period 10.7549 10.9552 1.83%) Closing exchange rate for the period 10.5190 10.9445 3.89%) NOK (Norway kroner) Average exchange rate for the period 11.6290 11.4248 -1.79%) Closing exchange rate for the period 11.7950 11.2405 -4.93%) MXN (Mexican peso) Average exchange rate for the period 19.8314 19.1830 -3.38%) Closing exchange rate for the period 21.5504 18.7231 -15.10%) AED (Dirham) Average exchange rate for the period 3.9751 3.9710 -0.10%) Closing exchange rate for the period 3.8154 4.0581 5.98%) CAD (Canadian dollar) Average exchange rate for the period 1.4821 1.4595 -1.55%) Closing exchange rate for the period 1.4948 1.4642 -2.09%) ZAR (South African rand) Average exchange rate for the period 19.8297 19.9551 0.63%) Closing exchange rate for the period 19.6188 20.3477 3.58%) BRL (Brazilian real) Average exchange rate for the period 5.8283 5.4010 -7.91%) Closing exchange rate for the period 6.4253 5.3618 -19.83%) EGP (Egyptian pound) Average exchange rate for the period 49.1213 33.1117 -48.35%) Closing exchange rate for the period 53.0349 34.2710 -54.75%) TRY (Turkish lira) Average exchange rate for the period 35.5734 25.7597 -38.10%) Closing exchange rate for the period 36.7372 32.6531 -12.51%)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__38": {
"value": "1.4.5.Basis for measurement The accompanying consolidated financial statements have been prepared on the going concern basis from the accounting books and records of the companies included in the consolidation (Note 11.1), and under the historical cost convention, except for biological assets (Note 3.8), and for financial instruments measured at fair value through profit/(loss) or at fair value through other comprehensive income (Note 8.3), in which derivative financial instruments are included (Note 8.2). The liability related to responsibilities for defined benefits is recognised at its present value deducted from the respective asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__41": {
"value": "1.5. New IFRS standards adopted and to be adopted 1.5.1. Other standards, amendments and interpretations adopted or to be adopted Standards, amendments and interpretations adopted in 2024 Date of Amendment applicationStandards and amendments endorsed by the European Union The IASB issued on 23 January 2020 an amendment to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current and non-current. The amendments clarify an IAS 1 criteria for classifying a liability as non-current: the requirement for an entity to have the right to defer the liability\u2019s settlement at least 12 months after the reporting period. Clarification requirements for The amendments aim to: classifying liabilities as current a) specify that an entity's right to defer settlement must exist at the end of the reporting period and 01 January or non-current (amendments to must be substantive; 2024 IAS 1 \u2013 Presentation of Financial b) clarify that the ratios that the company must fulfil after the balance sheet date (i.e. future ratios) do Statements) not affect the classification of a liability on the balance sheet date. However, when non-current liabilities are subject to future ratios, companies must disclose information that allows users to understand the risk that these liabilities may be repaid within 12 months of the balance sheet date; and c) clarify the requirements to classify the liabilities that an entity will settle, or may settle, by issuing its own equity instruments. (ex: convertible debt). The amendment had no significant impact on the Navigator Group. Date of Amendment application Standards and amendments endorsed by the European Union The IASB issued amendments to IFRS 16 - Leases in September 2022 that introduce a new accounting model for variable payments in a sale and leaseback transaction. The amendments confirm that: a) On initial recognition, the seller-lessee includes variable lease payments in measuring a lease liability arising from a sale and leaseback transaction. b) After initial recognition, the seller-lessee applies the general requirements for subsequent accounting for the lease liability so that it does not recognise any gain or loss relating to the right of Lease liabilities in sale and use it retains. leaseback transactions 01 January A seller-lessee may use different approaches to comply with the new requirements for subsequent (amendments to IFRS 16 - 2024 measurement. Leases) In accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, a seller-lessee shall apply the amendments retrospectively to sale and leaseback transactions entered into on or after the date of initial application of IFRS 16. This means that it will have to identify and reassess sale and leaseback transactions entered into since the implementation of IFRS 16 in 2019, and potentially restate those that include variable lease payments. The amendment had no significant impact on the Navigator Group. On 25 May 2023, the International Accounting Standards Board (IASB) published Supplier Finance Arrangements with amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments Disclosures. The amendments refer to the disclosure requirements relating to supplier finance arrangements - also known as supply chain financing, accounts payable financing or reverse-factoring arrangements. Amendments to IAS 7 The new requirements supplement those already included in the IFRS standards and include disclosures Statement of Cash Flows and on: 01 January IFRS 7 Financial Instruments: a) terms and conditions of supplier finance agreements; 2024 Disclosures - Supplier Finance b) the amounts of the liabilities which are the subject of such arrangements, for which part of them the Arrangements suppliers have already received payments from the providers of funds and under which caption these liabilities are presented in the balance sheet; c) maturity date intervals; and d) information on liquidity risk. The amendment had no significant impact on the Navigator Group. Standards, amendments and interpretations to be adopted in subsequent periods Date of Amendment application Standards and amendments endorsed by the European Union which the Group has chosen not to apply early On 15 August 2023, the International Accounting Standards Board (IASB) issued Lack of Exchangeability (Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates) (the amendments). The amendments clarify how an entity should assess whether a currency is exchangeable or not and how it should determine a spot exchange rate in situations of lack of exchangeability. A currency is exchangeable for another currency when an entity is able to exchange that currency for another currency on the measurement date and for a specific purpose. When a currency is not Amendments to IAS 21 - The exchangeable, the entity must estimate a spot exchange rate. Effects of Changes in Foreign 01 January Exchange Rates: Lack of 2025 According to the amendments, entities will have to provide new disclosures to help users assess the Exchangeability impact of using an estimated exchange rate on financial statements. These disclosures could include: a) the nature and financial impacts of the currency not being exchangeable; b) the spot exchange rate used; c) the estimation process; and d) the risks to the company because the currency is not exchangeable. This amendment is effective for periods starting after 1 January 2025. Earlier application is permitted. Date of Amendment application Standards and amendments not endorsed by the European Union On 9 April 2024, the International Accounting Standards Board (IASB or Board) issued the new standard, IFRS 18 Presentation and Disclosure in Financial Statements. The main amendments introduced by this Standard are: a) promotion of a more structured income statement. In particular, it introduces a new subtotal \u2018operating profit\u2019 (as well as its definition) and the requirement that all income and expenses be classified into three new separate categories based on a company's main business activities: Operating, Investing and Financing. b) requirement for companies to analyse their operating expenses directly on the face of the income statement - either by nature, by function or in a mixed way. c) requirement for some of the \u2018non-GAAP\u2019 measures that the Group uses to be reported in the financial IFRS 18 Presentation and statements. The standard defines non-GAAP performance measures (MPMs) as a subtotal of income and 01 January Disclosure in Financial expenses that: 2027 Statements - are used in public communications outside the financial statements; and - communicate management's view of financial performance. For each MPM presented, companies will need to explain in a single note in the financial statements why the measure provides useful information, how it is calculated, and reconcile it with a value determined in accordance with IFRS. d) introduction of improved guidance on how companies group information in financial statements. It includes guidance on whether material information is included in the primary financial statements or is more detailed in the notes. The amendments are effective for periods beginning on or after 1 January 2027 and apply retrospectively. Earlier application is permitted. On 9 May 2024, the International Accounting Standards Board (IASB) issued the new Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, which allows eligible subsidiaries to use IFRS with reduced disclosures. The application of IFRS 19 will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for the users of their financial statements. A subsidiary may opt to apply the new Standard in its consolidated, individual or separate financial IFRS 19 Subsidiaries without 01 January statements, provided that, at the reporting date: Public Accountability 2027 a) it has no public accountability; b) its parent company prepares consolidated financial statements in accordance with IFRS. A subsidiary that applies IFRS 19 is required to state clearly in its explicit and unconditional statement of compliance with IFRS that IFRS 19 has been adopted. The amendments are effective for periods beginning on or after 1 January 2027 and apply retrospectively. Earlier application is permitted. On 30 May 2024, the International Accounting Standards Board (IASB or Board) issued amendments regarding the classification and measurement requirements of IFRS 9 - Financial Instruments. The amendments aim to resolve the diversity in the application of the standard, making the requirements more understandable and consistent. The purpose of these amendments is to: a) clarify the classification of financial assets with environmental, social and corporate governance (ESG) characteristics and similar, since these characteristics in loans can affect whether loans are measured at amortised cost or fair value. To resolve any potential diversity in practical application, the amendments clarify how the contractual cash flows of loans should be valued. b) clarify the date on which a financial asset or financial liability is derecognised when it is settled IFRS 9 - Amendments through electronic payment systems. There is an accounting policy option that allows a financial liability Regarding the Classification and to be derecognised before the cash is delivered on the settlement date, if certain criteria are met. 01 January Measurement of Financial c) improve the description of the term \u2018non-recourse\u2019, according to the amendments, a financial asset 2026 Instruments has non-recourse characteristics if the ultimate right to receive cash flows from an entity is contractually limited to the cash flows generated by specific assets. The presence of non-recourse features does not necessarily exclude the financial asset from complying with the SPPI, but its characteristics need to be carefully analysed. d) clarify that a contractually linked instrument must have a cascading payment structure that creates a concentration of credit risk by allocating losses disproportionately between different instalments. The underlying pool can include financial instruments that are not within the scope of the classification and measurement of IFRS 9 (e.g. finance leases) but must have cash flows equivalent to the SPPI criterion. The IASB has also introduced additional disclosure requirements relating to equity investments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features linked to ESG targets. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. Date of Amendment application Standards and amendments not endorsed by the European Union On 18 July 2024, the International Accounting Standards Board (IASB) issued limited amendments to the IFRS and respective guidelines, resulting from the regular maintenance carried out on the Standards. The amendments include clarifications, simplifications, corrections and modifications made with the aim of improving the consistency of various IFRS. The IASB amended: a) IFRS 1 First-time Adoption of International Financial Reporting Standards, to clarify certain aspects related to the application of hedge accounting by an entity that is preparing financial statements in accordance with IFRS for the first time; b) IFRS 7Financial Instruments: Disclosures and the respective Implementation Guidance, in order to clarify: - the application guidance, regarding Gain and loss on derecognition; and Annual improvements (IFRS1, - the implementation guidance, namely its Introduction, Fair value paragraph (disclosures regarding 01 January IFRS7, IFRS9, IFRS10 and the difference between fair value and transaction price) and Credit risk disclosure. 2026 IAS7) c) IFRS 9 Financial Instruments to: - require companies to initially measure a receivable without a significant financing component at the amount determined by applying IFRS 15, and - clarify that when a lease liability is derecognised, the derecognition is accounted for under IFRS 9. However, when a lease liability is modified, the modification is accounted for under IFRS 16 Leases. The amendment establishes that when lease liabilities are derecognised under IFRS 9, the difference between the carrying amount and the consideration paid is recognised in profit/(loss). d) IFRS 10 Consolidated Financial Statements, clarification on the determination of a \u201cde facto agent\u201d; and e) IAS 7 Cash Flow Statements, amendment of detail in the paragraph relating to Investments in subsidiaries, associates and joint ventures. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. On 18 December 2024, the International Accounting Standards Board (IASB) issued amendments to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. Amendments to IFRS 9 and 01 January IFRS 7 - Nature-dependent To allow companies to better reflect these contracts in the financial statements, the IASB has made 2026 electricity contracts targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include: a) clarifying the application of the \u2018own-use\u2019 requirements; b) permitting hedge accounting if these contracts are used as hedging instruments; and c) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. With respect to the above standards, which are not yet mandatory, the Group has not yet completed the calculation of all impacts arising from their application and has therefore elected to apply them early, although these impacts are not expected to be material.",
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"value": "1.5. New IFRS standards adopted and to be adopted 1.5.1. Other standards, amendments and interpretations adopted or to be adopted Standards, amendments and interpretations adopted in 2024 Date of Amendment applicationStandards and amendments endorsed by the European Union The IASB issued on 23 January 2020 an amendment to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current and non-current. The amendments clarify an IAS 1 criteria for classifying a liability as non-current: the requirement for an entity to have the right to defer the liability\u2019s settlement at least 12 months after the reporting period. Clarification requirements for The amendments aim to: classifying liabilities as current a) specify that an entity's right to defer settlement must exist at the end of the reporting period and 01 January or non-current (amendments to must be substantive; 2024 IAS 1 \u2013 Presentation of Financial b) clarify that the ratios that the company must fulfil after the balance sheet date (i.e. future ratios) do Statements) not affect the classification of a liability on the balance sheet date. However, when non-current liabilities are subject to future ratios, companies must disclose information that allows users to understand the risk that these liabilities may be repaid within 12 months of the balance sheet date; and c) clarify the requirements to classify the liabilities that an entity will settle, or may settle, by issuing its own equity instruments. (ex: convertible debt). The amendment had no significant impact on the Navigator Group. Date of Amendment application Standards and amendments endorsed by the European Union The IASB issued amendments to IFRS 16 - Leases in September 2022 that introduce a new accounting model for variable payments in a sale and leaseback transaction. The amendments confirm that: a) On initial recognition, the seller-lessee includes variable lease payments in measuring a lease liability arising from a sale and leaseback transaction. b) After initial recognition, the seller-lessee applies the general requirements for subsequent accounting for the lease liability so that it does not recognise any gain or loss relating to the right of Lease liabilities in sale and use it retains. leaseback transactions 01 January A seller-lessee may use different approaches to comply with the new requirements for subsequent (amendments to IFRS 16 - 2024 measurement. Leases) In accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, a seller-lessee shall apply the amendments retrospectively to sale and leaseback transactions entered into on or after the date of initial application of IFRS 16. This means that it will have to identify and reassess sale and leaseback transactions entered into since the implementation of IFRS 16 in 2019, and potentially restate those that include variable lease payments. The amendment had no significant impact on the Navigator Group. On 25 May 2023, the International Accounting Standards Board (IASB) published Supplier Finance Arrangements with amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments Disclosures. The amendments refer to the disclosure requirements relating to supplier finance arrangements - also known as supply chain financing, accounts payable financing or reverse-factoring arrangements. Amendments to IAS 7 The new requirements supplement those already included in the IFRS standards and include disclosures Statement of Cash Flows and on: 01 January IFRS 7 Financial Instruments: a) terms and conditions of supplier finance agreements; 2024 Disclosures - Supplier Finance b) the amounts of the liabilities which are the subject of such arrangements, for which part of them the Arrangements suppliers have already received payments from the providers of funds and under which caption these liabilities are presented in the balance sheet; c) maturity date intervals; and d) information on liquidity risk. The amendment had no significant impact on the Navigator Group. Standards, amendments and interpretations to be adopted in subsequent periods Date of Amendment application Standards and amendments endorsed by the European Union which the Group has chosen not to apply early On 15 August 2023, the International Accounting Standards Board (IASB) issued Lack of Exchangeability (Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates) (the amendments). The amendments clarify how an entity should assess whether a currency is exchangeable or not and how it should determine a spot exchange rate in situations of lack of exchangeability. A currency is exchangeable for another currency when an entity is able to exchange that currency for another currency on the measurement date and for a specific purpose. When a currency is not Amendments to IAS 21 - The exchangeable, the entity must estimate a spot exchange rate. Effects of Changes in Foreign 01 January Exchange Rates: Lack of 2025 According to the amendments, entities will have to provide new disclosures to help users assess the Exchangeability impact of using an estimated exchange rate on financial statements. These disclosures could include: a) the nature and financial impacts of the currency not being exchangeable; b) the spot exchange rate used; c) the estimation process; and d) the risks to the company because the currency is not exchangeable. This amendment is effective for periods starting after 1 January 2025. Earlier application is permitted. Date of Amendment application Standards and amendments not endorsed by the European Union On 9 April 2024, the International Accounting Standards Board (IASB or Board) issued the new standard, IFRS 18 Presentation and Disclosure in Financial Statements. The main amendments introduced by this Standard are: a) promotion of a more structured income statement. In particular, it introduces a new subtotal \u2018operating profit\u2019 (as well as its definition) and the requirement that all income and expenses be classified into three new separate categories based on a company's main business activities: Operating, Investing and Financing. b) requirement for companies to analyse their operating expenses directly on the face of the income statement - either by nature, by function or in a mixed way. c) requirement for some of the \u2018non-GAAP\u2019 measures that the Group uses to be reported in the financial IFRS 18 Presentation and statements. The standard defines non-GAAP performance measures (MPMs) as a subtotal of income and 01 January Disclosure in Financial expenses that: 2027 Statements - are used in public communications outside the financial statements; and - communicate management's view of financial performance. For each MPM presented, companies will need to explain in a single note in the financial statements why the measure provides useful information, how it is calculated, and reconcile it with a value determined in accordance with IFRS. d) introduction of improved guidance on how companies group information in financial statements. It includes guidance on whether material information is included in the primary financial statements or is more detailed in the notes. The amendments are effective for periods beginning on or after 1 January 2027 and apply retrospectively. Earlier application is permitted. On 9 May 2024, the International Accounting Standards Board (IASB) issued the new Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, which allows eligible subsidiaries to use IFRS with reduced disclosures. The application of IFRS 19 will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for the users of their financial statements. A subsidiary may opt to apply the new Standard in its consolidated, individual or separate financial IFRS 19 Subsidiaries without 01 January statements, provided that, at the reporting date: Public Accountability 2027 a) it has no public accountability; b) its parent company prepares consolidated financial statements in accordance with IFRS. A subsidiary that applies IFRS 19 is required to state clearly in its explicit and unconditional statement of compliance with IFRS that IFRS 19 has been adopted. The amendments are effective for periods beginning on or after 1 January 2027 and apply retrospectively. Earlier application is permitted. On 30 May 2024, the International Accounting Standards Board (IASB or Board) issued amendments regarding the classification and measurement requirements of IFRS 9 - Financial Instruments. The amendments aim to resolve the diversity in the application of the standard, making the requirements more understandable and consistent. The purpose of these amendments is to: a) clarify the classification of financial assets with environmental, social and corporate governance (ESG) characteristics and similar, since these characteristics in loans can affect whether loans are measured at amortised cost or fair value. To resolve any potential diversity in practical application, the amendments clarify how the contractual cash flows of loans should be valued. b) clarify the date on which a financial asset or financial liability is derecognised when it is settled IFRS 9 - Amendments through electronic payment systems. There is an accounting policy option that allows a financial liability Regarding the Classification and to be derecognised before the cash is delivered on the settlement date, if certain criteria are met. 01 January Measurement of Financial c) improve the description of the term \u2018non-recourse\u2019, according to the amendments, a financial asset 2026 Instruments has non-recourse characteristics if the ultimate right to receive cash flows from an entity is contractually limited to the cash flows generated by specific assets. The presence of non-recourse features does not necessarily exclude the financial asset from complying with the SPPI, but its characteristics need to be carefully analysed. d) clarify that a contractually linked instrument must have a cascading payment structure that creates a concentration of credit risk by allocating losses disproportionately between different instalments. The underlying pool can include financial instruments that are not within the scope of the classification and measurement of IFRS 9 (e.g. finance leases) but must have cash flows equivalent to the SPPI criterion. The IASB has also introduced additional disclosure requirements relating to equity investments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features linked to ESG targets. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. Date of Amendment application Standards and amendments not endorsed by the European Union On 18 July 2024, the International Accounting Standards Board (IASB) issued limited amendments to the IFRS and respective guidelines, resulting from the regular maintenance carried out on the Standards. The amendments include clarifications, simplifications, corrections and modifications made with the aim of improving the consistency of various IFRS. The IASB amended: a) IFRS 1 First-time Adoption of International Financial Reporting Standards, to clarify certain aspects related to the application of hedge accounting by an entity that is preparing financial statements in accordance with IFRS for the first time; b) IFRS 7Financial Instruments: Disclosures and the respective Implementation Guidance, in order to clarify: - the application guidance, regarding Gain and loss on derecognition; and Annual improvements (IFRS1, - the implementation guidance, namely its Introduction, Fair value paragraph (disclosures regarding 01 January IFRS7, IFRS9, IFRS10 and the difference between fair value and transaction price) and Credit risk disclosure. 2026 IAS7) c) IFRS 9 Financial Instruments to: - require companies to initially measure a receivable without a significant financing component at the amount determined by applying IFRS 15, and - clarify that when a lease liability is derecognised, the derecognition is accounted for under IFRS 9. However, when a lease liability is modified, the modification is accounted for under IFRS 16 Leases. The amendment establishes that when lease liabilities are derecognised under IFRS 9, the difference between the carrying amount and the consideration paid is recognised in profit/(loss). d) IFRS 10 Consolidated Financial Statements, clarification on the determination of a \u201cde facto agent\u201d; and e) IAS 7 Cash Flow Statements, amendment of detail in the paragraph relating to Investments in subsidiaries, associates and joint ventures. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. On 18 December 2024, the International Accounting Standards Board (IASB) issued amendments to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. Amendments to IFRS 9 and 01 January IFRS 7 - Nature-dependent To allow companies to better reflect these contracts in the financial statements, the IASB has made 2026 electricity contracts targeted amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include: a) clarifying the application of the \u2018own-use\u2019 requirements; b) permitting hedge accounting if these contracts are used as hedging instruments; and c) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows. The amendments are effective for periods beginning on or after 1 January 2026. Earlier application is permitted. With respect to the above standards, which are not yet mandatory, the Group has not yet completed the calculation of all impacts arising from their application and has therefore elected to apply them early, although these impacts are not expected to be material.",
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"value": "1.6. Significant accounting estimates and judgements The preparation of consolidated financial statements requires that the Group\u2019s Board of Directors make judgements and estimates that affect the amount of revenue, costs, assets, liabilities and disclosures at the date of the consolidated statement of financial position. To that effect, the Group\u2019s Board of Directors are based on: i) the best information and knowledge of current events and in certain cases on the reports of independent experts; and ii) the actions that the Group considers it may have to take in the future. On the date on which the operations take place, the outcome could differ from those estimates. More significant estimates and judgements are presented below: Estimates and judgements Notes Business combinations 1.2 \u2013 Acquisition of Accrol Group's UK consumer tissue business Recoverability of Goodwill 3.1 \u2013 Goodwill Recoverability of brands, useful life and depreciation of other intangible 3.2 \u2013 Intangible assets assets Recoverability, useful life and depreciation of property, plant and equipment 3.3 \u2013 Property, plant and equipment Fair value of biological assets 3.8 \u2013 Biological assets 6.1 - Income tax for the period Uncertainty over Income Tax Treatments 6.2 - Deferred taxes Actuarial assumptions 7.2 \u2013 Employee benefits Recognition of provisions 10.1 - Provisions",
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"f1__s7__6__42-1": {
"value": "1.6. Significant accounting estimates and judgements The preparation of consolidated financial statements requires that the Group\u2019s Board of Directors make judgements and estimates that affect the amount of revenue, costs, assets, liabilities and disclosures at the date of the consolidated statement of financial position. To that effect, the Group\u2019s Board of Directors are based on: i) the best information and knowledge of current events and in certain cases on the reports of independent experts; and ii) the actions that the Group considers it may have to take in the future. On the date on which the operations take place, the outcome could differ from those estimates. More significant estimates and judgements are presented below: Estimates and judgements Notes Business combinations 1.2 \u2013 Acquisition of Accrol Group's UK consumer tissue business Recoverability of Goodwill 3.1 \u2013 Goodwill Recoverability of brands, useful life and depreciation of other intangible 3.2 \u2013 Intangible assets assets Recoverability, useful life and depreciation of property, plant and equipment 3.3 \u2013 Property, plant and equipment Fair value of biological assets 3.8 \u2013 Biological assets 6.1 - Income tax for the period Uncertainty over Income Tax Treatments 6.2 - Deferred taxes Actuarial assumptions 7.2 \u2013 Employee benefits Recognition of provisions 10.1 - ProvisionsEstimates and judgements Recoverability of Goodwill The Group tests Goodwill impairment annually, recorded in its Statement of Financial Position. For impairment tests of CGUs, the recoverable amount was determined based on the value in use, according to the discounted cash flow method. The recoverable amount of CGUs derives from assumptions related to the activity, namely, sales volumes, average sales prices and variable costs that in the projection periods result from a combination of economic forecasts for the regions and markets where the Group operates, industry forecasts, including changes in markets derived from changes in installed capacity for each operating activity, internal management projections and historical performance. These calculations require the use of estimates. The impact of climate change has also been considered in the estimates of future cash flows, although the impact is not material. The risks and opportunities related to climate change identified in accordance with the TCFD recommendations are disclosed in the notes to the Management Report. Sensitivity analysis As at 31 December 2024, a possible increase of 0.5% in the discount rate used in the impairment test of Goodwill allocated to the cash-generating unit in Figueira da Foz integrated Paper, would imply a decrease in the assessment in the amount of Euro 273,710,850 (31 December 2023: Euro 214,028,739), which is still approximately 4 times higher than the book value of this cash-generating unit. Moreover, the 0.5% increase in the discount rate used in the impairment test for Navigator Tissue Ejea would imply a decrease in the valuation as at 31 December 2024 of Euro 15,985,812, which is still around 2 times higher than the book value of this cash-generating unit. With regard to the Goodwill allocated to Navigator Tissue R\u00f3d\u00e3o, given the immateriality of its value, any impacts would not be materially relevant.Estimates and judgements Recoverability of Property, plant and equipment The recoverability of property, plant and equipment requires the Board of Directors to use estimates and assumptions, namely, whenever applicable, regarding the determination of the value in use for impairment tests to the Group's cash-generating units. Useful life and depreciation Property, plant and equipment present the most significant component of the Group's total assets. These assets are subject to systematic depreciation for the period that is determined to be their economic useful life. The determination of assets useful lives and the depreciation method to be applied is essential to determine the amount of depreciation to be recognised in the consolidated income statement of each period. These two parameters are defined according to the best judgement of the Board of Directors for the assets and businesses in question, also considering the practices adopted by companies of the sector at the international level and the evolution of the economic conditions in which the Group operates. Under IFRS, the estimate of the useful lives of assets should be reviewed if expectations regarding the expected economic benefits as well as the technical use planned for the assets differ from previous estimates. Changes resulting in depreciation charges for the period are accounted for prospectively. Given the importance of this estimate, the Group uses, with some regularity, external and independent experts to assess the adequacy of the estimates used having the last report been completed during the second half of 2024, with reference to 1 January 2024, with no significant impact on the Group's useful lives. Estimates and judgements Assumptions Assumptions corresponding to the nature of the assets being valued were considered: \u2022 Productivity of forests; \u2022 Wood sales price (when there is an active market) less the cost of harvesting, rents for own, rented and leased land, replanting and transport, planting and maintenance costs, the cost inherent in leasing forest land; the trend value for 2024 worsened by 6% compared to 2023. \u2022 Discount rate, 2024: 4.27% (2023: 5.19 %) for Portugal and Spain and 21.6% (2023:13.55%) in determining the fair value of Mozambique. In 2024, the Group started to determine the fair value of biological assets in meticals, which implied an increase in the discount rate compared to the previous year due to the incorporation of the risk associated with that currency. Note that the group incorporates the fire risk into the model's cash flows. If this risk were incorporated into the discount rate, it would be of 6.51% and 22.22%, in Portugal and Mozambique, respectively. Sensitivity analysis The Group takes into account the discount rate used in Portugal and Mozambique and the forward price of wood as the most significant variables. Changes in the assumptions may imply the appreciation/depreciation of these assets: Amounts in Euro 2024 2023 1) Increase of 0.5% in the discount rate in Portugal 5,868,859 5,990,023 Depreciation of Portugal's forest assets 2) Decrease of 3% in forward price 11,978,891 10,733,022 Depreciation of Portugal's forest assets 3) Increase of 0.5% in the discount rate in Mozambique 206,777 244,194 Depreciation of Mozambique's forest assets 4) Decrease of 3% in forward price 769,860 776,149 Depreciation of Mozambique's forest assets Estimates and judgements Commercial paper The Group has several commercial paper programmes negotiated, of agreements with which it is frequent to carry out emissions with contractual maturity of less than one year but with revolving nature. Where the Group expects to roll over these loans, it presents them as non-current liabilities. Estimates and judgements The Group recognises liabilities for additional tax assessments that may result from reviews by the tax authorities of the different countries where the Group operates. When the final result of these situations is different from the amounts initially recorded, the differences will have an impact on income tax in the period in which they occur. In Portugal, annual income statements are subject to review and possible adjustment by the tax authorities for a period of 4 years. However, if tax losses are presented, they may be subject to review by the tax authorities for a period of 6 years. In other countries in which the Group operates, these periods are different, usually higher. The Board of Directors considers that any corrections to those statements as a result of reviews/inspections by the tax authorities will not have a significant impact in the consolidated financial statements as at 31 December 2024, although the periodsup to and including 2020 have already been reviewed. As at 31 December 2024, if the effective tax rate corresponded to the nominal rate of 27.3% (26.1% as at 31 December 2023), there would be an increase in expenses with income taxes in the amount of Euro 30,369,6884 (31 December 2023: Euro 18,445,803, calculated at a nominal rate of 27.5%). Uncertain tax positions The amount of assets and liabilities recorded for tax proceedings arises from an assessment made by the Group, as at the date of the consolidated statement of financial position, regarding potential differences of understanding with the Tax Authorities, considering the developments in tax matters. The Group, in relation to the measurement of uncertain tax positions, considers the provisions of IFRIC 23 - \u201cUncertainty over Income Tax Treatments\u201d, namely the measurement of risks and uncertainties in the definition of the best estimate of the expense required to settle the obligation, by weighing all the possible results that are controlled by them and their associated probabilities. Pillar Two Model Rules - OECD The Navigator Group is subject to the OECD Pillar Two model rules from 1 January 2024. It has applied the exception to the recognition and disclosure of information on deferred tax assets and liabilities related to Pillar Two income taxes, as provided for in the amendments to IAS 12. As at the date of this report, the Group is currently assessing the impact of the introduction of the Pillar Two regime. However, given the analysis carried out so far, no significant impacts are expected, considering the current understanding of the interpretation of the new rules. Estimates and judgements Actuarial assumptions 2024 2023 Social Security Benefits Formula Decree Law 187/2007 of 10 May Disability table EKV 80 EKV 80 Mortality table TV 88-90 TV 88-90 Discount rate 3.50% 3.50% Wage growth rate 2.00% 2.00% Return rate on plan assets 3.50% 3.50% Pensions growth rate 1.5% or 2.00% 1.5% or 2.00% Sensitivity analysis Amounts in Euro 2024 2023 0.5% decrease in the discount rate Increase in liabilities assumed 10,036,078 10,348,867 0.5% increase in the discount rate Decrease in liabilities assumed (9,123,660) (9,316,819) 0.5% decrease in the wage growth rate Decrease in liabilities assumed (1,636,291) (1,886,275) 0.5% increase in the wage growth rate Increase in liabilities assumed 1,723,903 1,976,098 0.5% decrease in the pensions growth rate Decrease in liabilities assumed (7,547,496) (7,646,125) 0.5% increase in the pensions growth rate Increase in liabilities assumed 8,111,198 8,056,199Estimates and judgements Sensitivity analysis The Group uses the sensibility analysis technique to measure impacts on the income statement and equity of increase or decrease on interest rates maintaining the other variables constant. This is an illustrative analysis only, since changes in market rates rarely occur separately. The sensitivity analysis is based on the following assumptions: i) Changes in market interest rates affect interest income and expenses arising from variable financial instruments; ii) Changes in market interest rates affect the fair value of derivative financial instruments as well as other financial assets or liabilities; iii) Changes in fair value of derivative financial instruments and other financial assets and liabilities are measured using the discounted cash flows method, with market interest rates at year end. A 0.50% increase in interest rates on which interest on loans are calculated would have an impact on its profit before income tax, for the period ended 31 December 2024 by approximately Euro 569,456 (31 December 2023: \u20ac175,417).Estimates and judgements Fair value of derivative financial instruments Whenever possible, the fair value of derivatives is estimated on the basis of quoted instruments. In the absence of market prices, the fair value of derivatives is estimated through the discounted cash-flow method and option valuation models, in accordance with prevailing market assumptions.Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. On 31 December 2024, a 10% decrease in the cost per m3 of eucalyptus wood consumed in BEKP pulp production would have had a negative impact in the Navigator Group\u2019s operating results of approximately Euro 37,800,000 (31 December 2023: Euro 37,800,000).As at 31 December 2024, a 10% worsening in the price of chemical products would have represented a negative impact on the Group's operating results of around Euro 17,300,000 (31 December 2023: Euro 19,400,000). As at 31 December 2024, a 10% drop in the price per ton of BEKP pulp and of 5% in the price per ton of UWF paper and Tissue paper sold by the Navigator Group in the period, would have represented an impact on its operating results of approximately Euro 23,900,000 and Euro 86,700,000, respectively (31 December 2023: Euro 24,900,000 and Euro 76,400,000, respectively). Estimates and judgements Legal and tax proceedings These provisions were made in accordance with the risk assessments carried out internally by the Group with the support of its legal advisers, based on the probability of the decision being favourable or unfavourable to the Group.",
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"f1__s7__6__48-1": {
"value": "2.1. Revenue and segment reportingRevenue by business segment, by geographic area and by recognition pattern 2024 Total Total Amounts in Euro Pulp UWF Paper Tissue Paper Energy Amount % Portugal 11,344,979 66,027,268 91,859,908 122,784,554 292,016,709 13.98%) Rest of Europe 139,131,658 735,280,377 361,125,414 4,280 1,235,541,729 59.17%) America* 6,295,801 175,856,336 1,467,789 - 183,619,926 8.80%) Africa and Middle East 40,021,254 183,976,854 1,804,170 - 225,802,278 10.81%) Asia 40,936,321 110,106,670 - - 151,042,991 7.23%) Oceania - 252,920 - - 252,920 0.01%) 237,730,013 1,271,500,425 456,257,281 122,788,834 2,088,276,553 100.00%) Recognition pattern Point in time 237,730,013 1,271,500,425 456,257,281 122,788,834 2,088,276,553 100.00%) Over time - - - - - 0.00% * Includes North America and Latin America 2023 Total Total Amounts in Euro Pulp UWF Paper Tissue Paper Energy Amount % Portugal 3,312,700 68,015,492 88,070,809 168,623,237 328,022,238 16.79%) Rest of Europe 84,919,648 755,558,561 200,164,742 - 1,040,642,951 53.28%) America* 1,566,715 109,186,480 2,122,037 - 112,865,232 5.78%) Africa and Middle East 29,064,688 173,712,207 3,666,154 - 206,443,049 10.57%) Asia 130,618,615 134,431,052 86,220 - 265,135,887 13.57%) Oceania - 133,543 - - 133,543 0.01%) 249,482,366 1,241,037,335 294,099,962 168,623,237 1,953,242,900 100.00%) Recognition pattern Point in time 249,482,366 1,241,037,335 294,099,962 168,623,237 1,953,242,900 100.00%) Over time - - - - - 0.00% * Includes North America and Latin America Group's revenue distribution by geographic area M\u20ac 151M\u20ac 265M\u20ac 292M\u20ac 328M\u20ac 226PortugalM\u20ac 206M\u20ac 184Rest of EuropeAmerica20232024Africa and Middle EastM\u20ac 51AsiaOceaniaM\u20ac 1.236M\u20ac 1.041In 2024 and 2023, no single Customer accounted for 10% or more of the Group's total revenues.",
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"value": "2.1. Revenue and segment reportingRevenue by business segment, by geographic area and by recognition pattern 2024 Total Total Amounts in Euro Pulp UWF Paper Tissue Paper Energy Amount % Portugal 11,344,979 66,027,268 91,859,908 122,784,554 292,016,709 13.98%) Rest of Europe 139,131,658 735,280,377 361,125,414 4,280 1,235,541,729 59.17%) America* 6,295,801 175,856,336 1,467,789 - 183,619,926 8.80%) Africa and Middle East 40,021,254 183,976,854 1,804,170 - 225,802,278 10.81%) Asia 40,936,321 110,106,670 - - 151,042,991 7.23%) Oceania - 252,920 - - 252,920 0.01%) 237,730,013 1,271,500,425 456,257,281 122,788,834 2,088,276,553 100.00%) Recognition pattern Point in time 237,730,013 1,271,500,425 456,257,281 122,788,834 2,088,276,553 100.00%) Over time - - - - - 0.00% * Includes North America and Latin America 2023 Total Total Amounts in Euro Pulp UWF Paper Tissue Paper Energy Amount % Portugal 3,312,700 68,015,492 88,070,809 168,623,237 328,022,238 16.79%) Rest of Europe 84,919,648 755,558,561 200,164,742 - 1,040,642,951 53.28%) America* 1,566,715 109,186,480 2,122,037 - 112,865,232 5.78%) Africa and Middle East 29,064,688 173,712,207 3,666,154 - 206,443,049 10.57%) Asia 130,618,615 134,431,052 86,220 - 265,135,887 13.57%) Oceania - 133,543 - - 133,543 0.01%) 249,482,366 1,241,037,335 294,099,962 168,623,237 1,953,242,900 100.00%) Recognition pattern Point in time 249,482,366 1,241,037,335 294,099,962 168,623,237 1,953,242,900 100.00%) Over time - - - - - 0.00% * Includes North America and Latin America Group's revenue distribution by geographic area M\u20ac 151M\u20ac 265M\u20ac 292M\u20ac 328M\u20ac 226PortugalM\u20ac 206M\u20ac 184Rest of EuropeAmerica20232024Africa and Middle EastM\u20ac 51AsiaOceaniaM\u20ac 1.236M\u20ac 1.041In 2024 and 2023, no single Customer accounted for 10% or more of the Group's total revenues.",
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"value": "2.1. Revenue and segment reportingFinancial information by operating segment in 2024 and 2023 2024 Market * Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Cancellations Total REVENUE Sales and services - external 237,730,013 1,271,500,425 456,257,281 122,788,834 - - 2,088,276,553 Sales and services \u2013 intersegment 2,831,203 - - 46,217,863 - (49,049,066) - Total revenue 240,561,216 1,271,500,425 456,257,281 169,006,697 - (49,049,066) 2,088,276,553 PROFIT/(LOSS) (1)Operating income 31,891,469 303,861,737 76,451,601 22,129,153 (55,464,164) - 378,869,796 Financial profit/(loss) - - - - (25,839,567) - (25,839,567) Income tax - - - - (66,046,016) - (66,046,016) Net profit/(loss) for the period 286,984,213 Non-controlling interests - - - - (36,018) - (36,018) Profit/ (loss) attributable to 286,948,195 equity holders - - - - - - OTHER INFORMATION Capital expenditure 32,565,167 177,743,951 22,413,518 2,764,530 5,141,354 - 240,628,520 Depreciation (including impairments) (17,791,078) (92,148,909) (31,386,430) (19,074,713) (7,459,334) - (167,860,464) Provisions (increases) / (reversals) - 276,870 12,500 - (321,548) - (32,178) OTHER INFORMATION SEGMENT ASSETS Goodwill - 376,756,383 45,870,954 - - - 422,627,337 Property, plant and equipment 151,004,952 808,310,338 320,668,615 129,491,427 6,469,753 - 1,415,945,085 Right-of-use assets 14,003,867 52,461,957 30,557,574 - 1,627,768 - 98,651,166 Biological assets 28,812,550 86,437,648 - - - - 115,250,198 Non-current receivables - 4,696,897 8,136,600 - 309,440 - 13,142,937 Inventories 19,393,981 217,527,247 63,786,298 927,446 1,563,395 - 303,198,367 Trade receivables 39,090,634 155,681,370 102,019,064 744,650 7,506,779 - 305,042,497 Other current receivables 18,865,900 66,902,642 18,614,765 1,159,038 86,113,779 - 191,656,124 Other assets 8,892,098 70,163,195 97,428,633 6,015 311,179,412 - 487,669,353 Total Assets 280,063,982 1,838,937,677 687,082,503 132,328,576 414,770,326 - 3,353,183,064 SEGMENT LIABILITIES Interest-bearing liabilities - 415,573 48,532,818 - 855,029,361 - 903,977,752 Lease liabilities 15,411,571 57,006,275 37,587,262 - 1,731,792 - 111,736,900 Other current payables 42,756,779 264,028,115 59,464,303 4,137,851 288,182,626 - 658,569,674 Other liabilities 30,381,754 141,657,502 72,132,454 7,026,567 71,611,277 - 322,809,554 Total Liabilities 88,550,104 463,107,465 217,716,837 11,164,418 1,216,555,056 - 1,997,093,880 * Cancellation of Intersegment Operations. Consolidation adjustments related to inter-segmental transactions are considered not significant. (1) Includes the effects of hedging derivatives of Euro 1,018,419 in the Pulp segment and of Euro 4,695,937 in the UWF Paper segment. In 2024, The Navigator Company recorded turnover in the amount of Euro 2,088,276,553, the second best result in the Group's history, with paper sales, including packaging accounting for approximately 61% of turnover (vs.64%), pulp sales 11% (vs.13%), tissue sales 22% (vs.15%) and energy sales 6% (vs.9%). The year 2024 began in an adverse macroeconomic and geopolitical context, with high volatility expected in the international markets (financial, energy, logistics and raw materials). However, the international economy turned out to be remarkably resilient, exceeding expectations. In the Pulp and Paper sector, after a first half marked by a rapid rise in the pulp price benchmarks, the second half of the year witnessed a significant price correction in China and a consequent adjustment in Europe. This volatility in the price of pulp contrasted with the resilience in the benchmark prices of printing and writing paper. The year ended with a positive trend in orders for printing and writing paper, packaging paper, especially in the first half and at the end of the year, and tissue paper. The Navigator Group's competitiveness is based on efficient management of the business mix, commercial strategy, cost control and a focus on innovation and business sustainability. This year it acquired a new tissue operation in the UK, Navigator Tissue UK, and started integrated production of moulded fibre to replace single-use plastic and aluminium packaging in the food service and food packaging markets. This commitment to reinforce the tissue segment and the packaging business line strengthens the Navigator Group's business diversification strategy, with these two segments accounting for 26% of total sales. The Group maintains its commitments to investment and innovation in all segments, exploring growth opportunities in tissue, packaging, and energy. The positioning of the brands, the sustainability of the business, the scale of operations and financial strength support a resilient business model, allowing consistent results even in uncertain economic contexts. The amount corresponding to total energy sales was Euro 122,788,834 compared to Euro 168,623,237 in 2023, a decrease of approximately 27%. This reduction is essentially due to the transfer of the Set\u00fabal natural gas combined cycle power station to self-consumption from January onwards, whereas last year it had operated under the total sale of its production regime. On the other hand, the lower sales of electricity resulting from the self-consumption operation of the Set\u00fabal plant, as detailed below by plant, corresponds to a lower volume of electricity purchases from the group's main paper machine. Energy sales are broken down by type of plant as follows: 2024 2023 Mwh Amount Mwh Amount Biomass Thermoelectric Plants 179,525 24,714,238 178,216 24,046,637 Renewable Cogeneration Plants Pulp 852,396 92,797,452 905,045 86,311,170 Non-Renewable Cogeneration Plant Paper 106,327 4,669,926 338,766 29,668,929 Derivatives, Guarantees of Origin and others - 607,218 - 28,596,501 1,138,248 122,788,834 1,422,027 168,623,237 The year 2024 was also marked by the participation of the Group's industrial units in the Frequency Restoration Reserve Band Market with manual activation (mFRR Band), a system service provided to the electricity transmission network operator by agents authorised for the purpose, which aims to help safeguard the security of supply of the National Electricity System. The fixed capital expenditure in 2024 stood at Euro 240,628,520, compared with Euro 183,504,098 in the previous year. This amount mainly includes investments aimed at maintaining production capacity, modernising equipment and factory facilities, environmental and efficiency improvements, and structural and safety projects, of which around 50% are sustainable investments. Among the investments are the following projects: the new high-efficiency recovery boiler in Set\u00fabal for the collection and incineration of odorous gases (NCGs); moulded pulp in Aveiro; the new biomass lime kiln in Figueira da Foz; the conversion of the lime kilns in Set\u00fabal and Aveiro to burn biomass; the new photovoltaic plants in Figueira da Foz and Vila Velha de R\u00f3d\u00e3o; oxygen delignification in Set\u00fabal; the new tower and washing presses in Aveiro and the biomass boiler in Vila Velha de R\u00f3d\u00e3o. A total of 1,358 projects, of which 31 individually cost more than Euro 1 million. The Group is making progress with all the projects it committed to under the Recovery and Resilience Plan (RRP), the implementation of which is going according to plan. For eligible investments under the RRP, an incentive rate of about 40% is expected, which corresponds to close to Euro 100 million, with the company receiving approximately Euro 25 million in 2024 and Euro 21 million in 2023. 2023 Market *Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Cancellations Total REVENUE Sales and services - external 249,482,366 1,241,037,335 294,099,962 168,623,237 - - 1,953,242,900 Sales and services \u2013 intersegment 2,635,447 - - 35,402,245 - (38,037,692) - Total revenue 252,117,813 1,241,037,335 294,099,962 204,025,482 - (38,037,692) 1,953,242,900 PROFIT/(LOSS) (1)Operating income 11,343,636 291,631,405 62,743,854 55,592,967 (54,956,679) - 366,355,183 Financial profit/(loss) - - - - (19,319,918) - (19,319,918) Income tax - - - - (72,086,123) - (72,086,123) Net profit/(loss) for the period 274,949,142 Non-controlling interests - - - - (25,322) - (25,322) Profit/ (loss) attributable to equity - - - - - - 274,923,820 holders OTHER INFORMATION Capital expenditure 35,311,974 131,075,558 10,493,749 3,354,938 3,267,879 - 183,504,098 Depreciation (including impairments) (18,840,621) (81,276,204) (12,086,871) (17,405,496) (6,589,608) - (136,198,800) Provisions (increases) / (reversals) (279,769) 93,550 (19,496) - 1,211,756 - 1,006,041 OTHER INFORMATION SEGMENT ASSETS Goodwill - 376,756,383 4,739,625 - - - 381,496,008 Property, plant and equipment 147,861,864 721,149,816 223,228,954 136,456,809 4,526,348 - 1,233,223,791 Right-of-use assets 13,507,060 49,592,030 - - 1,945,364 - 65,044,454 Biological assets 28,897,995 86,693,984 - - - - 115,591,979 Non-current receivables 7,428,808 26,728,233 4,854,435 - 5,388,030 - 44,399,506 Inventories 39,517,952 215,446,716 30,030,696 472,257 1,022,741 - 286,490,362 Trade receivables 34,908,856 145,075,440 66,242,331 2,752,026 10,082,188 - 259,060,841 Other current receivables 23,498,980 60,606,258 9,133,886 898,563 71,542,445 - 165,680,132 Other assets 2,630,947 52,496,500 9,706,306 - 193,331,893 - 258,165,646 Total Assets 298,252,462 1,734,545,360 347,936,233 140,579,655 287,839,009 - 2,809,152,719 SEGMENT LIABILITIES Interest-bearing liabilities - 415,573 30,031,736 - 628,897,154 - 659,344,463 Lease liabilities 14,641,258 53,286,690 - - 2,068,873 - 69,996,821 Other current payables 46,633,651 253,045,785 39,478,866 2,674,579 161,213,901 - 503,046,782 Other liabilities 26,787,188 131,454,901 35,696,564 7,684,383 59,568,784 - 261,191,820 Total Liabilities 88,062,097 438,202,949 105,207,166 10,358,962 851,748,712 - 1,493,579,886 * Cancellation of Intersegment Operations. Consolidation adjustments related to inter-segmental transactions are considered not significant. (1) Includes the effects of hedging derivatives of Euro 1,973,497 in the UWF Paper segment and Euro 26,550,098 in the Energy segment. The Energy segment also includes revenues associated with guarantees of origin of Euro 3,252,121",
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"value": "2.1. Revenue and segment reportingRevenue Revenue is presented by operating segment and by geographic area, based on the country of destination of the goods and services sold by the Group. Commercial contracts with Customers refer essentially to the sale of goods such as paper, pulp, tissue and energy, and to an extent, to the transportation inherent to those goods, when applicable. Revenue recognition in each operating segment is described as follows: Pulp revenue results from sales to international paper and decor producers. Revenue is recognised point in time, by the amount of the performance obligation satisfied, the price of the transaction corresponding to a fixed amount invoiced on the basis of quantities sold, less Market pulp cash discounts and quantity discounts, which are reliably determinable. On the export side, the transfer of control of the products occurs in general when there is a transfer of control to the Customer, according to the Incoterms negotiated. Paper revenue refers to sales made through Commercial Distributors (B2B) which include large distributors, wholesalers or commercial operators. Revenue is recognised point in time, on the date of delivery of the product to the customer when the transfer of control occurs, UWF by the amount of the performance obligation satisfied, and the price of the transaction corresponds to a fixed amount invoiced according to the quantities sold, less cash discounts and quantity discounts, which are reliably determinable. Tissue revenue results from sales of tissue paper produced for the private label of modern national and international retail chains. Revenue is recognised point in time, by the amount of the performance obligation satisfied, and the price of the transaction corresponds Tissue to a fixed amount invoiced according to quantities sold, less cash discounts and quantity discounts, which are reliably determined. Revenue is recognised against the delivery of the product, at which time the transfer of control over the product is deemed to take place. Energy revenue results from the valuation of the sale of electricity to the national grid. Renewable biomass cogeneration and thermoelectric plants sell all their production and benefit from a regulated sales tariff defined in accordance with the current legal Energy framework. In turn, the natural gas cogeneration plant in Set\u00fabal has been operating on a self-consumption basis since January 2024, selling its surplus production at market prices. The revenue from the sale of other products such as waste, or services (brokerage, for example) is recognised on the date of delivery of Support the product to the Customer by the amount of the performance obligation satisfied. The income related to this segment is reclassified to other operating income or to less costs. The Navigator Group considers the facts and circumstances when analysing the terms of each Customer contract and its usual business practices in determining the transaction price. In this sense, in terms of sales tax, from the assessment performed by Navigator, there are no situations that could be included in the transaction price. Regarding specifically to the anti-dumping tax, this is a tax for the entry of goods into the country (in the case of the USA) and is not a tax determined a priori but depends on the analysis of the Department of Commerce a posteriori. Therefore, it represents a decrease to the gross margin obtained in the United States and not an adjustment to the price of the individual transaction.",
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"f1__s7__6__44-1": {
"value": "2.1. Revenue and segment reportingAccounting policies Navigator Group business areas The Navigator Group\u2019s main business is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the whole value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp \u2013 BEKP and electric and thermal energy, as well as its commercialisation. In the last quarter of 2024, the group also started producing moulded fibre packaging at the Aveiro industrial complex. This new production unit is aimed at a market with high growth potential, fully aligned with the challenges of reducing the use of single-use plastics. The Navigator Group currently has ten industrial sites - four in Portugal, one in Spain and five in the United Kingdom. Of the industrial complexes in Portugal, two are dedicated to the production of BEKP pulp, electricity and UWF paper (Figueira da Foz and Set\u00fabal), one is dedicated to the production of BEKP pulp, energy, moulded cellulose packaging and tissue paper (Aveiro) and a fourth, in Vila Velha de R\u00f3d\u00e3o, produces tissue. In Spain, the Group owns an industrial complex in Zaragoza where it produces tissue paper. In May 2024, with the acquisition of the Navigator Tissue Uk Group (formerly the Accrol Group), the Navigator Group now has five production sites in the UK related to the tissue business: Blackburn (rolls and facials); Leicester (rolls); Leyland (rolls); Flint (wet wipes) and Bridgewater (wet wipes). Wood is produced from woodlands owned or leased by the Group in Portugal and Spain, and also form granted lands in Mozambique. The production of cork and pine wood are sold to third parties while the eucalyptus wood is mainly consumed in the production of BEKP. A significant portion of the Group\u2019s own BEKP production is consumed in the production of UWF and tissue paper. Sales of BEKP pulp, UWF paper and tissue paper \u2013 to 118 (2023: 134) countries and territories around the world. Regarding energy production, the Group has three cogeneration plants, integrated in the production of pulp. Heat production is used for internal consumption while electricity is sold to the national energy grid. The Group also owns two cogeneration plants fuelled by natural gas and two independent plants fuelled by biomass, integrated into paper production in Figueira da Foz and Set\u00fabal, the majority of whose output is sold to the national energy grid. In addition, the Group currently has eight photovoltaic plants in operation for self-consumption: three in Set\u00fabal - two at the factory complex and one at Herdade de Espirra, two at the Figueira da Foz industrial complex (one of which came into operation in 2024), one at the Zaragoza industrial complex, one at Raiz (in Aveiro) and also two plants that came into operation during 2024, at the Aveiro and Vila Velha de R\u00f3d\u00e3o industrial complexes. With the conclusion of the construction of new photovoltaic plants in 2024, on a self-consumption basis, at the industrial sites of Figueira da Foz, Aveiro and Vila Velha de R\u00f3d\u00e3o, Navigator, with around 38 MW of installed photovoltaic solar energy capacity, will become the largest self-consumption producer in Portugal, in an industrial context. Segment reporting In accordance with IFRS 8, the Group considers an operating segment as a component of the group that develops business activities from which it can obtain revenue and incur expenses, whose operating profit/(loss) are regularly reviewed by the Executive Committee, which is primarily responsible for the Group's operational decision-making for allocation of resources to the segment and the assessment of its performance and for which separate financial information is available. Each reportable segment corresponds to the value chain of the integrated production process associated with the product of each business segment, (Market Pulp, UWF paper, Tissue Paper and Energy) considering the sales activity of the respective products on the market, in a manner consistent with the information used by the Executive Committee for operational monitoring of its businesses. Accordingly, intra-segmental sales are those that occur within the same manufacturing plant and whose production inputs are used in the production process of that segment. Thus, the values reported for each operating segment result from the aggregation of the business units and subsidiaries defined in the perimeter of each segment, as well as the cancellation of intra-segment transactions. Intra-segmental sales correspond to sales between business segments or when there are transactions between manufacturing plants, which are eliminated for consolidation purposes, being this effect reported in the \u201cCancellations\u201d. When aggregating the Group's operating segments, Management defined as reportable segments those that correspond to each of the business areas developed by the Group, as follows: i. Market pulp \u2013 bleached eucalyptus BEKP for sale in the market; ii. UWF paper \u2013 production and sale of UWF uncoated writing and printing thin paper; iii. Tissue Paper \u2013 production and sale of domestic consumption paper; iv. Biomass renewable energy \u2013 which includes the cogeneration units and the two independent thermoelectric power plants; v. Support - segment that includes the corporate centre (mixed holding). Regarding the allocation of assets and liabilities to business segments, it should be noted that: \u2022 All equipment allocated to the UWF pulp and paper production are included in Property, plant and equipment of the respective segments. \u2022 The Group's real estate assets are allocated to the respective business segment. \u2022 The assets related to forests are allocated to the pulp and UWF paper segments, according to the production capacity of each segment. \u2022 The majority of the assets allocated to each of the individual segments, with the exception of receivables, is located in Portugal. \u2022 In accordance with the Navigator Company Group's financing policy, all loans are contracted by the Group's holding company, The Navigator Company, S.A., which is responsible for bearing all debt and related charges. Accordingly, interest-bearing liabilities (Note 5.7) are allocated to the \u201cSupport\u201d segment, which includes the Group's corporate centre (Holding), with the exception of the repayable grant related to the construction of the new tissue mill, allocated to the \u201cTissue Paper\u201d segment and a portion of the \u201cInpactus\u201d grant allocated to the \u201cUWF Paper\u201d segment. ",
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"f1__s7__6__59-1": {
"value": "2.2. Other operating income For the periods ended 31 December 2024 and 31 December 2023, Other operating income is detailed as follows: Amounts in Euro 2024 2023 Gains on disposal of non-current assets 178,066 618,244 Grants - CO2 emission allowances 35,508,908 39,687,379 Supplementary gains 1,298,108 1,046,911 Operating grants 14,005,693 15,885,357 Impairment reversal on receivables 4,105,821 4,634,383 Impairment reversal on inventories (Note 4.1.4) 5,068,999 317,928 Gains on inventories 755,198 733,097 Own work capitalised 7,533,597 1,053,861 Compensations 638,497 1,465,910 Waste sales 15,208,232 7,659,998 Other operating income 16,492,358 7,212,645 100,793,477 80,315,7132.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,7754.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 8.1.4. Credit risk Credit risk management policy The Group is exposed to credit risk on balances receivable from Trade receivables and other debtors and has adopted a policy of managing risk coverage within certain levels through credit insurance with a specialised independent company. The Group has adopted a policy of credit insurance for the majority of Trade receivables, with a 5% deductible. As such, its exposure to credit risk is considered to have been mitigated up to acceptable levels, when compared with its sales. Most sales that are not covered by credit insurance are covered by bank guarantees, letters of credit, documentary credits or retention of title agreements, and any unhedged exposure is within limits previously approved by the Executive Committee. However, the worsening of global economic conditions or adversities affecting only economies on a local scale may lead to deterioration in the ability of the Navigator Group\u2019s Customers to meet their obligations, leading entities providing credit insurance to significantly decrease the amount of credit facilities that are available to those Customers. This scenario may result in limitations on the amounts that can be sold to some Group Customers without directly incurring credit risk levels that are not compatible with the risk policy in this area. Cash equivalents The Navigator Group adopts strict policies in approving its financial counterparties, limiting its exposure in accordance with an individual risk analysis and within previously approved limits. Maximum exposure to credit risk The Group's maximum exposure to the credit risk of financial assets corresponds to their net amount, as follows: Amounts in Euro 2024 2023 Non-current Other financial investments (Note 8.3) - - Receivables (Note 4.2) 13,142,937 44,399,506 Current Receivables (Note 4.2) 496,698,621 424,740,973 Cash and cash equivalents (Note 5.9) 286,628,866 169,464,967 796,470,424 638,605,446 Ageing structure of trade receivables balances As at 31 December 2024 and 2023, Trade receivables balances presented the following ageing structure, considering as reference the maturity date of the outstanding amounts before impairments: Amounts in Euro 2024 2023 Amounts not due 273,547,400 238,684,032 from 1 to 90 days 30,245,008 20,206,869 from 91 to 180 days 1,022,452 127,789 from 181 to 360 days 215,098 42,151 from 361 to 540 days 6,341 - from 541 to 720 days 6,198 - more than 721 days - - 305,042,497 259,060,841 Balances considered impaired 3,635,137 3,293,670 Impairment (3,635,137) (3,293,670) Net balance of trade receivables (Note 4.2) 305,042,497 259,060,841 Trade receivables covered by credit insurance 264,061,504 226,072,918 Trade receivables covered by bank guarantees 2,000,000 1,300,000 Trade receivables covered by title retention agreements 1,873,390 7,046,082 Trade receivables covered by letters of credit / documentary remittances 33,593,182 22,910,875 Covered receivables 301,528,076 257,329,875 Available and undrawn credit facilities 463,762,720 503,473,207 Credit hedging facilities contracted 765,290,796 760,803,082 The amounts shown above correspond to the amounts outstanding according to the contracted due dates. The amounts not covered of Euro 3,514,421 relate to amounts previously approved by the Executive Committee of the Navigator Group (2023: \u20ac1,730,966). Despite some delays in the settlement of those amounts, that does not result, in accordance with the available information, in the identification of impairment losses other than the ones considered through the respective losses. These are calculated based on the information periodically collected on the financial behaviour of the Group\u2019s Customers, which allow, in conjunction with the experience obtained in the client portfolio analysis and with the history of credit defaults, in the part not attributable to the insurance company, to define the amount of losses to be recognised in the period. The guarantees in place for a significant part of outstanding and long-term balances, justify the fact that no impairment loss has been recorded for those balances. The rules defined by the credit risk insurance policy applied by the Group, ensure a significant hedge of all outstanding balances. The analysis of the open balances, by business area, is as follows: 2024 Market Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Total Amounts not due 28,197,445 140,978,332 98,205,591 600,064 5,565,968 273,547,400 from 1 to 90 days 10,833,565 14,703,039 2,951,668 144,586 1,612,150 30,245,008 from 91 to 180 days 59,624 - 654,571 - 308,255 1,022,450 from 181 to 360 days - - 194,692 - 20,407 215,099 from 361 to 540 days - - 6,341 - 6,341 from 541 to 720 days - - 6,199 - 6,199 more than 721 days - - - - - 39,090,634 155,681,371 102,019,062 744,650 7,506,780 305,042,497 2023 Market Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Total Amounts not due 25,375,941 137,661,510 63,994,452 2,752,026 8,900,103 238,684,032 from 1 to 90 days 9,532,915 7,413,930 2,077,939 - 1,182,085 20,206,869 from 91 to 180 days - - 127,789 - - 127,789 from 181 to 360 days - - 42,151 - - 42,151 from 361 to 540 days - - - - - - from 541 to 720 days - - - - - - more than 721 days - - - - - - 34,908,856 145,075,440 66,242,331 2,752,026 10,082,188 259,060,841 The table below represents the quality of the Navigator Group\u2019s credit risk, as at 31 December 2024 and 31 December 2023, for financial assets (cash and cash equivalents), (Highest credit rating by one of the two rating agencies: Standard and Poor\u2019s, or Fitch): Financial Institutions Amounts in Euro 2024 2023 Rating AA - - AA- - - A+ 179,063,225 56,769,567 A 98,950,633 61,675,370 A- 2,305,027 42,824,483 BBB+ 1,315,948 2,643,288 BBB 4,028,844 1,546,150 BBB- 69,018 2,358,707 BB+ - BB - BB- - B+ - B - B- - Other 896,171 1,647,402 286,628,866 169,464,967 \u201cOther\u201d amounts include bank deposits with banks or entities with no rating, namely local banks in Mozambique and other foreign branches. The Navigator Group adopts strict policies in approving its financial counterparties, limiting its exposure in accordance with an individual risk analysis and within previously approved limits. Impairment from trade receivables and other debtors Impairment Trade receivables Other Total Amounts in Euro debtors Balance as at 1 January 2023 (6,621,084) (283,742) (6,904,826) Increase \u2013 IFRS 9 impact on profit/(loss) for the period 1,279,362 - 1,279,362 Increases (Note 2.3) (535,067) (61,746) (596,813) Reversals 4,634,383 - 4,634,383 Charge-off (2,051,264) - (2,051,264) Balance as at 31 December 2023 (3,293,670) (345,488) (3,639,158) Change in the perimeter (40,111) - (40,111) Increase \u2013 IFRS 9 impact on profit/(loss) for the period (1,477,280) - (1,477,280) Increases (Note 2.3) (242,088) (98,476) (340,564) Reversals 3,924,074 181,747 4,105,821 Charge-off 86,270 - 86,270 Transfers (2,591,399) - (2,591,399) Exchange rate adjustment (933) - (933) Balance as at 31 December 2024 (3,635,137) (262,217) (3,897,354)",
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"f1__s7__6__58": {
"value": "2.2. Other operating income For the periods ended 31 December 2024 and 31 December 2023, Other operating income is detailed as follows: Amounts in Euro 2024 2023 Gains on disposal of non-current assets 178,066 618,244 Grants - CO2 emission allowances 35,508,908 39,687,379 Supplementary gains 1,298,108 1,046,911 Operating grants 14,005,693 15,885,357 Impairment reversal on receivables 4,105,821 4,634,383 Impairment reversal on inventories (Note 4.1.4) 5,068,999 317,928 Gains on inventories 755,198 733,097 Own work capitalised 7,533,597 1,053,861 Compensations 638,497 1,465,910 Waste sales 15,208,232 7,659,998 Other operating income 16,492,358 7,212,645 100,793,477 80,315,713Gains on CO2 emission allowances correspond to the recognition of free allocation of allowances for 480,955 tons of CO2, at the average price of Euro 73.83 (473,314 tons of CO2, at the average price of Euro 83.85 in 2023) (Note 3.2). Operating grants include Euro 9,736,412 (Euro 10,258,265 in 2023) related to the receipt of the indirect cost aid measure for facilities covered by the European Emissions Trading Scheme (EU ETS), under Decree-Law 12/2020 of 6 April, as well as the incentive related to the Recovery and Resilience Plan (RRP) of Euro 3,017,300 (Euro 2,225,213 in 2023). In 2023, this caption also included the amount of Euro 1,704,435 from the Incentive relating to the Programa Apoiar G\u00e1s (Support Gas Programme). The caption Impairment reversal on receivables includes the amount of Euro 1,017,249 (Euro 2,006,715 in 2023) relating to the impairment reversal on trade receivables from Egypt and the caption Impairment reversal on inventories includes Euro 3,121,270 and Euro 861,503 relating to the impairment reversal on UWF waste paper and spare parts, respectively. Other operating income includes Euro 8,000,000 of the deposit paid by Start - Sines Transatlantic Renewable & Technology Campus, S.A. as a result of the revocation of the promissory purchase and sale agreement signed in 2021 for the acquisition of land in Sines. ",
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"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__57-1": {
"value": "2.2. Other operating income For the periods ended 31 December 2024 and 31 December 2023, Other operating income is detailed as follows: Amounts in Euro 2024 2023 Gains on disposal of non-current assets 178,066 618,244 Grants - CO2 emission allowances 35,508,908 39,687,379 Supplementary gains 1,298,108 1,046,911 Operating grants 14,005,693 15,885,357 Impairment reversal on receivables 4,105,821 4,634,383 Impairment reversal on inventories (Note 4.1.4) 5,068,999 317,928 Gains on inventories 755,198 733,097 Own work capitalised 7,533,597 1,053,861 Compensations 638,497 1,465,910 Waste sales 15,208,232 7,659,998 Other operating income 16,492,358 7,212,645 100,793,477 80,315,713Gains on CO2 emission allowances correspond to the recognition of free allocation of allowances for 480,955 tons of CO2, at the average price of Euro 73.83 (473,314 tons of CO2, at the average price of Euro 83.85 in 2023) (Note 3.2). Operating grants include Euro 9,736,412 (Euro 10,258,265 in 2023) related to the receipt of the indirect cost aid measure for facilities covered by the European Emissions Trading Scheme (EU ETS), under Decree-Law 12/2020 of 6 April, as well as the incentive related to the Recovery and Resilience Plan (RRP) of Euro 3,017,300 (Euro 2,225,213 in 2023). In 2023, this caption also included the amount of Euro 1,704,435 from the Incentive relating to the Programa Apoiar G\u00e1s (Support Gas Programme). The caption Impairment reversal on receivables includes the amount of Euro 1,017,249 (Euro 2,006,715 in 2023) relating to the impairment reversal on trade receivables from Egypt and the caption Impairment reversal on inventories includes Euro 3,121,270 and Euro 861,503 relating to the impairment reversal on UWF waste paper and spare parts, respectively. Other operating income includes Euro 8,000,000 of the deposit paid by Start - Sines Transatlantic Renewable & Technology Campus, S.A. as a result of the revocation of the promissory purchase and sale agreement signed in 2021 for the acquisition of land in Sines. 2.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,775The last quarter of 2024 was negatively impacted by the extension of the annual maintenance stoppage at one of the plants and by a series of extraordinary events at the energy assets: i) problems identified following a scheduled stoppage at an electricity generating turbine; ii) a breakdown at an electricity supply transformer; and unforeseen stoppages at biomass boilers. This sequence of events, which have now been regularised, resulted in a reduction in energy sales and an increase in purchases of natural gas and electricity, during a period of high prices for these commodities, which had a significant impact on the Energy and fluids caption. On the other hand, the increase in the Transportation of goods caption is essentially due to the integration of the Navigator Tissue UK Group. It should be noted that, despite the fact that 2024 was marked by the Red Sea crisis, which led to changes in maritime transport routes and generated an overall upward trend in freight rates, the Navigator Group maintained its path of reducing logistics costs, cutting them by 6% compared to 2023. Moreover, the increase in the Specialised work caption is mainly due to the costs of the acquisition of the Navigator Tissue Uk Group (Note 1.2) as well as its integration into the Navigator Group's accounts.The expenses with CO2 correspond to the emission of 466,992 tons of CO2 (31 December 2023: 471,757 tonnes), achieving a 34.9% reduction in CO2 emissions compared to 2020, the base year used for the validation of the targets by the Science Based Targets Initiative (466,992 tonnes vs. 717,121 tonnes of CO2 in 2020). The reduction in costs for the period is mainly due to the 12% reduction in the price of licences allocated (Euro 73.83\u20ac/ton in 2024 vs Euro 83.85/ton in 2023) corresponding to the basis for valuing the cost of emissions and the reduction in consumption compared to the previous year. In 2024 impairment losses in inventories essentially include the recognition of Euro 1,724,970 in impairment losses for UWF and tissue paper waste and Euro 1,248,818 for slow movers. In 2023, this caption mainly includes the recognition of an impairment of Euro 2,071,836 for the inventory of damaged paper identified on the platform of Navigator North America Inc.",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__61-1": {
"value": "Accounting policies Government grants Operating grants Government grants are only recognised when there is a reasonable assurance that the grant will be received, and the Group will comply with all required conditions. Operating grants, received with the purpose of compensating the Group for costs incurred, are systematically recorded in the income statement during the periods in which the costs that those grants are intended to compensate are recorded. Grants related to biological assets Grants related to biological assets (Note 3.8) carried at fair value, in accordance with IAS 41, are recognised in the income statement when the terms and conditions of the grant are met.Accounting policies Government grants Government grants received to compensate the Group for investments made in Property, plant and equipment, including those attributed as tax credits, are classified as Deferred income (Note 4.3 - Payables) and are recognised in income over the estimated useful life of the respective subsidised assets, and are associated with the depreciation of the period (Note 3.7), for presentation purposes. Repayable government grants Government grants, in the form of repayable loans at a subsidised rate, are discounted on the date of initial recognition based on the market interest rate at the date of grant, the value of the discount constituting the value of the grant to be amortised over the period of the loan or asset whose acquisition it is intended to finance, depending on the activities financed. These liabilities are included in the caption Interest-bearing liabilities (Note 5.7). Grants received are classified as a financing activity in the statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__62-1": {
"value": "Grants \u2013 CO2 Emission allowancesCO2 Emission Rights CO2 emission Allowances attributed to the Group within the European Union Emissions Trading Scheme (EU ETS) for the assignment of CO2 emission allowances at no cost, gives rise to an intangible asset for the allowances, a Government grant and a liability for the obligation to deliver allowances equal to the emissions that have been made during the compliance period. Emission allowances are only recorded as intangible assets when the Group is able to exercise control and are measured at fair value (level 1) at the date of initial recognition. When the market value of the emission allowances falls significantly below its book value and such decrease is considered permanent, an impairment charge is booked for allowances which the group will not use internally. The liability to deliver allowances is recognised based on actual emissions. This liability will be settled using allowances on hand, measured at the book value of those allowances. Any additional emissions are valued at market value as at the reporting date. FIFO is used in the costing of intangible asset decreases by the refund to the Licensing Coordinating Entity. In the Consolidated Income Statement, the Group expenses, under Other costs and losses, actual emissions at fair value at the grant date, except for acquired allowances, where the expense is measured at their purchase price. Such costs will offset other operating income resulting from the recognition of the original Government grant (also recognised at fair value at grant date) as well as any disposal of excess allowances. The effect on the income statement will, therefore, be neutral regarding the consumption of granted allowances. Any net effect on the Income Statement will result from the purchase of additional allowances to cover excess emissions, from the sale of effective consumption or from impairment losses booked to allowances that are not used at operational level.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__72-1": {
"value": "2.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,775The last quarter of 2024 was negatively impacted by the extension of the annual maintenance stoppage at one of the plants and by a series of extraordinary events at the energy assets: i) problems identified following a scheduled stoppage at an electricity generating turbine; ii) a breakdown at an electricity supply transformer; and unforeseen stoppages at biomass boilers. This sequence of events, which have now been regularised, resulted in a reduction in energy sales and an increase in purchases of natural gas and electricity, during a period of high prices for these commodities, which had a significant impact on the Energy and fluids caption. On the other hand, the increase in the Transportation of goods caption is essentially due to the integration of the Navigator Tissue UK Group. It should be noted that, despite the fact that 2024 was marked by the Red Sea crisis, which led to changes in maritime transport routes and generated an overall upward trend in freight rates, the Navigator Group maintained its path of reducing logistics costs, cutting them by 6% compared to 2023. Moreover, the increase in the Specialised work caption is mainly due to the costs of the acquisition of the Navigator Tissue Uk Group (Note 1.2) as well as its integration into the Navigator Group's accounts. In 2024 and 2023, external services and supplies costs incurred for investigation and research activities amounted to Euro 5,349,558 and Euro 5,234,381, respectively. The Group plans to apply for SIFIDE approximately Euro 11 million (Euro 14 million in 2023) relating to research and development expenditure (which also includes eligible payroll costs). These expenses will allow the Group to benefit from incentives of approximately Euro 3.9 million (2023: Euro 5.3 million) if the eligibility criteria required by the application are met. 64The expenses with CO2 correspond to the emission of 466,992 tons of CO2 (31 December 2023: 471,757 tonnes), achieving a 34.9% reduction in CO2 emissions compared to 2020, the base year used for the validation of the targets by the Science Based Targets Initiative (466,992 tonnes vs. 717,121 tonnes of CO2 in 2020). The reduction in costs for the period is mainly due to the 12% reduction in the price of licences allocated (Euro 73.83\u20ac/ton in 2024 vs Euro 83.85/ton in 2023) corresponding to the basis for valuing the cost of emissions and the reduction in consumption compared to the previous year. In 2024 impairment losses in inventories essentially include the recognition of Euro 1,724,970 in impairment losses for UWF and tissue paper waste and Euro 1,248,818 for slow movers. In 2023, this caption mainly includes the recognition of an impairment of Euro 2,071,836 for the inventory of damaged paper identified on the platform of Navigator North America Inc.3.7. Depreciation, amortisation and impairment losses Amounts in Euro 2024 2023 Depreciation of property, plant and equipment for the period (Note 3.3) 147,535,362 130,182,041 Charge-off of investments grants (Note 3.5) (4,723,322) (3,715,363) Depreciation of property, plant and equipment, net of grants charged-off 142,812,040 126,466,678 Impairment of property, plant and equipment - losses (Note 3.3) 7,673,603 - Impairment of property, plant and equipment for the period 7,673,603 - Amortisation of intangible assets for the period (Note 3.2) 4,044,107 263,319 Impairment on intangible assets \u2013 losses 145,673 - Impairment of intangible assets for the period (Note 3.2) 145,673 - Depreciation of right-of-use assets for the period (Note 3.6) 13,170,005 9,467,156 Impairment of investment properties (Note 3.4) 15,035 1,646 167,860,464 136,198,800 The Group regularly uses external and independent experts to assess its industrial assets, as well as to assess the adequacy of the estimates used in terms of the useful lives of these assets. In 2024, the Group requested an external valuation of its assets by an independent and specialised entity, which estimated the useful life of the assets, considering current conditions and functional obsolescence. The study took into account technical information on the assets allocated to the production centres, including the technical, physical and technological durability of the equipment, but no significant differences were identified between the estimated useful lives and those practised by the Group, other than those referred to in Note 3.3.",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__70": {
"value": "2.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,775",
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"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__68-1": {
"value": "2.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,775The last quarter of 2024 was negatively impacted by the extension of the annual maintenance stoppage at one of the plants and by a series of extraordinary events at the energy assets: i) problems identified following a scheduled stoppage at an electricity generating turbine; ii) a breakdown at an electricity supply transformer; and unforeseen stoppages at biomass boilers. This sequence of events, which have now been regularised, resulted in a reduction in energy sales and an increase in purchases of natural gas and electricity, during a period of high prices for these commodities, which had a significant impact on the Energy and fluids caption. On the other hand, the increase in the Transportation of goods caption is essentially due to the integration of the Navigator Tissue UK Group. It should be noted that, despite the fact that 2024 was marked by the Red Sea crisis, which led to changes in maritime transport routes and generated an overall upward trend in freight rates, the Navigator Group maintained its path of reducing logistics costs, cutting them by 6% compared to 2023. Moreover, the increase in the Specialised work caption is mainly due to the costs of the acquisition of the Navigator Tissue Uk Group (Note 1.2) as well as its integration into the Navigator Group's accounts.The expenses with CO2 correspond to the emission of 466,992 tons of CO2 (31 December 2023: 471,757 tonnes), achieving a 34.9% reduction in CO2 emissions compared to 2020, the base year used for the validation of the targets by the Science Based Targets Initiative (466,992 tonnes vs. 717,121 tonnes of CO2 in 2020). The reduction in costs for the period is mainly due to the 12% reduction in the price of licences allocated (Euro 73.83\u20ac/ton in 2024 vs Euro 83.85/ton in 2023) corresponding to the basis for valuing the cost of emissions and the reduction in consumption compared to the previous year. In 2024 impairment losses in inventories essentially include the recognition of Euro 1,724,970 in impairment losses for UWF and tissue paper waste and Euro 1,248,818 for slow movers. In 2023, this caption mainly includes the recognition of an impairment of Euro 2,071,836 for the inventory of damaged paper identified on the platform of Navigator North America Inc.3.7. Depreciation, amortisation and impairment losses Amounts in Euro 2024 2023 Depreciation of property, plant and equipment for the period (Note 3.3) 147,535,362 130,182,041 Charge-off of investments grants (Note 3.5) (4,723,322) (3,715,363) Depreciation of property, plant and equipment, net of grants charged-off 142,812,040 126,466,678 Impairment of property, plant and equipment - losses (Note 3.3) 7,673,603 - Impairment of property, plant and equipment for the period 7,673,603 - Amortisation of intangible assets for the period (Note 3.2) 4,044,107 263,319 Impairment on intangible assets \u2013 losses 145,673 - Impairment of intangible assets for the period (Note 3.2) 145,673 - Depreciation of right-of-use assets for the period (Note 3.6) 13,170,005 9,467,156 Impairment of investment properties (Note 3.4) 15,035 1,646 167,860,464 136,198,800 The Group regularly uses external and independent experts to assess its industrial assets, as well as to assess the adequacy of the estimates used in terms of the useful lives of these assets. In 2024, the Group requested an external valuation of its assets by an independent and specialised entity, which estimated the useful life of the assets, considering current conditions and functional obsolescence. The study took into account technical information on the assets allocated to the production centres, including the technical, physical and technological durability of the equipment, but no significant differences were identified between the estimated useful lives and those practised by the Group, other than those referred to in Note 3.3.",
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},
"f1__s7__6__66-1": {
"value": "2.3. Other operating expenses Operating expenses are detailed as follows for the periods ended 31 December 2024 and 31 December 2023: Amounts in Euro 2024 2023 Cost of goods sold and materials consumed (Note 4.1.2) 880,548,487 848,515,663 External services and supplies Energy and fluids 138,428,891 96,858,336 Transportation of goods 152,884,413 134,873,147 Specialised work 100,751,347 93,678,739 Maintenance and repair 40,758,036 36,368,632 Rentals 8,688,495 9,216,917 Advertising and marketing 11,835,995 10,332,278 Insurance 13,322,369 10,556,973 Travel and accommodation 5,134,588 5,105,412 Fees 6,539,574 5,027,626 Subcontracts 2,723,064 2,719,386 Materials 4,161,889 3,503,308 Communications 1,409,739 1,301,725 Other 14,228,821 12,831,040 500,867,221 422,373,519 Variation in production (Note 4.1.3) 3,499,808 23,719,799 Payroll costs (Note 7.1) 203,780,154 172,252,203 Other operating expenses Costs with CO2 emission allowances 33,434,013 37,815,953 Impairment on receivables (Note 8.1.4) 340,564 596,813 Impairment losses on inventories (Note 4.1.4) 3,165,457 4,152,419 Other inventory losses 4,491,888 5,102,146 Indirect taxes 4,594,801 3,984,895 Water resource fee 2,076,795 1,701,536 Other operating expenses 4,492,152 4,887,829 52,595,670 58,241,591 Net provisions (Note 10.1) 32,178 (1,006,041) Total operating expenses 1,641,291,340 1,525,102,775The last quarter of 2024 was negatively impacted by the extension of the annual maintenance stoppage at one of the plants and by a series of extraordinary events at the energy assets: i) problems identified following a scheduled stoppage at an electricity generating turbine; ii) a breakdown at an electricity supply transformer; and unforeseen stoppages at biomass boilers. This sequence of events, which have now been regularised, resulted in a reduction in energy sales and an increase in purchases of natural gas and electricity, during a period of high prices for these commodities, which had a significant impact on the Energy and fluids caption. On the other hand, the increase in the Transportation of goods caption is essentially due to the integration of the Navigator Tissue UK Group. It should be noted that, despite the fact that 2024 was marked by the Red Sea crisis, which led to changes in maritime transport routes and generated an overall upward trend in freight rates, the Navigator Group maintained its path of reducing logistics costs, cutting them by 6% compared to 2023. Moreover, the increase in the Specialised work caption is mainly due to the costs of the acquisition of the Navigator Tissue Uk Group (Note 1.2) as well as its integration into the Navigator Group's accounts.The expenses with CO2 correspond to the emission of 466,992 tons of CO2 (31 December 2023: 471,757 tonnes), achieving a 34.9% reduction in CO2 emissions compared to 2020, the base year used for the validation of the targets by the Science Based Targets Initiative (466,992 tonnes vs. 717,121 tonnes of CO2 in 2020). The reduction in costs for the period is mainly due to the 12% reduction in the price of licences allocated (Euro 73.83\u20ac/ton in 2024 vs Euro 83.85/ton in 2023) corresponding to the basis for valuing the cost of emissions and the reduction in consumption compared to the previous year. In 2024 impairment losses in inventories essentially include the recognition of Euro 1,724,970 in impairment losses for UWF and tissue paper waste and Euro 1,248,818 for slow movers. In 2023, this caption mainly includes the recognition of an impairment of Euro 2,071,836 for the inventory of damaged paper identified on the platform of Navigator North America Inc.",
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"f1__s7__6__75-1": {
"value": "2.3. Other operating expensesAudit fees 2024 2023 Other entities Other entities KPMG & belonging to KPMG & belonging to Associados the same Associados the same Amounts in Euro SROC network SROC network The Navigator Company, S.A. Audit fees 252,500 - 169,000 - Other assurance services 116,500 - 34,010 - Other services 3,500 328,278 475 - 372,500 328,278 203,485 - To entities belonging to Navigator Group Audit fees 215,353 33,117 173,856 17,678 Other assurance services 51,850 - 58,000 - Other services - - 2,000 - 267,203 33,117 233,856 17,678 639,703 361,395 437,341 17,678 In 2024, the services other than auditing services invoiced to the company or to entities in a parent-subsidiary relationship with it by the External Auditor and Statutory Auditor, including entities in a holding relationship with it or that are part of the same network, represented 50.0% (2023: 21.4%) of the total services rendered. 2024 2023 Expenses in Expenses in Fees Amounts in Euro the period Fees invoiced the period invoiced KPMG (SROC) and other entities belonging to the same network Audit fees 643,224 500,970 404,940 357,534 Other assurance services 113,900 168,350 56,760 95,010 Other services 331,778 331,778 2,000 2,475 1,088,902 1,001,098 463,700 455,019 The services indicated as \"Other assurance services\" relate to the reporting of financial information and verification services for Sustainability Information. With regard to services other than auditing, these refer to the provision of financial information auditing services to a number of companies in a Group within the scope of the acquisition by the Navigator Group, as well as agreed procedures on financial information. The Board of Directors believes there are adequate procedures safeguarding the independence of auditors, through the Supervisory Board process analysis of the work proposed and careful definition of the work to be performed by the auditors.",
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"f1__s7__6__73-1": {
"value": "2.3. Other operating expensesIn 2024 and 2023, external services and supplies costs incurred for investigation and research activities amounted to Euro 5,349,558 and Euro 5,234,381, respectively. The Group plans to apply for SIFIDE approximately Euro 11 million (Euro 14 million in 2023) relating to research and development expenditure (which also includes eligible payroll costs). These expenses will allow the Group to benefit from incentives of approximately Euro 3.9 million (2023: Euro 5.3 million) if the eligibility criteria required by the application are met.",
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"f1__s7__6__77-1": {
"value": "3.1. GoodwillGoodwill \u2013 net amount Goodwill is attributed to the Group\u2019s cash generating units (CGU\u2019s), as follows: Amounts in Euro 2024 2023 CGU of UWF paper production on Figueira da Foz site 376,756,383 376,756,383 (goodwill resulting from the acquisition of Navigator Brands, S.A.) CGU of Tissue paper production on Vila Velha de R\u00f3d\u00e3o site 583,083 583,083 (goodwill resulting from the acquisition of Navigator Tissue R\u00f3d\u00e3o, S.A.) CGU for the production and commercialisation of Tissue paper in Ejea and France (goodwill resulting from the acquisition of Navigator Tissue Ejea, SL. and Navigator 4,156,542 4,156,542 Tissue France, EURL) CGU for the production and commercialisation of Tissue paper in the United Kingdom 41,131,329 - (initial goodwill resulting from the acquisition of the Accrol Holdings Plc Group) 422,627,337 381,496,008 Navigator Brands, S.A. / Navigator Paper Figueira, S.A. Following the acquisition of 100% of the former Soporcel - Sociedade Portuguesa de Papel, S.A. (currently Navigator Brands, S.A.), for Euro 1,154,842,000, Goodwill amounting to Euro 428,132,254 was determined. The goodwill generated on the acquisition of Navigator Paper Figueira was deemed to be allocable to the integrated paper production in Figueira da Foz Industrial Complex cash generating unit. The book value of Goodwill amounts to Euro 376,756,383 for having been subject to annual amortisations until 31 December 2003 (date of transition to IFRS: 1 January 2004), and amortisation, as from that date, the accumulated amount of which was Euro 51,375,871, has ceased. From that date on, depreciation ceased and was replaced by annual impairment tests. If this amortisation had not been interrupted, the net book value of the Goodwill as at 31 December 2024 would amount to Euro 17,125,290 (31 December 2023: \u20ac34,250,580). Navigator Tissue R\u00f3d\u00e3o, S.A. On 6 February 2015 the procedures and agreements for the acquisition of AMS-BR Star Paper, S.A. (later merged into Navigator Tissue R\u00f3d\u00e3o, S.A.) were concluded, with the authorisation to conclude this transaction being formalised on 17 April 2015. To the initial acquisition difference, of Euro 21,337,916, was deducted the AICEP\u2019s investment grant and the fair value of the acquired property, plant and equipment, with a goodwill amounting to Euro 583,083. Navigator Tissue Ejea, S.L.U. On 31 March 2023, the Navigator Group acquired all the shares representing the share capital of Gom\u00e0-Camps Consumer, S.L.U., based in Zaragoza, Spain, which in turn holds the entire share capital of Gom\u00e0-Camps France SAS, based in Castres, France. These companies have been renamed Navigator Tissue Ejea, S.L.U. and Navigator Tissue France SAS, respectively. The Enterprise Value of this acquisition amounted to Euro 60,951,811 and was realised entirely in cash and cash equivalents, with no contingent consideration associated with this acquisition. The initial acquisition difference of Euro 34,037,142 was deducted from the fair value attributed to property, plant and equipment and intangible assets acquired in the amount of Euro 38,240,800 and Euro 1,600,000, respectively, as well as the associated deferred tax liabilities, resulting in final goodwill of Euro 4,156,542 (Note 1.2). Navigator Tissue UK On 24 May 2024, the Navigator Group concluded a public takeover bid, in the form of a \u201cRecommended Firm Cash Offer\u201d, for the entire share capital of Accrol Group Holdings Plc (Accrol), currently Navigator Tissue UK Group, a company based in Blackburn, England, which holds 9 subsidiaries, 5 of which operational. Accrol Group is a leader in the tissue paper converting segment in the United Kingdom, producing private label toilet rolls, kitchen rolls and facial tissues for most of the main retailers in the UK. As part of this acquisition, the consideration transferred amounted to Euro 153,765,152 (GBP 130,823,390) and an initial goodwill of Euro 114,920,802 (GBP 97,774,618) was calculated, from which was deducted the fair value attributed to property, plant and equipment and intangible assets of Euro 25,734,059 and Euro 74,045,509, respectively, as well as the associated deferred tax liabilities (Note 1.2). The final goodwill amounted to Euro 40,086,125 (GBP 34,105,275), which on 31 December corresponded to an amount of Euro 41,131,329 as a result of the exchange rate update at the rate of 0.82918.Goodwill recoverability analysis Every year, the Navigator Group calculates the recoverable amount of each business, based on value-in-use calculations, in accordance with the Discounted Cash Flow method. The calculations are based on past performance and business expectations with the actual production structure, using the budget for the following year and projected cash flows for the following 4 years. As a result of the calculations, up to this date no impairment losses relating to Goodwill have been identified. The main assumptions for the above-mentioned calculation were as follows: Assumptions on the basis of the business plan Assumptions 2024 2023 (CAGR 2024-2028) (CAGR 2024-2028) Amount of sales (kt) Reference UWF Paper UWF Paper CAGR amount of sales (kt) 0.8% 0.0% Reference Tissue Paper Tissue Paper CAGR amount of sales (kt) 0.6% 0.6% Average price of sale ML/t Reference UWF Paper UWF Paper CAGR average price of sale ML/t 0.0% 0.3% Reference Tissue Paper Tissue Paper CAGR average price of sale ML/t (0.5%) 0.3% Perpetuity growth rate \u2013 UWF Paper (1.0%) (1.0%) Perpetuity growth rate \u2013 Tissue Paper 2.0% 2.0% Macroeconomic assumptions The main assumptions considered at the macroeconomic level are forecasts of GDP growth rate and inflation in Portugal. The sources of forecasts are the IMF and Banco de Portugal. 2024 Financial Year Macroeconomic assumptions 2025 2026 2027 2028 Real GDP growth rate 2.10% 2.20% 1.90% 1.90% Inflation EUR 2.10% 2.00% 2.00% 2.00% 2023 Financial Year Macroeconomic assumptions 2024 2025 2026 2027 Real GDP growth rate 1.50% 2.10% 2.00% 1.90% Inflation EUR 3.30% 2.10% 2.20% 2.00% The perpetuity growth rate reflects the Boards of Directors' vision of the medium and long term for the different Cash Generating Units (CGUs), bearing in mind the macroeconomic assumptions. Financial assumptions 2024 2023 Risk-freePerpetuity Risk-freePerpetuity interest WACC growth interest WACC growth Financial assumptions rate* rate EUR rate EUR Tax rate rate* rate EUR rate EUR Tax rate UWF Paper Explicit Planning Period 2.73% 6.00% 0.00% 27.50% 3.52% 6.85% 0.00% 27.50% Perpetuity 2.73% 6.00% (1.0%) 27.50% 3.52% 6.85% (1.0%) 27.50% * Includes Country Risk PremiumEstimates and judgements Recoverability of Goodwill The Group tests Goodwill impairment annually, recorded in its Statement of Financial Position. For impairment tests of CGUs, the recoverable amount was determined based on the value in use, according to the discounted cash flow method. The recoverable amount of CGUs derives from assumptions related to the activity, namely, sales volumes, average sales prices and variable costs that in the projection periods result from a combination of economic forecasts for the regions and markets where the Group operates, industry forecasts, including changes in markets derived from changes in installed capacity for each operating activity, internal management projections and historical performance. These calculations require the use of estimates. The impact of climate change has also been considered in the estimates of future cash flows, although the impact is not material. The risks and opportunities related to climate change identified in accordance with the TCFD recommendations are disclosed in the notes to the Management Report. Sensitivity analysis As at 31 December 2024, a possible increase of 0.5% in the discount rate used in the impairment test of Goodwill allocated to the cash-generating unit in Figueira da Foz integrated Paper, would imply a decrease in the assessment in the amount of Euro 273,710,850 (31 December 2023: Euro 214,028,739), which is still approximately 4 times higher than the book value of this cash-generating unit. Moreover, the 0.5% increase in the discount rate used in the impairment test for Navigator Tissue Ejea would imply a decrease in the valuation as at 31 December 2024 of Euro 15,985,812, which is still around 2 times higher than the book value of this cash-generating unit. With regard to the Goodwill allocated to Navigator Tissue R\u00f3d\u00e3o, given the immateriality of its value, any impacts would not be materially relevant.",
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"f1__s7__6__78-1": {
"value": "Goodwill \u2013 net amount Goodwill is attributed to the Group\u2019s cash generating units (CGU\u2019s), as follows: Amounts in Euro 2024 2023 CGU of UWF paper production on Figueira da Foz site 376,756,383 376,756,383 (goodwill resulting from the acquisition of Navigator Brands, S.A.) CGU of Tissue paper production on Vila Velha de R\u00f3d\u00e3o site 583,083 583,083 (goodwill resulting from the acquisition of Navigator Tissue R\u00f3d\u00e3o, S.A.) CGU for the production and commercialisation of Tissue paper in Ejea and France (goodwill resulting from the acquisition of Navigator Tissue Ejea, SL. and Navigator 4,156,542 4,156,542 Tissue France, EURL) CGU for the production and commercialisation of Tissue paper in the United Kingdom 41,131,329 - (initial goodwill resulting from the acquisition of the Accrol Holdings Plc Group) 422,627,337 381,496,008 Navigator Brands, S.A. / Navigator Paper Figueira, S.A. Following the acquisition of 100% of the former Soporcel - Sociedade Portuguesa de Papel, S.A. (currently Navigator Brands, S.A.), for Euro 1,154,842,000, Goodwill amounting to Euro 428,132,254 was determined. The goodwill generated on the acquisition of Navigator Paper Figueira was deemed to be allocable to the integrated paper production in Figueira da Foz Industrial Complex cash generating unit. The book value of Goodwill amounts to Euro 376,756,383 for having been subject to annual amortisations until 31 December 2003 (date of transition to IFRS: 1 January 2004), and amortisation, as from that date, the accumulated amount of which was Euro 51,375,871, has ceased. From that date on, depreciation ceased and was replaced by annual impairment tests. If this amortisation had not been interrupted, the net book value of the Goodwill as at 31 December 2024 would amount to Euro 17,125,290 (31 December 2023: \u20ac34,250,580). Navigator Tissue R\u00f3d\u00e3o, S.A. On 6 February 2015 the procedures and agreements for the acquisition of AMS-BR Star Paper, S.A. (later merged into Navigator Tissue R\u00f3d\u00e3o, S.A.) were concluded, with the authorisation to conclude this transaction being formalised on 17 April 2015. To the initial acquisition difference, of Euro 21,337,916, was deducted the AICEP\u2019s investment grant and the fair value of the acquired property, plant and equipment, with a goodwill amounting to Euro 583,083. Navigator Tissue Ejea, S.L.U. On 31 March 2023, the Navigator Group acquired all the shares representing the share capital of Gom\u00e0-Camps Consumer, S.L.U., based in Zaragoza, Spain, which in turn holds the entire share capital of Gom\u00e0-Camps France SAS, based in Castres, France. These companies have been renamed Navigator Tissue Ejea, S.L.U. and Navigator Tissue France SAS, respectively. The Enterprise Value of this acquisition amounted to Euro 60,951,811 and was realised entirely in cash and cash equivalents, with no contingent consideration associated with this acquisition. The initial acquisition difference of Euro 34,037,142 was deducted from the fair value attributed to property, plant and equipment and intangible assets acquired in the amount of Euro 38,240,800 and Euro 1,600,000, respectively, as well as the associated deferred tax liabilities, resulting in final goodwill of Euro 4,156,542 (Note 1.2). Navigator Tissue UK On 24 May 2024, the Navigator Group concluded a public takeover bid, in the form of a \u201cRecommended Firm Cash Offer\u201d, for the entire share capital of Accrol Group Holdings Plc (Accrol), currently Navigator Tissue UK Group, a company based in Blackburn, England, which holds 9 subsidiaries, 5 of which operational. Accrol Group is a leader in the tissue paper converting segment in the United Kingdom, producing private label toilet rolls, kitchen rolls and facial tissues for most of the main retailers in the UK. As part of this acquisition, the consideration transferred amounted to Euro 153,765,152 (GBP 130,823,390) and an initial goodwill of Euro 114,920,802 (GBP 97,774,618) was calculated, from which was deducted the fair value attributed to property, plant and equipment and intangible assets of Euro 25,734,059 and Euro 74,045,509, respectively, as well as the associated deferred tax liabilities (Note 1.2). The final goodwill amounted to Euro 40,086,125 (GBP 34,105,275), which on 31 December corresponded to an amount of Euro 41,131,329 as a result of the exchange rate update at the rate of 0.82918.Goodwill recoverability analysis Every year, the Navigator Group calculates the recoverable amount of each business, based on value-in-use calculations, in accordance with the Discounted Cash Flow method. The calculations are based on past performance and business expectations with the actual production structure, using the budget for the following year and projected cash flows for the following 4 years. As a result of the calculations, up to this date no impairment losses relating to Goodwill have been identified. The main assumptions for the above-mentioned calculation were as follows: Assumptions on the basis of the business plan Assumptions 2024 2023 (CAGR 2024-2028) (CAGR 2024-2028) Amount of sales (kt) Reference UWF Paper UWF Paper CAGR amount of sales (kt) 0.8% 0.0% Reference Tissue Paper Tissue Paper CAGR amount of sales (kt) 0.6% 0.6% Average price of sale ML/t Reference UWF Paper UWF Paper CAGR average price of sale ML/t 0.0% 0.3% Reference Tissue Paper Tissue Paper CAGR average price of sale ML/t (0.5%) 0.3% Perpetuity growth rate \u2013 UWF Paper (1.0%) (1.0%) Perpetuity growth rate \u2013 Tissue Paper 2.0% 2.0% Macroeconomic assumptions The main assumptions considered at the macroeconomic level are forecasts of GDP growth rate and inflation in Portugal. The sources of forecasts are the IMF and Banco de Portugal. 2024 Financial Year Macroeconomic assumptions 2025 2026 2027 2028 Real GDP growth rate 2.10% 2.20% 1.90% 1.90% Inflation EUR 2.10% 2.00% 2.00% 2.00% 2023 Financial Year Macroeconomic assumptions 2024 2025 2026 2027 Real GDP growth rate 1.50% 2.10% 2.00% 1.90% Inflation EUR 3.30% 2.10% 2.20% 2.00% The perpetuity growth rate reflects the Boards of Directors' vision of the medium and long term for the different Cash Generating Units (CGUs), bearing in mind the macroeconomic assumptions. Financial assumptions 2024 2023 Risk-freePerpetuity Risk-freePerpetuity interest WACC growth interest WACC growth Financial assumptions rate* rate EUR rate EUR Tax rate rate* rate EUR rate EUR Tax rate UWF Paper Explicit Planning Period 2.73% 6.00% 0.00% 27.50% 3.52% 6.85% 0.00% 27.50% Perpetuity 2.73% 6.00% (1.0%) 27.50% 3.52% 6.85% (1.0%) 27.50% * Includes Country Risk PremiumEstimates and judgements Recoverability of Goodwill The Group tests Goodwill impairment annually, recorded in its Statement of Financial Position. For impairment tests of CGUs, the recoverable amount was determined based on the value in use, according to the discounted cash flow method. The recoverable amount of CGUs derives from assumptions related to the activity, namely, sales volumes, average sales prices and variable costs that in the projection periods result from a combination of economic forecasts for the regions and markets where the Group operates, industry forecasts, including changes in markets derived from changes in installed capacity for each operating activity, internal management projections and historical performance. These calculations require the use of estimates. The impact of climate change has also been considered in the estimates of future cash flows, although the impact is not material. The risks and opportunities related to climate change identified in accordance with the TCFD recommendations are disclosed in the notes to the Management Report. Sensitivity analysis As at 31 December 2024, a possible increase of 0.5% in the discount rate used in the impairment test of Goodwill allocated to the cash-generating unit in Figueira da Foz integrated Paper, would imply a decrease in the assessment in the amount of Euro 273,710,850 (31 December 2023: Euro 214,028,739), which is still approximately 4 times higher than the book value of this cash-generating unit. Moreover, the 0.5% increase in the discount rate used in the impairment test for Navigator Tissue Ejea would imply a decrease in the valuation as at 31 December 2024 of Euro 15,985,812, which is still around 2 times higher than the book value of this cash-generating unit. With regard to the Goodwill allocated to Navigator Tissue R\u00f3d\u00e3o, given the immateriality of its value, any impacts would not be materially relevant.3.2. Intangible assets Movements in intangible assets Industrial property CO2 Other Intangible Amounts in Euro and other emission intangible assetsrights allowances assets in progress Total Gross amount Balance as at 01 January 2023 70,983 44,781,151 - - 44,852,134 Change in the perimeter (Note 1.2) - - 3,346,282 - 3,346,282 Allocations - 39,687,379 - - 39,687,379 Acquisitions 2,400,000 - - 522,645 2,922,645 Adjustments, transfers and write-offs 248,236 (42,966,321) - (522,645) (43,240,730) Balance as at 31 December 2023 2,719,219 41,502,209 3,346,282 - 47,567,710 Change in the perimeter (Note 1.2) 28,471,792 - 53,596,615 509,174 82,577,581 Allocations - 35,508,908 - - 35,508,908 Acquisitions - - 391,306 391,306 Adjustments, transfers and write-offs (39,267) (38,532,530) - - (38,571,797) Exchange rate adjustment 741,770 - 1,397,476 18,234 2,157,480 Balance as at 31 December 2024 31,893,514 38,478,587 58,340,373 918,714 129,631,188 Accumulated amortisation and impairment losses Balance as at 01 January 2023 (39,043) - - - (39,043) Change in the perimeter (Note 1.2) - - (1,341,517) - (1,341,517) Depreciation and amortisation for the period (Note 3.7) (263,319) - - - (263,319) Adjustments, transfers and write-offs 274,409 - - - 274,409 Balance as at 31 December 2023 (27,953) - (1,341,517) - (1,369,470) Change in the perimeter (Note 1.2) (4,315,193) - - - (4,315,193) Depreciation and amortisation for the period (Note 3.7) (1,543,687) - (2,500,420) - (4,044,107) Impairment losses for the period (Note 3.6) (145,674) - (145,674) Adjustments, transfers and write-offs 13,089 - - - 13,089 Exchange rate adjustment (138,373) - (30,773) - (169,146) Balance as at 31 December 2024 (6,012,117) (145,674) (3,872,710) - (10,030,501) Net book value as at 1 January 2023 31,940 44,781,151 - - 44,813,091 Net book value as at 31 December 2023 2,691,266 41,502,209 2,004,765 - 46,198,240 Net book value as at 31 December 2024 25,881,397 38,332,913 54,467,663 918,714 119,600,687 The increase in intellectual property and other rights and other intangible assets corresponds to the fair value attributed to the brands and customer portfolio as part of the process of acquiring the Navigator Tissue UK Group (Note 1.2). CO2 allowances31-12-2024 31-12-2023 CO2 emission allowances (units) 516,373 494,850 Average unit value (Euro) 74.52 83.87 Market quotation (Euro) 71.57 78.06 CO2 allowances \u2013 movements of the period 2024 2023 Amounts in Euro Tons Amount Tons Amount Opening balance 494,850 41,502,209 574,122 44,781,151 CO2 allowances awarded free of charge (Note 2.2) 480,955 35,508,908 473,314 39,687,379 CO2 allowances returned to the Licensing Coordinating Entity (459,432) (38,532,530) (552,586) (42,966,321) Closing balance 516,373 38,478,587 494,850 41,502,209",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__87": {
"value": "Accounting policies Goodwill Goodwill represents the difference between the fair value of the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiaries included in the consolidation on the acquisition date and is allocated to each CGU or to the lower group of CGUs to which it belongs. Amortisation and impairment Goodwill is not amortised. The Group carries out annual impairment tests on goodwill, or where there are signs of impairment. The recoverable amounts of cash-generating units are determined as the higher of value in use and fair value less cost of sale. Impairment losses on goodwill cannot be reversed. Disposal and loss of control Gains or losses arising from the sale or loss of control over an entity or business to which Goodwill is allocated include the amount of the corresponding goodwill. Tax deductibility Derived from the current tax legislation in Portugal, it is not expected that Goodwill generated or to be recognised will be tax deductible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__86": {
"value": "Accounting policies Goodwill Goodwill represents the difference between the fair value of the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiaries included in the consolidation on the acquisition date and is allocated to each CGU or to the lower group of CGUs to which it belongs. Amortisation and impairment Goodwill is not amortised. The Group carries out annual impairment tests on goodwill, or where there are signs of impairment. The recoverable amounts of cash-generating units are determined as the higher of value in use and fair value less cost of sale. Impairment losses on goodwill cannot be reversed. Disposal and loss of control Gains or losses arising from the sale or loss of control over an entity or business to which Goodwill is allocated include the amount of the corresponding goodwill. Tax deductibility Derived from the current tax legislation in Portugal, it is not expected that Goodwill generated or to be recognised will be tax deductible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__90": {
"value": "3.2. Intangible assets Movements in intangible assets Industrial property CO2 Other Intangible Amounts in Euro and other emission intangible assetsrights allowances assets in progress Total Gross amount Balance as at 01 January 2023 70,983 44,781,151 - - 44,852,134 Change in the perimeter (Note 1.2) - - 3,346,282 - 3,346,282 Allocations - 39,687,379 - - 39,687,379 Acquisitions 2,400,000 - - 522,645 2,922,645 Adjustments, transfers and write-offs 248,236 (42,966,321) - (522,645) (43,240,730) Balance as at 31 December 2023 2,719,219 41,502,209 3,346,282 - 47,567,710 Change in the perimeter (Note 1.2) 28,471,792 - 53,596,615 509,174 82,577,581 Allocations - 35,508,908 - - 35,508,908 Acquisitions - - 391,306 391,306 Adjustments, transfers and write-offs (39,267) (38,532,530) - - (38,571,797) Exchange rate adjustment 741,770 - 1,397,476 18,234 2,157,480 Balance as at 31 December 2024 31,893,514 38,478,587 58,340,373 918,714 129,631,188 Accumulated amortisation and impairment losses Balance as at 01 January 2023 (39,043) - - - (39,043) Change in the perimeter (Note 1.2) - - (1,341,517) - (1,341,517) Depreciation and amortisation for the period (Note 3.7) (263,319) - - - (263,319) Adjustments, transfers and write-offs 274,409 - - - 274,409 Balance as at 31 December 2023 (27,953) - (1,341,517) - (1,369,470) Change in the perimeter (Note 1.2) (4,315,193) - - - (4,315,193) Depreciation and amortisation for the period (Note 3.7) (1,543,687) - (2,500,420) - (4,044,107) Impairment losses for the period (Note 3.6) (145,674) - (145,674) Adjustments, transfers and write-offs 13,089 - - - 13,089 Exchange rate adjustment (138,373) - (30,773) - (169,146) Balance as at 31 December 2024 (6,012,117) (145,674) (3,872,710) - (10,030,501) Net book value as at 1 January 2023 31,940 44,781,151 - - 44,813,091 Net book value as at 31 December 2023 2,691,266 41,502,209 2,004,765 - 46,198,240 Net book value as at 31 December 2024 25,881,397 38,332,913 54,467,663 918,714 119,600,687 The increase in intellectual property and other rights and other intangible assets corresponds to the fair value attributed to the brands and customer portfolio as part of the process of acquiring the Navigator Tissue UK Group (Note 1.2). CO2 allowances31-12-2024 31-12-2023 CO2 emission allowances (units) 516,373 494,850 Average unit value (Euro) 74.52 83.87 Market quotation (Euro) 71.57 78.06 CO2 allowances \u2013 movements of the period 2024 2023 Amounts in Euro Tons Amount Tons Amount Opening balance 494,850 41,502,209 574,122 44,781,151 CO2 allowances awarded free of charge (Note 2.2) 480,955 35,508,908 473,314 39,687,379 CO2 allowances returned to the Licensing Coordinating Entity (459,432) (38,532,530) (552,586) (42,966,321) Closing balance 516,373 38,478,587 494,850 41,502,209",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__92-1": {
"value": "Accounting policies Intangible assets are recorded at acquisition cost less depreciation and impairment losses. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement.Brands Whenever brands are identified in a business combination, the Group records them separately in the consolidated financial statements as an asset at cost, which represents their fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the fair value of the brands acquired by the Group was as follows: Amounts in Euro 2024 2023 My Tissue 1,257,549 1,257,549 My Tissue Ecologic + 1,142,451 1,142,451 Elegance 6,753,660 - Magnum 8,562,676 - Softy 4,703,442 - Little Heroes 964,809 - 23,384,587 2,400,000 On subsequent valuation exercises, brands are recognised in the Group\u2019s consolidated financial statements at cost. They are not subject to annual amortisation, but instead tested for impairment at each reporting date. Own brands are not recognised in the Group\u2019s financial statements, as they represent internally generated intangible assets. Customer Portfolio Within the scope of a business combination, whenever identifiable, the Group recognises separately in the consolidated financial statements as an asset measured at cost the value of the customer portfolio acquired, which corresponds to its fair value on the acquisition date. As at 31 December 2024 and 31 December 2023, the customer portfolios acquired were as follows: Useful lifeUseful lifeAmounts in Euro 2024 2023 2024 2023 Customer portfolio - Consumer tissue business in Spain 1,400,000 1,600,000 7 8 Customer portfolio - Consumer tissue business in the United 52,957,272 - 18 -Kingdom 54,357,272 1,600,000 In the subsequent measurement, the customer portfolio is deducted from the respective amortisations and impairment losses, if applicable. The Group carries out impairment tests whenever events or circumstances may indicate that the book value of an asset exceeds its recoverable amount, being any impairment recognised in the income statement. Intangible assets developed internally Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__95": {
"value": "Intangible assets developed internally Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__94-1": {
"value": "Intangible assets developed internally Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.depreciation and impairment losses. Depreciation and impairment We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life. Average useful lifeAverage useful life2024 2023 Land (cost of preparing for afforestation) 50 50 Buildings and other constructions 10 \u2013 30 10 \u2013 30 Basic equipment 4 \u2013 20 4 \u2013 20 Transportation equipment 4 \u2013 9 4 \u2013 9 Tools 2 \u2013 8 2 \u2013 8 Administrative equipment 4 \u2013 8 4 \u2013 8 Other property, plant and equipment 4 \u2013 10 4 \u2013 10 The residual values of the assets and respective useful lives are reviewed and adjusted, on the date of the consolidated statement of financial position. If there are changes to useful lives, they are treated as a change in accounting estimate and are applied prospectively. When the book value of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.7). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__98": {
"value": "3.3. Property, plant and equipment Movements in property, plant and equipment Buildings and Equipment and other other tangible Assets under Amounts in Euro Land constructions assets construction Total Gross amount Balance as at 1 January 2023 115,774,318 544,499,868 3,727,191,728 92,156,485 4,479,622,399 Change in the perimeter 3,894,076 31,344,927 86,159,207 74,053 121,472,263 Acquisitions - 377,216 9,988,083 172,616,154 182,981,453 Disposals (41,843) (136,266) (357,628) - (535,737) Adjustments, transfers and write-offs 1,967,153 1,142,848 99,693,497 (104,092,298) (1,288,800) Balance as at 31 December 2023 121,593,704 577,228,593 3,922,674,887 160,754,394 4,782,251,578 Change in the perimeter (Note 1.2) - 2,875,637 96,215,441 3,122,596 102,213,674 Acquisitions - - 20,444,600 219,792,614 240,237,214 Disposals (24,289) - (152,538) (15,309) (192,136) Adjustments, transfers and write-offs 4,466,734 5,715,034 164,219,952 (179,727,640) (5,325,920) Exchange rate adjustment - 74,979 2,517,537 92,269 2,684,785 Balance as at 31 December 2024 126,036,149 585,894,243 4,205,220,052 204,718,751 5,121,869,195 Accumulated depreciation and impairment losses Balance as at 1 January 2023 - (381,686,338) (2,998,246,654) - (3,379,932,992) Change in the perimeter - (8,940,894) (31,324,474) - (40,265,368) Depreciation for the period (Note 3.7) - (13,799,813) (116,382,228) (130,182,041) Disposals - 120,107 316,423 - 436,530 Adjustments, transfers and write-offs - 5,228,860 (4,312,776) - 916,084 Balance as at 31 December 2023 - (399,078,078) (3,149,949,709) - (3,549,027,787) Change in the perimeter (Note 1.2) - - (7,088,063) - (7,088,063) Depreciation for the period (Note 3.7) - (14,130,046) (133,405,316) - (147,535,362) Impairments (Note 3.7) - (7,364,638) (308,965) (7,673,603) Disposals - - 27,662 - 27,662 Adjustments, transfers and write-offs - 1,380,299 4,253,777 - 5,634,076 Exchange rate adjustment - (937) (260,096) (261,033) Balance as at 31 December 2024 - (411,828,762) (3,293,786,383) (308,965) (3,705,924,110) Net book value as at 1 January 2023 115,774,318 162,813,530 728,945,074 92,156,485 1,099,689,407 Net book value as at 31 December 2023 121,593,704 178,150,515 772,725,178 160,754,394 1,233,223,791 Net book value as at 31 December 2024 126,036,149 174,065,481 911,433,669 204,409,786 1,415,945,085 As at 31 December 2024, Assets under construction include investments related to ongoing development projects, in particular the new recovery boiler in Set\u00fabal (Euro 99,388,025), the collection and incineration of NCGs (Non-Condensable Gases) (Euro 9,951,457), oxygen delignification (Euro 3,237,829), the new bleaching tower in Aveiro (Euro 2,500,000), the new cogeneration plant in Aveiro (Euro 2,500,000), the new Aveiro cogeneration plant (Euro 6,100,607) the new biomass boiler in Vila Velha de R\u00f3d\u00e3o (Euro 2,951,519), the new Figueira da Foz cogeneration plant (Euro 5,722,951), adapting the firing process for hydrogen (Euro 3,151,337) and the new biomass lime kiln (Euro 10,981,633) in Figueira da Foz. The remainder is related to several projects for improving and optimising the production process. Of the total investment of Euro 240,237,214, approximately 50% relates to investments classified as ESG and Euro 62,926,641 relates to investments under the Recovery and Resilience Plan (RRP). Lands includes Euro 116,798,934 (31 December 2023: Euro 115.903.357) classified in the individual financial statements as investment properties, from which Euro 79,989,817 (31 December 2023: Euro 76,765,242) relate to forestry land and Euro 36,945,028 (31 December 2023: Euro 39,138,115) to land allocated to industrial sites. In 2024, the Group decided to proceed with the pre-engineering project for the rebuild of the PM3 machine in Set\u00fabal, with the aim of converting the current production of high-grammage products into the production of more high-quality and efficient low-grammage products (LBW - Low Basis Weight), the market segment with the greatest potential for growth in replacing plastic. Accordingly, an impairment loss of Euro 7,116,061 was recognised on the entire net book value of PM3 as at 31 December 2024. The commitments assumed by the Group for the acquisition of property, plant and equipment are detailed in Note 10.2 - Commitments. Estimates and judgements Recoverability of Property, plant and equipment The recoverability of property, plant and equipment requires the Board of Directors to use estimates and assumptions, namely, whenever applicable, regarding the determination of the value in use for impairment tests to the Group's cash-generating units. Useful life and depreciation Property, plant and equipment present the most significant component of the Group's total assets. These assets are subject to systematic depreciation for the period that is determined to be their economic useful life. The determination of assets useful lives and the depreciation method to be applied is essential to determine the amount of depreciation to be recognised in the consolidated income statement of each period. These two parameters are defined according to the best judgement of the Board of Directors for the assets and businesses in question, also considering the practices adopted by companies of the sector at the international level and the evolution of the economic conditions in which the Group operates. Under IFRS, the estimate of the useful lives of assets should be reviewed if expectations regarding the expected economic benefits as well as the technical use planned for the assets differ from previous estimates. Changes resulting in depreciation charges for the period are accounted for prospectively. Given the importance of this estimate, the Group uses, with some regularity, external and independent experts to assess the adequacy of the estimates used having the last report been completed during the second half of 2024, with reference to 1 January 2024, with no significant impact on the Group's useful lives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__101": {
"value": "Accounting policies Property, plant and equipment Recognition and initial measurement Property, plant and equipment are shown at cost, less accumulated depreciation and impairment losses. Depreciation and impairment We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life. Average useful lifeAverage useful life2024 2023 Land (cost of preparing for afforestation) 50 50 Buildings and other constructions 10 \u2013 30 10 \u2013 30 Basic equipment 4 \u2013 20 4 \u2013 20 Transportation equipment 4 \u2013 9 4 \u2013 9 Tools 2 \u2013 8 2 \u2013 8 Administrative equipment 4 \u2013 8 4 \u2013 8 Other property, plant and equipment 4 \u2013 10 4 \u2013 10 The residual values of the assets and respective useful lives are reviewed and adjusted, on the date of the consolidated statement of financial position. If there are changes to useful lives, they are treated as a change in accounting estimate and are applied prospectively. When the book value of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.7). Subsequent costs Scheduled maintenance expenses are considered a component of the acquisition cost of property, plant and equipment and are fully depreciated by the next forecasted maintenance date. All other repairs and maintenance costs are charged to the income statement in the financial period in which they are incurred. Spare and maintenance parts Spare parts are considered strategic as they are directly related to production equipment and their use is expected to last for more than two economic years. Maintenance parts considered as \u201ccritical spare parts\u201d are recorded under non-current assets, as Property, plant and equipment. In accordance with this classification, spare parts are depreciated from the moment they become available for use and are assigned a useful life that follows the nature of the equipment, where they are expected to be integrated, not exceeding the remaining useful life of these. Spare parts are accounted for as property, plant and equipment if they are material and used for more than one period, or if they are used only in relation to an item of property, plant and equipment. In other situations, spare parts are accounted for as part of inventories and recognized in the period when consumed. Borrowing costs Borrowing costs directly related to the acquisition or construction (if the construction or development period exceeds one year) of property, plant and equipment are capitalised and form part of the asset\u2019s cost. During the periods presented, no financial charges for loans directly related to the acquisition or construction of property, plant and equipment were capitalised. Write-offs and disposals Gains or losses arising from write-offs or disposals are determined by the difference between the proceeds from the disposals when applicable less transaction costs and the carrying amount of the asset and are recognised in the income statement as Other operating income (Note 2.2) or Other operating expenses (Note 2.3). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__104": {
"value": "depreciation and impairment losses. Depreciation and impairment We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life. Average useful lifeAverage useful life2024 2023 Land (cost of preparing for afforestation) 50 50 Buildings and other constructions 10 \u2013 30 10 \u2013 30 Basic equipment 4 \u2013 20 4 \u2013 20 Transportation equipment 4 \u2013 9 4 \u2013 9 Tools 2 \u2013 8 2 \u2013 8 Administrative equipment 4 \u2013 8 4 \u2013 8 Other property, plant and equipment 4 \u2013 10 4 \u2013 10 The residual values of the assets and respective useful lives are reviewed and adjusted, on the date of the consolidated statement of financial position. If there are changes to useful lives, they are treated as a change in accounting estimate and are applied prospectively. When the book value of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.7). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__102": {
"value": "Subsequent costs Scheduled maintenance expenses are considered a component of the acquisition cost of property, plant and equipment and are fully depreciated by the next forecasted maintenance date. All other repairs and maintenance costs are charged to the income statement in the financial period in which they are incurred. Spare and maintenance parts Spare parts are considered strategic as they are directly related to production equipment and their use is expected to last for more than two economic years. Maintenance parts considered as \u201ccritical spare parts\u201d are recorded under non-current assets, as Property, plant and equipment. In accordance with this classification, spare parts are depreciated from the moment they become available for use and are assigned a useful life that follows the nature of the equipment, where they are expected to be integrated, not exceeding the remaining useful life of these. Spare parts are accounted for as property, plant and equipment if they are material and used for more than one period, or if they are used only in relation to an item of property, plant and equipment. In other situations, spare parts are accounted for as part of inventories and recognized in the period when consumed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__105-1": {
"value": "Borrowing costs Borrowing costs directly related to the acquisition or construction (if the construction or development period exceeds one year) of property, plant and equipment are capitalised and form part of the asset\u2019s cost. During the periods presented, no financial charges for loans directly related to the acquisition or construction of property, plant and equipment were capitalised.Accounting policies Interest-bearing liabilities includes Bonds, Commercial Paper, bank loans and other financing. Initial measurement At fair value, net of transaction costs incurred. Subsequent measurement At amortised cost, using the effective interest rate method. The difference between the repayment amount and the initial measurement amount is recognised in the income statement over the debt period under \"Interest expenses on other loans\" in Note 5.10 \u2013 Net financial results. Fair value The book value of short-term interest-bearing liabilities or loans contracted at variable interest rates are close to their fair value. The fair value of interest-bearing liabilities that are remunerated at a fixed rate is disclosed in Note 8.3 \u2013 Financial assets and liabilities. Disclosure The Group must classify a liability as current when: a) it expects to settle the liability in the normal course of its operating cycle; b) it holds the liability primarily for trading purposes; c) the liability is expected to be settled within twelve months of the reporting period; or d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__107": {
"value": "3.4. Investment properties Movement in investment properties Buildings and Amounts in Euro other Land constructions Total Gross amount Balance as at 1 January 2023 424,744 82,307 507,051 Acquisitions - - - Impairment losses - - - Disposals - - - Adjustments, transfers and write-offs 142,288 530,684 672,972 Balance as at 31 December 2023 567,032 612,991 1,180,023 Acquisitions - - - Disposals (25,371) (82,308) (107,679) Adjustments, transfers and write-offs - - - Balance as at 31 December 2024 541,661 530,683 1,072,344 Accumulated depreciation and impairment losses Balance as at 1 January 2023 (399,372) (16,735) (416,107) Depreciation for the period (Note 3.7) - - - Disposals - - - Impairment losses (Note 3.7) - (1,646) (1,646) Adjustments, transfers and write-offs - (298,866) (298,866) Balance as at 31 December 2023 (399,372) (317,247) (716,619) Depreciation for the period (Note 3.7) - - - Disposals - 19,480 19,480 Impairment losses (Note 3.7) - (15,035) (15,035) Adjustments, transfers and write-offs - - - Balance as at 31 December 2024 (399,372) (312,802) (712,174) Net book value as at 1 January 2023 25,372 65,572 90,943 Net book value as at 31 December 2023 167,660 295,744 463,404 Net book value as at 31 December 2024 142,289 217,881 360,170 The amount for adjustments, transfers and write-offs as at 31 December 2023 pertains to the building at Rua S\u00e3o Jos\u00e9 35, 2\u00ba - A Lisboa 1150-321. The building is owned by the subsidiary Emprem\u00e9dia \u2013 Corretores de Seguros, S.A. It is no longer used for the Group's operational activity since the transfer of this subsidiary's employees to the Navigator building on Avenida Fontes Pereira de Melo. These assets are not allocated to the Group's operating activity, nor do they have any future use determined.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__109": {
"value": "3.5. Government grants Government grants - movements 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total Opening balance 99,667,539 16,234,048 115,901,587 15,916,110 17,900,449 33,816,559 Allocation 8,765,668 - 8,765,668 85,800,391 - 85,800,391 Charge-off (Note 3.7) (3,056,921) (1,666,401) (4,723,322) (2,048,962) (1,666,401) (3,715,363) Closing balance (Note 4.3) 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 The allocations for the period relate to the sums allocated under the mobilizing agendas of the Recovery and Resilience Plan (RRP). Only Euro 43,952,298 of the amount allocated was received in the period, (Euro 27,529,156 as at 31 December 2023) as reflected in the Statement of Cash Flows. As at 31 December 2024 and 2023, government grants, by company, were detailed as follows: 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total AICEP investment contracts Enerpulp, S.A. 105,727 - 105,727 179,890 - 179,890 Navigator Pulp Aveiro, S.A. 1,806,126 721,286 2,527,412 2,781,642 1,138,676 3,920,318 Navigator Pulp Set\u00fabal, S.A. - - - 19,692 - 19,692 Navigator Pulp Figueira, S.A. 144,135 6,755,137 6,899,272 5,293 7,465,212 7,470,505 Navigator Parques Industriais, S.A. 1,691,570 - 1,691,570 1,750,927 - 1,750,927 Navigator Tissue Aveiro, S.A. 2,429,628 7,091,224 9,520,852 2,612,638 7,630,160 10,242,798 6,177,186 14,567,647 20,744,833 7,350,082 16,234,048 23,584,130 Under the Recovery and Resilience Plan Navigator Forest Portugal, S.A. 36,510 - 36,510 36,510 - 36,510 Viveiros Alian\u00e7a, SA 18,161 - 18,161 20,800 - 20,800 Navigator Tissue Aveiro, S.A. 11,968,393 - 11,968,393 12,016,780 - 12,016,780 Navigator Paper Set\u00fabal, S.A. 10,966,135 - 10,966,135 10,980,533 - 10,980,533 Navigator Pulp Aveiro, S.A. 17,752,757 - 17,752,757 18,692,916 - 18,692,916 Navigator Pulp Set\u00fabal, S.A. 21,480,000 - 21,480,000 21,480,000 - 21,480,000 Navigator Tissue R\u00f3d\u00e3o S.A. 8,462,427 - 8,462,427 - - - Navigator Pulp Figueira, S.A. 16,408,219 - 16,408,219 16,408,219 - 16,408,219 Navigator Paper Figueira, S.A. 4,621,122 - 4,621,122 4,621,122 - 4,621,122 Raiz 2,048,251 - 2,048,251 2,157,854 - 2,157,854 93,761,975 - 93,761,975 86,414,734 - 86,414,734 Other Navigator Pulp Set\u00fabal, S.A. 4,488,046 - 4,488,046 4,488,046 - 4,488,046 Raiz 949,079 - 949,079 1,154,590 - 1,154,590 Viveiros Alian\u00e7a, SA - - - 11,610 - 11,610 Navigator Tissue Ejea, S.L. - - - 248,477 - 248,477 5,437,125 - 5,437,125 5,902,723 - 5,902,723 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 The Group expects to recognise grants in profit/(loss) as follows: 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total 2024 - - - 1,685,836 1,666,401 3,352,237 2025 2,543,940 1,398,687 3,942,627 1,335,087 1,398,687 2,733,774 2026 2,424,840 1,390,347 3,815,187 1,215,985 1,390,347 2,606,332 2027 1,787,665 1,390,304 3,177,969 585,137 1,390,304 1,975,441 2028 1,756,644 1,390,304 3,146,948 572,417 1,390,304 1,962,721 2029 1,517,326 1,209,424 2,726,750 - - - After 2029 95,345,871 7,788,581 103,134,452 94,273,077 8,998,005 103,271,082 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 Non-repayable Government grants Incentive to increase pulp production capacity in Figueira da Foz On 27 December 2018, Navigator Pulp Figueira, S.A signed a tax investment agreement with AICEP, related to the investment associated with the increase of pulp production capacity in Figueira da Foz, which includes a tax incentive up to the maximum amount of Euro 17,278,657, corresponding to 19.5% of the investment made, through the fulfilment, until 31 December 2025 of the contractually defined objectives. This grant, drawn on by the subsidiary to the amount of Euro 14,437,235, is being recognised over 20 years, until 2038, in proportion to the depreciation of the assets, although it has been fully utilised since 2018, by means of a tax rebate. Incentives for the expansion project of the Cacia pulp mill On 18 June 2014, the Group\u2019s subsidiary, Navigator Pulp Aveiro, S.A., signed two financial and tax incentive agreements with the AICEP \u2013 Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal (Agency for Investment and Foreign Trade of Portugal), effective until 2023 and 2024, respectively, to support the investment to be promoted by that company in the capacity increase project of Aveiro pulp mill, with a total amount of Euro 49.3 million. The approved grants amount to Euro 9.753 million (repayable) and Euro 5.644 million (tax incentive). This amount has been fully utilised since 2016 and will be recognised in profit/(loss) in 20 years, until 2034. The contract includes an achievement bonus already recognised in the balance sheet and received in April 2024, which corresponds to the conversion of 75% of the repayable grant in a non-repayable grant, in the amount of Euro 7,314,397, subject to compliance with the objectives established in the contract. In March 2014, the subsidiary Navigator Tissue R\u00f3d\u00e3o, S.A. signed investment contracts with AICEP - Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal (Agency for Investment and Foreign Trade of Portugal), effective between 2014 and 2022, for the construction of a second tissue paper machine at its Vila Velha de R\u00f3d\u00e3o unit, with the aim of contributing part of the investment through EU funds by means of refundable financial incentives amounting to Euro 9,647,700, convertible into non-refundable incentives, up to a limit of 50%, i.e. Euro 4,823,850. The incentive should have been paid in two instalments, on 31 December 2016 and 31 December 2018, however on 31 December 2024 the amount of Euro 2,407,395 remains to be received (Note 4.2). Grant to the Set\u00fabal Lime Kiln Conversion project As part of the Carbon Neutrality Roadmap, the Group has signed a financial investment contract with the European Union to support investment by Navigator Pulp Set\u00fabal in the conversion of the lime kiln at the Set\u00fabal pulp mill, with a planned total investment of Euro 7,500,000. The maximum approved grant amounts to Euro 4,488,046 and will be paid through a single non-repayable instalment, up to the end of the third year of operation of the equipment, which is expected to begin in the third quarter of 2025. Recovery and Resilience Plan The Navigator Group is involved in four Agendas for Business Innovation of the Recovery and Resilience Plan (RRP), through investment of Euro 91.8 million. The Group, through Navigator Paper Set\u00fabal, S.A., is leading the \u201cFrom Fossil to Forest\u201d (FF2F) Agenda, whose main goal is to develop a range of packaging solutions\u2014focused on the gKRAFT brand to be launched in 2021\u2014and the production of micro fibrillated cellulose for developing mechanical properties and functional barriers (to fats and liquids, amongst others) in these papers. In total, the Group will benefit from support of around Euro 25.9 million from this component of the RRP (C5 - Corporate Capitalization and Innovation). During 2022, the Group companies Navigator Paper Setubal, S.A., Navigator Pulp Set\u00fabal, S.A., Navigator Paper Figueira, S.A., Navigator Pulp Figueira, S.A., Navigator Pulp Aveiro, S.A. and Navigator Tissue Aveiro, S.A. applied for \u201cApoio \u00e0 Descarboniza\u00e7\u00e3o da Ind\u00fastria\u201d (Support for Decarbonisation of Industry) under the RRP. This support is part of a set of measures under Component 11 (C11) of the RRP, which aims to contribute to the goal of carbon neutrality by promoting energy transition through energy efficiency, support for renewable energy, focusing on the adoption of low-carbon processes and technologies in industry, the adoption of energy efficiency measures in industry and the incorporation of energy from renewable sources and energy storage. Recently, this was extended to a second phase of application, in which Navigator Tissue R\u00f3d\u00e3o S.A., like the other companies, presented a series of initiatives related to its carbon neutrality. In the future, the Group expects to invest Euro 173.1 million in these initiatives, of which it hopes to receive Euro 75.8 million in funding. Also in 2022, Group companies applied for RRP incentives for the \u201cRede Nacional de Test Bed\u201d (National Test Bed Network), which aims to create a national network providing services to companies for the development and testing of new products and services. The application, involving an investment of Euro 2.2 million, was approved at the end of the year and IAPMEI decided to award Navigator Pulp Figueira. S.A. Euro 1.4 million. However, the Group's participation in the RRP is not complete without RAIZ's participation in Component 12 of the RRP, related to the Bioeconomy, where it plans to invest Euro 1.7 million and receive an incentive of Euro 1.4 million to accelerate, in partnership with CITEVE and other 52 promoters, the creation of high value-added products from biological resources as an alternative to fossil-based materials, while maintaining and even improving quality standards, with great potential in different market segments. Repayable government grants On 13 December 2017, the subsidiary Navigator Tissue Aveiro, S.A. entered into an investment agreement with AICEP, effective until 2026, for the construction of the new tissue mill in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, which includes a grace period of two years, without payment of interest, up to a maximum amount of Euro 42,166,636, corresponding to 35% on the amount of expenses considered eligible, which were estimated at Euro 120,476 million. As at 31 December 2024, the repayable grant has been fully received. On 20 April 2018, the same entity was also awarded with a tax incentive granted through the compliance of contractually defined requirements until 31 December 2028, whose maximum amount will be Euro 11,515,870, corresponding to 10% of the expenses associated with the project investment. See Note 5.7. This amount has been fully utilised since 2019 and will be recognised in profit/(loss), on average, in 24 years, until 2043. There are no unfulfilled conditions and other contingencies linked to Government grants that have been recognised and Navigator is complying with the conditions according to plan.",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__108": {
"value": "3.5. Government grants Government grants - movements 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total Opening balance 99,667,539 16,234,048 115,901,587 15,916,110 17,900,449 33,816,559 Allocation 8,765,668 - 8,765,668 85,800,391 - 85,800,391 Charge-off (Note 3.7) (3,056,921) (1,666,401) (4,723,322) (2,048,962) (1,666,401) (3,715,363) Closing balance (Note 4.3) 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 The allocations for the period relate to the sums allocated under the mobilizing agendas of the Recovery and Resilience Plan (RRP). Only Euro 43,952,298 of the amount allocated was received in the period, (Euro 27,529,156 as at 31 December 2023) as reflected in the Statement of Cash Flows. As at 31 December 2024 and 2023, government grants, by company, were detailed as follows: 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total AICEP investment contracts Enerpulp, S.A. 105,727 - 105,727 179,890 - 179,890 Navigator Pulp Aveiro, S.A. 1,806,126 721,286 2,527,412 2,781,642 1,138,676 3,920,318 Navigator Pulp Set\u00fabal, S.A. - - - 19,692 - 19,692 Navigator Pulp Figueira, S.A. 144,135 6,755,137 6,899,272 5,293 7,465,212 7,470,505 Navigator Parques Industriais, S.A. 1,691,570 - 1,691,570 1,750,927 - 1,750,927 Navigator Tissue Aveiro, S.A. 2,429,628 7,091,224 9,520,852 2,612,638 7,630,160 10,242,798 6,177,186 14,567,647 20,744,833 7,350,082 16,234,048 23,584,130 Under the Recovery and Resilience Plan Navigator Forest Portugal, S.A. 36,510 - 36,510 36,510 - 36,510 Viveiros Alian\u00e7a, SA 18,161 - 18,161 20,800 - 20,800 Navigator Tissue Aveiro, S.A. 11,968,393 - 11,968,393 12,016,780 - 12,016,780 Navigator Paper Set\u00fabal, S.A. 10,966,135 - 10,966,135 10,980,533 - 10,980,533 Navigator Pulp Aveiro, S.A. 17,752,757 - 17,752,757 18,692,916 - 18,692,916 Navigator Pulp Set\u00fabal, S.A. 21,480,000 - 21,480,000 21,480,000 - 21,480,000 Navigator Tissue R\u00f3d\u00e3o S.A. 8,462,427 - 8,462,427 - - - Navigator Pulp Figueira, S.A. 16,408,219 - 16,408,219 16,408,219 - 16,408,219 Navigator Paper Figueira, S.A. 4,621,122 - 4,621,122 4,621,122 - 4,621,122 Raiz 2,048,251 - 2,048,251 2,157,854 - 2,157,854 93,761,975 - 93,761,975 86,414,734 - 86,414,734 Other Navigator Pulp Set\u00fabal, S.A. 4,488,046 - 4,488,046 4,488,046 - 4,488,046 Raiz 949,079 - 949,079 1,154,590 - 1,154,590 Viveiros Alian\u00e7a, SA - - - 11,610 - 11,610 Navigator Tissue Ejea, S.L. - - - 248,477 - 248,477 5,437,125 - 5,437,125 5,902,723 - 5,902,723 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 The Group expects to recognise grants in profit/(loss) as follows: 2024 2023 Amounts in Euro Financial Tax Total Financial Tax Total 2024 - - - 1,685,836 1,666,401 3,352,237 2025 2,543,940 1,398,687 3,942,627 1,335,087 1,398,687 2,733,774 2026 2,424,840 1,390,347 3,815,187 1,215,985 1,390,347 2,606,332 2027 1,787,665 1,390,304 3,177,969 585,137 1,390,304 1,975,441 2028 1,756,644 1,390,304 3,146,948 572,417 1,390,304 1,962,721 2029 1,517,326 1,209,424 2,726,750 - - - After 2029 95,345,871 7,788,581 103,134,452 94,273,077 8,998,005 103,271,082 105,376,286 14,567,647 119,943,933 99,667,539 16,234,048 115,901,587 Non-repayable Government grants Incentive to increase pulp production capacity in Figueira da Foz On 27 December 2018, Navigator Pulp Figueira, S.A signed a tax investment agreement with AICEP, related to the investment associated with the increase of pulp production capacity in Figueira da Foz, which includes a tax incentive up to the maximum amount of Euro 17,278,657, corresponding to 19.5% of the investment made, through the fulfilment, until 31 December 2025 of the contractually defined objectives. This grant, drawn on by the subsidiary to the amount of Euro 14,437,235, is being recognised over 20 years, until 2038, in proportion to the depreciation of the assets, although it has been fully utilised since 2018, by means of a tax rebate. Incentives for the expansion project of the Cacia pulp mill On 18 June 2014, the Group\u2019s subsidiary, Navigator Pulp Aveiro, S.A., signed two financial and tax incentive agreements with the AICEP \u2013 Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal (Agency for Investment and Foreign Trade of Portugal), effective until 2023 and 2024, respectively, to support the investment to be promoted by that company in the capacity increase project of Aveiro pulp mill, with a total amount of Euro 49.3 million. The approved grants amount to Euro 9.753 million (repayable) and Euro 5.644 million (tax incentive). This amount has been fully utilised since 2016 and will be recognised in profit/(loss) in 20 years, until 2034. The contract includes an achievement bonus already recognised in the balance sheet and received in April 2024, which corresponds to the conversion of 75% of the repayable grant in a non-repayable grant, in the amount of Euro 7,314,397, subject to compliance with the objectives established in the contract. In March 2014, the subsidiary Navigator Tissue R\u00f3d\u00e3o, S.A. signed investment contracts with AICEP - Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal (Agency for Investment and Foreign Trade of Portugal), effective between 2014 and 2022, for the construction of a second tissue paper machine at its Vila Velha de R\u00f3d\u00e3o unit, with the aim of contributing part of the investment through EU funds by means of refundable financial incentives amounting to Euro 9,647,700, convertible into non-refundable incentives, up to a limit of 50%, i.e. Euro 4,823,850. The incentive should have been paid in two instalments, on 31 December 2016 and 31 December 2018, however on 31 December 2024 the amount of Euro 2,407,395 remains to be received (Note 4.2). Grant to the Set\u00fabal Lime Kiln Conversion project As part of the Carbon Neutrality Roadmap, the Group has signed a financial investment contract with the European Union to support investment by Navigator Pulp Set\u00fabal in the conversion of the lime kiln at the Set\u00fabal pulp mill, with a planned total investment of Euro 7,500,000. The maximum approved grant amounts to Euro 4,488,046 and will be paid through a single non-repayable instalment, up to the end of the third year of operation of the equipment, which is expected to begin in the third quarter of 2025. Recovery and Resilience Plan The Navigator Group is involved in four Agendas for Business Innovation of the Recovery and Resilience Plan (RRP), through investment of Euro 91.8 million. The Group, through Navigator Paper Set\u00fabal, S.A., is leading the \u201cFrom Fossil to Forest\u201d (FF2F) Agenda, whose main goal is to develop a range of packaging solutions\u2014focused on the gKRAFT brand to be launched in 2021\u2014and the production of micro fibrillated cellulose for developing mechanical properties and functional barriers (to fats and liquids, amongst others) in these papers. In total, the Group will benefit from support of around Euro 25.9 million from this component of the RRP (C5 - Corporate Capitalization and Innovation). During 2022, the Group companies Navigator Paper Setubal, S.A., Navigator Pulp Set\u00fabal, S.A., Navigator Paper Figueira, S.A., Navigator Pulp Figueira, S.A., Navigator Pulp Aveiro, S.A. and Navigator Tissue Aveiro, S.A. applied for \u201cApoio \u00e0 Descarboniza\u00e7\u00e3o da Ind\u00fastria\u201d (Support for Decarbonisation of Industry) under the RRP. This support is part of a set of measures under Component 11 (C11) of the RRP, which aims to contribute to the goal of carbon neutrality by promoting energy transition through energy efficiency, support for renewable energy, focusing on the adoption of low-carbon processes and technologies in industry, the adoption of energy efficiency measures in industry and the incorporation of energy from renewable sources and energy storage. Recently, this was extended to a second phase of application, in which Navigator Tissue R\u00f3d\u00e3o S.A., like the other companies, presented a series of initiatives related to its carbon neutrality. In the future, the Group expects to invest Euro 173.1 million in these initiatives, of which it hopes to receive Euro 75.8 million in funding. Also in 2022, Group companies applied for RRP incentives for the \u201cRede Nacional de Test Bed\u201d (National Test Bed Network), which aims to create a national network providing services to companies for the development and testing of new products and services. The application, involving an investment of Euro 2.2 million, was approved at the end of the year and IAPMEI decided to award Navigator Pulp Figueira. S.A. Euro 1.4 million. However, the Group's participation in the RRP is not complete without RAIZ's participation in Component 12 of the RRP, related to the Bioeconomy, where it plans to invest Euro 1.7 million and receive an incentive of Euro 1.4 million to accelerate, in partnership with CITEVE and other 52 promoters, the creation of high value-added products from biological resources as an alternative to fossil-based materials, while maintaining and even improving quality standards, with great potential in different market segments. Repayable government grants On 13 December 2017, the subsidiary Navigator Tissue Aveiro, S.A. entered into an investment agreement with AICEP, effective until 2026, for the construction of the new tissue mill in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, which includes a grace period of two years, without payment of interest, up to a maximum amount of Euro 42,166,636, corresponding to 35% on the amount of expenses considered eligible, which were estimated at Euro 120,476 million. As at 31 December 2024, the repayable grant has been fully received. On 20 April 2018, the same entity was also awarded with a tax incentive granted through the compliance of contractually defined requirements until 31 December 2028, whose maximum amount will be Euro 11,515,870, corresponding to 10% of the expenses associated with the project investment. See Note 5.7. This amount has been fully utilised since 2019 and will be recognised in profit/(loss), on average, in 24 years, until 2043. There are no unfulfilled conditions and other contingencies linked to Government grants that have been recognised and Navigator is complying with the conditions according to plan.",
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"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
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"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__113-1": {
"value": "3.6. Right-of-use assets Movements in right-of-use assets Forestry Software Other lease Amounts in Euro lands Buildings Vehicles licenses assets Total Gross amount Balance as at 1 January 2023 58,830,098 4,655,055 11,577,961 1,556,613 9,420,387 86,040,114 Acquisitions 11,116,077 53,744 3,069,783 - 1,764,073 16,003,677 Adjustments, transfers and write-offs - (356,397) (2,711,330) (342,519) - (3,410,246) Balance as at 31 December 2023 69,946,175 4,352,402 11,936,414 1,214,094 11,184,460 98,633,545 Change in the perimeter (Note 1.2) - 930,133 276,256 175,801 42,512,894 43,895,084 Acquisitions 5,630,367 117,679 4,275,979 35,253 5,340,453 15,399,731 Adjustments, transfers and write-offs (1,344,968) (7,922) (1,365,244) (49,559) (3,902,749) (6,670,442) Exchange rate adjustment 24,252 7,613 3,823 1,092,764 1,128,452 Balance as at 31 December 2024 74,231,574 5,416,544 15,131,018 1,379,412 56,227,822 152,386,370 Accumulated depreciation and impairment losses (12,821,764(28,105,273Balance as at 1 January 2023 (2,400,948) (7,281,667) (1,113,577) (4,487,317) ) ) Depreciation (Note 3.7) (3,961,429) (520,165) (2,532,286) (350,435) (2,102,841) (9,467,156) Adjustments, transfers and write-offs 356,397 3,240,702 342,519 43,721 3,983,339 Exchange rate adjustment - - - - - - (16,783,193(33,589,090Balance as at 31 December 2023 (2,564,716) (6,573,251) (1,121,493) (6,546,437) ) ) Change in the perimeter (Note 1.2) (681,574) (72,706) (142,632) (11,119,701) (12,016,613) Depreciation (Note 3.7) (4,219,898) (695,288) (2,517,949) (154,255) (5,582,615) (13,170,005) Adjustments, transfers and write-offs 1,344,968 7,922 1,252,660 49,559 2,715,166 5,370,275 Exchange rate adjustment (20,060) (2,765) (3,364) (303,582) (329,771) (19,658,123(20,837,169(53,735,204Balance as at 31 December 2024 (3,953,716) (7,914,011) (1,372,185) ) ) ) Net book value as at 1 January 2023 46,008,334 2,254,107 4,296,294 443,036 4,933,070 57,934,840 Net book value as at 31 December 2023 53,162,982 1,787,686 5,363,163 92,601 4,638,023 65,044,454 Net book value as at 31 December 2024 54,573,451 1,462,828 7,217,007 7,227 35,390,653 98,651,166 The caption Forestry Lands relates essentially to the land use rights of existing forest exploration, whose agreements usually have nd harvest takes place before the 24a duration of 24 years, and may be cancelled in advance if the 2 year of the agreement term. The caption Buildings refers to the lease agreement entered into between The Navigator Company, S.A. e a MaxiRent - Fundo de Investimento Imobili\u00e1rio Fechado for the building located at Avenida Fontes Pereira de Melo, in Lisbon, for use as an office until May 2027. Other lease assets include the Navigator Tissue UK Group's rental contracts for forklifts, warehouses and converting equipment. Cash flows associated with lease payments correspond to the financial amortisation of Euro 11,764,677 and interest of Euro 3,896,924 (Note 5.10), amounting to Euro 15,661,601, as shown in the Statement of Cash Flows.5.8. Lease liabilities Lease liabilities \u2013 Nature 2024 2023 Amounts in Euro Non-current Current Total Non-current Current Total Forestry lands 57,264,280 3,571,330 60,835,610 55,314,521 3,183,910 58,498,431 Buildings 874,505 595,254 1,469,759 1,374,377 540,140 1,914,517 Vehicles 4,878,286 2,422,257 7,300,543 3,815,266 1,580,224 5,395,490 Software licenses - 7,537 7,537 - 94,312 94,312 Other lease liabilities 35,610,598 6,512,853 42,123,451 2,344,597 1,749,474 4,094,071 98,627,669 13,109,231 111,736,900 62,848,761 7,148,060 69,996,821 Lease liabilities \u2013 Movements Amounts in Euro 2024 2023 Balance as at 1 January 69,996,821 61,641,049 Change in the perimeter 40,087,211 - Contract amortisation (15,661,601) (10,694,178) New contracts 15,399,731 16,003,677 Interest expense 3,896,924 2,517,826 Exchange rate effect 991,670 - Other changes (2,973,856) 528,447 Total changes in related liabilities 41,740,079 8,355,772 Balance as at 31 December 111,736,900 69,996,821 Lease liabilities \u2013 Future liabilities 2024 2023 Maturing Interest on Present value Maturing Interest on Present value Amounts in Euro rents liabilities of liabilities rents liabilities of liabilities Less than 1 year 8,979,261 4,129,971 13,109,232 4,716,806 2,431,254 7,148,060 1 to 2 years 8,889,165 3,663,989 12,553,154 3,897,834 2,229,000 6,126,834 2 to 3 years 6,181,341 3,241,953 9,423,294 3,567,730 2,044,103 5,611,833 3 to 4 years 5,558,231 2,901,466 8,459,697 2,949,250 1,867,883 4,817,133 4 to 5 years 4,835,706 2,580,681 7,416,387 2,431,219 1,711,124 4,142,343 More than 5 years 47,803,576 12,971,560 60,775,136 30,952,202 11,198,416 42,150,618 Present value of liabilities 82,247,280 29,489,620 111,736,900 48,515,041 21,481,780 69,996,821 For the periods ended 31 December 2024 and 31 December 2023, there were no changes in the liability arising from financing activities, including changes arising from cash flows and/or other changes in lease liabilities.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__115-1": {
"value": "Accounting policies At the date the lease enters into force, the Group recognises a right-of-use asset at its cost, which corresponds to the initial amount of the lease liability adjusted for: i) any prepayments; ii) lease incentives received; and iii) initial direct costs incurred. To the right-of-use asset, the estimate of removing and/or restoring the underlying asset and/or the location where it is located may be added, when required by the lease agreement. The right-of-use asset is subsequently depreciated using the straight-line method, from the start date until the lower between the end of the asset's useful life and the lease term. Additionally, the right-of-use asset reduced of impairment losses, if any, and adjusted for any remeasurement of the lease liability. The useful life considered for each class of right-of-use asset is equal to the useful life of Property, plant and equipment (Note 3.3) in the same class when there is a call option, and the Group expects to exercise it. Short-term leases and low-value asset leases The Group recognises payments for leases of 12 months or less and for leases of assets whose individual acquisition value is less than Euro 5,000 directly as operating expenses of the period (Note 2.3), on a straight-line basis. Accounting policies At the start date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments, which include fixed payments less lease incentives, variable lease payments, and amounts expected to be paid as residual value. Lease payments also include the price of exercise of renewal options reasonably certain to be exercised by the Group or lease termination penalty payments if the lease term reflects the Group's option to terminate the agreement. In calculating the present value of future lease payments, the Group uses an incremental financing rate if the implied interest rate on the lease transaction is not easily determinable. Subsequently, the value of the lease liabilities is increased by the interest amount (Note 5.10 Net Financial Results) and decreased by the lease payments (rents).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__119": {
"value": "3.7. Depreciation, amortisation and impairment losses Amounts in Euro 2024 2023 Depreciation of property, plant and equipment for the period (Note 3.3) 147,535,362 130,182,041 Charge-off of investments grants (Note 3.5) (4,723,322) (3,715,363) Depreciation of property, plant and equipment, net of grants charged-off 142,812,040 126,466,678 Impairment of property, plant and equipment - losses (Note 3.3) 7,673,603 - Impairment of property, plant and equipment for the period 7,673,603 - Amortisation of intangible assets for the period (Note 3.2) 4,044,107 263,319 Impairment on intangible assets \u2013 losses 145,673 - Impairment of intangible assets for the period (Note 3.2) 145,673 - Depreciation of right-of-use assets for the period (Note 3.6) 13,170,005 9,467,156 Impairment of investment properties (Note 3.4) 15,035 1,646 167,860,464 136,198,800 The Group regularly uses external and independent experts to assess its industrial assets, as well as to assess the adequacy of the estimates used in terms of the useful lives of these assets. In 2024, the Group requested an external valuation of its assets by an independent and specialised entity, which estimated the useful life of the assets, considering current conditions and functional obsolescence. The study took into account technical information on the assets allocated to the production centres, including the technical, physical and technological durability of the equipment, but no significant differences were identified between the estimated useful lives and those practised by the Group, other than those referred to in Note 3.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__121": {
"value": "3.8. Biological assets Movements in biological assets Amounts in Euro 2024 2023 Opening balance 115,591,979 122,499,875 Logging (22,275,720) (23,005,571) Growth 25,895,749 27,648,002 New planted areas and replanting 3,091,316 3,871,701 Other changes in fair value - change in the price of wood 21,818,100 15,908,400 - change in the cost-of-capital rate 6,890,813 (238,400) - impact of forest fires (3,030,511) (1,386,701) - changes in other species 554,567 (2,235,892) - transport logistics costs (24,407,600) (8,928,000) - fixed structure costs (3,253,000) (10,505,800) - other changes in expectations (6,299,966) (8,035,635) Total changes (1,016,252) (6,907,896) Exchange rate adjustment 674,471 - Closing balance 115,250,198 115,591,979 The Navigator Group considers, in accordance with IAS 41, mature assets to be those that have reached the necessary specifications to obtain the maximum yield based on their profitability, supply needs and opportunity cost. Typically, the forest in Portugal reaches its maturity between 8 and 12 years, and this reference depends on the species, soil conditions, as well as edaphoclimatic conditions. Data on the forest, its condition and its future potential are measured at least twice throughout its growth cycle. As at 31 December 2024, mature assets accounted for approximately 52% (53% in 31 December 2023) of Navigator\u2019s forest in Portugal, being recognised at fair value. As at 31 December 2024 and 31 December 2023, biological assets, by species, is detailed as follows: Amounts in Euro 2024 2023 Eucalyptus (Portugal) 85,569,146 88,244,919 Eucalyptus (Spain) 3,081,361 1,628,022 Pine (Portugal) 5,798,144 5,898,445 Cork oak (Portugal) 1,490,017 835,149 Other species (Portugal) 73,107 73,107 Eucalyptus (Mozambique) 19,238,423 18,912,337 115,250,198 115,591,979 The decrease in the fair value of Eucalyptus and Pine is mainly due to the effects of increased costs for cutting, replanting and transportation. These amounts correspond to Board of Directors\u2019 expectation of the volumes to be extracted from its woodlands in the future, as follows: Amounts in Euro 2024 2023 3 Eucalyptus (Portugal) \u2013 Potential future of wood extractions k mssc 9,909 10,447 3 Eucalyptus (Spain) - Potential future of wood extractions k mssc 244 252 Pine (Portugal) \u2013 Potential future of wood extractions k ton 282 290 Cork oak (Portugal) \u2013 Potential future of cork extractions k @ 458 488 3 Eucalyptus (Mozambique) \u2013 Potential future of wood extractions k mssc 5,165 3,570 Concerning Eucalyptus, the most relevant biological asset in the financial statements, the Group extracted, in 2024, 611,862 3ssc of wood from its owned and explored forests (31 December 2023: 594,709 mmssc). As at 31 December 2024 and 2023, (i) there are no amounts of biological assets whose property is restricted and/or pledged as guarantee for liabilities, nor there are non-reversible commitments related to the acquisition of biological assets, and (ii) there are no government grants related to biological assets recognised in the Group's consolidated financial statements. Estimates and judgements Assumptions Assumptions corresponding to the nature of the assets being valued were considered: \u2022 Productivity of forests; \u2022 Wood sales price (when there is an active market) less the cost of harvesting, rents for own, rented and leased land, replanting and transport, planting and maintenance costs, the cost inherent in leasing forest land; the trend value for 2024 worsened by 6% compared to 2023. \u2022 Discount rate, 2024: 4.27% (2023: 5.19 %) for Portugal and Spain and 21.6% (2023:13.55%) in determining the fair value of Mozambique. In 2024, the Group started to determine the fair value of biological assets in meticals, which implied an increase in the discount rate compared to the previous year due to the incorporation of the risk associated with that currency. Note that the group incorporates the fire risk into the model's cash flows. If this risk were incorporated into the discount rate, it would be of 6.51% and 22.22%, in Portugal and Mozambique, respectively. Sensitivity analysis The Group takes into account the discount rate used in Portugal and Mozambique and the forward price of wood as the most significant variables. Changes in the assumptions may imply the appreciation/depreciation of these assets: Amounts in Euro 2024 2023 1) Increase of 0.5% in the discount rate in Portugal 5,868,859 5,990,023 Depreciation of Portugal's forest assets 2) Decrease of 3% in forward price 11,978,891 10,733,022 Depreciation of Portugal's forest assets 3) Increase of 0.5% in the discount rate in Mozambique 206,777 244,194 Depreciation of Mozambique's forest assets 4) Decrease of 3% in forward price 769,860 776,149 Depreciation of Mozambique's forest assets ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__120-1": {
"value": "3.8. Biological assets Movements in biological assets Amounts in Euro 2024 2023 Opening balance 115,591,979 122,499,875 Logging (22,275,720) (23,005,571) Growth 25,895,749 27,648,002 New planted areas and replanting 3,091,316 3,871,701 Other changes in fair value - change in the price of wood 21,818,100 15,908,400 - change in the cost-of-capital rate 6,890,813 (238,400) - impact of forest fires (3,030,511) (1,386,701) - changes in other species 554,567 (2,235,892) - transport logistics costs (24,407,600) (8,928,000) - fixed structure costs (3,253,000) (10,505,800) - other changes in expectations (6,299,966) (8,035,635) Total changes (1,016,252) (6,907,896) Exchange rate adjustment 674,471 - Closing balance 115,250,198 115,591,979 The Navigator Group considers, in accordance with IAS 41, mature assets to be those that have reached the necessary specifications to obtain the maximum yield based on their profitability, supply needs and opportunity cost. Typically, the forest in Portugal reaches its maturity between 8 and 12 years, and this reference depends on the species, soil conditions, as well as edaphoclimatic conditions. Data on the forest, its condition and its future potential are measured at least twice throughout its growth cycle. As at 31 December 2024, mature assets accounted for approximately 52% (53% in 31 December 2023) of Navigator\u2019s forest in Portugal, being recognised at fair value. As at 31 December 2024 and 31 December 2023, biological assets, by species, is detailed as follows: Amounts in Euro 2024 2023 Eucalyptus (Portugal) 85,569,146 88,244,919 Eucalyptus (Spain) 3,081,361 1,628,022 Pine (Portugal) 5,798,144 5,898,445 Cork oak (Portugal) 1,490,017 835,149 Other species (Portugal) 73,107 73,107 Eucalyptus (Mozambique) 19,238,423 18,912,337 115,250,198 115,591,979 The decrease in the fair value of Eucalyptus and Pine is mainly due to the effects of increased costs for cutting, replanting and transportation. These amounts correspond to Board of Directors\u2019 expectation of the volumes to be extracted from its woodlands in the future, as follows: Amounts in Euro 2024 2023 3 Eucalyptus (Portugal) \u2013 Potential future of wood extractions k mssc 9,909 10,447 3 Eucalyptus (Spain) - Potential future of wood extractions k mssc 244 252 Pine (Portugal) \u2013 Potential future of wood extractions k ton 282 290 Cork oak (Portugal) \u2013 Potential future of cork extractions k @ 458 488 3 Eucalyptus (Mozambique) \u2013 Potential future of wood extractions k mssc 5,165 3,570 Concerning Eucalyptus, the most relevant biological asset in the financial statements, the Group extracted, in 2024, 611,862 3ssc of wood from its owned and explored forests (31 December 2023: 594,709 mmssc). As at 31 December 2024 and 2023, (i) there are no amounts of biological assets whose property is restricted and/or pledged as guarantee for liabilities, nor there are non-reversible commitments related to the acquisition of biological assets, and (ii) there are no government grants related to biological assets recognised in the Group's consolidated financial statements. Estimates and judgements Assumptions Assumptions corresponding to the nature of the assets being valued were considered: \u2022 Productivity of forests; \u2022 Wood sales price (when there is an active market) less the cost of harvesting, rents for own, rented and leased land, replanting and transport, planting and maintenance costs, the cost inherent in leasing forest land; the trend value for 2024 worsened by 6% compared to 2023. \u2022 Discount rate, 2024: 4.27% (2023: 5.19 %) for Portugal and Spain and 21.6% (2023:13.55%) in determining the fair value of Mozambique. In 2024, the Group started to determine the fair value of biological assets in meticals, which implied an increase in the discount rate compared to the previous year due to the incorporation of the risk associated with that currency. Note that the group incorporates the fire risk into the model's cash flows. If this risk were incorporated into the discount rate, it would be of 6.51% and 22.22%, in Portugal and Mozambique, respectively. Sensitivity analysis The Group takes into account the discount rate used in Portugal and Mozambique and the forward price of wood as the most significant variables. Changes in the assumptions may imply the appreciation/depreciation of these assets: Amounts in Euro 2024 2023 1) Increase of 0.5% in the discount rate in Portugal 5,868,859 5,990,023 Depreciation of Portugal's forest assets 2) Decrease of 3% in forward price 11,978,891 10,733,022 Depreciation of Portugal's forest assets 3) Increase of 0.5% in the discount rate in Mozambique 206,777 244,194 Depreciation of Mozambique's forest assets 4) Decrease of 3% in forward price 769,860 776,149 Depreciation of Mozambique's forest assets 4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 5.9. Cash and cash equivalents Amounts in Euro 2024 2023 Cash 36,915 42,100 Short-term bank deposits 34,591,951 34,422,867 Other short-term investments 252,000,000 135,000,000 286,628,866 169,464,967 In 2024, Other short-terms investments records amounts invested by Navigator in a portfolio of short-term, highly liquid deposits and issuers with adequate ratings. As at 31 December 2024 and 31 December 2023, there are no significant balances of cash and cash equivalents that are subject to restrictions on use by the Group.8.3. Financial assets and liabilities 8.3.1. Categories of Group Financial Instruments The financial instruments included in each caption of the consolidated statement of financial position are classified as follows: Financial Derivative Trading assets at financial derivative amortised instruments - financial Non-financial Amounts in Euro Note cost hedging instruments assets Total 31 December 2024 Non-current receivables 4.2 13,142,937 - - - 13,142,937 Current receivables 4.2 361,625,103 21,022,301 - 114,051,217 496,698,621 Cash and cash 5.9 286,628,866 - - - 286,628,866 equivalents Total assets 661,396,907 21,022,301 - 114,051,217 796,470,425 31 December 2023 Non-current receivables 4.2 44,399,506 - - - 44,399,506 Current receivables 4.2 311,882,736 18,444,025 1,014,913 93,399,299 424,740,973 Cash and cash 5.9 169,464,967 - - - 169,464,967 equivalents Total assets 525,747,210 18,444,025 1,014,913 93,399,299 638,605,447 Financial Financial Derivative Trading liabilities liabilities at financial derivative outside the amortised instruments - financial scope of IFRS Amounts in Euro Note cost hedging instruments 9 Total 31 December 2024 Interest-bearing 5.7 903,977,752 - - - 903,977,752 liabilities Lease liabilities 5.8 - - - 111,736,900 111,736,900 Payables 4.3 769,419,687 4,680,187 1,631,313 - 775,731,187 Total liabilities 1,673,397,439 4,680,187 1,631,313 111,736,900 1,791,445,839 31 December 2023 Interest-bearing 5.7 659,344,463 - - - 659,344,463 liabilities Lease liabilities 5.8 - - - 69,996,821 69,996,821 Payables 4.3 612,025,754 608,037 5,083,781 - 617,717,572 Total liabilities 1,271,370,217 608,037 5,083,781 69,996,821 1,347,058,856 8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__124": {
"value": "Accounting policies The Group\u2019s biological assets comprise the forests held for the production of timber, suitable for incorporating in the production of BEKP or for sale on the market, mostly eucalyptus, but also include other species such as pine and cork oak. Forest land owned by the Group is included in Property, plant and equipment in the consolidated balance sheet and is valued in accordance with the accounting policy described in Note 3.3. Forest land that is not owned by the Navigator Group and that is leased is valued in accordance with the accounting policy described in Note 3.6 and is presented in the consolidated balance sheet under \u201cRight-of-use assets\u201d. Fair Value (level 3 of the IFRS 13 fair value hierarchy) When calculating the fair value of forests, the Group uses the discounted cash flows method, based on a model developed in house, regularly tested by independent external assessments. In the model developed, assumptions are considered corresponding to the nature of the assets being assessed, namely, the development cycle of the different species, the productivity of the forests, climate and other environmental considerations, the wood sales price (when there is an active market) less the cost of harvesting, the rents of own, leased land, replanting and transport, the costs of planting and maintenance, the cost inherent in leasing the forest land, and the discount rate. The main unobservable inputs of the fair value model are detailed as follows, and the amount of the fair value of biological assets will increase / (decrease) respectively if: \u2022 Wood sales prices increase / (decrease); \u2022 Estimated cutting, replanting and transport costs decrease / (increase); \u2022 Estimated planting and maintenance costs decrease / (increase); and \u2022 The discount rate decrease / (increase). The discount rate corresponds to a market rate without inflation, in a manner consistent with the structure of forecasts, determined on the basis of the Navigator Group\u2019s expected rate of return on its forests, which are intended to be sold intragroup. Concession areas The costs incurred with the site preparation before the first forestation are recorded as property, plant and equipment and depreciated in line with its expected useful lives corresponding to the concession period. Change of estimates Changes in estimates of growth, growth period, price, cost and other assumptions are recognised in the income statement as fair value adjustments of biological assets. Harvesting At the time of harvesting, wood is recognised at fair value less estimated costs since that point until the point of sale, which is the initial cost of the inventory.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__126": {
"value": "4.1. Inventories 4.1.1. Inventories - detail by nature Amounts net of accumulated impairment losses 2024 2023 net realisable net realisable Amounts in Euro Gross amount Impairment value Gross amount Impairment value Raw materials 166,750,856 (8,473,131) 158,277,725 157,488,326 (9,121,113) 148,367,213 Goods 117,304 (25,591) 91,713 863,897 (20,222) 843,675 Subtotal (Note 4.1.4) 166,868,160 (8,498,722) 158,369,438 158,352,223 (9,141,335) 149,210,888 Finished and intermediate 147,341,926 (5,882,791) 141,459,135 139,515,678 (4,540,071) 134,975,607 products Goods and work in progress 3,410,862 (296,503) 3,114,359 2,254,789 (252,405) 2,002,384 By-products and waste 5,507,278 (5,251,843) 255,435 6,949,626 (6,648,143) 301,483 Subtotal (Note 4.1.3) 156,260,066 (11,431,137) 144,828,929 148,720,093 (11,440,619) 137,279,474 Total 323,128,226 (19,929,859) 303,198,367 307,072,316 (20,581,954) 286,490,362 Inventories of finished and intermediate products - distribution by geographical area Amounts in Euro 2024 % 2023 % Portugal BEKP pulp 11,414,966 8.07% 28,177,344 20.88% UWF Paper 49,648,137 35.10% 42,911,373 31.79% Tissue Paper 18,818,456 13.30% 13,888,808 10.29% Other - 0.00% 2,780 0.00% 79,881,559 56.47% 84,980,305 62.96% Rest of Europe BEKP pulp 4,204,139 2.97% 3,033,932 2.25% UWF Paper 5,624,482 3.98% 4,357,667 3.23% Tissue Paper 19,397,059 13.71% 7,357,575 5.45% 29,225,680 20.66% 14,749,174 10.93% USA UWF Paper 29,715,421 21.01% 35,246,128 26.11% 29,715,421 21.01% 35,246,128 26.11% South Africa UWF Paper 2,636,475 1.86% - 0.00% 2,636,475 1.86% - 0.00% 141,459,135 100.00% 134,975,607 100.00% Finished and intermediate products inventories include Euro 10,358,907 (31 December 2023: Euro 14,968,097) relating to inventories for which invoices have already been issued but whose control has not been transferred to Trade receivables. As at 31 December 2024 and 2023, there are no inventories in which ownership is restricted and/or pledged as collateral for liabilities. 4.1.2. Cost of goods sold and materials consumed in the period Amounts in Euro 2024 2023 Opening balance 149,210,888 141,167,998 Initial impairment 9,141,335 - Purchases 904,798,029 863,642,634 Changes in the perimeter (14,152,590) (3,547,108) Inventory losses (1,168,179) (2,706,600) Impairment losses - (830,373) Exchange rate effect (412,836) - Closing balance (166,868,160) (149,210,888) Cost of goods sold and materials consumed (Note 2.3) 880,548,487 848,515,663 Cost of goods sold and materials consumed - detail by product Amounts in Euro 2024 2023 Wood / Biomass 378,528,137 388,844,251 Natural gas 36,750,618 56,364,087 Other fuels 18,570,993 41,318,258 Chemicals 171,452,982 195,611,087 BEKP pulp 20,285,603 21,844,319 Pine pulp 40,749,985 25,497,073 Paper (heavyweight) 4,712,779 4,855,216 Tissue paper (Reels) 92,789,681 155,699 Consumables / Warehouse material 35,667,390 33,637,240 Packaging material 79,725,432 78,922,743 Other materials 1,314,887 1,465,690 880,548,487 848,515,663 The cost of wood / biomass only relates to wood purchases to entities outside the Group, either domestic or foreign. In 2024, the increase in the cost of tissue paper is essentially due to the incorporation of the Navigator Tissue UK Group. 4.1.3. Variation in production in the period Amounts in Euro 2024 2023 Opening balance (137,279,474) (157,561,219) Initial impairment (11,440,619) - Adjustments (1,886,593) (450,088) Changes in the perimeter (11,422,914) (7,654,533) Inventory losses 2,568,511 1,662,449 Impairment losses - 3,004,118 Exchange rate effect (298,785) - Closing balance 156,260,066 137,279,474 Variation in production (Note 2.3) (3,499,808) (23,719,799) 4.1.4. Movements in impairment losses in inventories Amounts in Euro 2024 2023 Opening balance (20,581,954) (16,374,423) Increases (Note 2.3) (3,165,457) (4,152,419) Reversals (Note 2.2) 5,068,999 317,928 Impact in profit/(loss) for the period 1,903,542 (3,834,491) Perimeter inputs (1,192,426) - Exchange rate effect (35,719) - Charge-off (23,302) (373,040) Closing balance (19,929,859) (20,581,954) As mentioned in note 2.3, the increase in impairment losses in inventories essentially include the recognition of Euro 1,724,970 in impairment losses for UWF and tissue paper waste and Euro 1,248,818 for slow movers. In 2023, this caption mainly includes the recognition of an impairment of Euro 2,071,836 for the inventory of damaged paper identified on the platform of Navigator North America Inc..",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__127": {
"value": "4.1.2. Cost of goods sold and materials consumed in the period Amounts in Euro 2024 2023 Opening balance 149,210,888 141,167,998 Initial impairment 9,141,335 - Purchases 904,798,029 863,642,634 Changes in the perimeter (14,152,590) (3,547,108) Inventory losses (1,168,179) (2,706,600) Impairment losses - (830,373) Exchange rate effect (412,836) - Closing balance (166,868,160) (149,210,888) Cost of goods sold and materials consumed (Note 2.3) 880,548,487 848,515,663 Cost of goods sold and materials consumed - detail by product Amounts in Euro 2024 2023 Wood / Biomass 378,528,137 388,844,251 Natural gas 36,750,618 56,364,087 Other fuels 18,570,993 41,318,258 Chemicals 171,452,982 195,611,087 BEKP pulp 20,285,603 21,844,319 Pine pulp 40,749,985 25,497,073 Paper (heavyweight) 4,712,779 4,855,216 Tissue paper (Reels) 92,789,681 155,699 Consumables / Warehouse material 35,667,390 33,637,240 Packaging material 79,725,432 78,922,743 Other materials 1,314,887 1,465,690 880,548,487 848,515,663 The cost of wood / biomass only relates to wood purchases to entities outside the Group, either domestic or foreign. In 2024, the increase in the cost of tissue paper is essentially due to the incorporation of the Navigator Tissue UK Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__129": {
"value": "Accounting policies Inventories are valued in accordance with the following criteria: i. Goods and raw materials Goods and raw, subsidiary and consumable materials are valued at the lower of their purchase cost or their net realisable value. The purchase cost includes ancillary costs and it is determined using the weighted average cost as the valuation method. ii. Finished and intermediate products and work in progress Finished and intermediate products and work in progress are valued at the lower of their production cost (which includes incorporated raw materials, labour and general manufacturing costs, based on a normal production capacity level) or their net realisable value. The net realisable value corresponds to the estimated selling price, after deducting estimated completion and selling costs. The difference between production cost and net realisable value, if lower, are recorded as an operational cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__137-1": {
"value": "4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 Accrued Income and Deferred Expenses Accrued income and deferred expenses are detailed as follows: Amounts in Euro 2024 2023 Accrued income Interest receivable - 570,646 Energy sales 11,535,948 10,280,593 Other 5,687,828 1,453,189 17,223,776 12,304,428 Deferred expenses Insurance 2,735 91,023 Rentals 14,295,170 12,587,120 Other 5,683,585 2,277,431 19,981,490 14,955,574 37,205,266 27,260,002",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__136-1": {
"value": "4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 State State is detailed as follows: Amounts in Euro 2024 2023 Value added tax - recoverable 10,943,833 4,299,693 Value Added Tax - repayment requests 47,025,906 52,727,147 57,969,739 57,026,840 As at 31 December 2024, the amount of repayment requests comprised the following, by company and by month: Amounts in Euro Nov/2024 Dec/2024 Total The Navigator Company, S.A. 25,926,796 14,349,110 40,275,906 Navigator Tissue R\u00f3d\u00e3o, S.A. - 1,940,000 1,940,000 Navigator Abastecimento de Madeira, A.C.E. 440,000 - 440,000 Navigator Paper Set\u00fabal, S.A. - 1,700,000 1,700,000 Navigator Pulp Set\u00fabal, S.A. - 1,970,000 1,970,000 Navigator Pulp Figueira, S.A. - 700,000 700,000 26,366,796 20,659,110 47,025,906 Up to the date of issuing this report, the outstanding amounts as at 31 December 2024, had already been received. As at 31 December 2023, the amount of repayment requests comprised the following, by company and by month: Amounts in Euro Nov/2023 Dec/2023 Total The Navigator Company, S.A. 14,904,962 24,056,600 38,961,562 Navigator Tissue R\u00f3d\u00e3o, S.A. 1,500,000 - 1,500,000 Navigator Paper Figueira S.A. 9,000,000 - 9,000,000 Bosques do Atl\u00e2ntico, S.L. - 3,265,585 3,265,585 25,404,962 27,322,185 52,727,147 All these amounts were received during the first half of 2024. 4.3. Payables Amounts in Euro 2024 2023 Trade payables \u2013 current account 215,175,131 209,023,299 Suppliers invoices pending - Logistics 17,471,405 12,915,733 Suppliers invoices pending - Other 86,751,313 60,955,309 Trade payables \u2013 Property, plant and equipment \u2013 current account 52,669,840 14,588,147 State 25,877,177 47,238,622 Related parties (Note 11.3) 1,496,697 1,542,197 Other creditors - CO2 emission allowances 34,607,846 39,325,970 Shareholders 99,999,451 - Other payables 21,613,139 21,675,082 Derivative financial instruments (Note 8.2) 6,311,500 5,691,818 Payroll costs accruals 40,827,184 39,402,872 Accrued expenses - interest payable 4,733,532 4,192,903 Wood supplier bonus 2,575,541 3,266,604 Water resource fee 1,858,098 1,570,025 Rent liabilities 20,040,608 18,723,772 Other accrued expenses 15,995,099 9,874,933 Non-repayment grants 10,566,113 13,059,496 Payables \u2013 current 658,569,674 503,046,782 Non-repayment grants 116,001,306 112,549,349 Department of Commerce (USA) (Note 4.2) 1,160,207 2,121,441 Payables \u2013 non-current 117,161,513 114,670,790 775,731,187 617,717,572 The increase in the balance of Trade payables \u2013 fixed assets \u2013 current account is due to the greater volume of investments made in 2024, as mentioned in Note 2.1. As at 31 December 2024, CO2 emission allowances relate to the effect of recognising allowances granted free of charge for 2024. The outstanding balance under Shareholders as at 31 December 2024 corresponds to the advance on profits for 2024, which was paid on 9 January 2025 (Note 5.4). State - Details Amounts in Euro 2024 2023 Personal income tax withhold (IRS) 3,630,991 2,388,230 Value added tax 18,939,864 41,208,469 Social Security contributions 3,051,986 2,721,253 Other 254,336 920,670 25,877,177 47,238,622 As at 31 December 2024 and 31 December 2023, there were no arrears with the State.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__135-1": {
"value": "4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 8.2. Derivative financial instruments Movements in derivative financial instruments 2024 2023 Trading Hedging Trading Hedging Amounts in Euro derivatives derivatives Net total derivatives derivatives Net total Balance at the beginning of the period (4,068,868) 17,835,988 13,767,120 (3,106,233) 46,938,143 43,831,910 New contracts / settlements 4,967,834 (11,296,062) (6,328,228) (1,999) (9,722,524) (9,724,523) Change in fair value through profit/(loss) (2,530,279) 11,328,732 8,798,453 (960,636) 9,722,523 8,761,887 (Note 5.10) Change in fair value through other - (1,526,544) (1,526,544) - (29,102,154) (29,102,154) comprehensive income (Note 5.5) Balance at the end of the period (1,631,313) 16,342,114 14,710,801 (4,068,868) 17,835,988 13,767,120 8.2.1. Detail and maturity of derivative financial instruments by nature 2024 Positive Negative Amounts in Euro Notional Currency Maturity (Note 4.2) (Note 4.3) Net amount Hedging Hedging (future sales) 272,000,000 USD 2025 - (1,103,142) (1,103,142) Hedging (future sales) 130,000,000 GBP 2025 - (262,405) (262,405) Interest rate swaps - Bonds 535,000,000 EUR 2031 8,383,516 (3,314,640) 5,068,876 Energy 24,653,150 EUR 2025 12,638,785 - 12,638,785 21,022,301 (4,680,187) 16,342,114 Trading Foreign exchange forwards (future sales) 60,500,000 USD 2025 - (1,597,134) (1,597,134) Foreign exchange forwards (future sales) 40,900,000 GBP 2025 - (34,179) (34,179) - (1,631,313) (1,631,313) 21,022,301 (6,311,500) 14,710,801 2023 Positive Negative Net Amounts in Euro Notional Currency Maturity (Note 4.2) (Note 4.3) amount Hedging Hedging (future sales) 287,500,000 USD 2024 1,348,010 (608,037) 739,973 Interest rate swaps - Bonds 355,000,000 EUR 2028 17,064,360 - 17,064,360 BHKP pulp 7,092,000 USD 2024 31,655 - 31,655 18,444,025 (608,037) 17,835,988 Trading Foreign exchange forwards (future sales) (46,000,000) USD 2024 1,014,913 (4,987,262) (3,972,349) Foreign exchange forwards (future sales) (6,099,807) GBP 2024 - (96,519) (96,519) 1,014,913 (5,083,781) (4,068,868) 19,458,938 (5,691,818) 13,767,120 Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP During the last 6 months of 2024, the Group contracted derivative financial instruments by acquiring USD 272,000,000 and GBP 130,000,000 in Zero Cost Collar, thus guaranteeing total coverage of the estimated value of exposure for 2025. Interest rate hedge During the second quarter of 2024, the Group contracted two swaps in the amount of Euro 50,000,000 each to fix the interest rate associated with the Navigator 2024-2029 bond loan and the Navigator 2024-2031 bond loan, in the amount of Euro 50,000,000, each, both starting in June 2024. During the first quarter of 2024, the Group contracted two swaps in the amount of Euro 50,000,000 each, to fix the interest rate associated with the Navigator 2024-2031 bond loan in the amount of Euro 100,000,000, both starting in November 2024. As a result, it was possible to hedge the interest rate risk on credit lines amounting to Euro 535,000,000. Energy Hedging In the first quarter of 2024, the Navigator Group entered into Swaps to fix the purchase price of electricity and natural gas for a volume of approximately 199,740 MWh of electricity and 581,064 MWh of natural gas, starting in 2025, covering approximately 25% of its needs. Commodities Hedging \u2013 BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USD. During the second quarter of 2023, the Group entered into a Swap valued at USD 7,092,000 to fix the price of short fibre pulp (BHKP) for 2024. Moreover, in the first quarter of 2024 the Group contracted a new Swap in the amount of USD 23,400,000 to fix the sale price of short fibre pulp (BHKP), however, as at 31 December 2024 both instruments had expired. Estimates and judgements Fair value of derivative financial instruments Whenever possible, the fair value of derivatives is estimated on the basis of quoted instruments. In the absence of market prices, the fair value of derivatives is estimated through the discounted cash-flow method and option valuation models, in accordance with prevailing market assumptions.",
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"f1__s7__6__134-1": {
"value": "4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 8.2. Derivative financial instruments Movements in derivative financial instruments 2024 2023 Trading Hedging Trading Hedging Amounts in Euro derivatives derivatives Net total derivatives derivatives Net total Balance at the beginning of the period (4,068,868) 17,835,988 13,767,120 (3,106,233) 46,938,143 43,831,910 New contracts / settlements 4,967,834 (11,296,062) (6,328,228) (1,999) (9,722,524) (9,724,523) Change in fair value through profit/(loss) (2,530,279) 11,328,732 8,798,453 (960,636) 9,722,523 8,761,887 (Note 5.10) Change in fair value through other - (1,526,544) (1,526,544) - (29,102,154) (29,102,154) comprehensive income (Note 5.5) Balance at the end of the period (1,631,313) 16,342,114 14,710,801 (4,068,868) 17,835,988 13,767,120 8.2.1. Detail and maturity of derivative financial instruments by nature 2024 Positive Negative Amounts in Euro Notional Currency Maturity (Note 4.2) (Note 4.3) Net amount Hedging Hedging (future sales) 272,000,000 USD 2025 - (1,103,142) (1,103,142) Hedging (future sales) 130,000,000 GBP 2025 - (262,405) (262,405) Interest rate swaps - Bonds 535,000,000 EUR 2031 8,383,516 (3,314,640) 5,068,876 Energy 24,653,150 EUR 2025 12,638,785 - 12,638,785 21,022,301 (4,680,187) 16,342,114 Trading Foreign exchange forwards (future sales) 60,500,000 USD 2025 - (1,597,134) (1,597,134) Foreign exchange forwards (future sales) 40,900,000 GBP 2025 - (34,179) (34,179) - (1,631,313) (1,631,313) 21,022,301 (6,311,500) 14,710,801 2023 Positive Negative Net Amounts in Euro Notional Currency Maturity (Note 4.2) (Note 4.3) amount Hedging Hedging (future sales) 287,500,000 USD 2024 1,348,010 (608,037) 739,973 Interest rate swaps - Bonds 355,000,000 EUR 2028 17,064,360 - 17,064,360 BHKP pulp 7,092,000 USD 2024 31,655 - 31,655 18,444,025 (608,037) 17,835,988 Trading Foreign exchange forwards (future sales) (46,000,000) USD 2024 1,014,913 (4,987,262) (3,972,349) Foreign exchange forwards (future sales) (6,099,807) GBP 2024 - (96,519) (96,519) 1,014,913 (5,083,781) (4,068,868) 19,458,938 (5,691,818) 13,767,120 Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP During the last 6 months of 2024, the Group contracted derivative financial instruments by acquiring USD 272,000,000 and GBP 130,000,000 in Zero Cost Collar, thus guaranteeing total coverage of the estimated value of exposure for 2025. Interest rate hedge During the second quarter of 2024, the Group contracted two swaps in the amount of Euro 50,000,000 each to fix the interest rate associated with the Navigator 2024-2029 bond loan and the Navigator 2024-2031 bond loan, in the amount of Euro 50,000,000, each, both starting in June 2024. During the first quarter of 2024, the Group contracted two swaps in the amount of Euro 50,000,000 each, to fix the interest rate associated with the Navigator 2024-2031 bond loan in the amount of Euro 100,000,000, both starting in November 2024. As a result, it was possible to hedge the interest rate risk on credit lines amounting to Euro 535,000,000. Energy Hedging In the first quarter of 2024, the Navigator Group entered into Swaps to fix the purchase price of electricity and natural gas for a volume of approximately 199,740 MWh of electricity and 581,064 MWh of natural gas, starting in 2025, covering approximately 25% of its needs. Commodities Hedging \u2013 BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USD. During the second quarter of 2023, the Group entered into a Swap valued at USD 7,092,000 to fix the price of short fibre pulp (BHKP) for 2024. Moreover, in the first quarter of 2024 the Group contracted a new Swap in the amount of USD 23,400,000 to fix the sale price of short fibre pulp (BHKP), however, as at 31 December 2024 both instruments had expired. Estimates and judgements Fair value of derivative financial instruments Whenever possible, the fair value of derivatives is estimated on the basis of quoted instruments. In the absence of market prices, the fair value of derivatives is estimated through the discounted cash-flow method and option valuation models, in accordance with prevailing market assumptions.8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__131": {
"value": "4.2. Receivables 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total Trade receivables - 305,042,497 305,042,497 - 259,060,841 259,060,841State - 57,969,739 57,969,739 - 57,026,840 57,026,840 Grants receivable 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 Department of Commerce (EUA) 718,183 - 718,183 2,872,289 - 2,872,289 Accrued income - 17,223,776 17,223,776 - 12,304,428 12,304,428 Deferred expenses - 19,981,490 19,981,490 - 14,955,574 14,955,574 Derivative financial instruments (Note 8.2) - 21,022,301 21,022,301 - 19,458,938 19,458,938 Other 1,739,854 18,876,212 20,616,066 1,705,873 9,112,457 10,818,330 13,142,937 496,698,621 509,841,558 44,399,506 424,740,973 469,140,480 State State is detailed as follows: Amounts in Euro 2024 2023 Value added tax - recoverable 10,943,833 4,299,693 Value Added Tax - repayment requests 47,025,906 52,727,147 57,969,739 57,026,840 As at 31 December 2024, the amount of repayment requests comprised the following, by company and by month: Amounts in Euro Nov/2024 Dec/2024 Total The Navigator Company, S.A. 25,926,796 14,349,110 40,275,906 Navigator Tissue R\u00f3d\u00e3o, S.A. - 1,940,000 1,940,000 Navigator Abastecimento de Madeira, A.C.E. 440,000 - 440,000 Navigator Paper Set\u00fabal, S.A. - 1,700,000 1,700,000 Navigator Pulp Set\u00fabal, S.A. - 1,970,000 1,970,000 Navigator Pulp Figueira, S.A. - 700,000 700,000 26,366,796 20,659,110 47,025,906 Up to the date of issuing this report, the outstanding amounts as at 31 December 2024, had already been received. As at 31 December 2023, the amount of repayment requests comprised the following, by company and by month: Amounts in Euro Nov/2023 Dec/2023 Total The Navigator Company, S.A. 14,904,962 24,056,600 38,961,562 Navigator Tissue R\u00f3d\u00e3o, S.A. 1,500,000 - 1,500,000 Navigator Paper Figueira S.A. 9,000,000 - 9,000,000 Bosques do Atl\u00e2ntico, S.L. - 3,265,585 3,265,585 25,404,962 27,322,185 52,727,147 All these amounts were received during the first half of 2024. Grants receivable Grants receivable are detailed as follows: 2024 2023 Non-Non-Amounts in Euro current Current Total current Current Total AICEP Contracts - 2,407,395 2,407,395 - 9,721,792 9,721,792 Recovery and Resilience Plan 6,738,024 53,054,466 59,792,490 37,890,496 37,890,496 75,780,992 Other 3,946,876 1,120,745 5,067,621 1,930,848 5,209,607 7,140,455 10,684,900 56,582,606 67,267,506 39,821,344 52,821,895 92,643,239 The amount of Euro 2,407,395 (Note 3.5) receivable from AICEP corresponds to the second instalment of the non-repayable grant awarded under the investment incentive for the construction of the second tissue paper machine at its Vila Velha de R\u00f3d\u00e3o unit. Department of Commerce (EUA) As at 31 December 2024, the balance corresponds to the amount receivable from the Department of Commerce (DoC) following the investigation initiated in 2015 of alleged dumping practices in exports of UWF paper to the United States by the subsidiary Navigator. thDuring 2023, the Department of Commerce confirmed the final rate to be applied for the 6 review period from March 2021 to February 2022 at 7.11%, therefore the Group received in 2024 the amount of Euro 1,674,082 for the difference between the deposits made and the final rate payable. thIn 2024, the rate for the 7 review period, from March 2022 to February 2023, was also confirmed at 1.07%,and the amount of Euro 2,095,637 was also received. The subsequent review periods (8 and 9) remain open and Navigator estimates that it has to pay the DoC approximately Euro 1,160,207 (Note 4.3) for the 8th review period and a receivable of Euro 718,183 for the 9th review period. Amounts paid by the Group in respect of review periods 1 to 7 amount to Euro 26,809,402 as follows: Amount paid by the Amounts in Euro Group Period of Review (POR) POR 1: Aug 15 - Feb 17 3,718,475 POR 2: Mar 17 - Feb 18 2,011,029 POR 3: Mar 18 - Feb 19 7,089,677 POR 4: Mar-19 - Feb 20 2,767,437 POR 5: Mar-20 - Feb 21 3,006,925 POR 6: Mar-21 - Feb 22 7,011,948 POR 7: Mar-22 - Feb 23 1,203,911 26,809,402 Accrued Income and Deferred Expenses Accrued income and deferred expenses are detailed as follows: Amounts in Euro 2024 2023 Accrued income Interest receivable - 570,646 Energy sales 11,535,948 10,280,593 Other 5,687,828 1,453,189 17,223,776 12,304,428 Deferred expenses Insurance 2,735 91,023 Rentals 14,295,170 12,587,120 Other 5,683,585 2,277,431 19,981,490 14,955,574 37,205,266 27,260,002Other receivables Other current and non-current receivables consist of the following: Other non-current receivables Amounts in Euro 2024 2023 Labour Compensation Fund - 769,982 Collateral 49,513 45,707 Pensions and other post-employment benefits - 777,147 Other shareholdings (Almascience, Forestwise, Cecolab, Colab BIOREF) 69,800 69,800 Receivables - leasing 1,572,232 - Other debtors 48,309 43,237 1,739,854 1,705,873 Other current receivables Amounts in Euro 2024 2023 Advances to personnel 86,822 114,765 Advances to suppliers 14,653,095 7,432,928 Other debtors 4,136,295 1,564,764 18,876,212 9,112,457 The increase in advances to suppliers is due to advances paid at the end of the year for timber imports. ",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__141": {
"value": "Accounting policies Trade receivables and other debtors Classification Trade receivables result from the Group's main activities and the business model followed is the collection of contractual cash flows. Balances from other debtors generally assume the business model of collecting contractual cash flows. Initial measurement At fair value. Subsequent measurement At amortised cost, net of impairment losses. Impairment from Trade receivables Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk (Note 8.1.4). Impairment from other debtors Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__140": {
"value": "Accounting policies Trade receivables and other debtors Classification Trade receivables result from the Group's main activities and the business model followed is the collection of contractual cash flows. Balances from other debtors generally assume the business model of collecting contractual cash flows. Initial measurement At fair value. Subsequent measurement At amortised cost, net of impairment losses. Impairment from Trade receivables Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk (Note 8.1.4). Impairment from other debtors Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
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},
"f1__s7__6__145": {
"value": "4.3. Payables Amounts in Euro 2024 2023 Trade payables \u2013 current account 215,175,131 209,023,299 Suppliers invoices pending - Logistics 17,471,405 12,915,733 Suppliers invoices pending - Other 86,751,313 60,955,309 Trade payables \u2013 Property, plant and equipment \u2013 current account 52,669,840 14,588,147 State 25,877,177 47,238,622 Related parties (Note 11.3) 1,496,697 1,542,197 Other creditors - CO2 emission allowances 34,607,846 39,325,970 Shareholders 99,999,451 - Other payables 21,613,139 21,675,082 Derivative financial instruments (Note 8.2) 6,311,500 5,691,818 Payroll costs accruals 40,827,184 39,402,872 Accrued expenses - interest payable 4,733,532 4,192,903 Wood supplier bonus 2,575,541 3,266,604 Water resource fee 1,858,098 1,570,025 Rent liabilities 20,040,608 18,723,772 Other accrued expenses 15,995,099 9,874,933 Non-repayment grants 10,566,113 13,059,496 Payables \u2013 current 658,569,674 503,046,782 Non-repayment grants 116,001,306 112,549,349 Department of Commerce (USA) (Note 4.2) 1,160,207 2,121,441 Payables \u2013 non-current 117,161,513 114,670,790 775,731,187 617,717,572 The increase in the balance of Trade payables \u2013 fixed assets \u2013 current account is due to the greater volume of investments made in 2024, as mentioned in Note 2.1. As at 31 December 2024, CO2 emission allowances relate to the effect of recognising allowances granted free of charge for 2024. The outstanding balance under Shareholders as at 31 December 2024 corresponds to the advance on profits for 2024, which was paid on 9 January 2025 (Note 5.4).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__143": {
"value": "4.3. Payables Amounts in Euro 2024 2023 Trade payables \u2013 current account 215,175,131 209,023,299 Suppliers invoices pending - Logistics 17,471,405 12,915,733 Suppliers invoices pending - Other 86,751,313 60,955,309 Trade payables \u2013 Property, plant and equipment \u2013 current account 52,669,840 14,588,147 State 25,877,177 47,238,622 Related parties (Note 11.3) 1,496,697 1,542,197 Other creditors - CO2 emission allowances 34,607,846 39,325,970 Shareholders 99,999,451 - Other payables 21,613,139 21,675,082 Derivative financial instruments (Note 8.2) 6,311,500 5,691,818 Payroll costs accruals 40,827,184 39,402,872 Accrued expenses - interest payable 4,733,532 4,192,903 Wood supplier bonus 2,575,541 3,266,604 Water resource fee 1,858,098 1,570,025 Rent liabilities 20,040,608 18,723,772 Other accrued expenses 15,995,099 9,874,933 Non-repayment grants 10,566,113 13,059,496 Payables \u2013 current 658,569,674 503,046,782 Non-repayment grants 116,001,306 112,549,349 Department of Commerce (USA) (Note 4.2) 1,160,207 2,121,441 Payables \u2013 non-current 117,161,513 114,670,790 775,731,187 617,717,572 The increase in the balance of Trade payables \u2013 fixed assets \u2013 current account is due to the greater volume of investments made in 2024, as mentioned in Note 2.1. As at 31 December 2024, CO2 emission allowances relate to the effect of recognising allowances granted free of charge for 2024. The outstanding balance under Shareholders as at 31 December 2024 corresponds to the advance on profits for 2024, which was paid on 9 January 2025 (Note 5.4). State - Details Amounts in Euro 2024 2023 Personal income tax withhold (IRS) 3,630,991 2,388,230 Value added tax 18,939,864 41,208,469 Social Security contributions 3,051,986 2,721,253 Other 254,336 920,670 25,877,177 47,238,622 As at 31 December 2024 and 31 December 2023, there were no arrears with the State. Non-repayable grants - details Amounts in Euro 2024 2023 Government grants (Note 3.5) 3,942,627 3,352,238 Other grants 6,623,486 9,707,258 Non-repayable grants - current 10,566,113 13,059,496 Government grants (Note 3.5) 116,001,306 112,549,349 Non-repayable grants \u2013 non-current 116,001,306 112,549,349 126,567,419 125,608,845",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__147": {
"value": "Accounting policies Trade payables and other current liabilities are initially recorded at fair value and subsequently at their amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__149": {
"value": "5.1. Capital management Capital management policy For capital management purposes, the Group defines capital as including equity and net debt. The Group's objectives in relation to capital management are: I. To safeguard its ability to continue as a going concern and thus provide returns for Shareholders and benefits for its remaining Stakeholders; II. To keep a solid capital structure to support the growth of its business; and III. To maintain an optimal capital structure that enables it to reduce the cost of capital. In order to maintain or adjust its capital structure, the Group can adjust the amount of dividends payable to its Shareholders, return capital to its Shareholders, issue new shares or sell assets to lower its borrowings. In line with the sector, the Group monitors its capital based on the gearing ratio, defined as the proportion between net debt and total capital. Net interest-bearing debt is calculated by adding the total amount of loans (including the current and non-current portions as disclosed in the statement of financial position) and deducting all cash and cash equivalents. Total equity is calculated by adding Shareholders\u2019 equity (as shown in the statement of financial position), to interest-bearing net debt, and excluding treasury shares and non-controlling interests. The Group calculates the gearing ratio as follows: Amounts in Euro 2024 2023 Interest-bearing liabilities (Note 5.7) 903,977,752 659,344,463 Cash and cash equivalents (Note 5.9) (286,628,866) (169,464,967) Net debt 617,348,886 489,879,496 Equity 1,356,089,184 1,315,572,833 Non-controlling interest (Note 5.6) (360,347) (327,018) Equity, except for treasury shares and non-controlling interests 1,355,728,837 1,315,245,815 Total equity 1,973,077,723 1,805,125,311 Gearing 31.29% 27.14%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__150": {
"value": "5.2. Share Capital and treasury shares Navigator's Shareholders The Navigator Company is a public company with its shares quoted on the Euronext Lisbon. As at 31 December 2024, The Navigator Company, S.A.\u2019s share capital of Euro 500,000,000 is fully subscribed and paid up and is represented by 711,183,069 shares without nominal value (31 December 2023: 711,183,069 shares). As at 31 December 2024 and 2023, the Shareholders with qualified shareholdings in the Company\u2019s capital were as follows: 2024 2023 Entity No. of shares % No. of shares % Semapa, SGPS, S.A. 498,042,299 70.03% 497,617,299 69.97% Floating shares 213,140,770 29.97% 213,565,770 30.03% 711,183,069 100.0% 711,183,069 100.0% In June 2024, Semapa, SGPS, S.A. acquired 425,000 shares representing 0.060% of Navigator's share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__151": {
"value": "As at 31 December 2024 and 31 December 2023, Navigator did not hold any treasury shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__154-1": {
"value": "Accounting policies Ordinary shares are classified in Shareholders\u2019 equity. Costs directly attributable to the issue of new shares or other equity instruments are reported as a deduction, net of taxes, from the proceeds of the issue. Costs directly attributable to the issue of new shares or options for the acquisition of a new business are deducted from the amount issued. When any Group company acquires shares of the parent company (treasury shares), the payment, which includes directly attributable incremental costs, is deducted from the Shareholders\u2019 equity attributable to the Company\u2019s equity holders until such time the shares are cancelled, reissued or sold. When such shares are subsequently disposed or reissued, any proceeds, net of the directly attributable transaction costs and taxes, is directly reflected in the Shareholders\u2019 equity and not in profit/(loss) for the period.Accounting policies Fair value reserves It corresponds to the accumulated change in fair value of derivative financial instruments classified as hedging instruments (Note 8.2), net of deferred taxes. Changes related to derivatives are reclassified to profit/(loss) for the period (Note 5.10) as the hedged instruments affect profit/(loss) for the period. The fair value adjustments of financial investments recorded under this caption is not recycled to profit/(loss). Currency translation reserve The currency translation reserve corresponds to the accumulated amount related to the settlement by the Group of the exchange rate differences resulting from the translation of the financial statements of the subsidiaries operating outside the Euro zone. Legal reserve The Portuguese commercial legislation prescribes that at least 5% of annual net profit must be transferred to the legal reserve, until this is equal to at least 20% of the share capital. This reserve cannot be distributed unless the company is liquidated. It may, however, be drawn on to absorb losses, after other reserves are exhausted, or incorporated in the share capital. The legal reserve is constituted by its maximum amount in the periods presented. Other reserves and Retained earnings This caption corresponds to reserves available for distribution to Shareholders that were constituted through the appropriation of prior period\u2019s earnings, the reduction of share capital and other movements. The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable (Note 5.2).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__153-1": {
"value": "Accounting policies Ordinary shares are classified in Shareholders\u2019 equity. Costs directly attributable to the issue of new shares or other equity instruments are reported as a deduction, net of taxes, from the proceeds of the issue. Costs directly attributable to the issue of new shares or options for the acquisition of a new business are deducted from the amount issued. When any Group company acquires shares of the parent company (treasury shares), the payment, which includes directly attributable incremental costs, is deducted from the Shareholders\u2019 equity attributable to the Company\u2019s equity holders until such time the shares are cancelled, reissued or sold. When such shares are subsequently disposed or reissued, any proceeds, net of the directly attributable transaction costs and taxes, is directly reflected in the Shareholders\u2019 equity and not in profit/(loss) for the period.Accounting policies Fair value reserves It corresponds to the accumulated change in fair value of derivative financial instruments classified as hedging instruments (Note 8.2), net of deferred taxes. Changes related to derivatives are reclassified to profit/(loss) for the period (Note 5.10) as the hedged instruments affect profit/(loss) for the period. The fair value adjustments of financial investments recorded under this caption is not recycled to profit/(loss). Currency translation reserve The currency translation reserve corresponds to the accumulated amount related to the settlement by the Group of the exchange rate differences resulting from the translation of the financial statements of the subsidiaries operating outside the Euro zone. Legal reserve The Portuguese commercial legislation prescribes that at least 5% of annual net profit must be transferred to the legal reserve, until this is equal to at least 20% of the share capital. This reserve cannot be distributed unless the company is liquidated. It may, however, be drawn on to absorb losses, after other reserves are exhausted, or incorporated in the share capital. The legal reserve is constituted by its maximum amount in the periods presented. Other reserves and Retained earnings This caption corresponds to reserves available for distribution to Shareholders that were constituted through the appropriation of prior period\u2019s earnings, the reduction of share capital and other movements. The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable (Note 5.2).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__156": {
"value": "5.3. Earnings per share 2024 2023 Profit attributable to Navigator's equity holders (Euro) 286,948,195 274,923,820 Total number of shares issued 711,183,069 711,183,069 Weighted average number of shares 711,183,069 711,183,069 Basic earnings per share (Euro) 0.403 0.387Diluted earnings per share (Euro) 0.403 0.387",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__158": {
"value": "Accounting policies Basic earnings per share are determined based on the division of profits or losses attributable to the ordinary Shareholders of the Company by the weighted average number of common shares outstanding during the period. For the purpose of calculating diluted earnings per share, the Company adjusts the profits or losses attributable to ordinary equity holders, as well as the weighted average number of outstanding shares for the purposes of all potential dilutive common shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__160": {
"value": "5.4. Dividends and reserves allocated Dividends and reserves allocated in the period Dividends per Amounts in Euro Amount approved share (Euro) Allocations in 2024 Distribution of retained earnings 149,995,621 0.211 Early dividend resolution 99,999,451 0.141 Allocations in 2023 Distribution of retained earnings 199,984,679 0.281 At the Annual Shareholders' Meeting of 24 May 2024, The Navigator Company, S.A. decided to distribute dividends in the amount of Euro 149,995,621. On 19 December 2024, the Board of Directors of The Navigator Company, S.A. decided to make an advance on 2024 profits to Shareholders, in the amount of Euro 99,999,451, equivalent to the gross value of Euro 0.141 per share, which was paid on 9 January 2025. At the General Shareholders Meeting of 17 May 2023, The Navigator Company, S.A. resolved to distribute dividends in the amount of Euro 199,984,679.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__162": {
"value": "Accounting policies The distribution of dividends to equity holders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Shareholders at the General Shareholders Meeting and up until the time of their payment or, in the case of anticipated distributions, when approved by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__164": {
"value": "5.5. Reserves and retained earnings Amounts in Euro 2024 2023 Currency translation reserve 13,829,407 5,309,023 Fair value reserves 12,011,454 12,898,767 Legal reserve 100,000,000 100,000,000 Other reserves (5,960,836) 3,481,014 Retained earnings 548,900,068 418,633,191 Reserves and retained earnings 668,780,093 540,321,995 Currency translation reserve - detail Amounts in Euro 2024 2023 Navigator North Am\u00e9rica (USD) 13,491,391 (6,699,934) Navigator Paper Mexico (MXN) (192,140) (186,032) Navigator Middle East Trading DMCC (AED) (4,275) (8,036) Navigator Egypt (EGP) 12,005 16,092 Navigator Paper Company UK (GBP) (3,118,216) 69,824 Navigator Eurasia (TYR) 799 799 Navigator Afrique du Nord (MAD) 395 395 Navigator Paper Poland (PLN) (2,897) (2,897) Portucel Mo\u00e7ambique (MZM) 718,714 12,118,812 Navigator Paper Southern Africa (ZAR) 5,602 - Navigator Holding Tissue UK, Ltd (GBP) 2,918,029 - 13,829,407 5,309,023 Fair value reserves - details 2024 2023 Gross Gross Amounts in Euro amount Tax Net amount amount Tax Net amount Interest rate risk hedging 5,068,875 (1,343,252) 3,725,623 16,015,134 (4,404,162) 11,610,972 Hedging exchange rate risk and others 11,273,239 (2,987,408) 8,285,831 1,776,268 (488,473) 1,287,795 16,342,114 (4,330,660) 12,011,454 17,791,402 (4,892,635) 12,898,767 Fair value reserves - movements Amounts in Euro 2024 2023 Opening balance 12,898,767 33,997,828 Change in the fair value of derivative financial instruments (Note 8.2) (1,526,544) (29,102,154) Deferred taxes 639,231 8,003,093 Closing balance 12,011,454 12,898,767 The transfer from fair value reserves to profit/(loss) resulting from the settlement or maturity of hedging instruments is net of the following effects: a) The transfer from fair value reserves to profit/(loss) resulting from the settlement or maturity of hedging instruments. \u2022 Sales price hedging instruments, recognised under paper and pulp sales, which generated negative results of Euro 5,714,356 (in 2023, the net positive impact of pulp and energy sales of Euro 28,523,595) (Note 2.1); \u2022 Hedging instruments for energy and gas purchase prices, recognised under External Supplies and Services, generated positive results of Euro 6,775,518 and Euro 11,997,819, respectively; \u2022 interest rate hedging instruments, which generated a positive impact of Euro 11,328,732 (in 2023 Euro 9,722,523) in financial results (Note 5.10); b) Negative changes in the fair value of hedging derivatives amounting to Euro 22,861,169 (in 2023 Euro 9,143,964). Other reserves \u2013 details Amounts in Euro 2024 2023 Transfer of legal reserve surplus to free reserves 9,790,475 9,790,475 Free reserves arising from the share capital reduction not distributed 5,994 5,994 Adjustments to the application of 2014 profits (balance sheet bonus) 1,476 1,476 Incorporation of capital reserves (6,316,931) (6,316,931) Acquisition/disposal of non-controlling interests (9,441,850) - (5,960,836) 3,481,014 In 2014, the Group signed agreements with IFC \u2013 Internacional Finance Corporation, a Subscription Agreement and a Put and Call option for the entry of this institution into the share capital of the subsidiary Portucel Mo\u00e7ambique, S.A., thus ensuring the construction phase of the Group's forestry project in Mozambique. In 2015, this Company performed a capital increase from MZM 1,000 million to MZM 1,680.798 million subscribing MZM 332,798 million corresponding to 19.98% of the capital at that date. On 23 May 2018, the General Shareholders' Meeting decided to transfer the excess of the legal reserve in the amount of Euro 9,790,475 to free reserves as a result of the share capital reduction operation carried out on 4 October 2017. In February 2019, there was a reduction in the subscribed, underwritten and paid-up capital of the shareholder The Navigator Company, S.A. to MZM 456,596,000, corresponding to 90.02% of the Company\u2019s share capital, and the IFC\u2019s holding was revised to MZM 50,620,000, corresponding to 9.98% of the Portucel Mo\u00e7ambique\u2019s share capital. On 19 December 2023, an addendum was made to the agreements initially signed with the IFC - International Finance Corporation, extending the date of entry of this institution into the capital of the subsidiary Portucel Mo\u00e7ambique, S.A. from 31 December 2023 to 31 December 2028. In the current period, the Group considered that the put option on the shares of the subsidiary Portucel Mo\u00e7ambique, S.A. to The Navigator Company, S.A. by IFC \u2013 International Finance Corporation was expected to be exercised and recorded the amount of Euro 9,441,850 relating to that transaction under Other reserves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__169": {
"value": "5.6. Non-controlling interests Detail of non-controlling interests, by subsidiary % Equity Net profit Amounts in Euro held 2024 2023 2024 2023 Raiz - Instituto de Investiga\u00e7\u00e3o da Floresta e Papel 3.0% 360,347 327,018 36,018 25,322 Portucel Mo\u00e7ambique 0% - - - - 360,347 327,018 36,018 25,322 Non-controlling interests are related to RA\u00cdZ \u2013 Instituto de Investiga\u00e7\u00e3o da Florestal e Papel, where the Group owns 97% of the capital and voting rights. The remaining 3% are owned by external associates. In 2024, the Group recorded the exercise of the put option on Portucel Mo\u00e7ambique shares, representing 9.98% of the share capital, by IFC \u2013 International Finance Corporation, as stated in Note 5.5. As at the reporting date, there are no rights of protection of non-controlling interests that significantly restrict the entity's ability to access or use assets and settle liabilities of the Group. Movements of non-controlling interests Amounts in Euro 2024 2023 Opening balance 327,018 297,977 Net profit/(loss) for the period 36,018 25,322 Other comprehensive income (2,689) 3,719 Closing balance 360,347 327,018",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__172": {
"value": "5.7. Interest-bearing liabilities 2024 2023 Non-Amounts in Euro current Current Total Non-current Current Total Bond loans 547,500,000 100,000,000 647,500,000 397,500,000 22,500,000 420,000,000 Commercial paper 85,000,000 35,000,000 120,000,000 70,000,000 35,000,000 105,000,000 Bank loans 81,266,782 35,529,242 116,796,024 71,972,222 34,539,683 106,511,905 Charges with bond issuances (3,442,860) - (3,442,860) (2,614,750) - (2,614,750) Refundable grants 15,905,149 7,219,439 23,124,588 23,227,869 7,219,439 30,447,308 Debt securities and bank debt 726,229,071 177,748,681 903,977,752 560,085,341 99,259,122 659,344,463 Average interest rate, considering charges for annual fees and hedging 2.4% 2.0% operations The evolution of financing in 2024 was marked by the contracting of a significant volume of new long-term lines (maturities between 5 and 7 years), amounting to Euro 355 million, all indexed to ESG indicators. Of this total, Euro 250 million were issued in the form of bonds, maturing in 2029 (Euro 50 million) and 2031 (Euro 200 million). A commercial paper issue was also made (Euro 50 million), with a firm underwriting until 2030. All the bonds and commercial paper were issued under the Sustainability-Linked Bonds Framework. This operation contributed to extending the average life of the Group's debt, as well as maintaining a low cost of financing for the Company, in addition to having conditions adjusted to the fulfilment of sustainability commitments. The conditions of the bond loans are indexed to three ESG indicators already included in the Group's Sustainability Agenda and, in turn, aligned with the Sustainable Development Goals of the United Nations. The repayable incentives include incentives from AICEP - Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal, as part of a number of research and development projects, which includes the incentive under the investment agreement entered into with Grupo Navigator Tissue Aveiro, S.A. subsidiary for the construction of the new tissue mill in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, up to a maximum amount of Euro 42,166,636, without interest payment, with a grace period of two years, with the last refund taking place in 2027. In December 2023, the Navigator Group signed a new long-term loan agreement with the European Investment Bank (EIB) for Euro 115 million, maturing in 12 years. The loan will be disbursed in up to 3 instalments within 18 months of signing the contract. The loan will support the project to build and operate the high-efficiency recovery boiler at the Set\u00fabal Industrial Complex, a key step in the decarbonisation roadmap. This green loan is part of the REPowerEU Plan, which aims to increase financing for green energy and support the autonomy and competitiveness of the European Union. The maturity analysis of interest-bearing liabilities is presented in the Note 8.1.3 - Liquidity risk. Interest-bearing liabilities - details 2024 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed 50,000,000 100,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 10,000,000 10,000,000 March 2025 Euribor, with swap to fixed 10,000,000 - rate Variable rate indexed to Navigator 2021-2026 12,500,000 12,500,000 April 2026 2,500,000 10,000,000 Euribor Variable rate indexed to Navigator 2020-2026 75,000,000 75,000,000 December 2026 Euribor, with swap to fixed 37,500,000 37,500,000 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Variable rate indexed to Navigator 2024-2029 50,000,000 50,000,000 June 2029 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 June 2031 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 October 2031 - 50,000,000 Euribor Variable rate indexed to Navigator 2024-2031 SLB 100,000,000 100,000,000 May 2031 - 100,000,000 Euribor Fees - (3,442,861) - (3,442,861) European Investment Bank (EIB) Variable rate indexed to EIB Loan - Energy - - December 2024 - - Euribor EIB Loan \u2013 Cacia 9,722,222 9,722,222 May 2028 Fixed rate 2,777,778 6,944,444 EIB Loan \u2013 Figueira 25,714,286 25,714,286 February 2029 Fixed rate 5,714,286 20,000,000 EIB Loan \u2013 Biomass Boiler 25,535,714 25,535,714 March 2031 Fixed rate 3,928,571 21,607,143 up to 12 years Indexed to the cost of EIB EIB Loan 115,000,000 - - - after repayment funds, on disbursement Commercial Paper Program Commercial Paper Programme 175M 70,000,000 70,000,000 February 2026 Fixed rate 35,000,000 35,000,000 Variable rate indexed to Commercial Paper Programme 65M ESG 19,500,000 - February 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - December 2025 - - Euribor Variable rate indexed to Commercial Paper Programme 50M ESG 50,000,000 50,000,000 June 2030 - 50,000,000 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 55,000,000 30,000,000 March 2031 - 30,000,000 Euribor Finance leases 9,645,897 4,432,695 December 2027 Variable rate indexed to Libor 1,717,499 2,715,195 Refundable grants AICEP 23,124,589 23,124,588 7,219,439 15,905,150 Bank credit facilities Short-term facility 20M 20,450,714 - - - Short-term facility 20M GBP 21,391,108 21,391,108 Variable rate indexed to Libor 21,391,108 - 1,217,584,530 903,977,752 177,748,681 726,229,071 2023 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed - 150,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 30,000,000 30,000,000 March 2025 Euribor, with swap to fixed 20,000,000 10,000,000 rate Variable rate indexed to Navigator 2021-2026 15,000,000 15,000,000 April 2026 2,500,000 12,500,000 Euribor Variable rate indexed to December Navigator 2020-2026 75,000,000 75,000,000 Euribor, with swap to fixed - 75,000,000 2026 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Fees - (2,614,750) - (2,614,750) European Investment Bank (EIB) December Variable rate indexed to EIB Loan - Energy 10,625,000 7,083,333 7,083,333 - 2024 Euribor EIB Loan \u2013 Cacia 13,888,889 12,500,000 May 2028 Fixed rate 2,777,778 9,722,222 February EIB Loan \u2013 Figueira 31,428,571 31,428,571 Fixed rate 5,714,286 25,714,286 2029 EIB Loan \u2013 Biomass Boiler 27,500,000 27,500,000 March 2031 Fixed rate 1,964,286 25,535,714 up to 12 Rate indexed to the cost of EIB EIB Loan 115,000,000 - years after - - funds on disbursement disbursement Commercial Paper Program February Commercial Paper Programme 175M 105,000,000 105,000,000 Fixed rate 35,000,000 70,000,000 2026 February Variable rate indexed to Commercial Paper Programme 65M ESG 42,250,000 - - - 2026 Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor December Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - - - 2025 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 13,000,000 13,000,000 March 2026 2,000,000 11,000,000 Euribor Refundable grants November AICEP 30,447,309 30,447,309 Fixed rate 7,219,439 23,227,869 2027 Bank credit facilities Short-term facility 20M 20,450,714 15,000,000 15,000,000 - 954,590,483 659,344,463 99,259,122 560,085,341 As at 31 December 2024, the average cost of issued debt, considering interest rate, the annual fees and hedging operations, was 2.4% (31 December 2023: 2%). At this date, 89% of the debt is remunerated at a fixed rate, either by direct contracting on this basis or by hedging the interest rate with derivative financial instruments (95% as at 31 December 2023). At 31 December 2024, 65% of the Group's financing is linked to compliance with sustainability commitments (31 December 2023: 46%). The repayment terms for the interest-bearing liabilities recorded as non-current are detailed as follows: Amounts in Euro 2024 2023 Non-current 1 to 2 years 252,140,074 156,640,074 2 to 3 years 19,640,074 261,140,074 3 to 4 years 113,746,941 19,640,074 4 to 5 years 56,785,714 112,601,298 More than 5 years 287,359,128 12,678,571 729,671,931 562,700,091 Fees (3,442,860) (2,614,750) 726,229,071 560,085,341 As at 31 December 2024, the Group had contracted Commercial Paper Programmes, contracted and undisbursed long-term financing, as well as available and undrawn credit facilities of Euro 310,163,917(31 December 2023: \u20ac287,714,714). As at 31 December 2024 and 31 December 2023, the Group\u2019s interest-bearing net debt was as follows: Amounts in Euro 2024 2023 Interest-bearing liabilities 903,977,752 659,344,463 Cash and cash equivalents (Note 5.9) (286,628,866) (169,464,967) Interest-bearing net debt 617,348,886 489,879,496 Lease liabilities (Note 5.8) 111,736,900 69,996,821 Interest-bearing net debt with lease liabilities 729,085,786 559,876,317 Financial Covenants in force Ratio Definition Loans Limit Interest coverage EBITDA 12M / Annual net interest Bank >= 4.5 - 5.5 Indebtedness Interest-bearing debt / EBITDA 12M Bank <= 4.5 Bank <= 4.0 Net Debt / EBITDA (Interest-bearing debt - Cash) / EBTDA 12M Commercial Paper <= 4.0 - 5.0 Bonds <= 4.0 Based on the financial statements presented in this report, these ratios were as follows as at 31 December 2024 and 2023: Ratio 2024 2023 Interest coverage 41.93 36.01 Indebtedness 1.65 1.31 Net Debt / EBITDA 1.13 0.98 The amounts presented in the table above exclude lease liabilities. Considering the contracted limits, in 2024 and 2022, the Group is in compliance with the covenants negotiated. As at 31 December 2024 and 2023, the company presents a minimum safety margin above 80% on the fulfilment of its covenants. Movements in liabilities of the Group's financing activities Amounts in Euro 2024 2023 Balance as at 1 January 659,344,463 725,301,722 Payment of interest-bearing liabilities (124,542,159) (107,276,122) Receipts of interest-bearing liabilities 352,162,243 15,000,000 Payment Repayable grants (7,219,439) (7,219,438) Change in financing cash flows 220,400,645 (99,495,560) Exchange rate effect 649,317 - Interest expenses (103,281) - Changes in borrowing costs (828,111) 865,333 Change in the perimeter (Note 1.2) 24,514,719 32,672,968 Other changes 23,583,327 33,538,301 Changes in interest-bearing debt 244,633,289 (65,957,259) Gross interest-bearing debt 903,977,752 659,344,463 The receipt of Euro 330,000,000 corresponds to the issue of four ESG bond loans in the amount of Euro 250,000,000 and the payment of a bank loan with ESG features in the amount of Euro 30,000,000, and the issue of a new commercial paper programme in the amount of Euro 50,000,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__171": {
"value": "5.7. Interest-bearing liabilities 2024 2023 Non-Amounts in Euro current Current Total Non-current Current Total Bond loans 547,500,000 100,000,000 647,500,000 397,500,000 22,500,000 420,000,000 Commercial paper 85,000,000 35,000,000 120,000,000 70,000,000 35,000,000 105,000,000 Bank loans 81,266,782 35,529,242 116,796,024 71,972,222 34,539,683 106,511,905 Charges with bond issuances (3,442,860) - (3,442,860) (2,614,750) - (2,614,750) Refundable grants 15,905,149 7,219,439 23,124,588 23,227,869 7,219,439 30,447,308 Debt securities and bank debt 726,229,071 177,748,681 903,977,752 560,085,341 99,259,122 659,344,463 Average interest rate, considering charges for annual fees and hedging 2.4% 2.0% operations The evolution of financing in 2024 was marked by the contracting of a significant volume of new long-term lines (maturities between 5 and 7 years), amounting to Euro 355 million, all indexed to ESG indicators. Of this total, Euro 250 million were issued in the form of bonds, maturing in 2029 (Euro 50 million) and 2031 (Euro 200 million). A commercial paper issue was also made (Euro 50 million), with a firm underwriting until 2030. All the bonds and commercial paper were issued under the Sustainability-Linked Bonds Framework. This operation contributed to extending the average life of the Group's debt, as well as maintaining a low cost of financing for the Company, in addition to having conditions adjusted to the fulfilment of sustainability commitments. The conditions of the bond loans are indexed to three ESG indicators already included in the Group's Sustainability Agenda and, in turn, aligned with the Sustainable Development Goals of the United Nations. The repayable incentives include incentives from AICEP - Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal, as part of a number of research and development projects, which includes the incentive under the investment agreement entered into with Grupo Navigator Tissue Aveiro, S.A. subsidiary for the construction of the new tissue mill in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, up to a maximum amount of Euro 42,166,636, without interest payment, with a grace period of two years, with the last refund taking place in 2027. In December 2023, the Navigator Group signed a new long-term loan agreement with the European Investment Bank (EIB) for Euro 115 million, maturing in 12 years. The loan will be disbursed in up to 3 instalments within 18 months of signing the contract. The loan will support the project to build and operate the high-efficiency recovery boiler at the Set\u00fabal Industrial Complex, a key step in the decarbonisation roadmap. This green loan is part of the REPowerEU Plan, which aims to increase financing for green energy and support the autonomy and competitiveness of the European Union. The maturity analysis of interest-bearing liabilities is presented in the Note 8.1.3 - Liquidity risk. Interest-bearing liabilities - details 2024 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed 50,000,000 100,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 10,000,000 10,000,000 March 2025 Euribor, with swap to fixed 10,000,000 - rate Variable rate indexed to Navigator 2021-2026 12,500,000 12,500,000 April 2026 2,500,000 10,000,000 Euribor Variable rate indexed to Navigator 2020-2026 75,000,000 75,000,000 December 2026 Euribor, with swap to fixed 37,500,000 37,500,000 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Variable rate indexed to Navigator 2024-2029 50,000,000 50,000,000 June 2029 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 June 2031 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 October 2031 - 50,000,000 Euribor Variable rate indexed to Navigator 2024-2031 SLB 100,000,000 100,000,000 May 2031 - 100,000,000 Euribor Fees - (3,442,861) - (3,442,861) European Investment Bank (EIB) Variable rate indexed to EIB Loan - Energy - - December 2024 - - Euribor EIB Loan \u2013 Cacia 9,722,222 9,722,222 May 2028 Fixed rate 2,777,778 6,944,444 EIB Loan \u2013 Figueira 25,714,286 25,714,286 February 2029 Fixed rate 5,714,286 20,000,000 EIB Loan \u2013 Biomass Boiler 25,535,714 25,535,714 March 2031 Fixed rate 3,928,571 21,607,143 up to 12 years Indexed to the cost of EIB EIB Loan 115,000,000 - - - after repayment funds, on disbursement Commercial Paper Program Commercial Paper Programme 175M 70,000,000 70,000,000 February 2026 Fixed rate 35,000,000 35,000,000 Variable rate indexed to Commercial Paper Programme 65M ESG 19,500,000 - February 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - December 2025 - - Euribor Variable rate indexed to Commercial Paper Programme 50M ESG 50,000,000 50,000,000 June 2030 - 50,000,000 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 55,000,000 30,000,000 March 2031 - 30,000,000 Euribor Finance leases 9,645,897 4,432,695 December 2027 Variable rate indexed to Libor 1,717,499 2,715,195 Refundable grants AICEP 23,124,589 23,124,588 7,219,439 15,905,150 Bank credit facilities Short-term facility 20M 20,450,714 - - - Short-term facility 20M GBP 21,391,108 21,391,108 Variable rate indexed to Libor 21,391,108 - 1,217,584,530 903,977,752 177,748,681 726,229,071 2023 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed - 150,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 30,000,000 30,000,000 March 2025 Euribor, with swap to fixed 20,000,000 10,000,000 rate Variable rate indexed to Navigator 2021-2026 15,000,000 15,000,000 April 2026 2,500,000 12,500,000 Euribor Variable rate indexed to December Navigator 2020-2026 75,000,000 75,000,000 Euribor, with swap to fixed - 75,000,000 2026 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Fees - (2,614,750) - (2,614,750) European Investment Bank (EIB) December Variable rate indexed to EIB Loan - Energy 10,625,000 7,083,333 7,083,333 - 2024 Euribor EIB Loan \u2013 Cacia 13,888,889 12,500,000 May 2028 Fixed rate 2,777,778 9,722,222 February EIB Loan \u2013 Figueira 31,428,571 31,428,571 Fixed rate 5,714,286 25,714,286 2029 EIB Loan \u2013 Biomass Boiler 27,500,000 27,500,000 March 2031 Fixed rate 1,964,286 25,535,714 up to 12 Rate indexed to the cost of EIB EIB Loan 115,000,000 - years after - - funds on disbursement disbursement Commercial Paper Program February Commercial Paper Programme 175M 105,000,000 105,000,000 Fixed rate 35,000,000 70,000,000 2026 February Variable rate indexed to Commercial Paper Programme 65M ESG 42,250,000 - - - 2026 Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor December Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - - - 2025 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 13,000,000 13,000,000 March 2026 2,000,000 11,000,000 Euribor Refundable grants November AICEP 30,447,309 30,447,309 Fixed rate 7,219,439 23,227,869 2027 Bank credit facilities Short-term facility 20M 20,450,714 15,000,000 15,000,000 - 954,590,483 659,344,463 99,259,122 560,085,341 As at 31 December 2024, the average cost of issued debt, considering interest rate, the annual fees and hedging operations, was 2.4% (31 December 2023: 2%). At this date, 89% of the debt is remunerated at a fixed rate, either by direct contracting on this basis or by hedging the interest rate with derivative financial instruments (95% as at 31 December 2023). At 31 December 2024, 65% of the Group's financing is linked to compliance with sustainability commitments (31 December 2023: 46%). The repayment terms for the interest-bearing liabilities recorded as non-current are detailed as follows: Amounts in Euro 2024 2023 Non-current 1 to 2 years 252,140,074 156,640,074 2 to 3 years 19,640,074 261,140,074 3 to 4 years 113,746,941 19,640,074 4 to 5 years 56,785,714 112,601,298 More than 5 years 287,359,128 12,678,571 729,671,931 562,700,091 Fees (3,442,860) (2,614,750) 726,229,071 560,085,341 As at 31 December 2024, the Group had contracted Commercial Paper Programmes, contracted and undisbursed long-term financing, as well as available and undrawn credit facilities of Euro 310,163,917(31 December 2023: \u20ac287,714,714). As at 31 December 2024 and 31 December 2023, the Group\u2019s interest-bearing net debt was as follows: Amounts in Euro 2024 2023 Interest-bearing liabilities 903,977,752 659,344,463 Cash and cash equivalents (Note 5.9) (286,628,866) (169,464,967) Interest-bearing net debt 617,348,886 489,879,496 Lease liabilities (Note 5.8) 111,736,900 69,996,821 Interest-bearing net debt with lease liabilities 729,085,786 559,876,317 Financial Covenants in force Ratio Definition Loans Limit Interest coverage EBITDA 12M / Annual net interest Bank >= 4.5 - 5.5 Indebtedness Interest-bearing debt / EBITDA 12M Bank <= 4.5 Bank <= 4.0 Net Debt / EBITDA (Interest-bearing debt - Cash) / EBTDA 12M Commercial Paper <= 4.0 - 5.0 Bonds <= 4.0 Based on the financial statements presented in this report, these ratios were as follows as at 31 December 2024 and 2023: Ratio 2024 2023 Interest coverage 41.93 36.01 Indebtedness 1.65 1.31 Net Debt / EBITDA 1.13 0.98 The amounts presented in the table above exclude lease liabilities. Considering the contracted limits, in 2024 and 2022, the Group is in compliance with the covenants negotiated. As at 31 December 2024 and 2023, the company presents a minimum safety margin above 80% on the fulfilment of its covenants. Movements in liabilities of the Group's financing activities Amounts in Euro 2024 2023 Balance as at 1 January 659,344,463 725,301,722 Payment of interest-bearing liabilities (124,542,159) (107,276,122) Receipts of interest-bearing liabilities 352,162,243 15,000,000 Payment Repayable grants (7,219,439) (7,219,438) Change in financing cash flows 220,400,645 (99,495,560) Exchange rate effect 649,317 - Interest expenses (103,281) - Changes in borrowing costs (828,111) 865,333 Change in the perimeter (Note 1.2) 24,514,719 32,672,968 Other changes 23,583,327 33,538,301 Changes in interest-bearing debt 244,633,289 (65,957,259) Gross interest-bearing debt 903,977,752 659,344,463 The receipt of Euro 330,000,000 corresponds to the issue of four ESG bond loans in the amount of Euro 250,000,000 and the payment of a bank loan with ESG features in the amount of Euro 30,000,000, and the issue of a new commercial paper programme in the amount of Euro 50,000,000. Estimates and judgements Commercial paper The Group has several commercial paper programmes negotiated, of agreements with which it is frequent to carry out emissions with contractual maturity of less than one year but with revolving nature. Where the Group expects to roll over these loans, it presents them as non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__170": {
"value": "5.7. Interest-bearing liabilities 2024 2023 Non-Amounts in Euro current Current Total Non-current Current Total Bond loans 547,500,000 100,000,000 647,500,000 397,500,000 22,500,000 420,000,000 Commercial paper 85,000,000 35,000,000 120,000,000 70,000,000 35,000,000 105,000,000 Bank loans 81,266,782 35,529,242 116,796,024 71,972,222 34,539,683 106,511,905 Charges with bond issuances (3,442,860) - (3,442,860) (2,614,750) - (2,614,750) Refundable grants 15,905,149 7,219,439 23,124,588 23,227,869 7,219,439 30,447,308 Debt securities and bank debt 726,229,071 177,748,681 903,977,752 560,085,341 99,259,122 659,344,463 Average interest rate, considering charges for annual fees and hedging 2.4% 2.0% operations The evolution of financing in 2024 was marked by the contracting of a significant volume of new long-term lines (maturities between 5 and 7 years), amounting to Euro 355 million, all indexed to ESG indicators. Of this total, Euro 250 million were issued in the form of bonds, maturing in 2029 (Euro 50 million) and 2031 (Euro 200 million). A commercial paper issue was also made (Euro 50 million), with a firm underwriting until 2030. All the bonds and commercial paper were issued under the Sustainability-Linked Bonds Framework. This operation contributed to extending the average life of the Group's debt, as well as maintaining a low cost of financing for the Company, in addition to having conditions adjusted to the fulfilment of sustainability commitments. The conditions of the bond loans are indexed to three ESG indicators already included in the Group's Sustainability Agenda and, in turn, aligned with the Sustainable Development Goals of the United Nations. The repayable incentives include incentives from AICEP - Ag\u00eancia para o Investimento e Com\u00e9rcio Externo de Portugal, as part of a number of research and development projects, which includes the incentive under the investment agreement entered into with Grupo Navigator Tissue Aveiro, S.A. subsidiary for the construction of the new tissue mill in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, up to a maximum amount of Euro 42,166,636, without interest payment, with a grace period of two years, with the last refund taking place in 2027. In December 2023, the Navigator Group signed a new long-term loan agreement with the European Investment Bank (EIB) for Euro 115 million, maturing in 12 years. The loan will be disbursed in up to 3 instalments within 18 months of signing the contract. The loan will support the project to build and operate the high-efficiency recovery boiler at the Set\u00fabal Industrial Complex, a key step in the decarbonisation roadmap. This green loan is part of the REPowerEU Plan, which aims to increase financing for green energy and support the autonomy and competitiveness of the European Union. The maturity analysis of interest-bearing liabilities is presented in the Note 8.1.3 - Liquidity risk. Interest-bearing liabilities - details 2024 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed 50,000,000 100,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 10,000,000 10,000,000 March 2025 Euribor, with swap to fixed 10,000,000 - rate Variable rate indexed to Navigator 2021-2026 12,500,000 12,500,000 April 2026 2,500,000 10,000,000 Euribor Variable rate indexed to Navigator 2020-2026 75,000,000 75,000,000 December 2026 Euribor, with swap to fixed 37,500,000 37,500,000 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Variable rate indexed to Navigator 2024-2029 50,000,000 50,000,000 June 2029 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 June 2031 Euribor, with swap to fixed - 50,000,000 rate Variable rate indexed to Navigator 2024-2031 50,000,000 50,000,000 October 2031 - 50,000,000 Euribor Variable rate indexed to Navigator 2024-2031 SLB 100,000,000 100,000,000 May 2031 - 100,000,000 Euribor Fees - (3,442,861) - (3,442,861) European Investment Bank (EIB) Variable rate indexed to EIB Loan - Energy - - December 2024 - - Euribor EIB Loan \u2013 Cacia 9,722,222 9,722,222 May 2028 Fixed rate 2,777,778 6,944,444 EIB Loan \u2013 Figueira 25,714,286 25,714,286 February 2029 Fixed rate 5,714,286 20,000,000 EIB Loan \u2013 Biomass Boiler 25,535,714 25,535,714 March 2031 Fixed rate 3,928,571 21,607,143 up to 12 years Indexed to the cost of EIB EIB Loan 115,000,000 - - - after repayment funds, on disbursement Commercial Paper Program Commercial Paper Programme 175M 70,000,000 70,000,000 February 2026 Fixed rate 35,000,000 35,000,000 Variable rate indexed to Commercial Paper Programme 65M ESG 19,500,000 - February 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - December 2025 - - Euribor Variable rate indexed to Commercial Paper Programme 50M ESG 50,000,000 50,000,000 June 2030 - 50,000,000 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 55,000,000 30,000,000 March 2031 - 30,000,000 Euribor Finance leases 9,645,897 4,432,695 December 2027 Variable rate indexed to Libor 1,717,499 2,715,195 Refundable grants AICEP 23,124,589 23,124,588 7,219,439 15,905,150 Bank credit facilities Short-term facility 20M 20,450,714 - - - Short-term facility 20M GBP 21,391,108 21,391,108 Variable rate indexed to Libor 21,391,108 - 1,217,584,530 903,977,752 177,748,681 726,229,071 2023 Outstanding Non-Amounts in Euro Amount amount Maturity Interest rate Current current Bond loans Variable rate indexed to Navigator 2022-2028 ESG 150,000,000 150,000,000 June 2028 Euribor, with swap to fixed - 150,000,000 rate Navigator 2019-2026 50,000,000 50,000,000 January 2026 Fixed rate - 50,000,000 Variable rate indexed to Navigator 2019-2025 30,000,000 30,000,000 March 2025 Euribor, with swap to fixed 20,000,000 10,000,000 rate Variable rate indexed to Navigator 2021-2026 15,000,000 15,000,000 April 2026 2,500,000 12,500,000 Euribor Variable rate indexed to December Navigator 2020-2026 75,000,000 75,000,000 Euribor, with swap to fixed - 75,000,000 2026 rate Variable rate indexed to Navigator 2021-2026 ESG 100,000,000 100,000,000 August 2026 Euribor, with swap to fixed - 100,000,000 rate Fees - (2,614,750) - (2,614,750) European Investment Bank (EIB) December Variable rate indexed to EIB Loan - Energy 10,625,000 7,083,333 7,083,333 - 2024 Euribor EIB Loan \u2013 Cacia 13,888,889 12,500,000 May 2028 Fixed rate 2,777,778 9,722,222 February EIB Loan \u2013 Figueira 31,428,571 31,428,571 Fixed rate 5,714,286 25,714,286 2029 EIB Loan \u2013 Biomass Boiler 27,500,000 27,500,000 March 2031 Fixed rate 1,964,286 25,535,714 up to 12 Rate indexed to the cost of EIB EIB Loan 115,000,000 - years after - - funds on disbursement disbursement Commercial Paper Program February Commercial Paper Programme 175M 105,000,000 105,000,000 Fixed rate 35,000,000 70,000,000 2026 February Variable rate indexed to Commercial Paper Programme 65M ESG 42,250,000 - - - 2026 Euribor Variable rate indexed to Commercial Paper Programme 75M 75,000,000 - January 2026 - - Euribor December Variable rate indexed to Commercial Paper Programme 50M 50,000,000 - - - 2025 Euribor Interest-bearing liabilities Variable rate indexed to Long-term investment 13,000,000 13,000,000 March 2026 2,000,000 11,000,000 Euribor Refundable grants November AICEP 30,447,309 30,447,309 Fixed rate 7,219,439 23,227,869 2027 Bank credit facilities Short-term facility 20M 20,450,714 15,000,000 15,000,000 - 954,590,483 659,344,463 99,259,122 560,085,341 As at 31 December 2024, the average cost of issued debt, considering interest rate, the annual fees and hedging operations, was 2.4% (31 December 2023: 2%). At this date, 89% of the debt is remunerated at a fixed rate, either by direct contracting on this basis or by hedging the interest rate with derivative financial instruments (95% as at 31 December 2023). At 31 December 2024, 65% of the Group's financing is linked to compliance with sustainability commitments (31 December 2023: 46%). The repayment terms for the interest-bearing liabilities recorded as non-current are detailed as follows: Amounts in Euro 2024 2023 Non-current 1 to 2 years 252,140,074 156,640,074 2 to 3 years 19,640,074 261,140,074 3 to 4 years 113,746,941 19,640,074 4 to 5 years 56,785,714 112,601,298 More than 5 years 287,359,128 12,678,571 729,671,931 562,700,091 Fees (3,442,860) (2,614,750) 726,229,071 560,085,341 As at 31 December 2024, the Group had contracted Commercial Paper Programmes, contracted and undisbursed long-term financing, as well as available and undrawn credit facilities of Euro 310,163,917(31 December 2023: \u20ac287,714,714). As at 31 December 2024 and 31 December 2023, the Group\u2019s interest-bearing net debt was as follows: Amounts in Euro 2024 2023 Interest-bearing liabilities 903,977,752 659,344,463 Cash and cash equivalents (Note 5.9) (286,628,866) (169,464,967) Interest-bearing net debt 617,348,886 489,879,496 Lease liabilities (Note 5.8) 111,736,900 69,996,821 Interest-bearing net debt with lease liabilities 729,085,786 559,876,317 Financial Covenants in force Ratio Definition Loans Limit Interest coverage EBITDA 12M / Annual net interest Bank >= 4.5 - 5.5 Indebtedness Interest-bearing debt / EBITDA 12M Bank <= 4.5 Bank <= 4.0 Net Debt / EBITDA (Interest-bearing debt - Cash) / EBTDA 12M Commercial Paper <= 4.0 - 5.0 Bonds <= 4.0 Based on the financial statements presented in this report, these ratios were as follows as at 31 December 2024 and 2023: Ratio 2024 2023 Interest coverage 41.93 36.01 Indebtedness 1.65 1.31 Net Debt / EBITDA 1.13 0.98 The amounts presented in the table above exclude lease liabilities. Considering the contracted limits, in 2024 and 2022, the Group is in compliance with the covenants negotiated. As at 31 December 2024 and 2023, the company presents a minimum safety margin above 80% on the fulfilment of its covenants. Movements in liabilities of the Group's financing activities Amounts in Euro 2024 2023 Balance as at 1 January 659,344,463 725,301,722 Payment of interest-bearing liabilities (124,542,159) (107,276,122) Receipts of interest-bearing liabilities 352,162,243 15,000,000 Payment Repayable grants (7,219,439) (7,219,438) Change in financing cash flows 220,400,645 (99,495,560) Exchange rate effect 649,317 - Interest expenses (103,281) - Changes in borrowing costs (828,111) 865,333 Change in the perimeter (Note 1.2) 24,514,719 32,672,968 Other changes 23,583,327 33,538,301 Changes in interest-bearing debt 244,633,289 (65,957,259) Gross interest-bearing debt 903,977,752 659,344,463 The receipt of Euro 330,000,000 corresponds to the issue of four ESG bond loans in the amount of Euro 250,000,000 and the payment of a bank loan with ESG features in the amount of Euro 30,000,000, and the issue of a new commercial paper programme in the amount of Euro 50,000,000. Estimates and judgements Commercial paper The Group has several commercial paper programmes negotiated, of agreements with which it is frequent to carry out emissions with contractual maturity of less than one year but with revolving nature. Where the Group expects to roll over these loans, it presents them as non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__175": {
"value": "Accounting policies Interest-bearing liabilities includes Bonds, Commercial Paper, bank loans and other financing. Initial measurement At fair value, net of transaction costs incurred. Subsequent measurement At amortised cost, using the effective interest rate method. The difference between the repayment amount and the initial measurement amount is recognised in the income statement over the debt period under \"Interest expenses on other loans\" in Note 5.10 \u2013 Net financial results. Fair value The book value of short-term interest-bearing liabilities or loans contracted at variable interest rates are close to their fair value. The fair value of interest-bearing liabilities that are remunerated at a fixed rate is disclosed in Note 8.3 \u2013 Financial assets and liabilities. Disclosure The Group must classify a liability as current when: a) it expects to settle the liability in the normal course of its operating cycle; b) it holds the liability primarily for trading purposes; c) the liability is expected to be settled within twelve months of the reporting period; or d) it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__183": {
"value": "5.9. Cash and cash equivalents Amounts in Euro 2024 2023 Cash 36,915 42,100 Short-term bank deposits 34,591,951 34,422,867 Other short-term investments 252,000,000 135,000,000 286,628,866 169,464,967 In 2024, Other short-terms investments records amounts invested by Navigator in a portfolio of short-term, highly liquid deposits and issuers with adequate ratings. As at 31 December 2024 and 31 December 2023, there are no significant balances of cash and cash equivalents that are subject to restrictions on use by the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__185": {
"value": "Accounting policies Cash and cash equivalents include cash, bank accounts and other short-term investments with an initial maturity of up to 3 months, which can be mobilised immediately without any significant risk in value fluctuations. For cash flow statement purposes, this caption also includes bank overdrafts, which are presented in the statement of financial position as a current liability, under the caption Interest-bearing liabilities (Note 5.7). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__193": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__192": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__191": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__190": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__189": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__188": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__187": {
"value": "5.10. Net financial results Amounts in Euro 2024 2023 Interest paid on debt securities and bank debt (27,941,200) (23,497,743) Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) Interest paid using the effective interest method (29,964,231) (26,245,222) Interest paid on lease liabilities (3,896,924) (2,517,826) Financial expenses related to the Group's capital structure (33,861,155) (28,763,048) Favourable / (Unfavourable) exchange rate differences (4,678,314) (2,021,459) Gains / (Losses) on financial instruments - hedging (Note 8.2) (2,530,279) (1,151,931) Losses on compensatory interest - (561,180) Other expenses and financial losses (2,146,190) (855,584) Financial expenses and losses (43,215,938) (33,353,202) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Gains on financial instruments - hedging (Note 8.2) 11,328,732 9,722,523 Gains / (Losses) on financial instruments - hedging (Note 8.2) - 191,295 Gains on compensatory interest 490,852 - Financial income and gains 17,376,371 14,033,284 (25,839,567) (19,319,918) Financial profit/(loss) Financial losses amounted to Euro 25,839,567(31 December 2023: Euro 19,319,918, negative). This evolution compared to 2023 was essentially the result of changes in foreign exchange results. These exchange rate effects include the accounting effect (non-cash), of approximately Euro 3 million, of the recognition in the income statement of part of the currency translation reserve of the subsidiary Navigator North America, recycled through the income statement to the extent that it paid dividends to its parent company during the period. The evolution of financial profit/(loss), although penalised by the rise in the average cost of debt as a result of new financing issues at higher interest rates, remained at low levels in relation to the current market interest rate curve, taking into account the debt breakdown structure between fixed and variable interest rates and the respective levels of hedging carried out. Amounts in Euro 2024 2023 Interest paid on fixed rate financing (2,803,140) (2,987,974) Interest paid on variable rate financing (2,309,463) (1,773,693) Interest paid on variable rate financing and covered by IRS (20,298,296) (16,282,077) Interest rate hedges - IRS (Note 8.2) 11,328,732 9,722,523 Commissions on loans and expenses with the opening of credit facilities (2,023,031) (2,747,479) (16,105,198) (14,068,700) Interest paid on lease liabilities (3,896,924) (2,517,826) Interest paid on other interest-bearing liabilities (2,530,301) (2,453,999) Interest earned on financial assets at amortised cost 5,556,787 4,119,466 Net cost of capital structure (16,975,636) (14,921,059)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__197": {
"value": "Accounting policies The Group classifies as \u201cFinancial income\u201d the income and gains resulting from treasury management activities such as: i) interest obtained from the application of cash surplus; and ii) changes in the fair value in derivative financial instruments negotiated to hedge interest rate and exchange rate risk on loans, regardless of the formal designation of hedge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__196": {
"value": "Accounting policies The Group classifies as \u201cFinancial income\u201d the income and gains resulting from treasury management activities such as: i) interest obtained from the application of cash surplus; and ii) changes in the fair value in derivative financial instruments negotiated to hedge interest rate and exchange rate risk on loans, regardless of the formal designation of hedge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__195": {
"value": "Accounting policies The Group classifies as \u201cFinancial income\u201d the income and gains resulting from treasury management activities such as: i) interest obtained from the application of cash surplus; and ii) changes in the fair value in derivative financial instruments negotiated to hedge interest rate and exchange rate risk on loans, regardless of the formal designation of hedge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__199": {
"value": "6.1. Income tax for the period 6.1.1. Income tax recognised in the consolidated income statement Amounts in Euro 2024 2023 Current tax 92,286,353 83,576,447 Change in uncertain tax positions in the period (11,603,585) (10,524,611) Deferred tax (Note 6.2) (14,636,752) (965,713) 66,046,016 72,086,123 As at 31 December 2024, current tax includes Euro 81,337,182 (31 December 2023: Euro 77,442,414) regarding the liability created under the aggregated income tax regime of The Navigator Company, S.A. in Portugal, and is as follows by country: Amounts in Euro 2024 % 2023 % Portugal 81,638,728 88.46% 77,442,414 92.66% Spain 6,916,300 7.49% 3,576,798 4.28% United States of America 2,754,763 2.99% 1,652,446 1.98% Ireland 744,469 0.81% 297,933 0.36% France 85,073 0.09% 400,417 0.48% United Kingdom 78,999 0.09% 100,157 0.12% Other 68,021 0.07% 106,282 0.13% 92,286,353 100.00% 83,576,447 100.00% As at 31 December 2024 and 31 December 2023, the caption Change in uncertain tax positions in the period reflects the excess/insufficiency of tax estimates, the favourable outcome of some cases related to matters with high uncertainty, as well as requests for binding information, claims to the Tax Authorities and jurisprudence of the courts. There have not been, nor are any expected changes arising from variations in the rate used to determine the expected tax amount. Nominal tax rate In the periods presented, the Group considers a nominal tax rate in Portugal of 27.5%, resulting from the tax legislation as follows: 2024 2023 Portugal Nominal income tax rate 21.0% 21.0% Municipal surcharge 1.5% 1.5% 22.5% 22.5% State surcharge - on the share of taxable profits between Euro 1,500,000 and Euro 7,500,000 3.0% 3.0% State surcharge - on the share of taxable profits between Euro 7,500,000 and Euro 35,000,000 5.0% 5.0% State surcharge - on the share of taxable profits above Euro 35,000,000 9.0% 9.0% Reconciliation of the effective income tax rate for the period Amounts in Euro 2024 2023 Profit before income tax 353,030,229 347,035,265 Expected tax at nominal rate (21%) 74,136,348 72,877,406 Municipal surcharge (2024: 1.48%; 2023: 1.24%) 5,220,845 4,312,541 State surcharge (2024; 4.83%; 2023: 3.84%) 17,058,507 13,341,979 Income tax resulting from the applicable tax rate 96,415,700 90,531,926 Nominal tax rate for the period 27.3% 26.1% Differences (a) (5,995,539) (7,114,724) Changes in estimates relating to previous periods (13,177,106) (10,964,626) Tax benefits (11,288,005) Autonomous taxation 752,676 1,334,903 Change in tax rate (661,710) - 66,046,016 72,086,123 Effective tax rate 18.7% 20.8% (a) This amount concerns mainly: 2024 2023 Capital gains/ (losses) for tax purposes 1,964,267 9,207 Capital gains/ (losses) for accounting purposes (2,281,507) (244,774) Taxable provisions and impairment 4,139,158 1,603,069 Tax benefits (9,179,825) (20,442,661) Post-employment benefits (2,065,106) (2,402,501) Incentive to capitalise companies (17,347,915) - Deferred taxes on right-of-use assets and liabilities (6,034,371) - International economic double taxation 13,970,336 - Other (4,966,998) (4,394,062) (21,801,961) (25,871,722) Tax effect (27.5%) (5,995,539) (7,114,724) 6.1.2. Tax recognised in the consolidated statement of financial position Amounts in Euro 2024 2023 Assets Amounts pending repayment 20,621,461 18,385,534 20,621,461 18,385,534 Liabilities Corporate Income Tax - IRC 27,868,324 4,727,342 Additional tax liabilities (IRC) 13,470,045 18,100,389 41,338,369 22,827,731 Detail of Corporate Income Tax - IRC (net) Amounts in Euro 2024 2023 Income tax for the period 92,286,353 83,576,447 Payments on account, special and additional payments on account (68,520,255) (75,943,340) Withholding tax recoverable (1,893,645) (1,798,031) Corporate Income Tax payable / (repayable) from previous periods 7,209,171 - Other payables / (receivables) (1,213,300) (1,107,734) 27,868,324 4,727,342 The amounts of corporate income tax paid in the period are detailed as follows: Amounts in Euro 2024 2023 Payment / (Repayment) of corporate income tax for the previous period (8,824,662) 85,292,216 Payments on account, special and additional payments on account 68,520,255 75,943,340 Withholding tax 1,893,645 1,798,031 Repayments of tax proceedings decided in favour of the group (2,961,843) (335,564) Payments of additional tax liabilities 2,467,535 222,634 Other income tax payments / (repayments) - 829 Income tax paid / (received) 61,094,930 162,921,486 Amounts pending repayment Amounts in Euro 2024 2023 2005 Corporate Income Tax (RETGS) \u2013 Proceeding 1259/ 09.3BESNT 13,886,728 13,886,728 2015 Proceeding \u2013 Proceeding 21/22.2BALSB 5,364,441 - 2018 Corporate Income Tax (RETGS) - Proceeding CAAD 103/2023 - 1,749,389 RFAI 2010 to 2012 - compensatory interest 494,856 494,856 2016 Corporate Income Tax \u2013 Navigator Tissue R\u00f3d\u00e3o \u2013 CAAD Proceeding 575/2020 861,866 861,866 2017 Corporate Income Tax - Proceeding CAAD 756/2022 - 1,379,125 Other 13,570 13,570 20,621,461 18,385,534 The movements in the period are detailed as follows: Amounts in Euro 2024 2023 Balance at the beginning of the period 18,385,534 16,216,543 Increases 5,364,441 3,142,084 Payments / (receipts) (2,961,843) (335,564) Reversals (166,671) (637,529) 20,621,461 18,385,534 Uncertain tax positions- Liabilities Amounts in Euro 2024 2023 Balance at the beginning of the period 18,100,389 14,762,361 Increases 3,864,026 6,276,135 Payments / (receipts) - 222,634 Transfers (6,451,126) - Reversals (2,043,244) (3,160,741) Changes in the period (4,630,344) 3,338,028 13,470,045 18,100,389 Taxes paid in litigation As at 31 December 2024 and 31 December 2023, the additional tax assessments that are already paid and contested, not recognised in assets, refer to the Navigator Group and are summarised as follows: Amounts in Euro 2024 2023 2005 Aggregate Corporate Income Tax (Note 10) 2005) \u2013 Proceeding no. 88/13.4BEALM - 10,394,386 2006 Aggregate Corporate Income Tax (Note 10.3) \u2013 Proceeding no. 909/11.6 BEALM 8,150,146 8,150,146 Aggregate Corporate Income Tax 2018 - Proceeding 648/23.5BEALM 8,014,795 11,138,180 Aggregate Corporate Income Tax 2018 - Proceeding 525/13.4BEALM 1,457,205 - 2015 Corporate Income Tax \u2013 Navigator Tissue R\u00f3d\u00e3o, S.A. - Proceeding no. 235/23.8BECTB 7,586,361 7,586,361 State Surcharge 2015 II \u2013 Proceeding no. 453/23.9BEALM 6,970,541 6,970,541 State Surcharge 2016 \u2013 Proceeding no. 457/21.6BEALM 3,761,397 3,761,397 State Surcharge 2017 \u2013 Proceeding no. 456/21.8BEALM 8,462,724 8,462,724 State Surcharge 2018 \u2013 Proceeding no. 707/21.9 BEALM - 12,223,705 State Surcharge 2019 \u2013 Proceeding no. 557/23.8BEALM 2,466,974 2,466,974 State Surcharge 2020 \u2013 Proceeding no. 26/24.9BEALM 5,183,000 5,183,000 State Surcharge 2021 \u2013 Proceeding no. 702/24.6BEALM 6,154,906 - 58,208,049 76,337,414 Estimates and judgements The Group recognises liabilities for additional tax assessments that may result from reviews by the tax authorities of the different countries where the Group operates. When the final result of these situations is different from the amounts initially recorded, the differences will have an impact on income tax in the period in which they occur. In Portugal, annual income statements are subject to review and possible adjustment by the tax authorities for a period of 4 years. However, if tax losses are presented, they may be subject to review by the tax authorities for a period of 6 years. In other countries in which the Group operates, these periods are different, usually higher. The Board of Directors considers that any corrections to those statements as a result of reviews/inspections by the tax authorities will not have a significant impact in the consolidated financial statements as at 31 December 2024, although the periodsup to and including 2020 have already been reviewed. As at 31 December 2024, if the effective tax rate corresponded to the nominal rate of 27.3% (26.1% as at 31 December 2023), there would be an increase in expenses with income taxes in the amount of Euro 30,369,6884 (31 December 2023: Euro 18,445,803, calculated at a nominal rate of 27.5%). Uncertain tax positions The amount of assets and liabilities recorded for tax proceedings arises from an assessment made by the Group, as at the date of the consolidated statement of financial position, regarding potential differences of understanding with the Tax Authorities, considering the developments in tax matters. The Group, in relation to the measurement of uncertain tax positions, considers the provisions of IFRIC 23 - \u201cUncertainty over Income Tax Treatments\u201d, namely the measurement of risks and uncertainties in the definition of the best estimate of the expense required to settle the obligation, by weighing all the possible results that are controlled by them and their associated probabilities. Pillar Two Model Rules - OECD The Navigator Group is subject to the OECD Pillar Two model rules from 1 January 2024. It has applied the exception to the recognition and disclosure of information on deferred tax assets and liabilities related to Pillar Two income taxes, as provided for in the amendments to IAS 12. As at the date of this report, the Group is currently assessing the impact of the introduction of the Pillar Two regime. However, given the analysis carried out so far, no significant impacts are expected, considering the current understanding of the interpretation of the new rules. ",
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"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__202": {
"value": "Accounting policies Current income tax is calculated based on net profit/(loss), adjusted in conformity with tax legislation in force at the statement of consolidated financial position date. Taxation group In Portugal, the Navigator Group is subject to the special tax regime for groups of companies (RETGS), comprising companies in which the shareholding is equal to or more than 75% and which meet the conditions laid down in articles 69 and following of the Corporate Income Tax Code (IRC Code). These companies included in the RETGS calculate income taxes as if they were taxed independently. Liabilities are recognised as due to the controlling company of the tax business Group, currently The Navigator Company, S.A. which is responsible for the Group\u2019s overall assessment and payment of the corporate income tax. Where there are gains on the use of this regime, these are recorded as income in the controlling company\u2019s financial statements. In 2018, a tax group was also established in Spain, which includes the three subsidiaries of the group based in that country and owned by Bosques do Atl\u00e2ntico, S.L., the controlling company in the tax group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__204": {
"value": "6.2. Deferred taxes Movements in deferred taxes Income Statement Equity As at 1 Exchange As at 31 Amounts in Euro January Change in the Increases/ rate December 2024 perimeter Increases Decreases Decreases adjustment Adjustments 2024 Temporary differences originating deferred tax assets Tax losses carried forward 52,846 56,496,586 10,330,494 (8,763,724) - 1,497,935 - 59,614,137 Provisions and impairment losses taxed 16,674,924 - 3,399,158 (6,222,935) - - - 13,851,147 Adjustment of property, plant and 32,384,050 - 3,369,216 (16,546,254) - - - 19,207,012 equipment Deferred accounting gains on intra-group 11,750,244 - 19,587,315 (2,771,964) - - - 28,565,595 transactions Valuation of biological assets 24,904,297 - 3,212,169 - - - - 28,116,466 Conventional capital remuneration 280,000 - - (280,000) - - - - Lease liabilities relating to right-of-use - 589,227 74,127,963 - - - - 74,717,190 assets Other temporary differences - - 2,688,330 - - 15,363 - 2,703,693 86,046,361 57,085,813 116,714,645 (34,584,877) - 1,513,298 - 226,775,240 Temporary differences originating deferred tax liabilities Pensions and other post-employment (795,430) - (27,809) (31) 125,312 - - (697,958) benefits Financial instruments (18,072,331) - - - 1,526,544 - 203,673 (16,342,114) Valuation of biological assets (3,519,844) - (4,329,921) - - - - (7,849,765) Adjustment of property, plant and (286,279,805) (35,345,525) (2,286,008) 30,589,642 - (880,249) - (294,201,945) equipment Fair value calculated in business (39,840,800) (99,779,568) - 10,301,191 - (2,538,614) - (131,857,791) combinations Government grants (3,714,470) - - 424,209 - - 387,483 (2,902,778) Right-of-use assets - - (68,093,592) - - - - (68,093,592) Other temporary differences - (117,536) - - - (3,065) - (120,601) (352,222,680(135,242,629) (74,737,330) 41,315,011 1,651,856 (3,421,928) 591,156 (522,066,544) ) Deferred tax assets 23,653,501 14,271,453 31,624,928 (9,287,124) - 378,325 60,641,083 Effect of the change in tax rate - - (1,530,232) - (1,530,232) Deferred tax assets 23,653,501 14,271,453 31,624,928 (10,817,356) - 378,325 - 59,110,851 Deferred tax liabilities (95,856,013) (33,810,656) (20,539,643) 11,036,624 510,271 (855,484) 97,445 (139,417,456) Effect of the change in tax rate 3,332,199 146,654 3,478,853 Deferred tax liabilities (95,856,013) (33,810,656) (20,539,643) 14,368,823 656,925 (855,484) 97,445 (135,938,603) Income Statement Equity Amounts in Euro As at 1 Change in the Increases/ As at 31 January 2023 perimeter Increases Decreases Decreases December 2023 Temporary differences originating deferred tax assets Taxed provisions 13,913,990 - 3,358,291 (597,357) - 16,674,924 Adjustment of property, plant and equipment 43,767,507 317,077 8,579,320 (20,279,854) - 32,384,050 Deferred accounting gains on intra-group transactions 26,228,453 1,561,458 (16,039,667) - 11,750,244 Valuation of biological assets 14,456,082 10,448,215 - - 24,904,297 Conventional capital remuneration 560,000 - - (280,000) - 280,000 Other temporary differences - 52,846 - - - 52,846 98,926,032 369,923 23,947,284 (37,196,878) - 86,046,361 Temporary differences originating deferred tax liabilities Pensions and other post-employment benefits (358,483) - (34,476) 17,172 (419,643) (795,430) Financial instruments (47,174,485) - - - 29,102,154 (18,072,331) Valuation of biological assets (5,403,744) - - 1,883,900 - (3,519,844) Adjustment of property, plant and equipment (300,707,813) (3,606) (4,124,908) 18,556,522 - (286,279,805) Government grants - (39,840,800) - - - (39,840,800) Other temporary differences (3,862,494) (646,777) - 462,851 331,950 (3,714,470) (357,507,019) (40,491,183) (4,159,384) 20,920,445 29,014,461 (352,222,680) Deferred tax assets 27,204,659 92,481 6,585,503 (10,229,142) - 23,653,501 Deferred tax liabilities (98,314,430) (10,122,796) (1,143,770) 5,753,122 7,971,861 (95,856,013) When measuring deferred taxes as at 31 December 2024, the rate of 26.50% (27.5% as at 31 December 2023) was used for companies in Portugal as a result of the 1 p.p. reduction in the corporate income tax rate approved in the State budget for 2025. Moreover, deferred taxes for companies in the United Kingdom and Spain were calculated at a rate of 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__206": {
"value": "Accounting policies Deferred tax is calculated based on the liability of the consolidated financial position on the temporary differences between the book values of the assets and liabilities and their respective tax base. To determine the deferred tax, the tax rate expected to be in force in the period in which the temporary differences will be reversed is used. Deferred tax assets are recognised whenever there is a reasonable likelihood that future taxable profits will be generated against which they can be offset. Deferred tax assets are revised periodically and decreased, whenever it is likely that tax losses will not be used. Deferred taxes are recorded as an income or expense for the year, except where they result from amounts recorded directly under equity, situation in which deferred tax is also recorded under the same caption. Tax benefits attributed to the Group regarding its investment projects are recognised through the income statement as there is sufficient taxable income to allow its use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__208-1": {
"value": "7.1. Payroll costs Amounts in Euro 2024 2023 Remuneration of Corporate Bodies - fixed (Note 7.3) 3,350,825 3,571,826 Remuneration of Corporate Bodies - variable 2,691,151 2,825,009 Other remunerations 151,235,286 129,023,410 Social Security contributions 28,914,957 26,401,281 Post-employment benefits (Note 7.2.4) 1,643,708 1,344,766 Other payroll costs 15,944,227 9,085,911 Payroll costs 203,780,154 172,252,203 Navigator's good performance in 2024 made it possible to reinforce the increase in remuneration, the bonuses awarded to employees as profit-sharing and the compensations for rejuvenating the team. It should be noted that, by resolution of the Shareholders' Meeting of 17 May 2023, the remuneration of the Corporate Bodies will now be paid 12 times a year instead of 14. Overall, the increase in payroll costs is due to the acquisition of the Navigator Tissue UK Group in May 2024, with an impact as at 31 December of Euro 14,213,413. As at 31 December 2023, Other expenses includes the positive impact of the revision of the estimate of liabilities associated with the rejuvenation programme in view of the longer delay between expressing interest in joining the programme and actually leaving,7.2. Employee benefits 7.2.1. Introduction Some Group companies grant their Employees post-retirement benefits, either in the form of defined benefit plans or in the form of defined contribution plans. The plans are funded through a closed Pension Fund, managed by an external entity, which subcontracts the management of its assets to external asset management entities. A. Pension Plan \u2013 Defined benefit The Group has responsibilities with post-employment benefit plans for a reduced group of Employees who have chosen to maintain the Defined Benefit Plan (The Navigator Company) or who have chosen to maintain a Safeguard Clause, the latter following the conversion of their plan into a Defined Contribution Plan (The Navigator Company). In effect, the safeguard clause gives the Employee the option, at the time of retirement, to pay a pension in accordance with the provisions laid down on the Defined Benefit Plan. For those who choose to activate the Safeguard Clause, the accumulated balance in the Defined Contribution Plan (Conta 1) will be used to finance the liability of the Defined Benefit Plan. B. Pension Plan \u2013 Defined contribution As at 31 December 2024, three Defined Contribution plans were in force covering 3,278 employees (2023: 3,200 Employees) (Note 7.2.3). 7.2.2. Defined benefit plan Policy for managing the risk associated with defined benefit plans The Group's exposure to risk is limited to the number of existing beneficiaries and will tend to decrease, since there are no defined benefit plans open to new employees in the Group. The most significant risks to which the Group is exposed through defined benefit plans include: i. Risk of change in the longevity of participants. ii. Market rate variation risk \u2013 rate variation impacts the rate used to discount liabilities (technical interest rate) which is based on yield curves of highly rated bonds with maturities similar to the liabilities' expiry dates and the fixed rate of return of the assets. The Group uses yield curves in order to monitor the evolution of rates and performs sensitivity analyses of interest rate variations with the aim of foreseeing and preventing the consequent impact on the fund's funding level. iii. Risk of change in the wage and pension growth rate. iv. Return on the fund's financial assets \u2013 the Group closely monitors the evolution of the fund's assets, as well as the evolution of the main financial market indicators, revisiting the investment policy approved for the management of the assets whenever justifiable, and at least every three years. The investment policy is aligned with a conservative view of asset management and defined on the basis of the responsibilities to be financed by the fund. The Group's goal is to maintain a liability coverage level of 90%, thereby safeguarding against the above risks. Net liabilities Net liabilities reflected in the consolidated statement of financial position and the number of beneficiaries of the defined benefit plans in force in the Group are detailed as follows: 2024 2023 No. of No. of Amounts in Euro Beneficiaries Amount Beneficiaries Amount Past service liabilities Active employees, including individual accounts 301 43,344,735 352 50,509,668 Alumni 114 17,567,947 112 17,469,425 Retired employees 662 98,711,371 622 90,277,782 Market value of pension funds (160,971,371) (159,034,022) Total net liabilities 1,077 (1,347,318) 1,086 (777,147) Historical information - last five years Amounts in Euro 2020 2021 2022 2023 2024 Present value of liabilities 191,253,527 191,002,589 157,269,646 158,256,875 159,624,053 Fair value of assets and reserves 178,691,062 185,327,671 154,433,916 159,034,022 160,971,371 Surplus / (deficit) (12,562,465) (5,674,918) (2,835,730) 777,147 1,347,318 Evolution of defined benefit plan liabilities Current Opening services Interest Actuarial Payments Closing 2024 balance cost expense deviations performed balance Amounts in Euro Pensions with autonomous fund 158,256,875 20,101 5,414,858 3,243,001 (7,310,782) 159,624,053 158,256,875 20,101 5,414,858 3,243,001 (7,310,782) 159,624,053 Current Opening services Interest Actuarial Payments Closing 2023 balance cost expense deviations performed balance Amounts in Euro Pensions with autonomous fund 157,269,646 18,878 5,398,760 2,467,179 (6,897,588) 158,256,875 157,269,646 18,878 5,398,760 2,467,179 (6,897,588) 158,256,875 The average expected duration of the defined benefit liabilities is 12.5 years (2023: 13 years). Funds Funds allocated to the defined benefit pension plans - evolution Amounts in Euro 2024 2023 Opening balance 159,034,022 154,433,916 Allocations for the period - - Expected income for the period 5,441,354 5,291,759 Remeasurement 3,806,777 6,205,945 Pensions paid (7,310,782) (6,897,598) Closing balance 160,971,371 159,034,022 The pension fund assets allocated to the defined benefit plan are managed by the following entities: Amounts in Euro 2024 2023 Defined benefits and Conta 1: AGEAS - Pensions (51,992) (17,192) Schroders 55,790,911 64,806,718 Santander AM 56,467,629 65,605,927 Account 1 - Julius Baer 48,764,823 28,638,569 Total defined benefits and Conta 1 160,971,371 159,034,022 Funds allocated to defined benefit plans - composition of assets Amounts in Euro 2024 % 2023 % Securities listed in the market Bonds 98,435,081 61.15% 96,701,081 60.81% Shares 41,216,140 25.60% 38,457,610 24.18% Public debt 15,406,040 9.57% 17,419,598 10.95% Liquidity 1,260,572 0.78% 2,206,803 1.39% Other short-term investments 4,653,538 2.89% 4,248,930 2.67% 160,971,371 100.00% 159,034,022 100.00% The assets of the pension fund do not include any assets of the Group. 7.2.3. Defined contributions plan As at 31 December 2024 and 31 December 2023, three defined contribution plans were in force on behalf of Employees. The assets of the pension fund that finance the defined contribution plans are under the management of the AGEAS, as detailed below: No. of Profitability No. of Profitability Amounts in EuroBeneficiaries % 2024 Beneficiaries % 2023 Defined Contribution (Ageas Pensions): Defensive sub-fund 112 3.34% 5,608,582 122 7.17% 6,262,270 Conventional sub-fund 408 5.20% 15,773,907 392 8.50% 15,291,344 Dynamic sub-fund 771 8.54% 15,999,063 737 10.90% 15,713,487 Aggressive sub-fund 1,987 11.42% 7,209,476 1,949 13.30% 6,398,935 Total defined contribution 3,278 44,591,028 3,200 43,666,036 7.2.4. Expenses incurred with post-employment benefit plans The effect in the income statement for the periods ended 31 December 2024 and 31 December 2023 was as follows: 2024 2023 Defined contribution Defined \u2013Current contribution \u2013 Impact on Current Contributions Impact on services Contributions net result services for the net resultAmounts in Euro cost Net interest for the period (Note 7.1) cost Net interest period (Note 7.1) Pensions with autonomous 20,101 (26,496) - (6,395) 18,878 107,001 - 125,879 fund Defined contributions plans - - 1,650,103 1,650,103 - - 1,218,887 1,218,887 20,101 (26,496) 1,650,103 1,643,708 18,878 107,001 1,218,887 1,344,766 7.2.5. Remeasurement recognised directly in other comprehensive income 2024 Remeasurement Expected Experience return on Deferred Impact on Amounts in Euro assumptions plan assets Gross amount taxes Equity Pensions with autonomous fund (2,467,179) 3,030,955 563,776 17,693 581,469 (2,467,179) 3,030,955 563,776 17,693 581,469 775,822 775,822 - - 2023 Remeasurement Expected Experience return on Deferred Impact on Amounts in Euro assumptions plan assets Gross amount taxes Equity Pensions with autonomous fund (2,467,179) 6,205,945 3,738,766 (115,461) 3,623,305 (2,467,179) 6,205,945 3,738,766 (115,461) 3,623,305 The re-measurements referred to above result from experience gains and losses, both in financial and demographic terms. Estimates and judgements Actuarial assumptions 2024 2023 Social Security Benefits Formula Decree Law 187/2007 of 10 May Disability table EKV 80 EKV 80 Mortality table TV 88-90 TV 88-90 Discount rate 3.50% 3.50% Wage growth rate 2.00% 2.00% Return rate on plan assets 3.50% 3.50% Pensions growth rate 1.5% or 2.00% 1.5% or 2.00% Sensitivity analysis Amounts in Euro 2024 2023 0.5% decrease in the discount rate Increase in liabilities assumed 10,036,078 10,348,867 0.5% increase in the discount rate Decrease in liabilities assumed (9,123,660) (9,316,819) 0.5% decrease in the wage growth rate Decrease in liabilities assumed (1,636,291) (1,886,275) 0.5% increase in the wage growth rate Increase in liabilities assumed 1,723,903 1,976,098 0.5% decrease in the pensions growth rate Decrease in liabilities assumed (7,547,496) (7,646,125) 0.5% increase in the pensions growth rate Increase in liabilities assumed 8,111,198 8,056,199",
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"f1__s7__6__209": {
"value": "Number of employees by segment at the end of the period 2024 2023 Variation 24/23 Market pulp 295 272 23 UWF 1,782 1,808 (26) Tissue 1,036 586 450 Corporate 838 801 37 3,951 3,467 484 The headcount includes 432 employees assigned to the Consumer tissue business in the UK as a result of the acquisition of Navigator Tissue UK Group. ",
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"f1__s7__6__211-1": {
"value": "Accounting policies Short-term employee benefits Acquired rights - holidays and holiday allowance In accordance with the collective labour agreement applicable to The Navigator Company, S.A. as well as under the agreement celebrated with the Labour Unions, the Group companies are entitled to a 25 working days leave, as well as to a month\u2019s holiday allowance. Moreover, employees who work continuous shifts for more than 25 or 30 years get one or two additional days' holiday, respectively. Productivity bonus In 2022, the Group introduced a Productivity bonus in addition to the normal bonus paid to employees. The aim of this bonus is to focus on increasing productivity and profitability, which are critical and fundamental prerequisites for continued investment in business growth and sustainable improvements in salaries and benefits. Thus, the Productivity Bonus sets the achievement of production levels at challenging thresholds corresponding to different levels of remuneration, based on a basic monthly salary. Bonuses According to the current Performance Management System (Sistema de Gest\u00e3o de Desempenho), employees have the right to a bonus, based on annually defined objectives. The entitlement of this bonus is usually acquired in the year preceding its payment. These liabilities are recorded in the year in which the Employees acquire the respective right, irrespective of the date of payment, whilst the balance payable at the date of the consolidated statement of financial position is shown under the caption Current payables. Benefits arising from termination of employment The benefits arising from termination of employment are recognised when the Group can no longer withdraw the offer of such benefits or in which the Group recognises the cost of restructuring under the provisions recording. Benefits due more than 12 months after the end of the reporting period are discounted to their present value.Accounting policies Post-employment benefits - defined benefit plan Some of the Group subsidiaries have assumed the commitment to make payments to their employees in the form of complementary retirement pensions, disability, early retirement and survivors\u2019 pensions, having constituted defined-benefit plans. The Group set up autonomous pension funds as a means of funding most of the liabilities. Based on the projected credit unit method, the Group recognises the costs with the attribution of these benefits as the services are provided by the employees. The total liability is estimated separately for each plan at least once every six months, on the date of closing of the interim and annual accounts, by a specialised and independent entity. The liability thus determined is presented in the consolidated statement of financial position, less the fair value of the funds set up, under Pension liabilities. Actuarial deviations resulting from changes in the value of estimated liabilities, as a consequence of changes in the financial and demographic assumptions used and experience gains, added to the differential between the actual return on fund assets and the estimated share of net interest, are designated as re-measurements and recorded directly in the statement of comprehensive income, under retained earnings. Net interest corresponds to the application of the discount rate to the value of net liabilities (value of liabilities less the fair value of fund assets) and is recognised in the income statement for the period under Payroll costs. The gains and losses generated by a curtailment or settlement of a defined-benefit plan are recognised in the income statement for the period when the curtailment or settlement occurs. A curtailment occurs when there is a material reduction in the number of employees. Costs for past liabilities resulting from the implementation of a new plan or increases in benefits attributed are recognised immediately in profit/(loss) for the period. Post-employment benefits - defined contribution plan Most of the Group subsidiaries assumed commitments regarding payments to a defined contribution plan in a percentage of the employees\u2019 salary, in order to provide retirement, disability, early retirement and survivors\u2019 pensions. To this end, Pension Funds have been set up to capitalise on those contributions, for which employees may still make voluntary contributions, but for which the Group does not assume any additional contribution responsibilities or a pre-fixed return. Thus, the contributions made are recorded as expenses of the period in which they are recognised, regardless of the time of their settlement.",
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"f1__s7__6__218": {
"value": "7.3. Remuneration of corporate bodies Amounts in Euro 2024 2023 Navigator Corporate Bodies Board of Directors 2,892,317 3,094,271 Supervisory Board 75,500 83,521 Environment Board 73,000 79,750 Board of the General Shareholders Meeting 6,000 8,000 3,046,817 3,265,542 Corporate Bodies of other Group companies 304,008 306,283 Total (Note 7.1) 3,350,825 3,571,826 Remuneration of the members of the Board of Directors Full details of the remuneration policy for the members of Navigator's Board of Directors are described in the company's Corporate Governance Report. Three of the current directors are members of pension plans of Navigator Brands, S.A., a subsidiary of the Company, as Employees of that company, before joining management positions. As at 31 December 2024 and 2023, regarding the members of the Board of Directors of Navigator, there were no: i) any additional liabilities allocated to other long-term benefits, ii) employment termination benefits, iii) share-based payments and iv) any outstanding balances. ",
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"value": "8.1. Financial risk management For the Navigator Group as a whole, the Company has a risk-management programme, which focuses its analysis on the financial markets with a view to mitigate the potential adverse effects on its financial performance. Risk management is undertaken by the Group's Financial Management in accordance with the policies approved by the Board of Directors and monitored by the Risks and Control Commission. The Company adopts a proactive approach to risk management, as a way to mitigate the potential adverse effects associated with those risks, namely the exchange rate risk and interest rate risk. 8.1.1. Currency risk Currency risk management policy A significant part of the Navigator Group\u2019s sales is priced in currencies other than the Euro, therefore its evolution can have a significant impact on the cash flows obtained from the Group's future sales, with the currency with the greatest impact being the USD. Also, sales in GBP, PLN and CHF have some weight, having sales in other currencies less expression. Purchases of some raw materials are also made in USD, namely part of wood and long-fibre pulp imports of wood and acquisitions of long-fibre pulp. Therefore, changes in USD may have an impact on acquisition values. Moreover, once a sale or purchase is made in a currency other than the Euro, the Group becomes exposed to exchange rate risk until the receipt or payment of such sale or purchase, if no hedging instruments are in place. As a result, there is a significant number of receivables and payables, the latter with lesser expression, exposed to exchange rate risk. Use of derivative financial instruments The Group manages foreign exchange risks by using derivative financial instruments, in accordance with a policy that is subject to periodic review and whose purpose is to limit the exchange risk associated with future sales and purchases and accounts receivable and payable and other assets which are denominated in currencies other than the Euro. In the periods presented, the Group holds derivatives that are hedging the exchange rate risk of future operations in currencies other than the presentation currency (see Note 8.2 - Derivative financial instruments). Exposure of financial assets and liabilities to exchange rate risk and sensitivity analysis South Amounts in Euro US Sterling Polish Turkish Swiss Mozambican Moroccan African Total dollar pound zloti lira Franc metical dirham rand (Euro) Amounts in foreign currency Cash and cash equivalents 1,855,837 1,026,550 114,545 2,182,313 1,828 47,272,452 450,239 8,949,781 4,319,282 Receivables 140,341,158 46,228,701 9,733,718 124,322 1,846,939 7,720,540 - 10,414,727 195,727,661 Total financial assets 142,196,995 47,255,251 9,848,263 2,306,635 1,848,767 54,992,992 450,239 19,364,508 200,046,943 Interest-bearing liabilities - 17,490,990 - - - - - - 21,094,322 Payables 3,046,921 17,102,563 12,888 104,309 78,966 13,405,576 135,216 3,451,095 24,037,936 Total financial liabilities 3,046,921 34,593,553 12,888 104,309 78,966 13,405,576 135,216 3,451,095 45,132,258 Financial net position in 145,243,916 81,848,804 9,861,151 2,410,944 1,927,733 68,398,568 585,455 22,815,603 245,179,201 foreign currency Financial net position in Euro 139,805,483 98,710,538 2,306,702 65,627 2,048,165 1,024,084 55,657 1,162,946 245,179,201 Impact of + 10% change in all exchange rates on profit/(loss) for the 21,633,212 period Impact of - 10% change in all exchange rates on profit/(loss) for the (26,440,592) period Impact of + 10% change in all exchange rates on profit/(loss) for the 655,806 period Impact of + 10% change in all exchange rates on profit/(loss) for the (801,541) period 2023 South Amounts in Euro US Sterling Polish Turkish Swiss Mozambican Moroccan African Total dollar pound zloti lira Franc metical dirham rand (Euro) Amounts in foreign currency Cash and cash equivalents 3,754,684 863,437 259,824 525,311 2,731 24,591,876 418,145 40,922 4,858,597 Receivables 145,638,716 21,697,447 14,349,866 124,322 1,572,289 16,154,123 - - 162,002,359 Total financial assets 149,393,400 22,560,884 14,609,690 649,633 1,575,020 40,745,999 418,145 40,922 166,860,956 Interest-bearing liabilities - - - - - - - - - Payables (12,831,555) (64,414) (25,273) (5,124,236) (84,250) - (134,963) - (11,952,451) Total financial liabilities (12,831,555) (64,414) (25,273) (5,124,236) (84,250) - (134,963) - (11,952,451) Financial net position in 136,561,845 22,496,470 14,584,417 (4,474,603) 1,490,770 40,745,999 283,181 40,922 154,908,505 foreign currency Financial net position in 123,585,380 25,884,789 3,360,852 (137,035) 1,609,903 576,730 25,874 2,011 154,908,505 Euro Impact of + 10% change in all exchange rates on profit/(loss) for the period 14,082,591 Impact of - 10% change in all exchange rates on profit/(loss) for the period (17,212,056) In this Note, the Group discloses the exposure of financial assets and liabilities to foreign exchange rate risk, as well as the respective sensitivity analysis. There are currencies in which the Group has carried out transactions but in which, at the balance sheet date, it does not have relevant foreign exchange exposures, which is why the exchange rates disclosed in note 1.4.4 are more numerous than the currencies presented in this note. 8.1.2. Interest rate risk Interest rate risk management policy A significant share of the Group\u2019s financial liabilities cost are indexed to short-term reference interest rates, which are reviewed more than once a year (generally every six months for medium and long-term debt). Hence, changes in interest rates can have an impact on the Group\u2019s income statement. The Group periodically reviews its interest rate risk management strategy. In view of the current level of interest rates, we have favoured the contracting of fixed rate debt. Use of derivative financial instruments When deemed appropriate by the Board, the Group uses derivative financial instruments (Note 8.2), namely swaps, with the purpose of fixing the interest rate on loans obtained, within certain parameters, deemed appropriate by the Group's risk management policies. Exposure to interest rate risk As at 31 December 2024, approximately 11% (31 December 2023: 5%) of the Navigator Group\u2019s financial liabilities are indexed to short-term reference interest rates, revised in periods below one year (usually 6-month rates for long-term debt), plus duly negotiated risk spreads. Hence, changes in interest rates can impact the Group\u2019s earnings. The Group has favoured the contracting of fixed rate debt and has derivative financial instruments to cover its interest rate risk, namely interest-rate swaps, with the purpose of fixing the interest rate on the Navigator Group\u2019s borrowings within certain limits. As at 31 December 2024 and 31 December 2023, the detail of the financial assets and liabilities with interest rate exposure, considering the maturity or the next interest-fixing date is as follows: 2024 Up to 1 3-12 More than Amounts in Euro month 1-3 months months 1-5 years 5 years Total Assets Current Cash and cash equivalents 286,628,866 - - - - 286,628,866 Total financial assets 286,628,866 - - - - 286,628,866 Liabilities Non-current Interest-bearing liabilities - - - 10,000,000 80,000,000 90,000,000 Finance leases 2,715,195 2,715,195 Current Interest-bearing liabilities - 23,891,108 - - 23,891,108 Finance leases 1,717,499 1,717,499 Total financial liabilities - - 25,608,607 12,715,195 80,000,000 118,323,802 Cumulative differential 286,628,866 286,628,866 261,020,259 248,305,064 168,305,064 From 2024 onwards, the tables above show assets and liabilities with exposure to interest rate risk, not including assets and liabilities whose interest rate risk is fully covered by derivative financial instruments with a maturity and/or repricing identical to the underlying. In order to make the information presented comparable, the appropriate changes were made to the table for the homologous period, ensuring the consistency of the criteria adopted in preparing this disclosure. In liquidity risk note 8.1.3, the contractual maturity of all financial liabilities is shown, regardless of whether the interest rate risk is hedged by derivative financial instruments. 2023 Up to 1 3-12 More than 5 Amounts in Euro month 1-3 months months 1-5 years years Total Assets Current Cash and cash equivalents 169,464,967 - - - - 169,464,967 Total financial assets 169,464,967 - - - - 169,464,967 Liabilities Non-current Interest-bearing liabilities - - - 23,500,000 - 23,500,000 Current Interest-bearing liabilities - 2,000,000 9,583,333 - - 11,583,333 Total financial liabilities - 2,000,000 9,583,333 23,500,000 - 35,083,333 Cumulative differential 169,464,967 167,464,967 157,881,634 134,381,634 134,381,634 Estimates and judgements Sensitivity analysis The Group uses the sensibility analysis technique to measure impacts on the income statement and equity of increase or decrease on interest rates maintaining the other variables constant. This is an illustrative analysis only, since changes in market rates rarely occur separately. The sensitivity analysis is based on the following assumptions: i) Changes in market interest rates affect interest income and expenses arising from variable financial instruments; ii) Changes in market interest rates affect the fair value of derivative financial instruments as well as other financial assets or liabilities; iii) Changes in fair value of derivative financial instruments and other financial assets and liabilities are measured using the discounted cash flows method, with market interest rates at year end. A 0.50% increase in interest rates on which interest on loans are calculated would have an impact on its profit before income tax, for the period ended 31 December 2024 by approximately Euro 569,456 (31 December 2023: \u20ac175,417).",
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"value": "8.1.3. Liquidity risk Liquidity risk management policy The Group manages the liquidity risk in two ways: i. ensuring that its financial debt has a high medium- and long-term component with maturities appropriate to the characteristics of the industries where it operates, and ii. by contracting with financial institutions credit facilities available at all times for an amount that guarantees adequate liquidity. Available but not used creditsThe Group's policy is to maintain credit facilities at adequate levels to, together with the amount of Cash and Cash Equivalents in order to guarantee, with some comfort margin, the cash cycle expected for the next 12 months. Contractual maturity of financial liabilities (undiscounted flows, including interest) 2024 3-12 More than Amounts in Euro -1 month 1-3 months months 1-5 years 5 years Total Liabilities Interest-bearing liabilities (Note 5.7) Bond loans 420,000 10,521,500 99,941,464 392,316,564 210,017,643 713,217,171 Commercial paper - 35,497,000 248,500 35,248,500 50,000,000 120,994,000 Bank loans - 4,969,536 10,158,078 70,362,247 37,668,335 123,158,196 Other loans - - 7,219,439 15,905,149 - 23,124,588 Derivative financial instruments (Note 8.2) - 1,259,512 2,879,804 2,659,143 (783,753) 6,014,706 Total liabilities 420,000 52,247,548 120,447,285 516,491,603 296,902,225 986,508,661 Of which interest (at the rates prevailing at 77,506,038 that date) 2023 3-12 More than Amounts in Euro -1 month 1-3 months months 1-5 years 5 years Total Liabilities Interest-bearing liabilities (Note 5.7) Bond loans 420,000 10,721,500 30,895,000 432,923,500 - 474,960,000 Commercial paper - 745,500 35,745,500 71,491,000 - 107,982,000 Bank loans 15,000,000 5,189,218 16,188,037 62,679,270 12,840,786 111,897,311 Other loans - - 7,219,439 23,227,870 - 30,447,309 Derivative financial instruments (Note 8.2) - - (10,087,985) (14,934,263) - (25,022,248) Total liabilities 15,420,000 16,656,218 79,959,992 575,387,376 12,840,786 700,264,372 Of which interest (at the rates prevailing at 63,327,406 that date) The table considers the debt issued and the long-term debt contracted and not disbursed that will refinance the debt maturing in 2025 (Available and undrawn credit facilities). The contractual maturity of the interest-bearing liabilities presupposes the fulfilment of financial covenants, as detailed in Note 5.7 - Interest-bearing liabilities. Available and undrawn credit facilities Amounts in Euro 2024 2023 Undrawn credit facilities Commercial paper (with long term underwriting) 75,000,000 167,250,000 Long-term financing contracted and not disbursed 140,000,000 115,000,000 Other credit facilities 95,163,917 5,450,714 310,163,917 287,700,714 Commercial paper used (Note 5.7) 120,000,000 105,000,000 Other credit facilities used 787,420,613 561,889,769 Contracted credit facilities (nominal value) 1,217,584,530 954,590,483",
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"f1__s7__6__221": {
"value": "8.1.4. Credit risk Credit risk management policy The Group is exposed to credit risk on balances receivable from Trade receivables and other debtors and has adopted a policy of managing risk coverage within certain levels through credit insurance with a specialised independent company. The Group has adopted a policy of credit insurance for the majority of Trade receivables, with a 5% deductible. As such, its exposure to credit risk is considered to have been mitigated up to acceptable levels, when compared with its sales. Most sales that are not covered by credit insurance are covered by bank guarantees, letters of credit, documentary credits or retention of title agreements, and any unhedged exposure is within limits previously approved by the Executive Committee. However, the worsening of global economic conditions or adversities affecting only economies on a local scale may lead to deterioration in the ability of the Navigator Group\u2019s Customers to meet their obligations, leading entities providing credit insurance to significantly decrease the amount of credit facilities that are available to those Customers. This scenario may result in limitations on the amounts that can be sold to some Group Customers without directly incurring credit risk levels that are not compatible with the risk policy in this area. Cash equivalents The Navigator Group adopts strict policies in approving its financial counterparties, limiting its exposure in accordance with an individual risk analysis and within previously approved limits. Maximum exposure to credit risk The Group's maximum exposure to the credit risk of financial assets corresponds to their net amount, as follows: Amounts in Euro 2024 2023 Non-current Other financial investments (Note 8.3) - - Receivables (Note 4.2) 13,142,937 44,399,506 Current Receivables (Note 4.2) 496,698,621 424,740,973 Cash and cash equivalents (Note 5.9) 286,628,866 169,464,967 796,470,424 638,605,446 Ageing structure of trade receivables balances As at 31 December 2024 and 2023, Trade receivables balances presented the following ageing structure, considering as reference the maturity date of the outstanding amounts before impairments: Amounts in Euro 2024 2023 Amounts not due 273,547,400 238,684,032 from 1 to 90 days 30,245,008 20,206,869 from 91 to 180 days 1,022,452 127,789 from 181 to 360 days 215,098 42,151 from 361 to 540 days 6,341 - from 541 to 720 days 6,198 - more than 721 days - - 305,042,497 259,060,841 Balances considered impaired 3,635,137 3,293,670 Impairment (3,635,137) (3,293,670) Net balance of trade receivables (Note 4.2) 305,042,497 259,060,841 Trade receivables covered by credit insurance 264,061,504 226,072,918 Trade receivables covered by bank guarantees 2,000,000 1,300,000 Trade receivables covered by title retention agreements 1,873,390 7,046,082 Trade receivables covered by letters of credit / documentary remittances 33,593,182 22,910,875 Covered receivables 301,528,076 257,329,875 Available and undrawn credit facilities 463,762,720 503,473,207 Credit hedging facilities contracted 765,290,796 760,803,082 The amounts shown above correspond to the amounts outstanding according to the contracted due dates. The amounts not covered of Euro 3,514,421 relate to amounts previously approved by the Executive Committee of the Navigator Group (2023: \u20ac1,730,966). Despite some delays in the settlement of those amounts, that does not result, in accordance with the available information, in the identification of impairment losses other than the ones considered through the respective losses. These are calculated based on the information periodically collected on the financial behaviour of the Group\u2019s Customers, which allow, in conjunction with the experience obtained in the client portfolio analysis and with the history of credit defaults, in the part not attributable to the insurance company, to define the amount of losses to be recognised in the period. The guarantees in place for a significant part of outstanding and long-term balances, justify the fact that no impairment loss has been recorded for those balances. The rules defined by the credit risk insurance policy applied by the Group, ensure a significant hedge of all outstanding balances. The analysis of the open balances, by business area, is as follows: 2024 Market Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Total Amounts not due 28,197,445 140,978,332 98,205,591 600,064 5,565,968 273,547,400 from 1 to 90 days 10,833,565 14,703,039 2,951,668 144,586 1,612,150 30,245,008 from 91 to 180 days 59,624 - 654,571 - 308,255 1,022,450 from 181 to 360 days - - 194,692 - 20,407 215,099 from 361 to 540 days - - 6,341 - 6,341 from 541 to 720 days - - 6,199 - 6,199 more than 721 days - - - - - 39,090,634 155,681,371 102,019,062 744,650 7,506,780 305,042,497 2023 Market Amounts in Euro Pulp UWF Paper Tissue Paper Energy Support Total Amounts not due 25,375,941 137,661,510 63,994,452 2,752,026 8,900,103 238,684,032 from 1 to 90 days 9,532,915 7,413,930 2,077,939 - 1,182,085 20,206,869 from 91 to 180 days - - 127,789 - - 127,789 from 181 to 360 days - - 42,151 - - 42,151 from 361 to 540 days - - - - - - from 541 to 720 days - - - - - - more than 721 days - - - - - - 34,908,856 145,075,440 66,242,331 2,752,026 10,082,188 259,060,841 The table below represents the quality of the Navigator Group\u2019s credit risk, as at 31 December 2024 and 31 December 2023, for financial assets (cash and cash equivalents), (Highest credit rating by one of the two rating agencies: Standard and Poor\u2019s, or Fitch): Financial Institutions Amounts in Euro 2024 2023 Rating AA - - AA- - - A+ 179,063,225 56,769,567 A 98,950,633 61,675,370 A- 2,305,027 42,824,483 BBB+ 1,315,948 2,643,288 BBB 4,028,844 1,546,150 BBB- 69,018 2,358,707 BB+ - BB - BB- - B+ - B - B- - Other 896,171 1,647,402 286,628,866 169,464,967 \u201cOther\u201d amounts include bank deposits with banks or entities with no rating, namely local banks in Mozambique and other foreign branches. The Navigator Group adopts strict policies in approving its financial counterparties, limiting its exposure in accordance with an individual risk analysis and within previously approved limits. Impairment from trade receivables and other debtors Impairment Trade receivables Other Total Amounts in Euro debtors Balance as at 1 January 2023 (6,621,084) (283,742) (6,904,826) Increase \u2013 IFRS 9 impact on profit/(loss) for the period 1,279,362 - 1,279,362 Increases (Note 2.3) (535,067) (61,746) (596,813) Reversals 4,634,383 - 4,634,383 Charge-off (2,051,264) - (2,051,264) Balance as at 31 December 2023 (3,293,670) (345,488) (3,639,158) Change in the perimeter (40,111) - (40,111) Increase \u2013 IFRS 9 impact on profit/(loss) for the period (1,477,280) - (1,477,280) Increases (Note 2.3) (242,088) (98,476) (340,564) Reversals 3,924,074 181,747 4,105,821 Charge-off 86,270 - 86,270 Transfers (2,591,399) - (2,591,399) Exchange rate adjustment (933) - (933) Balance as at 31 December 2024 (3,635,137) (262,217) (3,897,354)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__226": {
"value": "Accounting policies Impairment of debt instruments The Group assesses, on a prospective basis, the expected credit losses associated with its financial assets measured at amortised cost and at fair value through other comprehensive income, in accordance with IFRS 9. On this basis, the Group recognises expected credit losses throughout the lifetime of financial instruments that have been subject to significant increases in credit risk since its initial recognition, assessed either individually or collectively, considering all reasonable and sustainable information, including available prospective information. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since its initial recognition, the Group measures the impairment of that financial instrument by an amount equivalent to the expected credit losses. IFRS 9 provides that for the calculation of these impairments, one of two models is used: the 3-step method or the use of a matrix, the distinguishing component being the existence or not of a significant financing component. For Navigator's financial assets, since it is not a financial institution and there are no assets that have a significant financing component, the use of a matrix was chosen. The model adopted for the impairment assessment in accordance with IFRS 9 is as follows: i. Calculate the total credit sales made by the Group over the last 12 months, as well as the total amount of bad debts relating to them; ii. Determine the Customers\u2019 payment profile, by setting buckets of receipt frequency; iii. Based on I. and II. above, estimate the probability of default (i.e., the amount of bad debts calculated at I. compared to the balance of outstanding sales in each bucket calculated at II.); iv. Adjust the percentages of future forecasts obtained in III.; v. Apply the default percentages as calculated in IV. to the balances of Customers still outstanding at the reporting date. Although IFRS 9 assumes 90 days as \u201cdefault\u201d, the Navigator Group considered a period of 180 days, since the experience of real losses before this period is low. This period is aligned with the current risk management policies of the company, namely in what regards the credit insurance hired, and to the fact that there is no sales with significant components of funding in light of IFRS 15. Additionally, the company evaluated the impact of considering 180 days of \u201cdefault\u201d instead of the 90 days and the Expected Credit Loss would not change significantly. In addition to this period, in the event of an accident in the credit insurance company, the model considers the limit of 5% paid by the Navigator Group (10% for national Customers). In addition, the Group recognises impairment on a case-by-case basis, based on specific balances and specific past events, considering the historical information of the counterparties, their risk profile and other observable data in order to assess whether there are objective indicators of impairment for these financial assets. The Group uses the write-off procedure only when the credit is considered to be definitely uncollectible by a court decision.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__225": {
"value": "Accounting policies Impairment of debt instruments The Group assesses, on a prospective basis, the expected credit losses associated with its financial assets measured at amortised cost and at fair value through other comprehensive income, in accordance with IFRS 9. On this basis, the Group recognises expected credit losses throughout the lifetime of financial instruments that have been subject to significant increases in credit risk since its initial recognition, assessed either individually or collectively, considering all reasonable and sustainable information, including available prospective information. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since its initial recognition, the Group measures the impairment of that financial instrument by an amount equivalent to the expected credit losses. IFRS 9 provides that for the calculation of these impairments, one of two models is used: the 3-step method or the use of a matrix, the distinguishing component being the existence or not of a significant financing component. For Navigator's financial assets, since it is not a financial institution and there are no assets that have a significant financing component, the use of a matrix was chosen. The model adopted for the impairment assessment in accordance with IFRS 9 is as follows: i. Calculate the total credit sales made by the Group over the last 12 months, as well as the total amount of bad debts relating to them; ii. Determine the Customers\u2019 payment profile, by setting buckets of receipt frequency; iii. Based on I. and II. above, estimate the probability of default (i.e., the amount of bad debts calculated at I. compared to the balance of outstanding sales in each bucket calculated at II.); iv. Adjust the percentages of future forecasts obtained in III.; v. Apply the default percentages as calculated in IV. to the balances of Customers still outstanding at the reporting date. Although IFRS 9 assumes 90 days as \u201cdefault\u201d, the Navigator Group considered a period of 180 days, since the experience of real losses before this period is low. This period is aligned with the current risk management policies of the company, namely in what regards the credit insurance hired, and to the fact that there is no sales with significant components of funding in light of IFRS 15. Additionally, the company evaluated the impact of considering 180 days of \u201cdefault\u201d instead of the 90 days and the Expected Credit Loss would not change significantly. In addition to this period, in the event of an accident in the credit insurance company, the model considers the limit of 5% paid by the Navigator Group (10% for national Customers). In addition, the Group recognises impairment on a case-by-case basis, based on specific balances and specific past events, considering the historical information of the counterparties, their risk profile and other observable data in order to assess whether there are objective indicators of impairment for these financial assets. The Group uses the write-off procedure only when the credit is considered to be definitely uncollectible by a court decision.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__233": {
"value": "Accounting policies The fair value of derivative financial instruments is included under Payables (Note 4.3), when negative, and under Receivables (Note 4.2), when positive. In accordance with IFRS 9 - Financial Instruments, the Group has opted to continue applying the hedge accounting requirements of IAS 39 - Financial Instruments, until there is greater visibility on the Dynamic Risk Management (macro hedging) project currently in progress. Whenever expectations of changes in interest or exchange rates so justify, the Group hedges these risks through derivative financial instruments, such as interest rate swaps (IRS), interest rate and foreign exchange collars, forwards, etc. Trading derivative financial instruments Although the derivatives contracted by the Group represent effective economic hedges of risks, not all of them qualify as hedging instruments in accounting terms to satisfy the applicable rules and requirements. Instruments that do not qualify as hedging instruments are recorded in the Consolidated statement of financial position at their fair value and changes are recognised in Net financial results (Note 5.10), when related to financing operations, or in External services and supplies (Note 2.3) or Revenue (Note 2.1), when referring to hedging of sales receivable flows in a currency other than the presentation currency. Derivative financial instruments - hedging Derivative financial instruments used for hedging purposes may be recognised as hedging instruments provided that they comply, cumulatively, with the conditions set out in IAS 39. Cash flow hedging (interest rate, exchange rate and commodity risk - BHKP) In order to manage its exposure to interest rate risk and exchange rate risk, the Group enters into cash flow hedges. Those transactions are recorded in the Interim consolidated statement of financial position at their fair value, if considered effective hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Accumulated amounts in equity are reclassified to profit/(loss) in the periods when the hedged item affects the Income statement (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement under Net financial results (Note 5.10). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory or property, plant and equipment), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the income statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. Derivative financial instruments used by Navigator Group Foreign exchange trading derivatives The Navigator Group has a currency exposure on sales invoiced in foreign currencies, namely US dollars (USD) and pounds sterling (GBP). As the Group\u2019s financial statements are presented in Euro, it is exposed to an economic risk on the conversion of these currency flows to the Euro. The Group is also required, albeit to a lesser degree, to make certain payments in those same currencies which, for currency exposure purposes, act as a natural hedge. Thus, the hedge is aimed at safeguarding the net value of items in the statement of financial position denominated in a currency other than the presentation currency against the respective currency fluctuations. The hedging instruments used in this operation are foreign exchange forward contracts covering the net exposure to currencies other than the presentation currency, for amounts and due dates close to that exposure. The nature of the risk hedged is the change in the book value on sales and purchases expressed in currencies other than the presentation currency. At the end of each month, the balances of Trade receivables and Trade payables expressed in foreign currency are updated, with the gain or loss offset against the fair value change of the forwards negotiated. Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP The Group makes use of derivative financial instruments in order to limit the net exchange risk associated with sales and future purchases estimated at USD and GBP. Cash flow hedge | Interest rate The Navigator Group hedges future interest payments associated with commercial paper issues by hiring an interest rate swap, which pays a fixed rate and receives a floating rate. This instrument is designated as hedge of cash flows from the commercial paper programme and the bond loan. Cash flow hedge | Commodities - BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USD",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__232": {
"value": "Accounting policies The fair value of derivative financial instruments is included under Payables (Note 4.3), when negative, and under Receivables (Note 4.2), when positive. In accordance with IFRS 9 - Financial Instruments, the Group has opted to continue applying the hedge accounting requirements of IAS 39 - Financial Instruments, until there is greater visibility on the Dynamic Risk Management (macro hedging) project currently in progress. Whenever expectations of changes in interest or exchange rates so justify, the Group hedges these risks through derivative financial instruments, such as interest rate swaps (IRS), interest rate and foreign exchange collars, forwards, etc. Trading derivative financial instruments Although the derivatives contracted by the Group represent effective economic hedges of risks, not all of them qualify as hedging instruments in accounting terms to satisfy the applicable rules and requirements. Instruments that do not qualify as hedging instruments are recorded in the Consolidated statement of financial position at their fair value and changes are recognised in Net financial results (Note 5.10), when related to financing operations, or in External services and supplies (Note 2.3) or Revenue (Note 2.1), when referring to hedging of sales receivable flows in a currency other than the presentation currency. Derivative financial instruments - hedging Derivative financial instruments used for hedging purposes may be recognised as hedging instruments provided that they comply, cumulatively, with the conditions set out in IAS 39. Cash flow hedging (interest rate, exchange rate and commodity risk - BHKP) In order to manage its exposure to interest rate risk and exchange rate risk, the Group enters into cash flow hedges. Those transactions are recorded in the Interim consolidated statement of financial position at their fair value, if considered effective hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Accumulated amounts in equity are reclassified to profit/(loss) in the periods when the hedged item affects the Income statement (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement under Net financial results (Note 5.10). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory or property, plant and equipment), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the income statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. Derivative financial instruments used by Navigator Group Foreign exchange trading derivatives The Navigator Group has a currency exposure on sales invoiced in foreign currencies, namely US dollars (USD) and pounds sterling (GBP). As the Group\u2019s financial statements are presented in Euro, it is exposed to an economic risk on the conversion of these currency flows to the Euro. The Group is also required, albeit to a lesser degree, to make certain payments in those same currencies which, for currency exposure purposes, act as a natural hedge. Thus, the hedge is aimed at safeguarding the net value of items in the statement of financial position denominated in a currency other than the presentation currency against the respective currency fluctuations. The hedging instruments used in this operation are foreign exchange forward contracts covering the net exposure to currencies other than the presentation currency, for amounts and due dates close to that exposure. The nature of the risk hedged is the change in the book value on sales and purchases expressed in currencies other than the presentation currency. At the end of each month, the balances of Trade receivables and Trade payables expressed in foreign currency are updated, with the gain or loss offset against the fair value change of the forwards negotiated. Cash flow hedge | Exchange rate risk EUR/USD and EUR/GBP The Group makes use of derivative financial instruments in order to limit the net exchange risk associated with sales and future purchases estimated at USD and GBP. Cash flow hedge | Interest rate The Navigator Group hedges future interest payments associated with commercial paper issues by hiring an interest rate swap, which pays a fixed rate and receives a floating rate. This instrument is designated as hedge of cash flows from the commercial paper programme and the bond loan. Cash flow hedge | Commodities - BHKP The Navigator Group uses derivative financial instruments in order to minimise the exposure risk associated with the variation of the pulp price, indexed to PIX, in USD",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__234": {
"value": "When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the income statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__239": {
"value": "8.3. Financial assets and liabilities 8.3.1. Categories of Group Financial Instruments The financial instruments included in each caption of the consolidated statement of financial position are classified as follows: Financial Derivative Trading assets at financial derivative amortised instruments - financial Non-financial Amounts in Euro Note cost hedging instruments assets Total 31 December 2024 Non-current receivables 4.2 13,142,937 - - - 13,142,937 Current receivables 4.2 361,625,103 21,022,301 - 114,051,217 496,698,621 Cash and cash 5.9 286,628,866 - - - 286,628,866 equivalents Total assets 661,396,907 21,022,301 - 114,051,217 796,470,425 31 December 2023 Non-current receivables 4.2 44,399,506 - - - 44,399,506 Current receivables 4.2 311,882,736 18,444,025 1,014,913 93,399,299 424,740,973 Cash and cash 5.9 169,464,967 - - - 169,464,967 equivalents Total assets 525,747,210 18,444,025 1,014,913 93,399,299 638,605,447 Financial Financial Derivative Trading liabilities liabilities at financial derivative outside the amortised instruments - financial scope of IFRS Amounts in Euro Note cost hedging instruments 9 Total 31 December 2024 Interest-bearing 5.7 903,977,752 - - - 903,977,752 liabilities Lease liabilities 5.8 - - - 111,736,900 111,736,900 Payables 4.3 769,419,687 4,680,187 1,631,313 - 775,731,187 Total liabilities 1,673,397,439 4,680,187 1,631,313 111,736,900 1,791,445,839 31 December 2023 Interest-bearing 5.7 659,344,463 - - - 659,344,463 liabilities Lease liabilities 5.8 - - - 69,996,821 69,996,821 Payables 4.3 612,025,754 608,037 5,083,781 - 617,717,572 Total liabilities 1,271,370,217 608,037 5,083,781 69,996,821 1,347,058,856 8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__238": {
"value": "8.3. Financial assets and liabilities 8.3.1. Categories of Group Financial Instruments The financial instruments included in each caption of the consolidated statement of financial position are classified as follows: Financial Derivative Trading assets at financial derivative amortised instruments - financial Non-financial Amounts in Euro Note cost hedging instruments assets Total 31 December 2024 Non-current receivables 4.2 13,142,937 - - - 13,142,937 Current receivables 4.2 361,625,103 21,022,301 - 114,051,217 496,698,621 Cash and cash 5.9 286,628,866 - - - 286,628,866 equivalents Total assets 661,396,907 21,022,301 - 114,051,217 796,470,425 31 December 2023 Non-current receivables 4.2 44,399,506 - - - 44,399,506 Current receivables 4.2 311,882,736 18,444,025 1,014,913 93,399,299 424,740,973 Cash and cash 5.9 169,464,967 - - - 169,464,967 equivalents Total assets 525,747,210 18,444,025 1,014,913 93,399,299 638,605,447 Financial Financial Derivative Trading liabilities liabilities at financial derivative outside the amortised instruments - financial scope of IFRS Amounts in Euro Note cost hedging instruments 9 Total 31 December 2024 Interest-bearing 5.7 903,977,752 - - - 903,977,752 liabilities Lease liabilities 5.8 - - - 111,736,900 111,736,900 Payables 4.3 769,419,687 4,680,187 1,631,313 - 775,731,187 Total liabilities 1,673,397,439 4,680,187 1,631,313 111,736,900 1,791,445,839 31 December 2023 Interest-bearing 5.7 659,344,463 - - - 659,344,463 liabilities Lease liabilities 5.8 - - - 69,996,821 69,996,821 Payables 4.3 612,025,754 608,037 5,083,781 - 617,717,572 Total liabilities 1,271,370,217 608,037 5,083,781 69,996,821 1,347,058,856 8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__237": {
"value": "8.3. Financial assets and liabilities 8.3.1. Categories of Group Financial Instruments The financial instruments included in each caption of the consolidated statement of financial position are classified as follows: Financial Derivative Trading assets at financial derivative amortised instruments - financial Non-financial Amounts in Euro Note cost hedging instruments assets Total 31 December 2024 Non-current receivables 4.2 13,142,937 - - - 13,142,937 Current receivables 4.2 361,625,103 21,022,301 - 114,051,217 496,698,621 Cash and cash 5.9 286,628,866 - - - 286,628,866 equivalents Total assets 661,396,907 21,022,301 - 114,051,217 796,470,425 31 December 2023 Non-current receivables 4.2 44,399,506 - - - 44,399,506 Current receivables 4.2 311,882,736 18,444,025 1,014,913 93,399,299 424,740,973 Cash and cash 5.9 169,464,967 - - - 169,464,967 equivalents Total assets 525,747,210 18,444,025 1,014,913 93,399,299 638,605,447 Financial Financial Derivative Trading liabilities liabilities at financial derivative outside the amortised instruments - financial scope of IFRS Amounts in Euro Note cost hedging instruments 9 Total 31 December 2024 Interest-bearing 5.7 903,977,752 - - - 903,977,752 liabilities Lease liabilities 5.8 - - - 111,736,900 111,736,900 Payables 4.3 769,419,687 4,680,187 1,631,313 - 775,731,187 Total liabilities 1,673,397,439 4,680,187 1,631,313 111,736,900 1,791,445,839 31 December 2023 Interest-bearing 5.7 659,344,463 - - - 659,344,463 liabilities Lease liabilities 5.8 - - - 69,996,821 69,996,821 Payables 4.3 612,025,754 608,037 5,083,781 - 617,717,572 Total liabilities 1,271,370,217 608,037 5,083,781 69,996,821 1,347,058,856 8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__241": {
"value": "8.3.2. Fair value of financial assets and liabilities Financial assets and liabilities measured at fair value 2024 2023 Amounts in Euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets at fair value through profit and loss Hedging derivatives (Note 8.2) - - - - 1,014,913 - Hedging financial instruments (Note 8.2) - 21,022,302 - - 18,444,025 - Assets measured at fair value Biological assets (Note 3.8) - - 115,250,198 - - 115,591,979 115,250,19Total assets - 21,022,302 - 19,458,938 115,591,979 8 Financial liabilities at fair value through profit/(loss) Hedging derivatives (Note 8.2) - (1,631,313) - - (5,083,781) - Hedging financial instruments (Note 8.2) - (4,680,187) - - (608,037) - Total liabilities - (6,311,501) - - (5,691,818) -Estimates and judgements Fair value of fixed-interest interest-bearing liabilities The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each financing, belonging to level 2 of the fair value hierarchy of IFRS 13. ",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__246": {
"value": "Accounting policies The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement: Level 1 Based on quotes from active net markets at the reporting date. Level 2 Determined using evaluation models, whose main inputs are observable in the market. Level 3 Determined using evaluation models, the main inputs of which are not observable in the market. ",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__245": {
"value": "Accounting policies The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement: Level 1 Based on quotes from active net markets at the reporting date. Level 2 Determined using evaluation models, whose main inputs are observable in the market. Level 3 Determined using evaluation models, the main inputs of which are not observable in the market. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300UNIB7M2AXUXS35",
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"f1__s7__6__244": {
"value": "Accounting policies The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement: Level 1 Based on quotes from active net markets at the reporting date. Level 2 Determined using evaluation models, whose main inputs are observable in the market. Level 3 Determined using evaluation models, the main inputs of which are not observable in the market. ",
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"f1__s7__6__248-1": {
"value": "9. Operational risk management The Group operates in the forestry sectors, in the production of eucalyptus for use in the production of BEKP pulp, which it incorporates essentially in the production of UWF and tissue paper but is also sold in the market, and in energy production, essentially through the forest biomass that is generated in the BEKP production process. All the activities in which the Group is involved are subject to risks which could have a significant impact on its operations, its operating profit/(loss), the cash flow generated and in its financial position. The risk factors analysed in this chapter can be structured as follows: i. Specific risks inherent to the sectors of activity in which the Navigator Group operates: \u2212 Risks associated with the forestry sector (Note 9.1.1) \u2212 Risks associated with the production and sale of BEKP pulp, UWF paper and tissue paper (Note 9.1.2) \u2212 Risks associated with the production of energy (Note 9.1.3) \u2212 Environmental risks (Note 9.1.4) \u2212 Human resources and talent management (Note 9.1.5) \u2212 Information systems and cybersecurity (Note 9.1.6) \u2212 Other risks associated the Group\u2019s activity (Note 9.1.7) \u2212 General context risks (Note 9.1.8) ii. Group risks and the way it performs its activities. The Group has a risk-management programme in place which is focused on the analysis of the financial markets in order to mitigate the potential adverse effects on its financial performance. Risk management is conducted by the Finance Department in accordance with policies approved by the Board of Directors. The Finance Department evaluates and undertakes the hedging of financial risks in strict coordination with the Group\u2019s operating units. The Board of Directors provides the principles of risk management as a whole and policies covering specific areas such as foreign exchange risk, interest rate risk, liquidity risk, credit risk, the use of derivatives and other non-derivative financial instruments and the investment of liquidity surplus. The Risk Management Department monitors the implementation of risk management policies defined by the Board of Directors. 9.1. Specific risks inherent to the sectors of activity in which the Navigator Group operates 9.1.1. Risks associated with the forestry sector As at 31 December 2024, the Navigator Group managed around 109,9 thousand hectares (2023: 109.0 thousand hectares) distributed across Portugal and Spain, in 1,410 Management Units in 169 municipalities in Portugal, and 54 Management Units distributed across 2 provinces in Galicia and 1 province in Asturias, Spain, in accordance with the principles set forth in its Forestry Policy. Eucalyptus and areas under ongoing afforestation with this sort of species occupy 73% of this area, namely the Eucalyptus globulus species, deemed to have the perfect fibre for high-quality papers. In the remaining area, in addition to conservation areas that account for about 11.5% of the total area under management in Portugal, pine and cork oak forests are among the largest privately owned national producers. As a pioneer in Portugal in promoting certified forest management, most of its forestry assets located in Portugal are certified by FSC\u00ae (Forest Stewardship Council\u00ae) (FSC\u00ae-C010852) and by PEFC (Programme for the Endorsement of Forest Certification schemes) (PEFC/13-23-001), recognition that management of these areas is carried out in an environmentally, economically and socially responsible way, following a strict and internationally recognised criteria. Navigator operates in sophisticated markets around the world where the demand for certified products is an unavoidable reality. Since only a small part of the national forest is certified, in 2016, the Company started a programme to encourage producers to join sustainable forest management models that, once certified, allow the continuous improvement of management practices, the production valuation and the answer to the demand for certified products that is felt worldwide. This effort has been increasing the \u00aearea of certified forest in Portugal between 2016 and 2024 both via FSC (from 370,000 ha to around 649,000 ha) and PEFC (from 260,000 ha to around 331,000 ha). Even so, it is clear that the effort should continue in the future, given the weight that still represents the forest area not covered by any sustainable forest management system in Portugal. As an example, at the end of 2024 the forestry area managed by the Navigator Group, although it represents about 3% of Portugal\u2019s total forested area, it represents, however, 33% of all certified \u00aePortuguese forests by PEFC standards and 17% of all certified Portuguese forests by FSC standards (2023: 34% and 19%, respectively. We are, however, optimistic about the path taken, which demonstrates the adherence of Forestry Production to sustainable forest management models. In 2024, 73% of wood from national sources, excluding wood from areas managed by the group, already came from properties that had their forest management certified (2023: 68%). It should also be noted that, within this initiative, the Group has seen a significant increase in the number of wood Supplier chain of custody / liability certification, representing a step further on the development of a Supplier\u2019s portfolio which will make it possible to ensure the purposes defined in terms of wood from sources with certified forest management. As a way of promoting the certification of forest management in the national eucalyptus forest, since 2007, the Group has continuously differentiated the value of the wood received at its factories, positively discriminating in the price of wood from management units that have certified their management. sustainable forestry. This support to the system was innovative worldwide and allowed the stabilization of forest management certified as a practice recognized in the market and which, being remunerated in the products it incorporates, must remunerate the respective production chain. In addition, to demonstrate its ongoing commitment to its sustainable development objectives, in June 2022 the Group issued a Euro 150 million bond under the Sustainability Linked Bonds framework, with an interest rate linked to three ESG indicators: CO2emissions (EU ETS basis); % of certified wood purchased in the Portuguese market; energy consumption from renewable sources. Since then, this commitment has been extended, which was most evident in 2024, with the issue of several loans (bonds or commercial paper) amounting to Euro 300 million, with the same features. At the end of the year, the lines contracted with costs associated with ESG indicators, or drawn from financial market lines relating to environmental investments, represented 66% of the total contracted. The Group was awarded Land Use and Use Rights (DUAT) in Mozambique, located in the provinces of Manica and Zambezia, comprising about 50 non-contiguous plots, and a planting permit for up to 240,000 hectares, made available under the Investment Agreement signed with the Mozambican Government, of which around 14,000 thousand hectares have been planted. The project foresees the installation of an industrial unit for the production of BEKP pulp and electric power in that country. The Mozambican Government and Portucel Mo\u00e7ambique signed a Memorandum of Understanding (MoU) through which they agreed on a set of preceding conditions required to proceed with the investment, namely and particularly of a logistical nature, which will be implemented in two phases. Once the above conditions have been met, in the first phase, the forest base will be increased to approximately 40,000 hectares, which will guarantee the supply of a unit (to be built) for the production of eucalyptus wood chips for export with a capacity of around 1 million tons per year, in an estimated additional investment of USD 160 million. Due to the repeated delays in guaranteeing the conditions precedent to the start of construction of this infrastructure, Portucel continues to evaluate the possibility of alternative logistical solutions, either through the port of Nacala or by implementing a temporary solution in Macuse. Navigator and the Government of Mozambique have been working under the terms of the MoU signed, namely on the theme of land and development, having advanced the first Forest Development programme in Mozambique, a Government initiative with funding from the World Bank. The goal is to promote small and medium-scale sustainable commercial forest plantations and the restoration of degraded areas, with about 3,000 ha of eucalyptus plantations already in full production. The plan is to plant additional 1,000 hectares in the 2024-2025 campaign. Since the beginning of the programme, Portucel Mo\u00e7ambique plays an active role in developing and implementing the programme, providing a range of support, defining the forestry model, supplying cloned plants at subsidised prices and access to raw materials and sharing know-how. In 2024, the harvesting of wood from Portucel Mo\u00e7ambique's plantations in Manica and Zamb\u00e9zia continued, for export from the port of Beira and for supply to the local veneer production industry recently established in the two provinces, which will allow, among other objectives, the work to position Mozambique on the world map of this forest-based industry to continue. In 2024, 3 of wood were harvested, with one shipment to Portugal amounting to around 34,000 mapproximately 50,000 m, and a total 3export volume of 285,000 m through 9 ships. In terms of forestry production, the main factor threatening the competitiveness of the eucalyptus forestry sector lies in the low productivity of the Portuguese forest, which has a low intensity of management, which contributes to decreasing profitability and increasing risks of forest fire and plant health. The combination of all these factors, in recent years, without any strategic measures of the State in the industry, has forced the import of raw material, a process conditioning the profitability of all players. Since the entire forest-based industrial production sector depends on the availability of raw materials in the quality and quantity necessary to maintain the industrial units in our country, it is shocking to conclude that the lack of investment in the rehabilitation of national forest areas is currently jeopardising the sustainability of such an important sector for Portugal, both economically, environmentally and socially (given the impact it has on local populations and economies). The Group considers the challenge of productivity and active forest management as a strategic axis of development. As a company with responsibilities in the sector, Navigator has been promoting several initiatives aimed at helping to reverse this trend. These initiatives cover several areas, from the supply of improved plants from a genetic improvement program with decades of development, technical support to forestry producers (with programs such as Premium, e-globulus and technical support through dozens of actions of training that, complementing those organized with the Suppliers we use, extend the transfer of knowledge to other companies in the sector). One of the initiatives and projects developed in 2023 was the launch of \u201cClube Produtores Florestais Navigator\u201d, a pioneering initiative aimed at all those who make a living from forestry in Portugal, with the aim of supporting the company's partners in a collaborative way in the implementation of active and responsible forest management. The \u201cClube Produtores Florestais\u201d, launched by Navigator in November 2023, had over a hundred members by the end of the year. This figure highlights the need in the country for a movement to enhance the capacity and competitiveness of forestry industry players. Navigator believes that investing in the training and development of all players, through innovation in mechanical means and in attracting, valuing and retaining human resources, as well as increasing the national area in which best forestry practices are applied and all certification requirements are met, creates benefits that go far beyond strengthening the eucalyptus sector. It helps reducing the risk of fires, lowering CO2 emissions, increasing biodiversity through conservation areas, and boosting the economy in the country's inland. Moreover, through Biond (an association of forest-based bio-industries, representing the main industrial groups in the sector), Navigator has also collaborated in the \u201cMelhor Eucalipto\u201d Programme, in which \u201cLimpa & Aduba\u201d is developed. Under this initiative, Biond carries out at its own expense the fertilisation of the plots of land owned by private individuals who apply to the programme,and who control the spontaneous vegetation on their eucalyptus forest properties. This measure, empowering productivity, also enables a reduction in the risk of wildfire by reducing the fuel load on plots, impacting more than 90,900 ha by 2024 (after 6 annual campaigns) and 9,790 beneficiaries supported, most of them smallholdings, with visible effects on productivity and reducing the incidence of fires. Biond is also implementing 2 additional programmes - \u201cReplantar\u201d - which aims to provide landowners with direct financial support for the replanting of their eucalyptus forest plots, as well as an initiative of the same nature - Recupera\u00e7\u00e3o de \u00c1reas Ardidas - aimed at the recovery of burned areas hit by fires, seeking the rehabilitation of these areas for forest management, having intervened in 1,293 ha in 3 projects in 2024 (2023: 331 hectares) and developing the Projeto Melhor Floresta (Better Forest Project), which aims to benefit 1,640 ha of diverse forest owned by private landowners by 2025. In addition to the risks related to the impacts of rural fires and plant health, there is a regulatory environment that strongly affects professional forestry activity, leading to a continued decrease in the levels of forestry intervention at scale, whose leading indicator is the evolution (continuous reduction) of forested or reforested areas in our country. The sustainability of an entire sector, based on a large number of small suppliers of services and products, is dependent on the activity levels (regardless of the species) that our country has not been able to ensure. This compromises the sustainability of this business network, which is essential to ensure the interventions in rural areas that reduce risk and promote productivity and income in regions of the country where the forest is a significant component of the income of many families. The Navigator Group\u2019s activity is exposed to risks related to fires in rural areas, including: i. Destruction of current and future wood inventory, belonging to the Navigator Group as well as to third parties; and ii. Increasing costs of forestry and subsequent land preparation for plantation. In this respect, the manner in which the Navigator Group manages its woodlands is the front line for mitigating this risk. In addition, the Innovation and Development effort is aimed at adapting forestry techniques to the reality of the national forest, with a view to mitigating impacts, reducing costs and improving management practices, by the Company and by market operators. Among the different management measures undertaken by the Group, the respect for biodiversity conservation, a proper planning of the forest facilities to be implemented and the construction and maintenance of roads and access roads to each of the areas under development are particularly relevant in mitigating the fire risk. In addition, The Navigator Company, together with the companies in the ALTRI group, owns a Forest Protection company - AFOCELCA - in the form of a Complementary Grouping of Companies. Its mission is to establish and maintain a nationwide forest protection system to respond to the threat of rural fires to the assets of the grouped companies (approximately 200,000 hectares) and the surrounding forest, always in close collaboration and sharing efforts with the other players in the Integrated Rural Fire Management System. It has an annual budget of more than Euro 4.5 million, supported exclusively by the companies in the grouping, without any sources of funding/support from public or EU funds. The Group also has a research institute, RAIZ, established in 1996 in partnership with three universities, a pioneering initiative in Portugal that reflects Navigator's commitment to innovation and sustainability. Its activities are focused on research, innovation and specialised services in the eucalyptus forestry-industrial sector, promoting more productive and resilient forests, more efficient industrial processes and developing innovative and sustainable forest-based bioproducts. It has 95 employees, 30% of whom are PhDs, and is one of the 10 organisations with the most international patents in Portugal. Their activity is aligned with the Company's purpose: \u201cIt is people, their quality of life and the future of the planet that inspire and move us.\u201d This positioning reflects our ongoing commitment to creating responsible value through sustainable, recyclable and biodegradable solutions, sourced from planted eucalyptus forests. With solid investment in R&D and innovation geared towards sustainability and the circular economy, Navigator, through RAIZ, intends to continue to help Portugal consolidate and expand its position on the European innovation scene in the forest-based bioeconomy. 9.1.2. Risks associated with the production and sale of BEKP pulp, UWF paper and Tissue paper Supply of raw materials Navigator's own supply of wood (from its own assets and leases) for the production of BEKP pulp represented only around 13% of the Group's needs in 2024 (2023: 12%). As a result, the Company regularly has to purchase wood on the domestic market, on the Spanish market and on non-European markets, in 2024 Brazil and Uruguay. As new forest plantations in Portugal are subject to approval by the relevant authorities and a policy of restricting land expansion limits the country's production potential, Navigator has developed a number of initiatives to support forest producers, including technical support for the replanting/maintenance of eucalyptus plantations, certification of forest management to meet commercial demand for certified products (paper and pulp) and incentives to maximise the productivity of existing areas, thereby contributing to better national forest management and consequently greater availability of raw materials. As there is not enough wood produced in Portugal to meet our needs, the Group usually has to import wood from Spain and outside Europe (Brazil and Uruguay) to supply the plants with eucalyptus species that are generally purchased with similar specific consumption to the species in Portugal, although due to the distance to be travelled between origins (Brazil and Uruguay) and destinations (Portugal) and the use of transport, the overall cost, for these reasons alone, is higher than the cost of wood purchased in Portugal, which has risen substantially in the last 10 years.For other raw materials, including chemicals, the main risk identified is the scarcity of products under the growing demand for these products in emerging markets, particularly in Asia and markets supplying them, which can create occasional imbalances of supply and demand. In this regard, the Navigator Group, together with the Altri Group, established in 2018 a Complementary Grouping of Companies - Pulp Chem, ACE \u2013 intended for the joint acquisition of chemical products, benefiting from economies of scale and thus mitigating this risk. The Navigator Group seeks to mitigate these risks through proactive sourcing, by identifying sources of supply geographically dispersed, whilst seeking to secure long-term supply contracts that ensure volume, price and quality levels consistent with its requirements.Water Considering that water is an important resource to the pulp and paper production process, the Group has taken on a special concern for its preservation, and over the last few years, investments have been made to reduce its use. As part of the Group's Water Use Reduction Programme (PRUA - \u201cPrograma de Redu\u00e7\u00e3o do Uso de \u00c1gua\u201d), it has been possible to reduce the specific use of water in Navigator's industrial complexes in Portugal by 8.5% between 2019 (base year) and 2024, and it is expected that the use of this resource will be reduced by at least 33% by 2030. This is part of a comprehensive strategy that is being pursued rigorously, bringing the Group closer to achieving the goals of its \u201cAgenda 2030\u201d. In addition to reducing the use of water in industrial processes, achieved through major investments, particularly in reuse processes and the closing of circuits, Navigator maintains effective control over the quality of industrial effluents. In this way, Navigator ensures that the quality of its industrial effluents complies with the strict discharge requirements established in the Water Use Permits (TURH). Market Price for UWF paper, BEKP pulp and Tissue paper Imbalances in the supply/demand ratio in the BEKP, UWF paper and tissue paper markets may have a significant impact on prices and, as a consequence, on the Group's performance. The market prices of BEKP pulp and UWF and Tissue paper are defined in the world global market in perfect competition and have a significant impact on the Navigator Group\u2019s revenues and on its profitability. Cyclical fluctuations in the prices of BEKP pulp and UWF and Tissue paper mainly arise from both changes in the world supply and demand and the financial situation of each of the international market players (Producers, Traders, Distributors, Customers, etc.), creating successive changes in equilibrium prices and raising the global market\u2019s volatility. The BEKP pulp and UWF paper markets are highly competitive. Significant variations in existing production capacities could have a strong influence on world market prices. These factors have encouraged the Group to follow a defined marketing and branding strategy and to invest in relevant capital expenditure to improve productivity and generate high-quality and differentiated products.Demand for the Navigator Group\u2019s products Notwithstanding the references below to the concentration of the portfolio of the Navigator Group\u2019s Customers, any decrease in demand for BEKP, UWF and tissue paper in the European and the United States markets could have a significant impact on the Navigator Group\u2019s turnover. The demand for BEKP produced by the Group also depends on the evolution of the capacity for paper production in the world, since various Navigator Group\u2019s major Customers are themselves paper producers. The demand for uncoated printing and writing paper has been historically related with macroeconomic factors (e.g., GDP growth, employment, particularly in white collar jobs, confidence indices), technological (e.g., penetration of information technology and hardware / software, and demographic (e.g., population, average level of education, age structure of society). The evolution of these factors drives the demand for paper positively or negatively, and in the recent past, the trend of paper consumption is negative in the more developed countries and positive or stable in the emerging / developing countries. Naturally, the performance of the Navigator Group also depends on the evolution of demand in the various markets in which it operates. Regarding the demand for eucalyptus market pulp, this is largely dependent on the production progress in the non-integrated producers of printing and writing paper, tissue and speciality papers. Chinese demand for this type of pulp represents more than 1/3 of the world's demand, making China one of the most breakthrough drivers of demand. Regarding Tissue segment, the key variables affecting the demand are: \u2022 Expected future economic growth; \u2022 Population growth and other social and demographic changes; \u2022 Level of development of the service sector, namely tourism; \u2022 Hygiene standards and product penetration levels; \u2022 Developments in the quality of Tissue paper and product specifications; and \u2022 Substitution effects. Tissue paper consumption is not very sensitive to cyclical economical changes, although it tends to grow faster with higher economic growth. On the other hand, an increase in production costs and, consequently, sales prices can create a downgrading effect on consumption. The importance of economic growth for the consumption of Tissue is more obvious in developing countries. When the level of the income per capita is very low, the consumption of Tissue tends to be low. There is a threshold after which consumption accelerates. Economic growth allows greater penetration of the product, which is one of the main drivers of demand for such paper in the population with lower incomes. In economies with strong dependence on tourism, a gradual recovery in consumption by the professional sector is expected, as restrictions on mobility are lifted and tourist flows are normalized. The Tissue paper is a product that does not face major threats of substitution by other materials, and there are no expected changes at this level. In contrast, changes in hygiene and cleaning standards that may be associated with the current health crisis will tend to boost Tissue consumption. Consumer preferences may have an impact on global paper demand or in certain particular types of paper, such as the demand for recycled products or products with certified virgin fibre. Regarding this matter, and in the particular case of UWF and Tissue paper, the Navigator Group believes that the marketing strategy and branding that has been followed, combined with the significant investments made to improve productivity and produce high quality and innovative products, allow it to deliver its products in market segments that are less sensitive to variations in demand, resulting in a lower exposure to this risk. Energy The pulp and paper production process are dependent on the constant supply of electric and steam energy. The Group has several cogeneration combined heat and power production units, which supply steam to the process, and redundancies have been planned between the various units in order to mitigate the risk of any unplanned shutdowns. Moreover, the Group owns two biomass power plants that are independent of the pulp and paper production process and are dedicated to the production of renewable electricity for sale to the grid. Under the current regulatory framework, all electricity generated from renewable cogeneration is sold to the grid under the general remuneration scheme established by Decree-Law 23/2010 of 25 March, republished by Decree-Law 68 A/2015 of 30 April, in its current wording. The sale of electricity produced by the group's renewable cogeneration plants is covered by the special remuneration regime for cogeneration, established by Decree-Law 23/2010 of 25 March, in its current wording. In turn, the Set\u00fabal Natural Gas Combined Cycle Power Station is covered by the general modality under the same law. In 2024, The Navigator Company provided the Frequency Restoration Reserve Band service with manual activation for consumer agents under the terms of Procedure 15 of the Manual of Procedures for Global System Management (MPGGS). This service, rendered by electricity consumers authorised for this purpose, contributes to the security of the national electricity system. As at 31 December 2024, a 10% worsening in the price of electricity would have represented a negative impact on the Group's operating results of around Euro 9,300,000 (31 December 2023: Euro 5,500,000). Country risk - Portugal The Navigator Group has a strong presence in Portugal. Its activity is based on assets mainly located in Portugal. Similarly, around 20% of its raw material comes from Portuguese forests. The Group is the third largest exporter in Portugal and the largest generator of National Added Value, representing approximately 1% of the national GDP, about 2.5% of national exports of goods, close to 6% of total containerised cargo exported by national ports. Although open to the world, the strong dependence of its country of origin in terms of production factors exposes the Group to Portugal's risk index. Country risk\u2013 Mozambique Due to the investment in the Mozambican project, the Navigator Group is exposed to the specific risk in this country. However, consideration has been given to investments in terms of timing, choice of suppliers/partners and geographical location, taking this risk into account, and the Group ensures that these steps are taken with reasonable certainty that there will be no effects arising from the risk. As a result of the electoral cycle that took place in Q4 2024 and the political and social instability that followed it, the company is monitoring and evaluating the possible need for any adjustments to be made. At this moment, the Mozambique project is essentially a forestry project, with an option to develop an industrial project. The planned investment will be implemented in two phases, the first being a ship production (woodchip) project and a second phase the construction of a large-scale pulp mill. The Group is, however, prepared to move forward with the forestry plan foreseen, once the necessary conditions\u2014most of which are under discussion with the Mozambican authorities\u2014are met. Until 31 December 2024, the expenses incurred in this project amount to Euro 142.2 million (31 December 2023: Euro 137.4 million), mainly related to plantation, land preparation and forest maintenance, to the programme for land management, environmental and social licensing, training, and the construction of what is now one of Africa's largest forest nurseries. Considering that Navigator is still working on the conditions above for Phase 1 of the MoU, as previously mentioned, the estimated probable liabilities are duly provisioned. Country risk - US The US market has a significant weight in the total turnover of UWF paper, increasing the exposure to the country\u2019s specific risk. This exposure requires a careful evaluation of the impacts resulting, for example, from changes in regulations and taxes, or even from their application and interpretation by Governmental entities and tax authorities. Similarly to producers of other nationalities (Australians, Brazilians, Chinese and Indonesians), with regard to UWF paper imports to the USA, the Group has, since 2015, been the target of anti-dumping measures by the Department of Commerce of this country, and its products are subject to anti-dumping duties defined by the United States Department of Commerce - see Note 4.2. Until 2024 these duties affected the Group's earnings by Euro 32,636,4187 - review periods 1 to 9 (2023: \u20ac30,295,018). Country risk \u2013 United Kingdom With the purchase of the Navigator Tissue UK Group, the Navigator Group is more exposed to this country's risk as well as exposure to the GBP. The UK tissue market faces risks related to fluctuating raw material costs, rising energy prices and pressure for greater environmental sustainability with stricter regulations. In addition, there are challenges arising from changes in consumer habits, global competition, disruptions in supply chains and new government policies. The adoption of advanced technologies also represents a financial risk, requiring companies to constantly adapt in order to remain competitive and meet market expectations. Faced with these challenges, the Navigator Group's presence in the UK tissue market requires strategic management to mitigate financial, currency, regulatory and operational risks, but this market continues to offer opportunities, especially for companies that manage to balance production efficiency, differentiation, and an agile response to changes in the sector. Competition Increased competition in the paper and pulp markets may have a significant impact in price and consequently, in the Group\u2019s profitability. The pulp and paper markets are highly competitive and thus the entry into the market of new production units with increased available production capacity could have a relevant impact on prices worldwide. BEKP producers from the southern hemisphere (namely from Brazil, Chile, Uruguay and Indonesia), with significantly lower production costs, have been gaining weight in the market, undermining the competitive position of European pulp producers. This year and next, capacity increases are planned in South America, strengthening the position of these producers in the global market. These factors have forced the Navigator Group to make significant investments in order to keep production costs competitive and produce high-quality products as it is likely that this competitive pressure will remain strong in the future. There has been some disinvestment in the paper sector in the US and Europe, with closures/conversions of installed capacity by some UWF producers, in a clear attempt to adjust supply according to the negative evolution of demand. On the contrary, investments in new UWF capacity in China in the short- and medium-term have occurred and are expected. The Navigator Group has been adjusting its commercial strategy to the evolution of regional consumption patterns and, although Europe remains its main market, it now has a significant presence in the United States and North Africa. The turnover intended to the European markets represented 62% (2023: 63%), achieving particularly strong market shares in Western European countries and relevant market shares in the other main European markets. Concentration of Customers\u2019 portfolio As at 31 December 2024, the Group\u2019s 10 main BEKP Customer groups accounted for 12% of the period\u2019s production of BEKP pulp (2023: 9%) and 45% of external sales of BEKP pulp (2023: 28%). This asymmetry is a result of the strategy pursued by the Group, consisting of a growing integration of the BEKP pulp produced into the UWF and Tissue paper produced and sold. Nevertheless, the Group believes there is little exposure to risks of Customer concentration in the marketing of BEKP pulp. In 2024, the Navigator Group maintained its dependence on its 10 largest UWF customer groups compared to 2023, which accounted for 35% of the Group's sales volume. The Navigator Group recorded 146 (2023: 134) new paper Customers with sales in 2024. Also, regarding UWF paper, the Group follows a strategy for mitigating the risk of concentration in its customer portfolio. The Navigator Group sells UWF paper to 133 countries and to around 1,000 individual Customers, thereby allowing a dispersion of the risk of sales concentration in a reduced number of markets and/or Customers. In 2021, the Navigator Group launched its omnichannel platform, NVG Hub, to improve the level of service, transparency and information provided to its customers. The omnichannel platform, NVG Hub, strengthened the relationship and services available to all customers, representing 20% of items submitted online and high subscription rates in the various business areas available (UWF, Tissue, Packaging, Moulded Pulp). 2024 was also marked by the launch of a new \u2018pure e-commerce\u2019 business model, aimed at selling by the pallet to smaller customers, with direct deliveries between 24-72 hours, in strategic markets for UWF. In the Packaging segment, the expansion of the offer continues with the development of new product ranges that will open doors to other high value-added segments in the short term, an evolution supported by the execution of market tests (177 in 2024) on more than 84 customers (of which 22 are already regular customers, and 62 new/potential customers). Of these tests, 29 are still ongoing. The Packaging business, which is still developing a consolidated base in the international market, has seen the most favourable conditions for \u2018some\u2019 return to normality, recovering from the adverse conditions of 2023, a year marked by overstocking throughout the distribution chain, which was reflected in the slowdown and irregular behaviour of demand. The development of the packaging business continues to show very promising signs, reflected in the growing customer base, the recognition of the quality of our Globulus eucalyptus fibre-based products and, consequently, of the gKRAFT\u2122 brand, which serves brands with high exposure in sectors as diverse as fashion, food retail, e-commerce, industry, and agriculture. This recognition is reflected in the evolution of the customer base, which today stands at more than 352 active customers (with sales) in 46 countries, since entering the business in 2021.Recognition that goes beyond commercial success: Navigator's work in the field of sustainable packaging solutions was honoured in 2023 with the National Innovation Award. In turn, the \"From Fossil to Forest \u2013 Produtos de Embalagem Sustent\u00e1veis para Substitui\u00e7\u00e3o do Pl\u00e1stico F\u00f3ssil\" mobilizing agenda led by Navigator was recognised by Deloitte Portugal in the \"Transformation Award \u2013 Projetos de transforma\u00e7\u00e3o e de inova\u00e7\u00e3o com impacto no mercado\" category. Navigator bases its packaging paper offer on three macro gKRAFT\u2122 segments: BAG, FLEX and BOX, which are subdivided into 12 segments for different applications, respectively addressing the Bags (retail, consumer and industrial bags) and Flexible Packaging (serving a wide range of flexible packaging for the food and non-food sectors, base substrates for adhesives, release liners', multilaminates for incorporation into the faces of thermal, sound and electrical insulation products, etc.), and boxes (corrugated boxes for value-added products and food packaging, including cardboard for producing paper cups, and food trays). These are products in which the innovative introduction of eucalyptus fibre qualities has been crucial to the enormous market acceptance already recognised. Navigator has continued to develop new product ranges and grammages (especially low grammages) aimed at the food industry and a wide range of consumer products, whose testing and launch phase, which is still underway, represents a large-scale operation to reach new customers, supported by 177 market tests carried out in 2024. Developments included the creation of new product ranges, in particular innovative 100% eucalyptus products, and the extension to weights of up to 35 g/m2. As part of the diversification of the packaging business, the project for the integrated production of eucalyptus-based moulded cellulose parts to replace single-use plastic packaging in the food service and food packaging market continues to progress as planned, having entered production expected in the second half of 2024 under the gKRAFT\u2122 Bioshield brand. The plant will have a production capacity of around 100 million units per year, making it one of the largest in Europe and the first integrated plant in Southern Europe, entering a market with high potential and growth. Production started with 7 products for single-use applications in the food sector that are fully recyclable and/or compostable: 22cm plate, 17cm plate (dessert), 500ml bowl, 1 litre take-away container, tray (laminated for raw protein - beef, pork and poultry), fruit basket and espresso cup. These 7 products have the production flexibility and scalability to take advantage of the many opportunities opening up to replace single-use plastics and aluminium. Concurrently, new products have been developed in partnership with national and international customers, and research and development work continues into new sustainable barrier property solutions, as well as testing commercial solutions. It should be noted that this year our moulded fibre products, branded gKRAFT\u2122 Bioshield, received certification of compliance for food contact with European Regulation (EC) 1935/2004 (food contact) and the German recommendation BfR XXXVI. Our gKRAFT\u2122 Bioshield products thus become the first moulded fibre products in the world to comply with the BfR XXXVIA recommendation. This certificate was issued by the prestigious German laboratory ISEGA. The certification enables the commercialisation of products intended for the food segment, for contact with greasy, wet and dry foods, and applies to our entire tableware and take-away range. The Packaging business volume stood at over 80 ktons in 2024 (reaffirming the growth rate of the first two years, which shows the strong acceptance of gKRAFT products by the market and the improvement in conditions during the year), representing a sales result of Euro 75 M. Navigator's tissue business was in the spotlight this year, marked by the acquisition of what is now known as the Navigator Tissue UK Group, effective during the second quarter. The integration of this new unit is part of the Navigator Group's ambitious growth and diversification plan and reinforces its strategic position in the tissue market. The volume of tissue sales (finished product and reels) reached 220,000 tonnes in 2024, which translates into an increase in volume of 55% compared to 2023 and equal sales growth in value of 55%. This evolution benefited from the entry of the capacity of the operation acquired in Spain in the second quarter of 2023, and the capacity of the Navigator Tissue UK Group in May 2024, which in addition to boosting sales growth, broadened the customer base and generated significant income from integration synergies. International sales in the tissue business continue to grow, already accounting for 79% of the total volume in this segment, with the English and Spanish markets already accounting for almost two thirds of total sales, 31% each, and the French market accounting for 15% of sales. On the other hand, finished products accounted for 97% and reels for 3% of total sales, a mix improvement of 8 pp compared to 2023. As far as customer segments are concerned, the At Home or Consumer (retail) segment has been growing in weight, currently accounting for 83% of sales (Away-from-Home and wholesalers account for the remaining 17%). 9.1.3. Risks associated with the production of energy In 2024, the macroeconomic environment remained unstable, influenced by the war in Ukraine and the resurgence of conflict in the Middle East. In this context, energy prices, particularly for natural gas, remained high, albeit below the historical peaks resulting from the 2022 energy crisis. The production of electricity is an important activity for the Group, enabling the valuation of an endogenous renewable resource, the biomass generated in the production of BEKP pulp. The energy generation assets also allow the Group's wood suppliers to generate additional income from the sale of residual forest biomass from their farms, and in this way contribute to reducing the risk of fire in the country. The Group has played a pioneering role and has been promoting and developing a market for the sale of biomass for supplying its renewable cogeneration units and biomass power plants. The fostering of this market in a phase prior to the start-up of the new power-generating units has enabled it to secure a sustained raw-material supply network. Existing incentives in Portugal only cover the use of residual forest biomass (RFB) for electricity generation, excluding the use of wood for this purpose. In terms of legal framework, we highlight the following diplomas: i. Decree-Law 68-A/2015 of 30 April, which establishes provisions on energy efficiency and cogeneration and amends Decree-Law 23/2010, of 25 March, and Order 140/2012, of 14 May, revised by Order 325-A/2012, of 16 October, applicable to the regime of PRE- Special Regime Production in cogeneration; ii. For the For the Biomass Power Plants (CTB - \"Centrais Termoel\u00e9tricas a Biomassa\") in operation, dedicated to the production of electricity the legal framework is supported by Decree-Law 33-A/2005, of 16 February, revised by Decree-Law 225/2007, of 31 May, which changes the guaranteed remuneration period for Special Regime Production (PRE - \"Produ\u00e7\u00e3o em Regime Especial\") from 15 to 25 years. For these assets, the legal framework thus supports a tariff framework that is expected to be stable over the coming years. Moreover, Decree-Law 84/2022, which transposes the Renewable Energy Directive published in 2018 (Directive EU 2018/2001) into national law, sets the target of 49% for the share of energy consumption from renewable sources in gross final energy consumption by 2030. Among other relevant provisions, the Decree-Law establishes the sustainability criteria and the reduction of greenhouse gas emissions for the use of biomass fuels in electricity production. iii. Decree-Law 15/2022 of 14 January establishing the organisation and operation of the National Electric System (NES), transposing Directive (EU) 2019/944 and Directive (EU) 2018/2021. As the period for selling electricity from cogeneration plants under a special regime comes to an end, they will gradually switch to self-consumption, i.e. direct supply to industrial consumers, with any surpluses being sold on the market. The Group is seeking to mitigate the risk associated with the activity by constantly seeking to optimise production costs and the efficiency of generation units, analysing new renewable energy generation projects, long-term energy contracting and active risk management, as well as promoting several photovoltaic solar energy projects in the self-consumption regime. 9.1.4. Environmental risks Regulatory environment In recent years, environmental legislation in the EU has become increasingly restrictive regarding the control of effluents. The companies within the Group comply with the current legislation in all aspects of their environmental licensing, specifically in adhering to the various environmental parameters for which Emission Limit Values (ELVs) are established. In 2024, within the scope of the Single Environmental Licensing Regime in accordance with Decree-Law 75/2015 of 11 May, the Portuguese Environment Agency issued new environmental licences \u2013 Single Environmental Permits (TUA), where all licensing decisions in the environmental domain are recorded, consolidating all information regarding the environmental requirements applicable to the industrial establishment. These new licensing decisions consolidate the water use permits (TURH), the greenhouse gas emission permits (TEGEE), etc., and represent new compliance challenges in the domains of air, water, waste, and environmental noise. In response to these new challenges, the Group is implementing its Carbon Neutrality Roadmap (\u201cRoteiro para a Neutralidade Carb\u00f3nica\u201d) that aims to implement, by 2035, changes in its production processes in order to minimise the use of fossil fuels and consequently reduce their CO2 emissions. To this end, the roadmap defined in 2019 includes projects based on the use of renewable energy sources, namely biomass and solar, with the aim of minimizing CO2 emissions resulting from its activity and promoting the improvement of its energy performance. On the other hand, under the terms set in Decree-Law 147/2008, dated 29 June that transposed directive 2004/35/CE to the national law, the Navigator Group secured the environmental insurances demanded by that law, thus guaranteeing compliance and reducing exposure to environmental risks. Regarding the evolution of the EU Emissions Trading Scheme (EU ETS), the EU Directive 2018/410, of 14 March, was approved, amending Directive 2003/87/EC to reinforce the cost-effectiveness of emission reductions and investment in low carbon technologies. EU 2018/410 Directive sets out, among other things, the new EU ETS period to be in force between 2021-2030, which will show a reduction in the amount of CO2 emission allowances allocated free of charge. This development will bring increased costs for the transformation industry in general and in particular for the paper and pulp industry, without any compensation for the CO2 that, annually, is absorbed by the forests of this industry. In order to mitigate the impact of this change, the Group has long undertaken a series of investments of an environmental nature that, among other advantages, have allowed the continued reduction of CO2 emissions. In 2024 Navigator submitted a request to the national authority for the free allocation of emission allowances for the allocation period from 2026 to 2030 in accordance with article 13 of Decree-Law 12/2020 of 6 April, which transposes EU Directive 2018/410 - NIMs 2024 Process (National Implementation Measures). Within the scope of the General Waste Management Scheme established in Decree-Law 102-D/2020, of 10 December, amended by Declaration of Rectification no. 3/2021 and by Law 52/2021, of 10 August, Navigator continues to make efforts to establish partnerships that enable the recovery of waste produced at its industrial establishments, in a circular economy logic. Navigator monitors the European Commission's policy and legislative initiatives in areas such as the EU forestry and biodiversity strategies, the Renewable Energy Directive, the EU Emissions Trading System (EU ETS) as well as the EU taxonomy, the Non-Financial Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). The publication in the Official Journal of the European Union of the Corporate Sustainability Reporting Directive (CSRD) - Directive (EU) 2022/2464 established the sustainability reporting requirements for a broader range of companies, through the European Sustainability Reporting Standards (ESRS). In this context, and based on the established criteria, Navigator is already included in the first group of companies to implement the new directive and to report information related to the FY24 in accordance with the ESRS standards. To this end, Navigator has reviewed its double materiality analysis as well as the methodologies applied to this period and aligns its non-financial reporting on materially relevant impacts, risks, and opportunities in accordance with the CSRD, in the Non-Financial Statements section of this Report. Aiming to create a positive impact on People and the Planet, Navigator has maintained its commitment to fulfilling the commitments of its 2030 Agenda for responsible business management and achieving the corresponding objectives, integrated into the 2030 Roadmap and aligned with the Sustainable Development Goals (SDGs). Among the goals of the 2030 Roadmap, those that contribute to combating Climate Change stand out, supporting SDG 13 (Climate Action) To achieve this, the Group is investing in a decarbonisation plan that includes, among other measures, the use of residual forest biomass to produce electricity from renewable sources, as well as the phased replacement of fossil energy consumption with less carbon-intensive energy sources and investment in photovoltaic solar energy. The company is pursuing its climate science-based greenhouse gas (GHG) emission reduction targets, approved by the Science Based Targets initiative (SBTi), in 2022, a \u2018key element\u2019 for a net-zero decarbonisation path, as advocated in the Intergovernmental Panel on Climate Change (IPCC) report. Since 2023, Navigator Group has reported information on the alignment of its economic activities with the EU taxonomy and implement the recommendations of the Task Force on Climate-related financial Disclosures (TCFD). As a bioindustry on the right side of the future, based on the eucalyptus and pulp and paper industries, we promote a forest-based bioeconomy with potential positive impacts based on the sustainable management of our forests. Good management of environmental, social and governance (ESG) risks and opportunities has led the Company to once again be distinguished as \u2018ESG Industry Top Rated\u2019 based on the assessment of the Sustainalytics rating agency and is classified as a \u2018Low ESG Risk Company\u2019 for Investors. Also in the CDP - Disclosure Insight Action assessment, Navigator maintained its position as a world leader in combating climate risks and deforestation, with an \u2018A\u2019 rating in CDP Climate, which earned it inclusion on the exclusive \u2018A-List\u2019 of companies. For more detailed information on these and other initiatives under the Navigator Group's 2030 Agenda, we recommend consulting the Non-Financial Statements section in this Report. 9.1.5. Human resources and talent management In 2024, work continued consolidating the Talent Management policies and processes that have been designed, digitised and implemented in recent years. Having implemented the policies governing the Performance & Careers area, 2024 was marked by significant progress in the area of the company's Career Paths. The following stand out as relevant steps to meet the needs of employees and the challenges of the market: \u2022 Continuation of programmes to attract young talents in order to meet the future needs of The Navigator Group and at the same time increase the employability of young people: o 50 internships for graduates and postgraduates; o 100 for future operators, the latter with a prior training programme carried out in partnership with the IEFP with a practical component in our mills; o 50 summer internships, including a corporate social responsibility component for employees' children; and o 20 curriculum development internships in corporate areas, industrial production techniques and laboratories. \u2022 Reinforcement of our Employer branding strategy, through greater engagement of our internal ambassadors and revamping the external image of the programmes. \u2022 A new mobility and career path model has been developed for the company's staff in accordance with the Job Family Model, with the aim of clarifying career paths and internal development opportunities, defining and bringing transparency to the associated criteria. \u2022 Developed the Potential Assessment and Succession Planning process for critical functions at Navigator, with the aim of defining effective development and evolution plans, ensuring growth in the Company and the Group. \u2022 As part of the remuneration policies and their alignment with the Job Family model, 2024 was marked by the continuation of communication sessions with the employees concerned with the aim of sharing the existing policies, their scope and rules of application with everyone. \u2022 Work was also carried out on the implementation of the C&B policies to the reality of the units acquired by NVG, with face-to-face sessions already held at EJEA. \u2022 In terms of training, there was a 23% increase in training hours, with a significant contribution from the Valences programme and the Industrial Challenge, both covering industrial teams. \u2022 Implementation of various internal programmes to mobilise teams, generate ideas and bring them closer to the company's strategy and the Board of Directors, namely Dia do Trainee, Future Leaders F\u00f3rum, Straight to the Top - revamp, Lembran\u00e7as de Antiguidade, F\u00f3rum de Supervisores; \u2022 Implementation of programmes focused on the families of our employees, such as: Holiday camps (for employees' children) and Navigator Tours for family members, including children under 12, with specific, age-appropriate activities. \u2022 The CRESCER project continued with the aim of having \"committed and fulfilled\" people, always in line with the company's purpose. More than 100 employees were involved in the project, so that the initiatives to be implemented were fully adapted to the reality of the organisation and created an increasingly robust dynamic of proximity and interaction. A number of initiatives have been implemented, including: o The Navigator Referral Programme, which allows Navigator employees to refer people from outside the organisation; o Navigator Excellence, a recognition programme that aims to create a culture of recognition across the organisation, recognising and thanking excellence and promoting pride and motivation in everyone; o Navigator Digital Forum, a face-to-face event with around 200 participants where the latest news in the company's technological development was shared, among others. o Lead Programme, a programme to develop leadership skills and transform teams, applied to all directors and EC, and to be extended to more leaders in 2025. \u2022 A Pulse Questionnaire was conducted, complementary to the Climate Survey that we carry out every two years, with a view to analysing indicators that need to be improved, with an optional participation rate of 78%, covering all employees. \u2022 2024 was a year in which we strengthened our communication strategy aimed at industrial teams, by organising training for all the leaders and operational technicians in our industrial departments on topics related to the career plan and the annual and productivity bonuses. \u2022 We have continued with the plan to develop and implement functionalities in the APPs available to all employees, with the aim of simplifying and reducing all administrative processes related to the employee lifecycle. \u2022 We reinforced the availability of HR indicators on our dashboards, namely by making the leader's dashboard available, and we began integrating data from our companies outside Portugal (EJEA and Tissue UK). \u2022 We have begun the process of reviewing the current Career Plan for our industrial technicians, involving internal teams and the organisations representing our workers. 9.1.6. Information Systems and Cybersecurity The Navigator Group's information systems play a fundamental role in supporting the operation of its businesses. Given the growing reliance placed on information technologies in the several geographies and business areas in which the Group operates, it is important to highlight the risk inherent to systems failures resulting from intentional actions such as computer attacks or accidental actions. The Navigator Group has cybersecurity policies and procedures in place, which are in line with industry standards and mitigate many of the risks. In addition to its internal team, the Group uses outsourcing service providers for information systems to manage the digital workplace, infrastructure management and operation, as well as outsourcing contracts for the management and maintenance of applications. Moreover, in line with its business strategy, the Navigator Group is implementing a portfolio of digital transformation projects aimed at broadening and deepening the integration of digital technologies in all sectors of the organisation, boosting its operational efficiency and competitiveness in the market. 9.1.7. Other risks associated with the Group\u2019s activity The Group\u2019s manufacturing facilities are subject to risks inherent to any industrial activity, such as accidents, breakdowns or natural disasters that may cause losses in the assets or temporary interruptions in the production process. Likewise, these risks may also affect the Navigator Group\u2019s main Customers and Suppliers, which would have a significant impact on the levels of the profitability, should it not be possible to find new Customers to ensure sales levels and new Suppliers that would enable the Group to maintain its current cost structure. The Navigator Group primarily exports its production of UWF paper and Tissue paper. Consequently, transportation and logistics costs are materially relevant. A continuous rise in transport costs may have a significant impact in its earnings. 9.1.8. Context risks The structural inefficiency of the Portuguese economy, which continues to be followed by management, adversely affects the Group's competitiveness, mainly in the following areas: i. Ports and railroads; ii. Roads, particularly those providing access to the Navigator Group\u2019s mills; iii. Territorial planning and forest fires; iv. Low productivity of the country\u2019s forests; v. Lack of certification of most of the Portuguese forest; and vi. Volatility of the fiscal policy and no reduction of the IRC rate, as well as non-elimination of the surcharges. ",
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"value": "10.1. Provisions Movements in provisions Legal Amounts in Euro proceedings Other provisions Total 01 January 2023 5,106,975 23,325,900 28,432,877 Increases 601,811 217,808 819,619 Reversals (25,660) (1,800,000) (1,825,660) Impact in profit/(loss) for the period 576,151 (1,582,192) (1,006,041) Change in the perimeter - 105,854 105,854 Other transfers and adjustments 1,826,208 (1,521,612) 304,596 31 December 2023 7,509,334 20,327,950 27,837,286 Increases 462,589 169,728 632,317 Reversals (600,139) - (600,139) Impact in profit/(loss) for the period (137,550) 169,728 32,178 Charge-off - 15,339 15,339 Other transfers and adjustments 345,255 141,011 486,266 31 December 2024 7,717,039 20,654,028 28,371,069 No repayments of any nature are expected in respect of these provisions. Legal proceedings The outcome of provisions for legal proceedings depends on the labour or civil court decisions. The balance as at 31 December 2024 is mainly composed of amounts relating to labour lawsuits and lawsuits with APA - Portuguese Environment Agency regarding the water resources rate. Other provisions The amount presented includes provisions to cover risks related to events of a different nature, the resolution of which may result in outflows of cash, in particular organisational restructuring processes, risks of contractual positions assumed in investments, among others. In 2024 and 2023, Other provisions includes Euro 15.594.728 and Euro 15.500.000, respectively, related to the Mozambique project. Although the Memorandum of Understanding (MoU) signed with the Mozambican Government provided for a \u201cbest effort\u201d commitment to create the necessary conditions to carry out the investment until last 31 December 2018, that was not possible until 31 December 2024, and both parties continued to work towards that goal. The Group's uncertain income tax positions are disclosed in Note 6.1 - Income Tax. Estimates and judgements Legal and tax proceedings These provisions were made in accordance with the risk assessments carried out internally by the Group with the support of its legal advisers, based on the probability of the decision being favourable or unfavourable to the Group.",
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"value": "Accounting policies Provisions are recognised whenever the Group has a present legal or constructive obligation, as a result of past events, in which it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions for future operating losses are not recognised. Provisions are reviewed on the date of the statement of financial position and are adjusted to reflect the best estimate at that date. The Group incurs expenditure and assumes liabilities of an environmental nature. Accordingly, expenditures on equipment and operating techniques that ensure compliance with applicable legislation and regulations (as well as on the reduction of environmental impacts to levels that do not exceed those representing a viable application of the best available technologies, on those related to minimising energy consumption, atmospheric emissions, the production of residues and noise), are capitalised when they are intended to serve the Group\u2019s business in a durable way, as well as those associated with future economic benefits and which serve to extend the useful lives, increase capacity or improve the safety or efficiency of other assets owned by the Group.",
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"f1__s7__6__261": {
"value": "10.2. Commitments Guarantees provided to third parties Amounts in Euro 2024 2023 Guarantees provided Navigator guarantees for EIB loans 11,666,667 22,083,333 Ocean Network Express 2,751,947 2,751,947 AT - Tax and Customs Authority 9,288,070 - Comiss\u00e3o Coordena\u00e7\u00e3o Desenvolvimento Regional 354,083 354,083 IAPMEI - 1,280,701 Ag\u00eancia Portuguesa Ambiente 3,337,887 2,846,271 Simria 338,829 338,829 Other 1,193,505 838,256 28,930,988 30,493,420 In the first half of 2024, a new bank guarantee was set up for the Tax and Customs Authority, in the amount of Euro 9,288,070, as a result of the notification received by The Navigator Company at the end of 2023, relating to the additional assessment of corporate income tax for 2019 resulting from adjustments made during a tax inspection. The Group decided to challenge this additional assessment and refrain from payment and from setting up this bank guarantee. In the case of the Portuguese Environment Agency, bank guarantees were provided in the context of proceedings in litigation associated with the water resources rate for the years 2017 to 2022. Purchase commitments Amounts in Euro 2024 2023 Purchase commitments Property, plant and equipment \u2013 Industrial equipment 145,451,837 140,885,321 Energy 103,786,050 125,753,200 Wood Commitments with acquisitions in the subsequent period 251,400,000 265,000,000 Commitments to long-term acquisitions 56,900,000 102,600,000 557,537,887 634,238,521 The Navigator Group's subsidiary Abastecimento de Madeira, ACE, signed a contract with Portline Ocean Bulk, Inc. for the 3chartering of ships to transport 940,000 m, initially planned for the period 2022, 2023 and 2024, which was extended to 2025 and 2026 without changing the overall volume to be transported. Moreover, the Group has entered into energy purchase commitments amounting to Euro 125,753,200. Purchase commitments of an operational nature, which are not reflected in the statement of financial position, include liabilities associated with long-term contracts for the supply of raw materials, products and services within the scope of The Navigator Company's activity. The value of the commitments has been estimated on the basis of the information available at the time, based on the contractual terms and the best information available at the time on the volumes and prices applicable for the remaining period of the contracts. Other commitments The Navigator Group has made a commitment to achieve carbon neutrality by 2035, with an estimated global investment of Euro 340 million, of which Euro 232.2 million have already been invested until 31 December 2024 (2023: Euro 137.6 million).",
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"f1__s7__6__260-1": {
"value": "10.2. Commitments Guarantees provided to third parties Amounts in Euro 2024 2023 Guarantees provided Navigator guarantees for EIB loans 11,666,667 22,083,333 Ocean Network Express 2,751,947 2,751,947 AT - Tax and Customs Authority 9,288,070 - Comiss\u00e3o Coordena\u00e7\u00e3o Desenvolvimento Regional 354,083 354,083 IAPMEI - 1,280,701 Ag\u00eancia Portuguesa Ambiente 3,337,887 2,846,271 Simria 338,829 338,829 Other 1,193,505 838,256 28,930,988 30,493,420 In the first half of 2024, a new bank guarantee was set up for the Tax and Customs Authority, in the amount of Euro 9,288,070, as a result of the notification received by The Navigator Company at the end of 2023, relating to the additional assessment of corporate income tax for 2019 resulting from adjustments made during a tax inspection. The Group decided to challenge this additional assessment and refrain from payment and from setting up this bank guarantee. In the case of the Portuguese Environment Agency, bank guarantees were provided in the context of proceedings in litigation associated with the water resources rate for the years 2017 to 2022. Purchase commitments Amounts in Euro 2024 2023 Purchase commitments Property, plant and equipment \u2013 Industrial equipment 145,451,837 140,885,321 Energy 103,786,050 125,753,200 Wood Commitments with acquisitions in the subsequent period 251,400,000 265,000,000 Commitments to long-term acquisitions 56,900,000 102,600,000 557,537,887 634,238,521 The Navigator Group's subsidiary Abastecimento de Madeira, ACE, signed a contract with Portline Ocean Bulk, Inc. for the 3chartering of ships to transport 940,000 m, initially planned for the period 2022, 2023 and 2024, which was extended to 2025 and 2026 without changing the overall volume to be transported. Moreover, the Group has entered into energy purchase commitments amounting to Euro 125,753,200. Purchase commitments of an operational nature, which are not reflected in the statement of financial position, include liabilities associated with long-term contracts for the supply of raw materials, products and services within the scope of The Navigator Company's activity. The value of the commitments has been estimated on the basis of the information available at the time, based on the contractual terms and the best information available at the time on the volumes and prices applicable for the remaining period of the contracts. Other commitments The Navigator Group has made a commitment to achieve carbon neutrality by 2035, with an estimated global investment of Euro 340 million, of which Euro 232.2 million have already been invested until 31 December 2024 (2023: Euro 137.6 million).10.3. Contingent assets and liabilities Public Debt Settlement Fund According to Decree-Law 36/93 of 13 February, the tax debts of privatised companies relating to periods prior to the privatisation date (25 November 2006) are the responsibility of the Public Debt Settlement Fund (FRDP). The Navigator Company submitted an application to the FRDP on 16 April 2008, requesting the payment of the tax debts until then settled by the Tax Authorities. On 13 December 2010, The Navigator Company presented a new application requesting the payment of debts settled by the tax authorities regarding 2006 and 2003. This application was supplemented on 13 October 2011, with the amounts already paid and uncontested regarding these debts, as well as with expenses directly related to them, pursuant to court ruling dated 24 May 2011 (Case 0993A/02), which confirmed the Company's position regarding the enforceability of such expenses. On 13 December 2017, The Navigator Company, S.A. has made an extra-judicial agreement with the Tax Authorities, in which it was acknowledged the FRDP\u00b4s responsibility for refunding the amount of Euro 5,725,771 corresponding to the amount of Corporate Income Tax (IRC) unduly paid, resulting from the alleged qualification/incorrect consideration, by the Tax Authorities, of the tax loss calculated as a result of the operations performed by Soporcel, S.A. in 2003, as well as to promote the reimbursement to Navigator of the mentioned amount. In January 2023, the Court, while rejecting in their entirety the defendants' pleas in law, issued a judgement against the Navigator Group and acquitted the defendants of the claim relating to the 2006 aggregate corporate income tax. Following this decision, the Group appealed to the Supreme Administrative Court in February 2023. Navigator was notified on 12 December 2024 of a ruling that upheld the formal objection raised by the Defendants and acquitted them of the claim relating to the aggregate corporate income tax for 2001 to 2005. Navigator was notified on 12 December 2024 of a ruling that upheld the formal objection raised by the Defendants and acquitted them of the claim relating to the aggregate corporate income tax for 2001 to 2005. Following this decision, the Group filed an appeal with the Central Administrative Court - South on 28 January 2025. In this context, FRDP is liable for Euro 21,853,377, detailed as follows: Proceedings decided in Amounts in Euro Amounts Decrease due to favour of the Outstanding Period requested RERD Group amounts Proceedings confirmed in court Corporate income tax 2002 18,923 - - 18,923 Corporate income tax (FR) 2004 3,324 - - 3,324 Corporate income tax 2004 766,395 - (111,544) 654,851 Expenses 314,957 - (314,957) - 1,103,599 - (426,501) 677,098 Proceedings not confirmed in court Corporate income tax 2005 11,754,680 (1,360,294) - 10,394,386 Corporate income tax 2006 11,890,071 (1,108,178) - 10,781,893 23,644,751 (2,468,472) - 21,176,279 24,748,350 (2,468,472) (426,501) 21,853,377 Regarding the aggregate Corporate Income Tax proceedings of 2005 and 2006, if Courts come to a decision in favour of Navigator Group, the Group will withdraw the request made to FRDP. Public Debt Settlement Fund - proceeding no. 774/11.3 BEALM Additionally, a new petition was filed in the Administrative Court of Almada on 11 October 2011, which called for the repayment of various amounts, amounting to Euro 136,243,949. These amounts regard adjustments in the financial statements of the Group after its privatisation that had not been considered in formulating the price of its privatisation as they were not included in the documentation made available for consultation by the bidders. On 24 May 2014, the Court denied the Navigator Group\u2019s proposal to present testimony evidence, alternatively proposing written submissions. On 30 June 2014, the Group appealed against this decision, but continuously presented written evidence. The Court subsequently confirmed the Navigator Group\u2019s views on this matter, both parts appointed experts and the partial expert report was issued on July 2017, being required either by The Navigator Company, S.A. either by the Minist\u00e9rio das Finan\u00e7as, the attendance of both designated experts in court hearing, in order to provide oral explanations on the expert report. Following claims filed by Navigator on 11 September 2017 and 15 January 2019, the experts submitted redrafted Expert Reports on 27 December 2018 and 19 March 2019, respectively. The trial hearing took place between May and June 2019, with the parties filing closing arguments in September 2019, awaiting the passing of sentence since the case was concluded before the judge on 5 July 2021.",
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"value": "10.2. CommitmentsPurchase commitments Amounts in Euro 2024 2023 Purchase commitments Property, plant and equipment \u2013 Industrial equipment 145,451,837 140,885,321 Energy 103,786,050 125,753,200 Wood Commitments with acquisitions in the subsequent period 251,400,000 265,000,000 Commitments to long-term acquisitions 56,900,000 102,600,000 557,537,887 634,238,521 The Navigator Group's subsidiary Abastecimento de Madeira, ACE, signed a contract with Portline Ocean Bulk, Inc. for the 3chartering of ships to transport 940,000 m, initially planned for the period 2022, 2023 and 2024, which was extended to 2025 and 2026 without changing the overall volume to be transported. Moreover, the Group has entered into energy purchase commitments amounting to Euro 125,753,200. Purchase commitments of an operational nature, which are not reflected in the statement of financial position, include liabilities associated with long-term contracts for the supply of raw materials, products and services within the scope of The Navigator Company's activity. The value of the commitments has been estimated on the basis of the information available at the time, based on the contractual terms and the best information available at the time on the volumes and prices applicable for the remaining period of the contracts. Other commitments The Navigator Group has made a commitment to achieve carbon neutrality by 2035, with an estimated global investment of Euro 340 million, of which Euro 232.2 million have already been invested until 31 December 2024 (2023: Euro 137.6 million).",
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"f1__s7__6__265": {
"value": "10.3. Contingent assets and liabilities Public Debt Settlement Fund According to Decree-Law 36/93 of 13 February, the tax debts of privatised companies relating to periods prior to the privatisation date (25 November 2006) are the responsibility of the Public Debt Settlement Fund (FRDP). The Navigator Company submitted an application to the FRDP on 16 April 2008, requesting the payment of the tax debts until then settled by the Tax Authorities. On 13 December 2010, The Navigator Company presented a new application requesting the payment of debts settled by the tax authorities regarding 2006 and 2003. This application was supplemented on 13 October 2011, with the amounts already paid and uncontested regarding these debts, as well as with expenses directly related to them, pursuant to court ruling dated 24 May 2011 (Case 0993A/02), which confirmed the Company's position regarding the enforceability of such expenses. On 13 December 2017, The Navigator Company, S.A. has made an extra-judicial agreement with the Tax Authorities, in which it was acknowledged the FRDP\u00b4s responsibility for refunding the amount of Euro 5,725,771 corresponding to the amount of Corporate Income Tax (IRC) unduly paid, resulting from the alleged qualification/incorrect consideration, by the Tax Authorities, of the tax loss calculated as a result of the operations performed by Soporcel, S.A. in 2003, as well as to promote the reimbursement to Navigator of the mentioned amount. In January 2023, the Court, while rejecting in their entirety the defendants' pleas in law, issued a judgement against the Navigator Group and acquitted the defendants of the claim relating to the 2006 aggregate corporate income tax. Following this decision, the Group appealed to the Supreme Administrative Court in February 2023. Navigator was notified on 12 December 2024 of a ruling that upheld the formal objection raised by the Defendants and acquitted them of the claim relating to the aggregate corporate income tax for 2001 to 2005. Navigator was notified on 12 December 2024 of a ruling that upheld the formal objection raised by the Defendants and acquitted them of the claim relating to the aggregate corporate income tax for 2001 to 2005. Following this decision, the Group filed an appeal with the Central Administrative Court - South on 28 January 2025. In this context, FRDP is liable for Euro 21,853,377, detailed as follows: Proceedings decided in Amounts in Euro Amounts Decrease due to favour of the Outstanding Period requested RERD Group amounts Proceedings confirmed in court Corporate income tax 2002 18,923 - - 18,923 Corporate income tax (FR) 2004 3,324 - - 3,324 Corporate income tax 2004 766,395 - (111,544) 654,851 Expenses 314,957 - (314,957) - 1,103,599 - (426,501) 677,098 Proceedings not confirmed in court Corporate income tax 2005 11,754,680 (1,360,294) - 10,394,386 Corporate income tax 2006 11,890,071 (1,108,178) - 10,781,893 23,644,751 (2,468,472) - 21,176,279 24,748,350 (2,468,472) (426,501) 21,853,377 Regarding the aggregate Corporate Income Tax proceedings of 2005 and 2006, if Courts come to a decision in favour of Navigator Group, the Group will withdraw the request made to FRDP. Public Debt Settlement Fund - proceeding no. 774/11.3 BEALM Additionally, a new petition was filed in the Administrative Court of Almada on 11 October 2011, which called for the repayment of various amounts, amounting to Euro 136,243,949. These amounts regard adjustments in the financial statements of the Group after its privatisation that had not been considered in formulating the price of its privatisation as they were not included in the documentation made available for consultation by the bidders. On 24 May 2014, the Court denied the Navigator Group\u2019s proposal to present testimony evidence, alternatively proposing written submissions. On 30 June 2014, the Group appealed against this decision, but continuously presented written evidence. The Court subsequently confirmed the Navigator Group\u2019s views on this matter, both parts appointed experts and the partial expert report was issued on July 2017, being required either by The Navigator Company, S.A. either by the Minist\u00e9rio das Finan\u00e7as, the attendance of both designated experts in court hearing, in order to provide oral explanations on the expert report. Following claims filed by Navigator on 11 September 2017 and 15 January 2019, the experts submitted redrafted Expert Reports on 27 December 2018 and 19 March 2019, respectively. The trial hearing took place between May and June 2019, with the parties filing closing arguments in September 2019, awaiting the passing of sentence since the case was concluded before the judge on 5 July 2021.",
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"value": "11.1.2. Incorporated joint operations Share equity owned 31-12-2024 31-12-2023 Company Head Office Direct Indirect Total Total Main activity Purchases of materials, subsidiary materials and services Pulpchem Logistics, A.C.E. Portugal 50 -50 50 used in the pulp and paper production processes",
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"value": "11.3. Transactions with related parties Balances with related parties 2024 2023 ReceivablesPayables ReceivablesPayablesAmounts in Euro (Note 4.2) (Note 4.3) (Note 4.2) (Note 4.3) Shareholders (Note 5.2) Semapa - Soc. de Investimento e Gest\u00e3o, SGPS, S.A. - 1,155,456 - 952,804 Secil - Companhia Geral Cal e Cimento, S.A. - 18,970 - 40,974 Secil Britas, S.A. - 84,277 - 111,647 Unibet\u00e3o, S.A. - 237,150 - 435,100 Other related parties Hotel Ritz, S.A. - 844 - 1,672 - 1,496,687 - 1,542,197 Transactions with related parties in the period 2024 2023 Purchase of Sales and Financial Purchase of Sales and Financial goods and services (expenses)/ goods and services (expenses)/ Amounts in Euro services rendered income services rendered income Shareholders (Note 5.2) Semapa - Soc. de Investimento e Gest\u00e3o, 11,523,914 42 - 9,730,534 44 - SGPS, S.A. 11,523,914 42 - 9,730,534 44 - Other subsidiaries of Semapa Group Secil - Companhia Geral Cal e Cimento, S.A. 116,490 - 157,892 2,435 - Secil Britas, S.A. 206,858 - - 212,333 - - Secil Prebet\u00e3o, S.A. 72 - - - - - Unibet\u00e3o, S.A. 1,232,938 - - 598,752 - - 1,556,358 - - 968,977 2,435 - Other related parties Hotel Ritz, S.A. 14,916 - 1,106 7,131 - 1,106 14,916 - 1,106 7,131 - 1,106 13,095,188 42 1,106 10,706,642 2,479 1,106 On 1 February 2013, a contract to render administrative and management services was signed between Semapa - Sociedade de Investimentos e Gest\u00e3o, SGPS, S.A. (currently owner of 70.03% of the Group\u00b4s share capital) and Navigator Group, establishing a remuneration system based in equal criteria for both parties in the continuous cooperation and assistance relationships, that meets the rules applicable to commercial relationships between Group companies. The operations performed with the Secil Group arise from normal market operations. In the identification of the Navigator Company Group\u2019s related parties for the purpose of financial reporting, the members of the Navigator Company Group\u2019s Board of Directors and other corporate bodies were considered as related parties. The remuneration of the Group's key management personnel is detailed in Note 7.3 - Remuneration of corporate bodies.",
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"value": "11.3. Transactions with related partiesOn 1 February 2013, a contract to render administrative and management services was signed between Semapa - Sociedade de Investimentos e Gest\u00e3o, SGPS, S.A. (currently owner of 70.03% of the Group\u00b4s share capital) and Navigator Group, establishing a remuneration system based in equal criteria for both parties in the continuous cooperation and assistance relationships, that meets the rules applicable to commercial relationships between Group companies. The operations performed with the Secil Group arise from normal market operations. In the identification of the Navigator Company Group\u2019s related parties for the purpose of financial reporting, the members of the Navigator Company Group\u2019s Board of Directors and other corporate bodies were considered as related parties. The remuneration of the Group's key management personnel is detailed in Note 7.3 - Remuneration of corporate bodies.",
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