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"value": "Based on the above, an analysis of its markets, order backlog, sales funnel, future revenues, various scenarios and cash projections, the Group is of the opinion that the situation in relation to Covid-19 as well as the overall business challenges and specific supply chain disruptions are manageable for the coming period with the knowledge as of today. Therefore, the Executive Management Team has concluded, and the Board of Directors concurs, that JENSEN-GROUP NV is able to continue as a going concern. Human resources The number of employees at year-end has developed as follows: December 31 December 31 2022 2021 Number of employees 1.555 1.384 Notes to the Consolidated Financial Statements Note 1: Summary of significant accounting policies Basis of preparation The JENSEN-GROUP (hereafter \u201cthe Group\u201d) is one of the major suppliers to the heavy-duty laundry industry. The Group markets its products and services under the JENSEN and Inwatec brands and is one of the leading suppliers to the heavy-duty market. The product range varies from transportation and handling systems, tunnel washers, separators, feeders, ironers and folders to complete project management for fully equipped and professionally managed industrial laundries. The JENSEN-GROUP has operations in 23 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,555 people. JENSEN-GROUP NV (hereafter \u201cthe Company\u201d) is incorporated in Belgium. Its registered office is at Neerhonderd 33, 9230 Wetteren, Belgium. The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange. The Board of Directors approved the present consolidated financial statements for issue on March 9, 2023. These consolidated financial statements are for the 12 months ended December 31, 2022 and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2022 and which have been adopted by the European Union. These consolidated financial statements have been prepared under the historical cost convention, with financial assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans stated at fair value through profit or loss or OCI or at amortized cost. These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue in operation for the foreseeable future. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies. The following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union: - Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). - Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The following new standard and amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union: - IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023). - Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). - Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023) - Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union: - Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: - IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). The Group is currently assessing the impact of these standards. Consolidation Methods The consolidated financial statements are presented in euro and rounded to the nearest thousand. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. Use of estimates The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to non-current assets - right to use, contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges and expected credit loss model. We refer to note 4 \u2013 Non-current assets, note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations, note 11 \u2013 Provision for other liabilities and charges and note 20 - Financial instruments - market and other risks. Translation of Foreign Currency - Transactions The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines: - monetary assets and liabilities are translated at closing rates; - transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction; - foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges; - non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction. Translation of Foreign currency - Operations Translation The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: - assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and - all resulting translation differences are recognized as a separate component of equity. Initial Recognition On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Revenue Recognition The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: Step 1. Identifying the customer contracts A contract creates enforceable rights and obligations. The contract may be written, oral or implied by customary business practice. A contract contains a promise (or promises) to transfer goods or services to a customer. When identifying the customer contracts, first the customer should be determined and then it should be assessed whether a contract exists. JENSEN-GROUP defines a \u201ccustomer\u201d and a \u201ccontract\u201d as follows: - Customer: a party that has contracted to obtain goods or services that are an output of ordinary activities in exchange for consideration; - Contract: an agreement between two or more parties that creates enforceable rights and obligations. Contracts shall be combined when they are entered into at or near the same time and are negotiated as a package, payment of one depends on the other, or goods/services promised are a single performance obligation. A contract modification or change order is accounted for as a separate contract or as a continuation of the original contract prospectively or with cumulative catch-up, depending on facts and circumstances. Step 2. Identifying performance obligations The second step in accounting for a contract with a customer is identifying the performance obligations. Performance obligations are the unit of account for the purposes of applying the revenue standard and therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services, including those a customer can resell or provide to its customers. Step 3. Determining the transaction price The transaction price in a contract reflects the amount of consideration to which the Company expects to be entitled from a customer in exchange for goods or services transferred to that customer. The transaction price includes only those amounts to which the Company is entitled under the present contract. Step 4. Allocating the transaction price The transaction price is allocated to the performance obligation in the contract based on relative standalone selling prices of the goods or services being provided to the customer. Step 5. Recognizing revenue Revenue is recognized when (or as) the performance obligations are satisfied. Revenue is allocated to the individual performance obligations when or as the customer obtains control over the products to be delivered or services to be performed under the customer contract. The Group has identified one performance obligation within its contracts: the installation of a heavy-duty laundry system. Revenue related to this performance obligation is recognized over time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to direct or transfer the constructed asset in its completed state to another customer as the installations are typically designed around the specific needs and requirements of the customer) and its contracts provides the JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to payment represents an amount that at least compensates JENSEN for performance completed to date if the contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as promised. The JENSEN-GROUP recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based on the Group\u2019s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs incurred that relate to future activities are excluded from measuring progress towards satisfying a performance obligation. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable. When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the total expected loss is recognized as an expense immediately. The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of progress billings, if the Group has performed by transferring goods or services to a customer before the customer pays consideration or before payment is due. A contract asset is an entity\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due (whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the customer. A contract liability is an entity\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical timing of the payment does not materially differentiate from the pattern of revenue recognition. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Royalties and rentals are recognized as income when it is probable that the economic benefits associated with the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an accrual basis in accordance with the substance of the relevant agreement. Spare parts revenue is recognized at a point in time. Other income and other expenses Other income and other expenses relate primarily to income received from the insurance company, support from authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or transactions that are clearly distinct from the ordinary business activities of the Group. Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Intangible assets Research and development expenses Research costs are charged to the income statement in the year in which they are incurred. Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Concessions, patents, licenses, know-how and other similar rights etc. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred. Property, plant and equipment Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y Leases where the Group is acting as a lessee \u2013 Right of use assets The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term. The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Impairment of assets Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong. Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss. Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date. Inventories and contracts in progress Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses. Provisions for liabilities and charges A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount of the provision is the best estimate of the expenditure required to settle the present value of the obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is material. Provisions for take-back obligations are recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine in certain situations (see \u2018Vendor financing, p.23). Based on historical data an appropriate percentage of the outstanding receivable is recorded and reversed a rato of the repayment by the customer. Employee benefits Some of the Group\u2019s employees are eligible for retirement benefits under defined contribution and defined benefit plans. The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement as incurred. Defined benefit plans For defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L. The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income. Deferred taxes Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Accrued charges and deferred income Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods. Financial instruments Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. Cash and cash equivalent Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Payables (after one year and within one year) Amounts payable are carried at nominal value at the balance sheet date. Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. Financial assets at amortized cost All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Government Grants The government grants received by the JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the period in which the entities recognize the expenses for the related costs for which the grants are intended to compensate. The income of the government grants is only recognized if all the conditions are met and there is 100% certainty that no repayment can be claimed by the government. As long as not all the conditions are met, the government grant received is presented as a debt. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. Consolidated statement of cash flows The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow from operating, investing and financing activities. Business combination On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Segment reporting The Company is operating in a single business segment: Heavy-Duty Laundry. Closing date and length of accounting period All accounting periods presented represent 12 months of operations starting on January 1 of each year. Change in valuation rules There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2021. In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. Note 2: Scope of consolidation The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation. Note 3: Segment reporting The Board of Directors has examined the Group\u2019s performance and has identified a single business segment. The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide. In this way the JENSEN-GROUP operates only in a single segment. The following table presents revenue and certain asset information based on the Group\u2019s geographical areas. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia TOTAL Attributable to Belgium (in thousands of euro) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue from external customers 207,331 149,254 72,527 62,907 61,781 47,555 341,639 259,716 15,981 19,284 Non-current assets 91,356 90,629 6,001 4,118 10,382 11,730 107,739 106,477 96,899 96,938 Non allocated assets 233,137 223,119 Total assets 340,876 329,596 Capital expenditure -2,577 -13,834 -2,197 -634 -93 -7,511 -4,867 -21,979 The difference between non-current assets in the table above (107.8 million euro) and the non-current assets as per the consolidated statement of financial position (111.6 million euro) relates to the deferred tax assets (3.6 million euro) and derivative financial instruments (0.4 million euro). Note 4: Non-current assets Goodwill December 31 2021 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 8,860 Translation differences 17 Acquisition of subsidiaries 0 Additions 16,068 Disposals 0 Transfers 0 Total acquisition cost 24,945 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,981 Translation differences 4 Acquisition of subsidiaries 0 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,985 Net carrying amount December 31, 2021 22,960 On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. This led to a 16.1 million euro increase in goodwill. December 31 2022 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 24,945 Translation differences -77 Additions 0 Disposals 0 Transfers 0 Total acquisition cost 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,985 Translation differences 4 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,989 Net carrying amount December 31, 2022 22,879 The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec. The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes. Goodwill is subject to a yearly impairment test, close to year-end, that is based on a number of critical judgments, estimates and assumptions, based on value in use and applying a discounted free cash flow approach. JENSEN-GROUP believes that its estimates are very reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management. The goodwill is assessed close to year-end. The recoverable amount of the goodwill is determined based on a calculation of its value in use to the cash-generating unit. The main judgments, assumptions and estimates for the cash-generating unit are: - The first year of the model is based on management\u2019s best estimate of the free cash flow outlook for the coming year; - For the second, third, fourth and fifth years of the model, cash flows are based on our LT plan; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 7% and 12%; - This calculated enterprise value is compared to the book value. The test includes a sensitivity analysis on key assumptions used, among them the WACC, free cash flow and long-term growth percentage: the occurrence of any of the following individual less favorable assumptions would not lead to an impairment of goodwill: WACC of 12%, free cash flow of 95% of the projections of free cash flows used for the calculation of the impairment test and a long-term growth of 1%. JENSEN-GROUP has completed its annual impairment test on goodwill and concluded from this that no impairment allowance is necessary. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. Intangible Fixed Assets December 31 2021 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 343 875 432 1,650 Translation differences 2 0 0 2 Acquisition of subsidiaries 4,101 1,641 0 5,742 Additions 642 0 0 642 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 5,088 2,516 432 8,036 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 343 829 432 1,603 Translation differences -1 0 0 -1 Acquisition of subsidiaries 972 108 0 1,080 Depreciation 490 485 0 974 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 1,803 1,421 432 3,657 Net carrying amount December 31, 2021 3,284 1,095 0 4,379 December 31 2022 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 5,088 2,516 432 8,036 Translation differences 0 0 0 0 Additions 658 0 0 658 Disposals 0 0 -432 -432 Transfers 0 0 0 0 Total acquisition cost 5,746 2,516 0 8,262 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,803 1,421 432 3,657 Translation differences 7 0 0 7 Depreciation 487 243 0 730 Disposals 0 0 -432 -432 Transfers 0 0 0 Total depreciations and amounts written down 2,297 1,664 0 3,962 Net carrying amount December 31, 2022 3,449 852 0 4,300 Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 6.3 million euro (5.2 million euro in 2021) were expensed during the year. These costs are accounted for in the lines \u2018services and other goods\u2019, \u2018employee compensations and benefit expense\u2019 and \u2018depreciation, amortization, write-down of assets\u2019. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. Property plant and equipment December 31 2021 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 34,912 29,346 12,354 14,609 0 158 147,688 Translation differences 534 979 271 918 -1 35 2,735 Acquisition of subsidiaries 18 206 0 0 0 0 224 Additions 226 462 455 8,702 0 606 10,451 Disposals -45 -802 -950 -6,677 0 0 -8,473 Transfers 123 0 0 0 0 -123 0 Total acquisition cost 35,767 30,191 12,130 17,553 -1 677 96,316 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 19,091 24,078 9,353 4,591 0 0 57,113 Translation differences 389 681 244 226 -1 0 1,539 Acquisition of subsidiaries 10 147 0 0 0 0 157 Depreciation 1,012 1,451 1,263 2,239 0 0 5,965 Disposals -36 -798 -877 -1,793 0 0 -3,505 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 20,466 25,559 9,984 5,264 -1 0 61,271 Net carrying amount December 31, 2021 15,301 4,632 2,146 12,289 0 677 35,045 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. December 31 2022 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 35,767 30,191 12,130 17,553 -1 677 96,316 Translation differences -122 -116 27 -163 0 41 -334 Additions 594 953 1,473 947 23 1,849 5,839 Disposals -42 -586 -1,053 -2,993 0 0 -4,674 Transfers 1,773 0 0 0 0 -1,773 0 Total acquisition cost 37,969 30,442 12,577 15,343 22 794 97,147 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 20,466 25,559 9,984 5,264 -1 0 61,271 Translation differences -96 -89 54 11 0 0 -120 Depreciation 1,085 1,289 1,115 2,182 0 0 5,671 Disposals 35 -665 -1,083 -2,308 0 0 -4,021 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 21,490 26,094 10,069 5,148 -1 0 62,801 Net carrying amount December 31, 2022 16,479 4,348 2,507 10,195 23 794 34,346 During 2022, the net carrying amount of tangible fixed assets decreased by 0.7 million euro. Excluding the depreciation charges of 5.7 million euro, tangible fixed assets increased by 5 million euro. The investments in 2022 related primarily to investments in the office building in Panama City (JENSEN USA) destroyed by Hurricane Michael, and in machinery and vehicles. The net book value of the property, plant and equipment pledged as security for liabilities amounts to 6.1 million euro (6.0 million euro at December 2021). Note 5: Deferred Taxes Deferred tax assets and liabilities are attributable to the following items: December 31 2020 Acquisition of subsidiaries Exchange differences December 31 2021 (in thousands of euro) Through Tprofit or loss hrough OCI DTA DTL Inventories 442 -169 -94 0 0 179 -435 614 Fixed assets -429 -1,044 -420 0 -7 -1,900 68 -1,968 Provisions 4,288 35 710 -424 0 4,609 4,196 413 Tax losses 160 0 -54 0 0 106 102 4 Deferred taxes on differences between tax and local books -207 0 -446 55 349 -250 495 -745 Currency result in permanent financing -773 0 -37 0 0 -810 0 -810 Financial instruments 17 0 58 -9 0 65 65 1 Total deferred tax assets (net) 3,498 -1,178 -284 -379 343 2,000 4,491 -2,491 December 31 2021 Acquisition of subsidiaries Exchange differences December 31 2022 (in thousands of euro) Through profit or loss Through OCI DTA DTL Inventories 179 0 -369 0 0 -190 1,263 -1,453 Fixed assets -1,900 0 -207 0 -7 -2,114 -668 -1,446 Provisions 4,609 0 -294 -1,206 0 3,109 2,981 128 Tax losses 106 0 22 0 0 128 128 0 Deferred taxes on other differences between tax and local books -250 0 732 256 -63 675 35 640 Currency result in permanent financing -810 0 -145 -955 -955 Financial instruments 65 0 -159 -197 0 -291 -117 -174 Total deferred tax assets (net) 2,000 0 -421 -1,147 -69 363 3,622 -3,259 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. The decrease relates to the deferred tax assets recognized on the timing differences between group's accounting books and its tax books. The split between long-term and short-term deferred taxes for the financial year ended December 31, 2022 is as follows: (in thousands of euro) Deferred taxes Long-term -1,100 Short-term 1,463 Total deferred tax (net) 363 The deferred tax assets originate mainly from JENSEN GmbH (0.9 million euro), JENSEN Italia (0.7 million euro) and JENSEN USA (0.7 million euro). Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Company\u2019s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent in recognizing deferred tax assets on tax losses carried forward. Note 6: Contract assets and contract liabilities (in thousands of euro) December 31 2022 December 31 2021 Contract revenue 341,639 259,716 Contract assets 52,920 33,805 Contract liabilities 35,672 35,283 The above contract assets represent the Group\u2019s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer. Construction contracts are valued based on the percentage of completion method. On December 31, 2022 contract assets included 18.2 million euro of accrued profit (10.5 million euro at December 31, 2021). Contract assets are higher in general due to higher activity and to the components scarcity increasing the number of unfinished machines. Contract liabilities remain high at year-end because of higher activities and high invoicing at year-end. The contract revenue is related to construction contracts for customers. The payment conditions are negotiated per contract individually. The billing schedule and the typical timing of the payment do not materially differ from the pattern of revenue recognition. The aim is that the payments reflect the timing of the satisfaction of the performance obligation. As at December 31, 2022, we have 12.6 million euro of outstanding performance obligations resulting from current contracts that will be performed after 2023 (18.7 million euro at December 31, 2021). These performance obligations are mainly related to shipyards. There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds. The reconciliation of contract assets and liabilities is as follows: (in thousands of euro) Contract assets Contract liabilities December 31 2021 33,805 35,283 Revenue recognised that was included in the contract liability balance at the beginning of the period -25,438 Increase due to cash received, excluding amounts recognised as revenue during the period 25,110 Write down recognized during the year 0 Transfer from contract assets recognised at the beginning of the period to receivables -20,545 Increases as a result of changes in the measure of progress 39,909 Translation differences -249 717 December 31 2022 52,920 35,672 Note 7: Trade and other receivables (in thousands of euro) December 31 2022 December 31 2021 Trade receivables 80,337 67,942 Provision for doubtful debtors -2,506 -2,965 Taxes 2,010 2,332 Other amounts receivable 4,544 2,386 Contract assets 52,920 33,805 Deferred charges and accrued income 4,068 2,837 Derivative financial instruments 499 12 Total trade and other receivables 141,872 106,349 Trade receivables 4,949 3,751 Other amount receivable 3,544 911 Non-current portion 8,493 4,663 Current portion 133,379 101,687 Non-current portionThe other amounts receivable include cash guarantees for an amount of 0.8 million euro, as well as financing of customers for an amount of 2.4 million euro. We refer to note 20, Financial instruments - market and other risks, for more details. Current portion Compared to 2021, trade receivables and contract assets increased end of 2022 due to higher activities and are negatively affected by the consequences of missing components with which to finish machines and systems prior to invoicing. Advances received from customers, mainly on project activities, are recognized in \u201cContract liabilities\u201d in accordance with the accounting principle whereby receivables and payables may not be netted against each other. Note 8: Equity Issued capital As at December 31, 2022, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As at December 31, 2021, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There are no preference shares. All shares are fully paid. As per December 31, 2022, the Company holds 60,053 treasury shares. Detailed information on the capital statement as per December 31, 2022 and 2021 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2022) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 0 At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares Registered 4,314,057 Dematerialized 3,504,942 B. Own shares held by the company or one of its subsidiaries 1,850 60,053 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription right 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2022: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,758,946 54.82% The chain of control is as follows: 54% of the shares in JENSEN-GROUP NV are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,758,946 5.20% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Amounts Number of shares Capital statement (position as at December 31, 2021) (in thousands of euro) A. Capital 1. Issued capital - At the end of the previous year 30,710 - Changes during the year 0 - At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares - Registered 4,314,057 - dematerialized 3,504,942 B. Own shares held by - the company or one of its subsidiaries 0 0 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription rights 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2021: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,818,999 54.40% The chain of control is as follows: 54% of the shares in JENSEN-GROUP are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,818,999 5.16% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to voting rights. The regulations with respect to transfer of shares are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to transfer of shares. Share premium The share premium results primarily from the merger of LSG, which then took the name of JENSEN-GROUP NV. The closing balance of the share premium is 5.8 million euro. Treasury shares The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026. As at December 31, 2022, the Company holds 60,053 treasury shares. Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 Hedging reserves The Group designates foreign exchange contracts and interest rate swaps as \u2018cash flow hedges\u2019 of its foreign currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item (attributable to the hedged risk), as of inception of the hedge, is deferred in OCI if the hedge is deemed effective (note 20). At year-end, an amount of 0.5 million euro was deferred in other comprehensive income. Gains and losses recognized in the hedging reserve in OCI (other comprehensive income) on forward foreign exchange contracts as of December 31, 2022 will be released to the income statement at various dates between one and six months. Gains and losses recognized in the hedging reserve in other comprehensive income on interest rate swap contracts as of December 31, 2022 will be continuously released to the income statement until the repayment of the bank borrowings. Remeasurement gains and losses on defined benefit plans JENSEN-GROUP has four defined benefit plans. In line with prior years, the Group has adopted the amended IAS 19 \u2018Employee Benefits\u2019 and recognizes all actuarial gains and losses directly in OCI. The accumulated loss of the four plans amounts to 3.9 million euro. Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.50 euro per share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount to 3,852,563 euro, based on the number of shares outstanding as at December 31, 2022. No dividend will be distributed to the treasury shares. In respect of 2021, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the strong financial position at year-end. Capital risk management JENSEN-GROUP\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure to minimize the cost of capital. Note 9: Financial debt The non-current and current borrowings can be summarized as follows: (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST CTA December 31 2022 LT loans with credit institutions 41,862 310 -309 -12,678 -105 29,080 LT loans other 1,029 245 0 0 0 1,274 LT factoring 2,758 0 0 -12 2,746 Subtotal 45,649 555 -309 -12,690 -105 33,100 LT loans - Operating lease liabilities 2,811 1,858 Total non-current borrowings 48,460 34,958 (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST, or transfer CTA December 31 2022 Current portion of LT borrowings 2,795 50 -2,476 12,678 -19 13,028 Credit institutions 4,936 629 0 2 -52 5,514 Payments received (factoring) 1,325 0 0 -423 7 909 Subtotal 9,056 679 -2,476 12,257 -64 19,451 Operating lease liabilities - ST 1,744 1,439 Total current borrowings 10,800 20,890 Total borrowings 59,260 55,848 Total borrowings decreased from 59.3 million euro at December 31, 2021 to 55.8 million euro at December 31, 2022, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.7 million euro long-term and 0.9 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet. Due to the higher activities, working capital needs increased and cash decreased. The Group still has a net cash position. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.9 million euro (34.6 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents decreased from 65.6 million euro to 35.4 million euro. All this together resulted in a decrease of the net cash position from 41.0 million euro to 11.5 million euro net cash. The following table gives the maturities of the non-current debt: (in thousands of euro) December 31 2022 December 31 2021 Between 1 and 2 years 5,355 15,588 Between 2 and 5 years 23,865 27,242 > 5 years 5,738 5,630 Total non-current borrowings 34,958 48,460 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 Management believes that the carrying value of the loans at fixed rate approximates to the fair value. For details on the IRS we refer to note 20, Financial Instruments - Market and other risks. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: (in thousands of euro) December 31 2022 December 31 2021 EUR 38,379 39,128 DKK 6,029 6,369 CNY 8,143 9,208 Total 52,551 54,705 Operating lease liabilities 3,297 4,555 Total borrowings 55,848 59,260 With respect to the Group\u2019s borrowings, debt covenants are in place (solvency, positive EBITDA on an annual basis and a maximum debt/EBITDA ratio). During the year, there were no breaches of these covenants. Debt covered by guarantees (in thousands of euro) December 31 2022 December 31 2021 Mortgages 6,029 6,369 Letter of Intent 13,727 13,725 Total 19,756 20,094 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 6.0 million euro. Note 10: Employee benefit obligations (in thousands of euro) December 31 2022 December 31 2021 Provisions for defined benefit plan 9,201 14,090 Provisions for other employee benefits 337 219 Total employee benefit obligations 9,538 14,309 The provision for other employee benefits relates to defined contribution plans in Austria and Germany. Benefit plan JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans. These plans generally provide benefits that are related to an employee\u2019s remuneration and years of service. The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by independent actuaries, taking into consideration projected final salaries and using assumptions such as discount rate, mortality, turnover, salary evolution, inflation. The weighted average duration of the defined benefit obligation at year-end 2022 is 13.95 years (2021: 16.71). At December 31, 2022, the total net liability amounted to 9.2 million euro. The net liability decreased because of changes in the assumptions and because of experience effects. Overall, the increase of the discount rate resulted in a gain of 6.1 million euro, while the increase of the inflation rate, the salary increase rate and the 'Interest credited to accounts' (in Switzerland) led to a loss of 1.2 million euro. Experience gains of 0.2 million euro are linked to full valuations performed in Germany, France and Italy and reflect mainly the changes in population and current salary and pension increases. For the defined benefit plans, the net cost for 2022 was 0.4 million euro (2021: 0.1 million euro). (in thousands of euro) December 31 2022 December 31 2021 Current service cost 268 -27 Interest cost 143 84 Interest income on plan assets -24 -3 Administrative expenses and taxes 18 20 Pension expenses 405 74 The change in net liability recognized during 2022 and 2021 is set out in the table below: (in thousands of euro) December 31 2022 December 31 2021 Net defined benefit liability (asset) at the beginning of year 14,090 16,198 Defined benefit cost included in P&L 405 74 Employer contribution or benefits paid by employer -771 -615 Total remeasurements included in OCI -4,622 -1,689 Effect of changes in foreign exchange rates 99 122 Net defined benefit liability (asset) as of end of year 9,201 14,090 The changes in defined benefit obligations and plan assets can be summarized as follows: (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation at end of prior year 20,675 21,815 Current service costs 268 -27 Interest expense 143 84 Benefits paid -1,524 -110 Participants' contribution 191 178 Effect of changes in demographic assumptions 2 -492 Effect of changes in financial assumptions -4,854 -618 Effect of experience adjustments 170 -563 Effect of changes in foreign exchange rates 410 408 Defined benefit obligation at end of year 15,481 20,675 (in thousands of euro) December 31 2022 December 31 2021 Fair value of plan assets at end of prior year 6,585 5,617 Contributions 962 793 Return on plan assets -60 14 Interest income on plan assets 24 3 Benefits paid -1,524 -110 Administrative expenses -18 -20 Effect of changes in foreign exchange rates 311 288 Fair value of plan assets at end of year 6,280 6,585 (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation 15,481 20,675 Fair value of plan assets 6,280 6,585 Net defined benefit liability (asset) 9,201 14,090 The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2022 2021 2022 2021 2022 2021 Switzerland 2.10% 0.35% 1.25% 1.00% 1.75% 1.50% France 3.75% 0.86% N/A N/A 3.00% 2.00% Germany 3.67% 1.01% 2.25% 1.75% 3.00% 3.00% Italy 3.70% 0.90% 2.66% 2.00% N/A N/A Discount rates increased significantly over 2022, as a result of increasing yields on international bonds. This trend is observed for both the Eurozone and Switzerland. With regard to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.66% for Italy (respectively 1.75% and 2.00% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates have increased in Switzerland and France, following last year's developments. Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: - Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to ensure this is appropriate in respect of the lifetime of the plan. - Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83. A decrease in corporate bond yields will increase the plans\u2019 liabilities. For funded schemes, this will be partially offset by an increase in the fair value of the plan\u2019s assets. The sensitivity of the defined benefit obligation to changes in the assumptions is: (in thousands of euro) Change in assumption Impact on DBO Discount rate -25bp 548 +25bp -502 Weighted avg duration (in years) -25bp 14 +25bp 14 The above sensitivity analyzes are based on a change in assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. The percentage of plan assets by asset allocation is as follows: - Equity securities: 4.83% - Debt securities: 52.36% - Real estate: 22.75% - Other: 20.06% The contributions expected to be paid to the plan and to direct payments during the annual period beginning after the reporting period is estimated at 1.0 million euro. There is one pension plan in place in Belgium that is legally structured as a defined contributions plan. The cost of this plan for JENSEN-GROUP NV amounted to 0.07 million euro for accounting year 2022 (2021: 0.06 million euro). Because of the Belgian legislation applicable to 2nd pillar pension plans (so-called \"Vandenbroucke Law\"), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 1.75% annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016. Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods). These plans should therefore be classified and accounted for as Defined Benefit plans under IAS 19. In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined Benefit accounting for these plans. We asked an external party to estimate the potential additional liabilities and they concluded that no potential additional liabilities exist as at December 31, 2022. Note 11: Provisions for other liabilities and charges (in thousands of euro) December 31 2022 December 31 2021 Provisons for warranties 7,786 7,423 Provisions for take-back obligations 873 893 Other provisions 1,060 4,490 Provisions for other liabilities and charges 9,719 12,806 Changes in provisions can be analyzed as follows: (in thousands of euro) December 31 2021 Additions Reversals (Utilizations) Translation Differences December 31 2022 Provisions for warranties 7,423 5,364 -4,979 -22 7,785 Provisions for take-back obligations 893 82 -102 0 873 Other provisions 4,490 308 -3,736 -2 1,060 Total provisions 12,806 5,754 -8,817 -25 9,719 Warranties A provision is recorded for expected warranty claims on products sold during the year. Assumptions used to calculate the provision for warranty claims are based on current sales levels and current information on warranty calls under the standard warranty period (up to 18 months) for the main products. The warranty provision at the end of 2022 is slightly higher than the provision at the end of 2021 because of higher activities in 2022. Take-back obligations A provision for take-back obligations is recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In some cases, the leasing company requires a take-back clause. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine. This creates exposure for the Company in terms of having to take back machinery over the lifetime of the financing contract. Other provisions The other provisions are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims to significantly impact the Group\u2019s financial position or profitability. In 2021, additional provisions were set up for restructuring and closing of activities. These provisions were utilized in 2022. Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. Note 13: Depreciation, amortization, write-downs of assets, impairments (in thousands of euro) December 31 2022 December 31 2021 Depreciation, amortization 6,405 6,778 Write down on trade receivables 327 -475 Write down on contract assets 0 948 Write down on inventory 397 621 Change in provisions 26 -339 Total depreciation, amortization, write downs of assets 7,155 7,533 During 2022, impairments on trade receivables were reversed as payments from customers were received. We also refer to note 20, Financial Instruments - Market and other risks, for more information on the credit loss model of the Group. In 2021, a write-down on contract assets of 0.9 million euro was recognized relating to the start of the bankruptcy proceedings of a German customer. Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. Note 16: Income tax expense Income tax expenses can be analyzed as follows: (in thousands of euro) December 31 2022 December 31 2021 Current taxes -4,547 -5,231 Deferred taxes -421 -284 Total income tax expense -4,968 -5,515 Tax expenses decreased because of timing differences. For more details, we refer to the table \" reconciliation of the effective tax rate\". For the disaggregation of the deferred taxes, we refer to the table in note 5 \u2013 Deferred taxes. Relationship between tax expense and accounting profit as per December 31, 2022 and December 31, 2021: Reconciliation of effective tax rate (in thousands of euro) December 31 2022 December 31 2021 Accounting profit before taxes 21,532 19,793 Theoretical income tax expense 4,911 4,242 Theoretical tax rate 22.81% 21.43% Tax effect of disallowed expenses 11 1,068 Tax adjustments for prior year -234 0 Tax effect of tax losses 280 567 Income not subject to taxes 0 -362 Actual tax expenses 4,968 5,515 Effective tax rate 23.07% 27.86% The effective tax rate (23.07%) is in line with the theoretical tax rate of 22.81%. During 2022, three tax audits took place in three different entities. One tax audit is still ongoing. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of these audits. The theoretical tax rate is the weighted average of the theoretical tax rates of the different entities. Note 17: Earnings per share Basic earnings per share are calculated by dividing the Group share in the profit for the year of 16.3 million euro (14.6 million euro in 2021) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2022 and 2021. December 31 2022 December 31 2021 Basic earnings per share (in euro) 2.10 1.86 Weighted avg shares outstanding 7,786,615 7,818,999 Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: (in thousands of euro) December 31 2022 December 31 2021 Cash and cash equivalent 35,427 65,618 Overdraft -5,514 -4,936 Net cash and cash equivalents 29,913 60,682 The decrease in net cash is mainly caused by higher working capital, negatively affected by the industry-wide increase in material prices as well as higher work-in-progress due to components scarcity. Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: (in thousands of euro) December 31 2022 December 31 2021 Letters of intent 13,727 13,725 Bank guarantees 16,597 13,750 Mortgages 6,029 6,369 Repurchase commitments 8,730 8,930 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability. Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Interest rate risk The Company uses derivative financial instruments to reduce exposure to adverse fluctuations in interest rates. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. All financing within the JENSEN-GROUP is centralized in the treasury department. This makes it easier for the JENSEN-GROUP to respect its policy of hedging using IRS. In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the periods in which they roll over. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. 2022 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% - 3,44% 5,584 3,084 0 0 2,500 0 CNY 3,94% - 4,8% 8,143 2,426 163 489 5,065 0 Total floating 13,727 5,510 163 489 7,565 0 FIXED RATE EUR 1.22% - 2.0% 29,134 0 513 11,543 15,695 1,384 1DKK0.44% -1.5% 6,036 27 54 245 1,356 4,354 Total Fixed 35,170 27 567 11,787 17,051 5,738 FACTORING EUR 3,655 76 151 682 2,746 0 Total 52,551 5,612 881 12,958 27,362 5,738 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2021 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% 4,953 2,453 0 0 2,500 0 CNY 4,26%-5,72% 8,772 2,482 110 329 5,852 0 Total floating 13,725 4,935 110 329 8,352 0 FIXED RATE EUR 1,22% - 1,5% 30,535 0 500 1,501 27,505 1,029 1DKK0,44% -1,5% 6,362 30 60 268 1,404 4,601 Total Fixed 36,897 30 559 1,769 28,909 5,630 FACTORING EUR 4,084 110 221 994 2,758 0 Total 54,706 5,075 890 3,092 40,019 5,630 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. The following table sets out the conditions of the interest rate swaps: 2022 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 The interest rate swaps are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.3 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. 2021 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 15,882,483 0.44% 30-12-2039 12 TOTAL in EUR 2,135,776 12 The interest rate swaps were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.009 million euro after taxes were deferred in equity. No ineffectiveness was recorded. As disclosed in the above table, 13.7 million euro of the Company\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 2.0 million EUR loan that is covered by an interest rate swap. The Company estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: (in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2022 EUR 5,584 1.15% - 3,44% 0% - 5.73% CNY 8,143 3,94% - 4,8% 3.08% - 5.66% Total in EUR 13,727 Applying the reasonably possible increase/decrease in the market interest rate mentioned above to our floating rate debt at December 31, 2022, with all other variables held constant, 2022 profit would have been 0.5 million euro lower/higher. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As part of the credit risk policy historical data about trade receivables overdue is used. As explained in the valuation policies additional forward-looking information is used. Under the Group\u2019s credit policy, project customers are required to either provide an advance payment or to provide a guarantee (ex. L/C, bank guarantees). We examine the creditworthiness of each new customer and of existing customers that start buying higher amounts. The consolidated ageing schedule of the trade receivables is as follows: 2022 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 56,759 7,995 2,135 1,787 6,712 75,388 Collateral held as security 0 Net exposure 56,759 7,995 2,135 1,787 6,712 75,388 Provisions accounted for -2,506 Total 72,882 2021 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 41,271 13,648 2,446 2,045 4,781 64,191 Collateral held as security -792 -792 Net exposure 40,479 13,648 2,446 2,045 4,781 63,399 Provisions accounted for -2,965 Total 60,434 Balances due within 12 months equal their carrying balances as the impact of the discounting is not significant. Trade debtors and other amounts receivable are shown on the balance sheet at amortized cost (in general, the original amount invoiced) less an amount for expected credit losses. Given the nature of our activities, being project business, and seen the significant concentration of the accounts receivable/contract assets relating to individually significant projects within the Group, allowances that cover both incurred and future expected losses are calculated on an individual basis, however taking into account aggregated data about the past experience with similar clients. In applying IFRS 9, the JENSEN-GROUP makes significant judgements in determining the realizable value in respect to trade receivables. The JENSEN-GROUP applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the lifetime expected credit losses, the JENSEN-GROUP takes into account the assessment of the probability of default and the exposure at default (including estimated coverage by credit insurance and other forms of collateral). The historical credit loss experience of individual customers is reviewed on a regular basis and adjusted if necessary to reflect the differences in the current and expected economic conditions versus the historical conditions. In addition to the ECL (expected credit loss) provisions based on historical experience and future expectation, the Group recognizes individually managed exposures on a case-by-case basis, to the extent not covered by the ECL model. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) December 31 2022 Impairment Doubtful Debtors - Opening balance 2,965 Additions 551 Reversals -1,026 Exchange difference 17 Impairment Doubtful Debtors - Closing balance 2,506 During 2022, impairments on trade receivables were reversed as payments from customers were received. There are no customers with a concentration of more than 10% of the total outstanding receivables. The bank credit ratings (S&P) as per December 31, 2022 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- Note 21: Assets held for sale The assets held for sale amounting to 0.5 million euro relate to the former Cissell building in Kentucky (former CLD activities). The costs related to the building (0.1 million euro) are presented as result from assets held for sale. Note 22: Related party transactions The shareholders of the Company as per December 2022 are: JENSEN INVEST A/S: 54.4% JENSEN-GROUP NV: 0.8% Lazard Fr\u00e8res Gestion SAS: 5.2% Free float: 39.7% During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Key management compensation can be summarized as follows: In thousands of euro December 31 2022 December 31 2021 Fees paid to Board members 297 322 Gross salaries paid to senior managers 2,415 1,634 For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors. Companies accounted for using the equity method On January 29, 2016 JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%. As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Companies accounted for using the equity method 5,573 4,829 The JENSEN-GROUP applies IAS29 for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2022, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2021 is 1,022.25 \u25aa PPI as per 31.12.2022 is 2,021.19 The impact of the first-time application of IAS 29 (Financial Reporting in Hyperinflationary Economies) for the financial year ended December 31, 2022 was: \u25aa Income statement \u2013 Share of associates accounted for using equity method: loss of 0.4 million euro \u25aa Balance sheet \u2013 Companies accounted for under equity method (participations): loss of 0.05 million euro. Last year\u2019s figures have not been restated. Non-controlling interests In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as \u201cincome attributable to non-controlling interest\u201d. On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Result attributable to non-controlling interest 100 -362 Equity part of NCI 1,743 1,651 For the legal structure, we refer to note 26. Note 23: Acquisitions On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. Inwatec ApS is a Danish company, part of Europe\u2019s robotic hub Odense Robotics, manufacturing modern high-end solutions for industrial laundries. Inwatec's core competence lies in the field of software and mechanical development for laundry automation and robotics. The initial shareholding of 30% acquired in 2018 is re-valued at fair value based on a discounted free cash flow valuation of Inwatec ApS as per March 26, 2021. This revaluation results in an increase of 0.6 million euro. The amount is recognized in comprehensive income, other income in 2021. In addition, the non-controlling interest was revalued at fair value and amounted to 3.6 million euro. The goodwill resulting from this transaction is attributable to the highly developed products, the innovation potential and the future developments. There were no acquisitions in 2022. Note 24: Non-audit fees The statutory Auditor is PwC Bedrijfsrevisoren bv, represented by Mr. Filip Lozie. The Statutory Auditor and its network received worldwide fees of 494,500 euro (excl. VAT) for auditing the statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP. Apart from its mandate, the Statutory Auditor and its network received during 2022 additional fees of 291,539 euro (excl. VAT) for non-prohibited services, of which 40,780 euro was invoiced to JENSEN-GROUP NV. The JENSEN-GROUP has appointed a single audit firm for the audit of the consolidated financial statements. Note 25: Events after the Balance Sheet date MIURA and JENSEN-GROUP create a heavy-duty laundry joint-venture in Japan On March 9, 2023 the JENSEN-GROUP and MIURA have agreed to a joint-venture whereby the JENSEN-GROUP will acquire 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA. MIURA will take a 20% stake in the JENSEN-GROUP through a contribution of 49% of the shares of Inax and an add-on capital increase in cash, both at a subscription price of 36 euro per share. The transaction will make the JENSEN-GROUP a key partner for Inax, one of the main manufacturing and distribution companies for heavy-duty laundry equipment in Japan. MIURA will become the second largest shareholder in the JENSEN-GROUP and will have one board seat in the JENSEN-GROUP, as long as the Joint-Venture Agreement remains in force. Suspension share buy-back program and cancellation of treasury shares On March 10, 2022, the JENSEN-GROUP announced a program to buy back a maximum of 781,900 or 10% of its own shares (the \"Program\"). In view of the transaction with MIURA, JENSEN-GROUP the Board of Directors at its meeting of March 9, 2023 suspended its Program until further notice. During the term of the Program, an investment bank on behalf of JENSEN-GROUP purchased 113,873 ordinary shares for an aggregate consideration of 3,423,659 euro. All repurchased shares (113,873 shares) (the \"Treasury Shares\") will be cancelled. Note 26: Legal structure Note 27: Consolidation scope as at December 31, 2022 Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 9230 Wetteren Parent Company TOLON Europe BV Neerhonderd 33 9230 Wetteren 49% Australia JENSEN Laundry Systems Australia PTY Ltd. Unit 16, 38-46 South Street Rydalmere NSW 2116 100% Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 2324 Schwechat-Rannersdorf 100% JENSEN \u00d6STERREICH GmbH Reinhartsdorfgasse 9 A-2324 Schwechat-Rannersdorf 100% Brazil JENSEN-GROUP BRASIL COMERCIO E SERVICOS DE EQUIPAMENTOS DE LAVANDERIA LTDA Rua Aparecida Jos\u00e9 Nunes de Campos 19 CEP 18087-089, Jardim do Pa\u00e7o, Sorocaba-SP 100% China JENSEN Industrial Laundry Technology (Xuzhou) Co., Ltd Phoenix Avenue, Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China 100% Denmark JENSEN Industrial Group A/S Industrivej 2 3700 R\u00f8nne 100% JENSEN Denmark A/S Industrivej 2 3700 R\u00f8nne 100% Inwatec ApS Hvidk\u00e6rvej 30 5250 Odense SV 70% France JENSEN France SAS 2 \u201cVillage d\u2019entreprises\u201d ZA de la Couronne des Pr\u00e8s Avenue de la Mauldre 78680 Ep\u00f4ne 100% Germany JENSEN GmbH J\u00f6rn-Jensen-Stra\u03b2e 1 31177 Harsum 100% JENSEN Components GmbH Ludwig-Erhard-Strasse 18 30982 Pattensen 100% Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 22060 Novedrate 100% Japan JENSEN Japan Co., Ltd. 4-9-1-203 Imagawa, Urayasu-city 279-0022 Japan 100% Middle East JENSEN Industrial Laundry Systems M.E. DMCC JENSEN Industrial Laundry Systems M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai UAE 100% Norway JENSEN NORGE AS \u00d8stensj\u00f8veien 36 0667 OSLO 100% New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 15 Customs Street Auckland Central 1010 100% Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 Dadlani Industrial House Singapore 159406 100% Spain JENSEN Spain S.L. Calle Energia, 34 Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) 100% Sweden JENSEN Sweden AB F\u00f6retagsgatan 68 504 94 Bor\u00e5s 100% JENSEN Sweden Holding AB Box 363 503 12 Bor\u00e5s 100% Switzerland JENSEN AG Burgdorf Buchmattstrasse 8 3400 Burgdorf 100% JENSEN Holding AG Buchmattstrasse 8 3400 Burgdorf 100% GOTLI Holding Industriestrasse 51 6312 Steinhausen 51% GOTLI Labs AG Industriestrasse 51 6312 Steinhausen 51% Turkey TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S. A.O.S.B. 10007. Sk. No:9 \u00c7i\u011fli, \u0130zmir 49% TOLON EXPORT MAK\u0130NE T\u0130CARET A.\u015e. 10007 SOK. NO:9 AOSB \u00c7\u0130\u011eL\u0130 \u0130zmir 49% United Kingdom JENSEN UK Ltd. Unit 5, Network 11 Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS 100% US JENSEN NA Inc. Corporation Trust Center Orange Street 1209 Wilmington - Delaware 100% JENSEN USA, Inc. Aberdeen loop 99 Panama City, FL 32405 100% 831 South 1st Street, Inc. 831 South 1st Street Louisville, KY 40203 100% ",
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"value": "Note 1: Summary of significant accounting policies Basis of preparation The JENSEN-GROUP (hereafter \u201cthe Group\u201d) is one of the major suppliers to the heavy-duty laundry industry. The Group markets its products and services under the JENSEN and Inwatec brands and is one of the leading suppliers to the heavy-duty market. The product range varies from transportation and handling systems, tunnel washers, separators, feeders, ironers and folders to complete project management for fully equipped and professionally managed industrial laundries. The JENSEN-GROUP has operations in 23 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,555 people. JENSEN-GROUP NV (hereafter \u201cthe Company\u201d) is incorporated in Belgium. Its registered office is at Neerhonderd 33, 9230 Wetteren, Belgium. The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange. The Board of Directors approved the present consolidated financial statements for issue on March 9, 2023. These consolidated financial statements are for the 12 months ended December 31, 2022 and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2022 and which have been adopted by the European Union. These consolidated financial statements have been prepared under the historical cost convention, with financial assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans stated at fair value through profit or loss or OCI or at amortized cost. These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue in operation for the foreseeable future. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies. The following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union: - Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). - Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The following new standard and amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union: - IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023). - Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). - Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023) - Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union: - Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: - IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). The Group is currently assessing the impact of these standards. Consolidation Methods The consolidated financial statements are presented in euro and rounded to the nearest thousand. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. Use of estimates The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to non-current assets - right to use, contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges and expected credit loss model. We refer to note 4 \u2013 Non-current assets, note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations, note 11 \u2013 Provision for other liabilities and charges and note 20 - Financial instruments - market and other risks. Translation of Foreign Currency - Transactions The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines: - monetary assets and liabilities are translated at closing rates; - transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction; - foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges; - non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction. Translation of Foreign currency - Operations Translation The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: - assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and - all resulting translation differences are recognized as a separate component of equity. Initial Recognition On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Revenue Recognition The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: Step 1. Identifying the customer contracts A contract creates enforceable rights and obligations. The contract may be written, oral or implied by customary business practice. A contract contains a promise (or promises) to transfer goods or services to a customer. When identifying the customer contracts, first the customer should be determined and then it should be assessed whether a contract exists. JENSEN-GROUP defines a \u201ccustomer\u201d and a \u201ccontract\u201d as follows: - Customer: a party that has contracted to obtain goods or services that are an output of ordinary activities in exchange for consideration; - Contract: an agreement between two or more parties that creates enforceable rights and obligations. Contracts shall be combined when they are entered into at or near the same time and are negotiated as a package, payment of one depends on the other, or goods/services promised are a single performance obligation. A contract modification or change order is accounted for as a separate contract or as a continuation of the original contract prospectively or with cumulative catch-up, depending on facts and circumstances. Step 2. Identifying performance obligations The second step in accounting for a contract with a customer is identifying the performance obligations. Performance obligations are the unit of account for the purposes of applying the revenue standard and therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services, including those a customer can resell or provide to its customers. Step 3. Determining the transaction price The transaction price in a contract reflects the amount of consideration to which the Company expects to be entitled from a customer in exchange for goods or services transferred to that customer. The transaction price includes only those amounts to which the Company is entitled under the present contract. Step 4. Allocating the transaction price The transaction price is allocated to the performance obligation in the contract based on relative standalone selling prices of the goods or services being provided to the customer. Step 5. Recognizing revenue Revenue is recognized when (or as) the performance obligations are satisfied. Revenue is allocated to the individual performance obligations when or as the customer obtains control over the products to be delivered or services to be performed under the customer contract. The Group has identified one performance obligation within its contracts: the installation of a heavy-duty laundry system. Revenue related to this performance obligation is recognized over time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to direct or transfer the constructed asset in its completed state to another customer as the installations are typically designed around the specific needs and requirements of the customer) and its contracts provides the JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to payment represents an amount that at least compensates JENSEN for performance completed to date if the contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as promised. The JENSEN-GROUP recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based on the Group\u2019s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs incurred that relate to future activities are excluded from measuring progress towards satisfying a performance obligation. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable. When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the total expected loss is recognized as an expense immediately. The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of progress billings, if the Group has performed by transferring goods or services to a customer before the customer pays consideration or before payment is due. A contract asset is an entity\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due (whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the customer. A contract liability is an entity\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical timing of the payment does not materially differentiate from the pattern of revenue recognition. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Royalties and rentals are recognized as income when it is probable that the economic benefits associated with the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an accrual basis in accordance with the substance of the relevant agreement. Spare parts revenue is recognized at a point in time. Other income and other expenses Other income and other expenses relate primarily to income received from the insurance company, support from authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or transactions that are clearly distinct from the ordinary business activities of the Group. Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Intangible assets Research and development expenses Research costs are charged to the income statement in the year in which they are incurred. Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Concessions, patents, licenses, know-how and other similar rights etc. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred. Property, plant and equipment Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y Leases where the Group is acting as a lessee \u2013 Right of use assets The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term. The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Impairment of assets Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong. Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss. Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date. Inventories and contracts in progress Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses. Provisions for liabilities and charges A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount of the provision is the best estimate of the expenditure required to settle the present value of the obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is material. Provisions for take-back obligations are recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine in certain situations (see \u2018Vendor financing, p.23). Based on historical data an appropriate percentage of the outstanding receivable is recorded and reversed a rato of the repayment by the customer. Employee benefits Some of the Group\u2019s employees are eligible for retirement benefits under defined contribution and defined benefit plans. The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement as incurred. Defined benefit plans For defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L. The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income. Deferred taxes Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Accrued charges and deferred income Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods. Financial instruments Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. Cash and cash equivalent Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Payables (after one year and within one year) Amounts payable are carried at nominal value at the balance sheet date. Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. Financial assets at amortized cost All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Government Grants The government grants received by the JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the period in which the entities recognize the expenses for the related costs for which the grants are intended to compensate. The income of the government grants is only recognized if all the conditions are met and there is 100% certainty that no repayment can be claimed by the government. As long as not all the conditions are met, the government grant received is presented as a debt. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. Consolidated statement of cash flows The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow from operating, investing and financing activities. Business combination On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. Segment reporting The Company is operating in a single business segment: Heavy-Duty Laundry. Closing date and length of accounting period All accounting periods presented represent 12 months of operations starting on January 1 of each year. Change in valuation rules There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2021. In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. Note 2: Scope of consolidation The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation. Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "The JENSEN-GROUP (hereafter \u201cthe Group\u201d) is one of the major suppliers to the heavy-duty laundry industry. The Group markets its products and services under the JENSEN and Inwatec brands and is one of the leading suppliers to the heavy-duty market. The product range varies from transportation and handling systems, tunnel washers, separators, feeders, ironers and folders to complete project management for fully equipped and professionally managed industrial laundries. The JENSEN-GROUP has operations in 23 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,555 people. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-38-2": {
"value": "JENSEN-GROUP NV (hereafter \u201cthe Company\u201d) is incorporated in Belgium. Its registered office is at Neerhonderd 33, 9230 Wetteren, Belgium. The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange. These consolidated financial statements are for the 12 months ended December 31, 2022 and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2022 and which have been adopted by the European Union. The consolidated financial statements are presented in euro and rounded to the nearest thousand. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Closing date and length of accounting period All accounting periods presented represent 12 months of operations starting on January 1 of each year. Note 2: Scope of consolidation The parent Company, JENSEN-GROUP NV, and all the subsidiaries that it controls are included in the consolidation. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "The Board of Directors approved the present consolidated financial statements for issue on March 9, 2023. Note 25: Events after the Balance Sheet date MIURA and JENSEN-GROUP create a heavy-duty laundry joint-venture in Japan On March 9, 2023 the JENSEN-GROUP and MIURA have agreed to a joint-venture whereby the JENSEN-GROUP will acquire 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA. MIURA will take a 20% stake in the JENSEN-GROUP through a contribution of 49% of the shares of Inax and an add-on capital increase in cash, both at a subscription price of 36 euro per share. The transaction will make the JENSEN-GROUP a key partner for Inax, one of the main manufacturing and distribution companies for heavy-duty laundry equipment in Japan. MIURA will become the second largest shareholder in the JENSEN-GROUP and will have one board seat in the JENSEN-GROUP, as long as the Joint-Venture Agreement remains in force. Suspension share buy-back program and cancellation of treasury shares On March 10, 2022, the JENSEN-GROUP announced a program to buy back a maximum of 781,900 or 10% of its own shares (the \"Program\"). In view of the transaction with MIURA, JENSEN-GROUP the Board of Directors at its meeting of March 9, 2023 suspended its Program until further notice. During the term of the Program, an investment bank on behalf of JENSEN-GROUP purchased 113,873 ordinary shares for an aggregate consideration of 3,423,659 euro. All repurchased shares (113,873 shares) (the \"Treasury Shares\") will be cancelled. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f33066": {
"value": "The Board of Directors approved the present consolidated financial statements for issue on March 9, 2023. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-43-3": {
"value": "These consolidated financial statements are for the 12 months ended December 31, 2022 and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2022 and which have been adopted by the European Union. These consolidated financial statements have been prepared under the historical cost convention, with financial assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans stated at fair value through profit or loss or OCI or at amortized cost. These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue in operation for the foreseeable future. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting policies. The following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union: - Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). - Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The following new standard and amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union: - IFRS 17 \u2018Insurance contracts\u2019 (effective 1 January 2023). - Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). - Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023) - Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union: - Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: - IFRS 14, \u2018Regulatory deferral accounts\u2019 (effective 1 January 2016). The Group is currently assessing the impact of these standards. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-4": {
"value": "These consolidated financial statements are for the 12 months ended December 31, 2022 and are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. These annual financial statements have been prepared in accordance with those IFRS standards and IFRIC interpretations issued and effective as at December 31, 2022 and which have been adopted by the European Union. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-51-5": {
"value": "These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is a going concern and will continue in operation for the foreseeable future. Acquisition-related costs are expensed as incurred. Use of estimates The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to non-current assets - right to use, contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges and expected credit loss model. We refer to note 4 \u2013 Non-current assets, note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations, note 11 \u2013 Provision for other liabilities and charges and note 20 - Financial instruments - market and other risks. Translation of Foreign Currency - Transactions The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines: - monetary assets and liabilities are translated at closing rates; - transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction; - foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges; - non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction. Translation of Foreign currency - Operations Translation The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: - assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and - all resulting translation differences are recognized as a separate component of equity. Initial Recognition On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Other income and other expenses Other income and other expenses relate primarily to income received from the insurance company, support from authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or transactions that are clearly distinct from the ordinary business activities of the Group. Intangible assets Research and development expenses Research costs are charged to the income statement in the year in which they are incurred. Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Concessions, patents, licenses, know-how and other similar rights etc. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred. Property, plant and equipment Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y Leases where the Group is acting as a lessee \u2013 Right of use assets The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term. The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Impairment of assets Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong. Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss. Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date. Inventories and contracts in progress Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses. Deferred taxes Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Accrued charges and deferred income Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods. Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Government Grants The government grants received by the JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the period in which the entities recognize the expenses for the related costs for which the grants are intended to compensate. The income of the government grants is only recognized if all the conditions are met and there is 100% certainty that no repayment can be claimed by the government. As long as not all the conditions are met, the government grant received is presented as a debt. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Change in valuation rules There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2021. In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-92-2": {
"value": "Consolidation Methods The consolidated financial statements are presented in euro and rounded to the nearest thousand. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. ",
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"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-94-5": {
"value": "Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains and losses on transactions between group companies are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Business combination On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-5": {
"value": "The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Business combination On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-4": {
"value": "Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-5": {
"value": "Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-6": {
"value": "Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investors\u2019 share in the profit or loss of the investee after the date of acquisition. Associates are those investments where the investor has significant influence. A joint venture is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than 20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the Group from having significant influence. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-2": {
"value": "Use of estimates The preparation of the financial statements involves the use of estimates and assumptions, which may have an impact on the reported values of assets and liabilities at the end of the period as well as on certain items of income and expense for the period. Estimates are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These mainly relate to non-current assets - right to use, contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges and expected credit loss model. We refer to note 4 \u2013 Non-current assets, note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations, note 11 \u2013 Provision for other liabilities and charges and note 20 - Financial instruments - market and other risks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-4": {
"value": "Translation of Foreign Currency - Transactions The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the following guidelines: - monetary assets and liabilities are translated at closing rates; - transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the transaction; - foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges; - non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the transaction. Translation of Foreign currency - Operations Translation The results and financial positions of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: - assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; - income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates of the dates of the transactions); and - all resulting translation differences are recognized as a separate component of equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-3": {
"value": "Revenue Recognition The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: Step 1. Identifying the customer contracts A contract creates enforceable rights and obligations. The contract may be written, oral or implied by customary business practice. A contract contains a promise (or promises) to transfer goods or services to a customer. When identifying the customer contracts, first the customer should be determined and then it should be assessed whether a contract exists. JENSEN-GROUP defines a \u201ccustomer\u201d and a \u201ccontract\u201d as follows: - Customer: a party that has contracted to obtain goods or services that are an output of ordinary activities in exchange for consideration; - Contract: an agreement between two or more parties that creates enforceable rights and obligations. Contracts shall be combined when they are entered into at or near the same time and are negotiated as a package, payment of one depends on the other, or goods/services promised are a single performance obligation. A contract modification or change order is accounted for as a separate contract or as a continuation of the original contract prospectively or with cumulative catch-up, depending on facts and circumstances. Step 2. Identifying performance obligations The second step in accounting for a contract with a customer is identifying the performance obligations. Performance obligations are the unit of account for the purposes of applying the revenue standard and therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services, including those a customer can resell or provide to its customers. Step 3. Determining the transaction price The transaction price in a contract reflects the amount of consideration to which the Company expects to be entitled from a customer in exchange for goods or services transferred to that customer. The transaction price includes only those amounts to which the Company is entitled under the present contract. Step 4. Allocating the transaction price The transaction price is allocated to the performance obligation in the contract based on relative standalone selling prices of the goods or services being provided to the customer. Step 5. Recognizing revenue Revenue is recognized when (or as) the performance obligations are satisfied. Revenue is allocated to the individual performance obligations when or as the customer obtains control over the products to be delivered or services to be performed under the customer contract. The Group has identified one performance obligation within its contracts: the installation of a heavy-duty laundry system. Revenue related to this performance obligation is recognized over time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to direct or transfer the constructed asset in its completed state to another customer as the installations are typically designed around the specific needs and requirements of the customer) and its contracts provides the JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to payment represents an amount that at least compensates JENSEN for performance completed to date if the contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as promised. The JENSEN-GROUP recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based on the Group\u2019s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs incurred that relate to future activities are excluded from measuring progress towards satisfying a performance obligation. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized only to the extent of contract costs incurred that are likely to be recoverable. When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue is recognized over the period of the contract. When it is probable that total contract costs will exceed total contract revenue, the total expected loss is recognized as an expense immediately. The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of progress billings, if the Group has performed by transferring goods or services to a customer before the customer pays consideration or before payment is due. A contract asset is an entity\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due (whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the customer. A contract liability is an entity\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical timing of the payment does not materially differentiate from the pattern of revenue recognition. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Royalties and rentals are recognized as income when it is probable that the economic benefits associated with the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an accrual basis in accordance with the substance of the relevant agreement. Spare parts revenue is recognized at a point in time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-4": {
"value": "Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Intangible assets Research and development expenses Research costs are charged to the income statement in the year in which they are incurred. Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Concessions, patents, licenses, know-how and other similar rights etc. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-5": {
"value": "Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-6": {
"value": "Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Impairment of assets Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and assets arising from construction contracts are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to which the assets belong. Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss. Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-7": {
"value": "Goodwill On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the Group share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of impairment testing. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-264-5": {
"value": "Intangible assets Research and development expenses Research costs are charged to the income statement in the year in which they are incurred. Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Concessions, patents, licenses, know-how and other similar rights etc. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. Investments in licenses, trademarks below 50,000 euro are deemed to be not material and are not capitalized but are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-267-6": {
"value": "Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred. The expenses then mainly concerned product enhancements. For specific projects (like Inwatec), development expenses are only capitalized if they are likely to yield future economic benefits. Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-271-9": {
"value": "Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10 years. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-279-2": {
"value": "Property, plant and equipment Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y Property plant and equipment December 31 2021 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 34,912 29,346 12,354 14,609 0 158 147,688 Translation differences 534 979 271 918 -1 35 2,735 Acquisition of subsidiaries 18 206 0 0 0 0 224 Additions 226 462 455 8,702 0 606 10,451 Disposals -45 -802 -950 -6,677 0 0 -8,473 Transfers 123 0 0 0 0 -123 0 Total acquisition cost 35,767 30,191 12,130 17,553 -1 677 96,316 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 19,091 24,078 9,353 4,591 0 0 57,113 Translation differences 389 681 244 226 -1 0 1,539 Acquisition of subsidiaries 10 147 0 0 0 0 157 Depreciation 1,012 1,451 1,263 2,239 0 0 5,965 Disposals -36 -798 -877 -1,793 0 0 -3,505 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 20,466 25,559 9,984 5,264 -1 0 61,271 Net carrying amount December 31, 2021 15,301 4,632 2,146 12,289 0 677 35,045 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. December 31 2022 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 35,767 30,191 12,130 17,553 -1 677 96,316 Translation differences -122 -116 27 -163 0 41 -334 Additions 594 953 1,473 947 23 1,849 5,839 Disposals -42 -586 -1,053 -2,993 0 0 -4,674 Transfers 1,773 0 0 0 0 -1,773 0 Total acquisition cost 37,969 30,442 12,577 15,343 22 794 97,147 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 20,466 25,559 9,984 5,264 -1 0 61,271 Translation differences -96 -89 54 11 0 0 -120 Depreciation 1,085 1,289 1,115 2,182 0 0 5,671 Disposals 35 -665 -1,083 -2,308 0 0 -4,021 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 21,490 26,094 10,069 5,148 -1 0 62,801 Net carrying amount December 31, 2022 16,479 4,348 2,507 10,195 23 794 34,346 During 2022, the net carrying amount of tangible fixed assets decreased by 0.7 million euro. Excluding the depreciation charges of 5.7 million euro, tangible fixed assets increased by 5 million euro. The investments in 2022 related primarily to investments in the office building in Panama City (JENSEN USA) destroyed by Hurricane Michael, and in machinery and vehicles. The net book value of the property, plant and equipment pledged as security for liabilities amounts to 6.1 million euro (6.0 million euro at December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-279-5": {
"value": "Property, plant and equipment Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated depreciation and impairment losses and increased, where appropriate, by ancillary costs. The Group has broken down the cost of property, plant and equipment into major components. These major components, which are replaced at regular intervals, are depreciated over their useful lives. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with separate useful lives. The annual depreciation rates are as follows: Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y Leases where the Group is acting as a lessee \u2013 Right of use assets The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term. The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-315-5": {
"value": "Leases where the Group is acting as a lessee \u2013 Right of use assets The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term as well as the associated lease liability for payments required to be made by the lessee to the lessor over the lease term. The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below 5,000 euro). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-329-6": {
"value": "Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to purchase the underlying asset. Financial instruments Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Payables (after one year and within one year) Amounts payable are carried at nominal value at the balance sheet date. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-338-7": {
"value": "The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable payments as well as amounts paid for short-term and low-value leases are presented in the \u2018operating activities\u2019 line. Consolidated statement of cash flows The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow from operating, investing and financing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-380-2": {
"value": "Inventories and contracts in progress Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-380-5": {
"value": "Inventories and contracts in progress Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories, cost means the full cost including all direct and indirect production costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-386-3": {
"value": "Provisions for liabilities and charges A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount of the provision is the best estimate of the expenditure required to settle the present value of the obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is material. Provisions for take-back obligations are recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine in certain situations (see \u2018Vendor financing, p.23). Based on historical data an appropriate percentage of the outstanding receivable is recorded and reversed a rato of the repayment by the customer. Employee benefits Some of the Group\u2019s employees are eligible for retirement benefits under defined contribution and defined benefit plans. The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement as incurred. Defined benefit plans For defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L. The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-400-4": {
"value": "Employee benefits Some of the Group\u2019s employees are eligible for retirement benefits under defined contribution and defined benefit plans. The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The calculation is based on the projected unit credit method. Defined contribution plans Contributions to defined contribution plans are recognized as an expense in the income statement as incurred. Defined benefit plans For defined benefit plans, the amount recorded in the balance sheet is determined as the present value of the benefit obligation less the fair value of any plan assets. All past service costs are recognized in P&L. The actuarial gains and losses are recognized in the period in which they occur outside profit and loss, in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-415-4": {
"value": "Deferred taxes Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-415-5": {
"value": "Deferred taxes Deferred tax is recognized in full, using the liability method, on temporary differences arising between the value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-447-4": {
"value": "Accrued charges and deferred income Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods. Payables (after one year and within one year) Amounts payable are carried at nominal value at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-447-5": {
"value": "Accrued charges and deferred income Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date. Deferred income is revenue that will be recognized in future periods. Closing date and length of accounting period All accounting periods presented represent 12 months of operations starting on January 1 of each year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-450-4": {
"value": "Financial instruments Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. Cash and cash equivalent Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Payables (after one year and within one year) Amounts payable are carried at nominal value at the balance sheet date. Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. Financial assets at amortized cost All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-450-5": {
"value": "Financial instruments Financial instruments are recorded at trade date. The fair value of the financial instruments is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-454-5": {
"value": "Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-454-6": {
"value": "Accounts and notes receivable Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or delinquency in payments as well as forward-looking information such as economic forecasts, regulatory environment, GDP, employment, politics or other external market indicators are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local historical data and forward-looking information. The simplified approach is applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-468-4": {
"value": "Cash and cash equivalent Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-473-5": {
"value": "Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-473-6": {
"value": "Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-473-7": {
"value": "Derivative financial instruments The Company uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Company\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequent to initial recognition, derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the nature of the item being hedged. Derivative financial instruments that are either hedging instruments that are not designated or do not qualify as hedges are carried at fair value, with changes in value included in the income statement. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-482-7": {
"value": "Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from other comprehensive income and included in the initial measurement of the acquisition cost or other carrying amount of the asset or liability. Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge effectiveness and is recognized in the income statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income statement immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-501-4": {
"value": "Financial assets at amortized cost All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized cost are carried at purchase price. Financial assets at fair value through OCI (Other comprehensive income) All movements in financial assets at fair value through OCI are accounted for at trade date. Financial assets at fair value through OCI are carried at fair value. Unrealized gains and losses from changes in the fair value of such assets are recognized in equity as financial assets at fair value through OCI reserves. When the assets are sold or impaired, the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-509-7": {
"value": "Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-512-2": {
"value": "Government Grants The government grants received by the JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the period in which the entities recognize the expenses for the related costs for which the grants are intended to compensate. The income of the government grants is only recognized if all the conditions are met and there is 100% certainty that no repayment can be claimed by the government. As long as not all the conditions are met, the government grant received is presented as a debt. Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-512-5": {
"value": "Government Grants The government grants received by the JENSEN-GROUP are recognized in profit or loss as other income on a systematic basis over the period in which the entities recognize the expenses for the related costs for which the grants are intended to compensate. The income of the government grants is only recognized if all the conditions are met and there is 100% certainty that no repayment can be claimed by the government. As long as not all the conditions are met, the government grant received is presented as a debt. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-518-6": {
"value": "Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-523-3": {
"value": "Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-523-4": {
"value": "Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction rather than through a continuing use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-530-5": {
"value": "Business combination On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-533-3": {
"value": "Segment reporting The Company is operating in a single business segment: Heavy-Duty Laundry. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-537-2": {
"value": "Change in valuation rules There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2021. In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-537-3": {
"value": "Change in valuation rules There are no changes in the accounting policies compared with the accounting policies used in the preparation of the consolidated financial statements as per December 31, 2021. In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-540-4": {
"value": "In 2022, all the conditions for considering Turkey as a hyperinflationary economy by IFRS standards are now fulfilled and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable. Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its functional currency, resulting in a profit or a loss on the net monetary position which is recorded in net income. In addition, the financial statements of this country are translated at the closing rate for the related period. The impact of the application of IAS 29 for Turkey are described in note 22. Companies accounted for using the equity method On January 29, 2016 JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%. As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Companies accounted for using the equity method 5,573 4,829 The JENSEN-GROUP applies IAS29 for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2022, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2021 is 1,022.25 \u25aa PPI as per 31.12.2022 is 2,021.19 The impact of the first-time application of IAS 29 (Financial Reporting in Hyperinflationary Economies) for the financial year ended December 31, 2022 was: \u25aa Income statement \u2013 Share of associates accounted for using equity method: loss of 0.4 million euro \u25aa Balance sheet \u2013 Companies accounted for under equity method (participations): loss of 0.05 million euro. Last year\u2019s figures have not been restated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-551-2": {
"value": "Note 3: Segment reporting The Board of Directors has examined the Group\u2019s performance and has identified a single business segment. The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide. In this way the JENSEN-GROUP operates only in a single segment. The following table presents revenue and certain asset information based on the Group\u2019s geographical areas. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia TOTAL Attributable to Belgium (in thousands of euro) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue from external customers 207,331 149,254 72,527 62,907 61,781 47,555 341,639 259,716 15,981 19,284 Non-current assets 91,356 90,629 6,001 4,118 10,382 11,730 107,739 106,477 96,899 96,938 Non allocated assets 233,137 223,119 Total assets 340,876 329,596 Capital expenditure -2,577 -13,834 -2,197 -634 -93 -7,511 -4,867 -21,979 The difference between non-current assets in the table above (107.8 million euro) and the non-current assets as per the consolidated statement of financial position (111.6 million euro) relates to the deferred tax assets (3.6 million euro) and derivative financial instruments (0.4 million euro). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-551-3": {
"value": "Note 3: Segment reporting The Board of Directors has examined the Group\u2019s performance and has identified a single business segment. The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide. In this way the JENSEN-GROUP operates only in a single segment. The following table presents revenue and certain asset information based on the Group\u2019s geographical areas. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia TOTAL Attributable to Belgium (in thousands of euro) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue from external customers 207,331 149,254 72,527 62,907 61,781 47,555 341,639 259,716 15,981 19,284 Non-current assets 91,356 90,629 6,001 4,118 10,382 11,730 107,739 106,477 96,899 96,938 Non allocated assets 233,137 223,119 Total assets 340,876 329,596 Capital expenditure -2,577 -13,834 -2,197 -634 -93 -7,511 -4,867 -21,979 The difference between non-current assets in the table above (107.8 million euro) and the non-current assets as per the consolidated statement of financial position (111.6 million euro) relates to the deferred tax assets (3.6 million euro) and derivative financial instruments (0.4 million euro). Note 6: Contract assets and contract liabilities (in thousands of euro) December 31 2022 December 31 2021 Contract revenue 341,639 259,716 Contract assets 52,920 33,805 Contract liabilities 35,672 35,283 The above contract assets represent the Group\u2019s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer. Construction contracts are valued based on the percentage of completion method. On December 31, 2022 contract assets included 18.2 million euro of accrued profit (10.5 million euro at December 31, 2021). Contract assets are higher in general due to higher activity and to the components scarcity increasing the number of unfinished machines. Contract liabilities remain high at year-end because of higher activities and high invoicing at year-end. The contract revenue is related to construction contracts for customers. The payment conditions are negotiated per contract individually. The billing schedule and the typical timing of the payment do not materially differ from the pattern of revenue recognition. The aim is that the payments reflect the timing of the satisfaction of the performance obligation. As at December 31, 2022, we have 12.6 million euro of outstanding performance obligations resulting from current contracts that will be performed after 2023 (18.7 million euro at December 31, 2021). These performance obligations are mainly related to shipyards. There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds. The reconciliation of contract assets and liabilities is as follows: (in thousands of euro) Contract assets Contract liabilities December 31 2021 33,805 35,283 Revenue recognised that was included in the contract liability balance at the beginning of the period -25,438 Increase due to cash received, excluding amounts recognised as revenue during the period 25,110 Write down recognized during the year 0 Transfer from contract assets recognised at the beginning of the period to receivables -20,545 Increases as a result of changes in the measure of progress 39,909 Translation differences -249 717 December 31 2022 52,920 35,672 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-551-4": {
"value": "Note 3: Segment reporting The Board of Directors has examined the Group\u2019s performance and has identified a single business segment. The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide. In this way the JENSEN-GROUP operates only in a single segment. The following table presents revenue and certain asset information based on the Group\u2019s geographical areas. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia TOTAL Attributable to Belgium (in thousands of euro) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue from external customers 207,331 149,254 72,527 62,907 61,781 47,555 341,639 259,716 15,981 19,284 Non-current assets 91,356 90,629 6,001 4,118 10,382 11,730 107,739 106,477 96,899 96,938 Non allocated assets 233,137 223,119 Total assets 340,876 329,596 Capital expenditure -2,577 -13,834 -2,197 -634 -93 -7,511 -4,867 -21,979 The difference between non-current assets in the table above (107.8 million euro) and the non-current assets as per the consolidated statement of financial position (111.6 million euro) relates to the deferred tax assets (3.6 million euro) and derivative financial instruments (0.4 million euro). Note 6: Contract assets and contract liabilities (in thousands of euro) December 31 2022 December 31 2021 Contract revenue 341,639 259,716 Contract assets 52,920 33,805 Contract liabilities 35,672 35,283 The above contract assets represent the Group\u2019s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer. Construction contracts are valued based on the percentage of completion method. On December 31, 2022 contract assets included 18.2 million euro of accrued profit (10.5 million euro at December 31, 2021). Contract assets are higher in general due to higher activity and to the components scarcity increasing the number of unfinished machines. Contract liabilities remain high at year-end because of higher activities and high invoicing at year-end. The contract revenue is related to construction contracts for customers. The payment conditions are negotiated per contract individually. The billing schedule and the typical timing of the payment do not materially differ from the pattern of revenue recognition. The aim is that the payments reflect the timing of the satisfaction of the performance obligation. As at December 31, 2022, we have 12.6 million euro of outstanding performance obligations resulting from current contracts that will be performed after 2023 (18.7 million euro at December 31, 2021). These performance obligations are mainly related to shipyards. There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds. The reconciliation of contract assets and liabilities is as follows: (in thousands of euro) Contract assets Contract liabilities December 31 2021 33,805 35,283 Revenue recognised that was included in the contract liability balance at the beginning of the period -25,438 Increase due to cash received, excluding amounts recognised as revenue during the period 25,110 Write down recognized during the year 0 Transfer from contract assets recognised at the beginning of the period to receivables -20,545 Increases as a result of changes in the measure of progress 39,909 Translation differences -249 717 December 31 2022 52,920 35,672 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-551-5": {
"value": "Note 3: Segment reporting The Board of Directors has examined the Group\u2019s performance and has identified a single business segment. The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the same processes. The JENSEN-GROUP sells its products and services under the JENSEN and INWATEC names through own sales and service companies and independent distributors worldwide. In this way the JENSEN-GROUP operates only in a single segment. The following table presents revenue and certain asset information based on the Group\u2019s geographical areas. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia TOTAL Attributable to Belgium (in thousands of euro) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Revenue from external customers 207,331 149,254 72,527 62,907 61,781 47,555 341,639 259,716 15,981 19,284 Non-current assets 91,356 90,629 6,001 4,118 10,382 11,730 107,739 106,477 96,899 96,938 Non allocated assets 233,137 223,119 Total assets 340,876 329,596 Capital expenditure -2,577 -13,834 -2,197 -634 -93 -7,511 -4,867 -21,979 The difference between non-current assets in the table above (107.8 million euro) and the non-current assets as per the consolidated statement of financial position (111.6 million euro) relates to the deferred tax assets (3.6 million euro) and derivative financial instruments (0.4 million euro). Note 6: Contract assets and contract liabilities (in thousands of euro) December 31 2022 December 31 2021 Contract revenue 341,639 259,716 Contract assets 52,920 33,805 Contract liabilities 35,672 35,283 The above contract assets represent the Group\u2019s right to consideration in exchange for goods or services that it has transferred to a customer. Amounts could however not already be invoiced as the right to consideration is not yet unconditional because additional obligations remain to be delivered to the customer. Construction contracts are valued based on the percentage of completion method. On December 31, 2022 contract assets included 18.2 million euro of accrued profit (10.5 million euro at December 31, 2021). Contract assets are higher in general due to higher activity and to the components scarcity increasing the number of unfinished machines. Contract liabilities remain high at year-end because of higher activities and high invoicing at year-end. The contract revenue is related to construction contracts for customers. The payment conditions are negotiated per contract individually. The billing schedule and the typical timing of the payment do not materially differ from the pattern of revenue recognition. The aim is that the payments reflect the timing of the satisfaction of the performance obligation. As at December 31, 2022, we have 12.6 million euro of outstanding performance obligations resulting from current contracts that will be performed after 2023 (18.7 million euro at December 31, 2021). These performance obligations are mainly related to shipyards. There are no performance obligations that last longer than 12 months between the start of the production and handover. For cruise yards, the installation of the laundry takes less than 12 months. There can, however, be a gap up to 24 months between the installation of the laundry and the final completion of the vessel. For this period, the JENSEN-GROUP signs performance bonds. The reconciliation of contract assets and liabilities is as follows: (in thousands of euro) Contract assets Contract liabilities December 31 2021 33,805 35,283 Revenue recognised that was included in the contract liability balance at the beginning of the period -25,438 Increase due to cash received, excluding amounts recognised as revenue during the period 25,110 Write down recognized during the year 0 Transfer from contract assets recognised at the beginning of the period to receivables -20,545 Increases as a result of changes in the measure of progress 39,909 Translation differences -249 717 December 31 2022 52,920 35,672 For the defined benefit plans, the net cost for 2022 was 0.4 million euro (2021: 0.1 million euro). (in thousands of euro) December 31 2022 December 31 2021 Current service cost 268 -27 Interest cost 143 84 Interest income on plan assets -24 -3 Administrative expenses and taxes 18 20 Pension expenses 405 74 Note 13: Depreciation, amortization, write-downs of assets, impairments (in thousands of euro) December 31 2022 December 31 2021 Depreciation, amortization 6,405 6,778 Write down on trade receivables 327 -475 Write down on contract assets 0 948 Write down on inventory 397 621 Change in provisions 26 -339 Total depreciation, amortization, write downs of assets 7,155 7,533 During 2022, impairments on trade receivables were reversed as payments from customers were received. We also refer to note 20, Financial Instruments - Market and other risks, for more information on the credit loss model of the Group. In 2021, a write-down on contract assets of 0.9 million euro was recognized relating to the start of the bankruptcy proceedings of a German customer. Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. ",
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"pp-value-662-2": {
"value": "Note 4: Non-current assets Goodwill December 31 2021 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 8,860 Translation differences 17 Acquisition of subsidiaries 0 Additions 16,068 Disposals 0 Transfers 0 Total acquisition cost 24,945 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,981 Translation differences 4 Acquisition of subsidiaries 0 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,985 Net carrying amount December 31, 2021 22,960 On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. This led to a 16.1 million euro increase in goodwill. December 31 2022 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 24,945 Translation differences -77 Additions 0 Disposals 0 Transfers 0 Total acquisition cost 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,985 Translation differences 4 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,989 Net carrying amount December 31, 2022 22,879 The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec. The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes. Goodwill is subject to a yearly impairment test, close to year-end, that is based on a number of critical judgments, estimates and assumptions, based on value in use and applying a discounted free cash flow approach. JENSEN-GROUP believes that its estimates are very reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management. The goodwill is assessed close to year-end. The recoverable amount of the goodwill is determined based on a calculation of its value in use to the cash-generating unit. The main judgments, assumptions and estimates for the cash-generating unit are: - The first year of the model is based on management\u2019s best estimate of the free cash flow outlook for the coming year; - For the second, third, fourth and fifth years of the model, cash flows are based on our LT plan; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 7% and 12%; - This calculated enterprise value is compared to the book value. The test includes a sensitivity analysis on key assumptions used, among them the WACC, free cash flow and long-term growth percentage: the occurrence of any of the following individual less favorable assumptions would not lead to an impairment of goodwill: WACC of 12%, free cash flow of 95% of the projections of free cash flows used for the calculation of the impairment test and a long-term growth of 1%. JENSEN-GROUP has completed its annual impairment test on goodwill and concluded from this that no impairment allowance is necessary. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. Intangible Fixed Assets December 31 2021 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 343 875 432 1,650 Translation differences 2 0 0 2 Acquisition of subsidiaries 4,101 1,641 0 5,742 Additions 642 0 0 642 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 5,088 2,516 432 8,036 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 343 829 432 1,603 Translation differences -1 0 0 -1 Acquisition of subsidiaries 972 108 0 1,080 Depreciation 490 485 0 974 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 1,803 1,421 432 3,657 Net carrying amount December 31, 2021 3,284 1,095 0 4,379 December 31 2022 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 5,088 2,516 432 8,036 Translation differences 0 0 0 0 Additions 658 0 0 658 Disposals 0 0 -432 -432 Transfers 0 0 0 0 Total acquisition cost 5,746 2,516 0 8,262 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,803 1,421 432 3,657 Translation differences 7 0 0 7 Depreciation 487 243 0 730 Disposals 0 0 -432 -432 Transfers 0 0 0 Total depreciations and amounts written down 2,297 1,664 0 3,962 Net carrying amount December 31, 2022 3,449 852 0 4,300 Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 6.3 million euro (5.2 million euro in 2021) were expensed during the year. These costs are accounted for in the lines \u2018services and other goods\u2019, \u2018employee compensations and benefit expense\u2019 and \u2018depreciation, amortization, write-down of assets\u2019. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. ",
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"language": "en",
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"pp-value-662-3": {
"value": "Note 4: Non-current assets Goodwill December 31 2021 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 8,860 Translation differences 17 Acquisition of subsidiaries 0 Additions 16,068 Disposals 0 Transfers 0 Total acquisition cost 24,945 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,981 Translation differences 4 Acquisition of subsidiaries 0 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,985 Net carrying amount December 31, 2021 22,960 On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. This led to a 16.1 million euro increase in goodwill. December 31 2022 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 24,945 Translation differences -77 Additions 0 Disposals 0 Transfers 0 Total acquisition cost 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,985 Translation differences 4 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,989 Net carrying amount December 31, 2022 22,879 The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec. The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes. Goodwill is subject to a yearly impairment test, close to year-end, that is based on a number of critical judgments, estimates and assumptions, based on value in use and applying a discounted free cash flow approach. JENSEN-GROUP believes that its estimates are very reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management. The goodwill is assessed close to year-end. The recoverable amount of the goodwill is determined based on a calculation of its value in use to the cash-generating unit. The main judgments, assumptions and estimates for the cash-generating unit are: - The first year of the model is based on management\u2019s best estimate of the free cash flow outlook for the coming year; - For the second, third, fourth and fifth years of the model, cash flows are based on our LT plan; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 7% and 12%; - This calculated enterprise value is compared to the book value. The test includes a sensitivity analysis on key assumptions used, among them the WACC, free cash flow and long-term growth percentage: the occurrence of any of the following individual less favorable assumptions would not lead to an impairment of goodwill: WACC of 12%, free cash flow of 95% of the projections of free cash flows used for the calculation of the impairment test and a long-term growth of 1%. JENSEN-GROUP has completed its annual impairment test on goodwill and concluded from this that no impairment allowance is necessary. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. ",
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},
"pp-value-662-4": {
"value": "Note 4: Non-current assets Goodwill December 31 2021 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 8,860 Translation differences 17 Acquisition of subsidiaries 0 Additions 16,068 Disposals 0 Transfers 0 Total acquisition cost 24,945 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,981 Translation differences 4 Acquisition of subsidiaries 0 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,985 Net carrying amount December 31, 2021 22,960 On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. This led to a 16.1 million euro increase in goodwill. December 31 2022 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 24,945 Translation differences -77 Additions 0 Disposals 0 Transfers 0 Total acquisition cost 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,985 Translation differences 4 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,989 Net carrying amount December 31, 2022 22,879 The goodwill arises mainly from the acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux, JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland and Inwatec. The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage of these plants come from one group of local, regional or global customers that are approached with the same deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the plants are allocated to one CGU for impairment testing purposes. Goodwill is subject to a yearly impairment test, close to year-end, that is based on a number of critical judgments, estimates and assumptions, based on value in use and applying a discounted free cash flow approach. JENSEN-GROUP believes that its estimates are very reasonable; they are based on the past experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best estimates by management. The goodwill is assessed close to year-end. The recoverable amount of the goodwill is determined based on a calculation of its value in use to the cash-generating unit. The main judgments, assumptions and estimates for the cash-generating unit are: - The first year of the model is based on management\u2019s best estimate of the free cash flow outlook for the coming year; - For the second, third, fourth and fifth years of the model, cash flows are based on our LT plan; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 7% and 12%; - This calculated enterprise value is compared to the book value. The test includes a sensitivity analysis on key assumptions used, among them the WACC, free cash flow and long-term growth percentage: the occurrence of any of the following individual less favorable assumptions would not lead to an impairment of goodwill: WACC of 12%, free cash flow of 95% of the projections of free cash flows used for the calculation of the impairment test and a long-term growth of 1%. JENSEN-GROUP has completed its annual impairment test on goodwill and concluded from this that no impairment allowance is necessary. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. Intangible Fixed Assets December 31 2021 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 343 875 432 1,650 Translation differences 2 0 0 2 Acquisition of subsidiaries 4,101 1,641 0 5,742 Additions 642 0 0 642 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 5,088 2,516 432 8,036 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 343 829 432 1,603 Translation differences -1 0 0 -1 Acquisition of subsidiaries 972 108 0 1,080 Depreciation 490 485 0 974 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 1,803 1,421 432 3,657 Net carrying amount December 31, 2021 3,284 1,095 0 4,379 December 31 2022 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 5,088 2,516 432 8,036 Translation differences 0 0 0 0 Additions 658 0 0 658 Disposals 0 0 -432 -432 Transfers 0 0 0 0 Total acquisition cost 5,746 2,516 0 8,262 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,803 1,421 432 3,657 Translation differences 7 0 0 7 Depreciation 487 243 0 730 Disposals 0 0 -432 -432 Transfers 0 0 0 Total depreciations and amounts written down 2,297 1,664 0 3,962 Net carrying amount December 31, 2022 3,449 852 0 4,300 Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 6.3 million euro (5.2 million euro in 2021) were expensed during the year. These costs are accounted for in the lines \u2018services and other goods\u2019, \u2018employee compensations and benefit expense\u2019 and \u2018depreciation, amortization, write-down of assets\u2019. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. ",
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"pp-value-662-5": {
"value": "Note 4: Non-current assets The main judgments, assumptions and estimates for the cash-generating unit are: - The first year of the model is based on management\u2019s best estimate of the free cash flow outlook for the coming year; - For the second, third, fourth and fifth years of the model, cash flows are based on our LT plan; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 7% and 12%; - This calculated enterprise value is compared to the book value. The test includes a sensitivity analysis on key assumptions used, among them the WACC, free cash flow and long-term growth percentage: the occurrence of any of the following individual less favorable assumptions would not lead to an impairment of goodwill: WACC of 12%, free cash flow of 95% of the projections of free cash flows used for the calculation of the impairment test and a long-term growth of 1%. JENSEN-GROUP has completed its annual impairment test on goodwill and concluded from this that no impairment allowance is necessary. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. Note 10: Employee benefit obligations The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2022 2021 2022 2021 2022 2021 Switzerland 2.10% 0.35% 1.25% 1.00% 1.75% 1.50% France 3.75% 0.86% N/A N/A 3.00% 2.00% Germany 3.67% 1.01% 2.25% 1.75% 3.00% 3.00% Italy 3.70% 0.90% 2.66% 2.00% N/A N/A Discount rates increased significantly over 2022, as a result of increasing yields on international bonds. This trend is observed for both the Eurozone and Switzerland. With regard to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.66% for Italy (respectively 1.75% and 2.00% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates have increased in Switzerland and France, following last year's developments. Warranties A provision is recorded for expected warranty claims on products sold during the year. Assumptions used to calculate the provision for warranty claims are based on current sales levels and current information on warranty calls under the standard warranty period (up to 18 months) for the main products. The warranty provision at the end of 2022 is slightly higher than the provision at the end of 2021 because of higher activities in 2022. Note 20: Financial instruments \u2013 Market and other risks The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. ",
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"pp-value-663-5": {
"value": "Goodwill December 31 2021 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 8,860 Translation differences 17 Acquisition of subsidiaries 0 Additions 16,068 Disposals 0 Transfers 0 Total acquisition cost 24,945 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,981 Translation differences 4 Acquisition of subsidiaries 0 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,985 Net carrying amount December 31, 2021 22,960 On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. This led to a 16.1 million euro increase in goodwill. December 31 2022 (in thousands of euro) Goodwill ACQUISITION COST At the end of the preceding year 24,945 Translation differences -77 Additions 0 Disposals 0 Transfers 0 Total acquisition cost 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,985 Translation differences 4 Depreciation 0 Disposals 0 Transfers 0 Total depreciations and amounts written down 1,989 Net carrying amount December 31, 2022 22,879 Note 23: Acquisitions On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. Inwatec ApS is a Danish company, part of Europe\u2019s robotic hub Odense Robotics, manufacturing modern high-end solutions for industrial laundries. Inwatec's core competence lies in the field of software and mechanical development for laundry automation and robotics. The initial shareholding of 30% acquired in 2018 is re-valued at fair value based on a discounted free cash flow valuation of Inwatec ApS as per March 26, 2021. This revaluation results in an increase of 0.6 million euro. The amount is recognized in comprehensive income, other income in 2021. In addition, the non-controlling interest was revalued at fair value and amounted to 3.6 million euro. The goodwill resulting from this transaction is attributable to the highly developed products, the innovation potential and the future developments. There were no acquisitions in 2022. ",
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},
"pp-value-773-4": {
"value": "Intangible Fixed Assets December 31 2021 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 343 875 432 1,650 Translation differences 2 0 0 2 Acquisition of subsidiaries 4,101 1,641 0 5,742 Additions 642 0 0 642 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 5,088 2,516 432 8,036 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 343 829 432 1,603 Translation differences -1 0 0 -1 Acquisition of subsidiaries 972 108 0 1,080 Depreciation 490 485 0 974 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 1,803 1,421 432 3,657 Net carrying amount December 31, 2021 3,284 1,095 0 4,379 December 31 2022 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 5,088 2,516 432 8,036 Translation differences 0 0 0 0 Additions 658 0 0 658 Disposals 0 0 -432 -432 Transfers 0 0 0 0 Total acquisition cost 5,746 2,516 0 8,262 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,803 1,421 432 3,657 Translation differences 7 0 0 7 Depreciation 487 243 0 730 Disposals 0 0 -432 -432 Transfers 0 0 0 Total depreciations and amounts written down 2,297 1,664 0 3,962 Net carrying amount December 31, 2022 3,449 852 0 4,300 Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 6.3 million euro (5.2 million euro in 2021) were expensed during the year. These costs are accounted for in the lines \u2018services and other goods\u2019, \u2018employee compensations and benefit expense\u2019 and \u2018depreciation, amortization, write-down of assets\u2019. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. ",
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"pp-value-773-5": {
"value": "Intangible Fixed Assets December 31 2021 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 343 875 432 1,650 Translation differences 2 0 0 2 Acquisition of subsidiaries 4,101 1,641 0 5,742 Additions 642 0 0 642 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 5,088 2,516 432 8,036 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 343 829 432 1,603 Translation differences -1 0 0 -1 Acquisition of subsidiaries 972 108 0 1,080 Depreciation 490 485 0 974 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 1,803 1,421 432 3,657 Net carrying amount December 31, 2021 3,284 1,095 0 4,379 December 31 2022 (in thousands of euro) Know-how and Product Development Licenses Other intangibles TOTAL ACQUISITION COST At the end of the preceding year 5,088 2,516 432 8,036 Translation differences 0 0 0 0 Additions 658 0 0 658 Disposals 0 0 -432 -432 Transfers 0 0 0 0 Total acquisition cost 5,746 2,516 0 8,262 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,803 1,421 432 3,657 Translation differences 7 0 0 7 Depreciation 487 243 0 730 Disposals 0 0 -432 -432 Transfers 0 0 0 Total depreciations and amounts written down 2,297 1,664 0 3,962 Net carrying amount December 31, 2022 3,449 852 0 4,300 Development expenses are only capitalized if they are likely to yield future economic benefits for specific projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is normally to be considered no longer than 20 years. The amortization period is evaluated continually, and the asset is reviewed annually for impairment. Development costs of 6.3 million euro (5.2 million euro in 2021) were expensed during the year. These costs are accounted for in the lines \u2018services and other goods\u2019, \u2018employee compensations and benefit expense\u2019 and \u2018depreciation, amortization, write-down of assets\u2019. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-3": {
"value": "Property plant and equipment December 31 2021 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 34,912 29,346 12,354 14,609 0 158 147,688 Translation differences 534 979 271 918 -1 35 2,735 Acquisition of subsidiaries 18 206 0 0 0 0 224 Additions 226 462 455 8,702 0 606 10,451 Disposals -45 -802 -950 -6,677 0 0 -8,473 Transfers 123 0 0 0 0 -123 0 Total acquisition cost 35,767 30,191 12,130 17,553 -1 677 96,316 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 19,091 24,078 9,353 4,591 0 0 57,113 Translation differences 389 681 244 226 -1 0 1,539 Acquisition of subsidiaries 10 147 0 0 0 0 157 Depreciation 1,012 1,451 1,263 2,239 0 0 5,965 Disposals -36 -798 -877 -1,793 0 0 -3,505 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 20,466 25,559 9,984 5,264 -1 0 61,271 Net carrying amount December 31, 2021 15,301 4,632 2,146 12,289 0 677 35,045 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. December 31 2022 (in thousands of euro) Land and Buildings Machinery and equipment Furniture and vehicules Right to use assets Other tangible assets Assets under construction TOTAL ACQUISITION COST At the end of the preceding year 35,767 30,191 12,130 17,553 -1 677 96,316 Translation differences -122 -116 27 -163 0 41 -334 Additions 594 953 1,473 947 23 1,849 5,839 Disposals -42 -586 -1,053 -2,993 0 0 -4,674 Transfers 1,773 0 0 0 0 -1,773 0 Total acquisition cost 37,969 30,442 12,577 15,343 22 794 97,147 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 20,466 25,559 9,984 5,264 -1 0 61,271 Translation differences -96 -89 54 11 0 0 -120 Depreciation 1,085 1,289 1,115 2,182 0 0 5,671 Disposals 35 -665 -1,083 -2,308 0 0 -4,021 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written down 21,490 26,094 10,069 5,148 -1 0 62,801 Net carrying amount December 31, 2022 16,479 4,348 2,507 10,195 23 794 34,346 During 2022, the net carrying amount of tangible fixed assets decreased by 0.7 million euro. Excluding the depreciation charges of 5.7 million euro, tangible fixed assets increased by 5 million euro. The investments in 2022 related primarily to investments in the office building in Panama City (JENSEN USA) destroyed by Hurricane Michael, and in machinery and vehicles. Note 9: Financial debt The non-current and current borrowings can be summarized as follows: (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST CTA December 31 2022 LT loans with credit institutions 41,862 310 -309 -12,678 -105 29,080 LT loans other 1,029 245 0 0 0 1,274 LT factoring 2,758 0 0 -12 2,746 Subtotal 45,649 555 -309 -12,690 -105 33,100 LT loans - Operating lease liabilities 2,811 1,858 Total non-current borrowings 48,460 34,958 (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST, or transfer CTA December 31 2022 Current portion of LT borrowings 2,795 50 -2,476 12,678 -19 13,028 Credit institutions 4,936 629 0 2 -52 5,514 Payments received (factoring) 1,325 0 0 -423 7 909 Subtotal 9,056 679 -2,476 12,257 -64 19,451 Operating lease liabilities - ST 1,744 1,439 Total current borrowings 10,800 20,890 Total borrowings 59,260 55,848 Total borrowings decreased from 59.3 million euro at December 31, 2021 to 55.8 million euro at December 31, 2022, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.7 million euro long-term and 0.9 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet. Due to the higher activities, working capital needs increased and cash decreased. The Group still has a net cash position. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.9 million euro (34.6 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents decreased from 65.6 million euro to 35.4 million euro. All this together resulted in a decrease of the net cash position from 41.0 million euro to 11.5 million euro net cash. The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 Management believes that the carrying value of the loans at fixed rate approximates to the fair value. For details on the IRS we refer to note 20, Financial Instruments - Market and other risks. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: (in thousands of euro) December 31 2022 December 31 2021 EUR 38,379 39,128 DKK 6,029 6,369 CNY 8,143 9,208 Total 52,551 54,705 Operating lease liabilities 3,297 4,555 Total borrowings 55,848 59,260 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1281-3": {
"value": "The net book value of the property, plant and equipment pledged as security for liabilities amounts to 6.1 million euro (6.0 million euro at December 2021). Debt covered by guarantees (in thousands of euro) December 31 2022 December 31 2021 Mortgages 6,029 6,369 Letter of Intent 13,727 13,725 Total 19,756 20,094 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 6.0 million euro. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1283-2": {
"value": "Note 5: Deferred Taxes Deferred tax assets and liabilities are attributable to the following items: December 31 2020 Acquisition of subsidiaries Exchange differences December 31 2021 (in thousands of euro) Through Tprofit or loss hrough OCI DTA DTL Inventories 442 -169 -94 0 0 179 -435 614 Fixed assets -429 -1,044 -420 0 -7 -1,900 68 -1,968 Provisions 4,288 35 710 -424 0 4,609 4,196 413 Tax losses 160 0 -54 0 0 106 102 4 Deferred taxes on differences between tax and local books -207 0 -446 55 349 -250 495 -745 Currency result in permanent financing -773 0 -37 0 0 -810 0 -810 Financial instruments 17 0 58 -9 0 65 65 1 Total deferred tax assets (net) 3,498 -1,178 -284 -379 343 2,000 4,491 -2,491 December 31 2021 Acquisition of subsidiaries Exchange differences December 31 2022 (in thousands of euro) Through profit or loss Through OCI DTA DTL Inventories 179 0 -369 0 0 -190 1,263 -1,453 Fixed assets -1,900 0 -207 0 -7 -2,114 -668 -1,446 Provisions 4,609 0 -294 -1,206 0 3,109 2,981 128 Tax losses 106 0 22 0 0 128 128 0 Deferred taxes on other differences between tax and local books -250 0 732 256 -63 675 35 640 Currency result in permanent financing -810 0 -145 -955 -955 Financial instruments 65 0 -159 -197 0 -291 -117 -174 Total deferred tax assets (net) 2,000 0 -421 -1,147 -69 363 3,622 -3,259 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. The decrease relates to the deferred tax assets recognized on the timing differences between group's accounting books and its tax books. The split between long-term and short-term deferred taxes for the financial year ended December 31, 2022 is as follows: (in thousands of euro) Deferred taxes Long-term -1,100 Short-term 1,463 Total deferred tax (net) 363 The deferred tax assets originate mainly from JENSEN GmbH (0.9 million euro), JENSEN Italia (0.7 million euro) and JENSEN USA (0.7 million euro). Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Company\u2019s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent in recognizing deferred tax assets on tax losses carried forward. Note 16: Income tax expense Income tax expenses can be analyzed as follows: (in thousands of euro) December 31 2022 December 31 2021 Current taxes -4,547 -5,231 Deferred taxes -421 -284 Total income tax expense -4,968 -5,515 Tax expenses decreased because of timing differences. For more details, we refer to the table \" reconciliation of the effective tax rate\". For the disaggregation of the deferred taxes, we refer to the table in note 5 \u2013 Deferred taxes. Relationship between tax expense and accounting profit as per December 31, 2022 and December 31, 2021: Reconciliation of effective tax rate (in thousands of euro) December 31 2022 December 31 2021 Accounting profit before taxes 21,532 19,793 Theoretical income tax expense 4,911 4,242 Theoretical tax rate 22.81% 21.43% Tax effect of disallowed expenses 11 1,068 Tax adjustments for prior year -234 0 Tax effect of tax losses 280 567 Income not subject to taxes 0 -362 Actual tax expenses 4,968 5,515 Effective tax rate 23.07% 27.86% The effective tax rate (23.07%) is in line with the theoretical tax rate of 22.81%. During 2022, three tax audits took place in three different entities. One tax audit is still ongoing. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of these audits. The theoretical tax rate is the weighted average of the theoretical tax rates of the different entities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1283-3": {
"value": "Note 5: Deferred Taxes Deferred tax assets and liabilities are attributable to the following items: December 31 2020 Acquisition of subsidiaries Exchange differences December 31 2021 (in thousands of euro) Through Tprofit or loss hrough OCI DTA DTL Inventories 442 -169 -94 0 0 179 -435 614 Fixed assets -429 -1,044 -420 0 -7 -1,900 68 -1,968 Provisions 4,288 35 710 -424 0 4,609 4,196 413 Tax losses 160 0 -54 0 0 106 102 4 Deferred taxes on differences between tax and local books -207 0 -446 55 349 -250 495 -745 Currency result in permanent financing -773 0 -37 0 0 -810 0 -810 Financial instruments 17 0 58 -9 0 65 65 1 Total deferred tax assets (net) 3,498 -1,178 -284 -379 343 2,000 4,491 -2,491 December 31 2021 Acquisition of subsidiaries Exchange differences December 31 2022 (in thousands of euro) Through profit or loss Through OCI DTA DTL Inventories 179 0 -369 0 0 -190 1,263 -1,453 Fixed assets -1,900 0 -207 0 -7 -2,114 -668 -1,446 Provisions 4,609 0 -294 -1,206 0 3,109 2,981 128 Tax losses 106 0 22 0 0 128 128 0 Deferred taxes on other differences between tax and local books -250 0 732 256 -63 675 35 640 Currency result in permanent financing -810 0 -145 -955 -955 Financial instruments 65 0 -159 -197 0 -291 -117 -174 Total deferred tax assets (net) 2,000 0 -421 -1,147 -69 363 3,622 -3,259 Acquisition of subsidiaries: On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, it was consolidated by the equity method. The decrease relates to the deferred tax assets recognized on the timing differences between group's accounting books and its tax books. The split between long-term and short-term deferred taxes for the financial year ended December 31, 2022 is as follows: (in thousands of euro) Deferred taxes Long-term -1,100 Short-term 1,463 Total deferred tax (net) 363 The deferred tax assets originate mainly from JENSEN GmbH (0.9 million euro), JENSEN Italia (0.7 million euro) and JENSEN USA (0.7 million euro). Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Company\u2019s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent in recognizing deferred tax assets on tax losses carried forward. Note 16: Income tax expense Income tax expenses can be analyzed as follows: (in thousands of euro) December 31 2022 December 31 2021 Current taxes -4,547 -5,231 Deferred taxes -421 -284 Total income tax expense -4,968 -5,515 Tax expenses decreased because of timing differences. For more details, we refer to the table \" reconciliation of the effective tax rate\". For the disaggregation of the deferred taxes, we refer to the table in note 5 \u2013 Deferred taxes. Relationship between tax expense and accounting profit as per December 31, 2022 and December 31, 2021: Reconciliation of effective tax rate (in thousands of euro) December 31 2022 December 31 2021 Accounting profit before taxes 21,532 19,793 Theoretical income tax expense 4,911 4,242 Theoretical tax rate 22.81% 21.43% Tax effect of disallowed expenses 11 1,068 Tax adjustments for prior year -234 0 Tax effect of tax losses 280 567 Income not subject to taxes 0 -362 Actual tax expenses 4,968 5,515 Effective tax rate 23.07% 27.86% The effective tax rate (23.07%) is in line with the theoretical tax rate of 22.81%. During 2022, three tax audits took place in three different entities. One tax audit is still ongoing. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of these audits. The theoretical tax rate is the weighted average of the theoretical tax rates of the different entities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1566-2": {
"value": "Note 7: Trade and other receivables (in thousands of euro) December 31 2022 December 31 2021 Trade receivables 80,337 67,942 Provision for doubtful debtors -2,506 -2,965 Taxes 2,010 2,332 Other amounts receivable 4,544 2,386 Contract assets 52,920 33,805 Deferred charges and accrued income 4,068 2,837 Derivative financial instruments 499 12 Total trade and other receivables 141,872 106,349 Trade receivables 4,949 3,751 Other amount receivable 3,544 911 Non-current portion 8,493 4,663 Current portion 133,379 101,687 Non-current portionThe other amounts receivable include cash guarantees for an amount of 0.8 million euro, as well as financing of customers for an amount of 2.4 million euro. We refer to note 20, Financial instruments - market and other risks, for more details. Current portion Compared to 2021, trade receivables and contract assets increased end of 2022 due to higher activities and are negatively affected by the consequences of missing components with which to finish machines and systems prior to invoicing. Advances received from customers, mainly on project activities, are recognized in \u201cContract liabilities\u201d in accordance with the accounting principle whereby receivables and payables may not be netted against each other. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1566-3": {
"value": "Note 7: Trade and other receivables (in thousands of euro) December 31 2022 December 31 2021 Trade receivables 80,337 67,942 Provision for doubtful debtors -2,506 -2,965 Taxes 2,010 2,332 Other amounts receivable 4,544 2,386 Contract assets 52,920 33,805 Deferred charges and accrued income 4,068 2,837 Derivative financial instruments 499 12 Total trade and other receivables 141,872 106,349 Trade receivables 4,949 3,751 Other amount receivable 3,544 911 Non-current portion 8,493 4,663 Current portion 133,379 101,687 Non-current portionThe other amounts receivable include cash guarantees for an amount of 0.8 million euro, as well as financing of customers for an amount of 2.4 million euro. We refer to note 20, Financial instruments - market and other risks, for more details. Current portion Compared to 2021, trade receivables and contract assets increased end of 2022 due to higher activities and are negatively affected by the consequences of missing components with which to finish machines and systems prior to invoicing. Advances received from customers, mainly on project activities, are recognized in \u201cContract liabilities\u201d in accordance with the accounting principle whereby receivables and payables may not be netted against each other. Note 9: Financial debt The non-current and current borrowings can be summarized as follows: (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST CTA December 31 2022 LT loans with credit institutions 41,862 310 -309 -12,678 -105 29,080 LT loans other 1,029 245 0 0 0 1,274 LT factoring 2,758 0 0 -12 2,746 Subtotal 45,649 555 -309 -12,690 -105 33,100 LT loans - Operating lease liabilities 2,811 1,858 Total non-current borrowings 48,460 34,958 (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST, or transfer CTA December 31 2022 Current portion of LT borrowings 2,795 50 -2,476 12,678 -19 13,028 Credit institutions 4,936 629 0 2 -52 5,514 Payments received (factoring) 1,325 0 0 -423 7 909 Subtotal 9,056 679 -2,476 12,257 -64 19,451 Operating lease liabilities - ST 1,744 1,439 Total current borrowings 10,800 20,890 Total borrowings 59,260 55,848 Total borrowings decreased from 59.3 million euro at December 31, 2021 to 55.8 million euro at December 31, 2022, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.7 million euro long-term and 0.9 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet. Due to the higher activities, working capital needs increased and cash decreased. The Group still has a net cash position. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.9 million euro (34.6 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents decreased from 65.6 million euro to 35.4 million euro. All this together resulted in a decrease of the net cash position from 41.0 million euro to 11.5 million euro net cash. The following table gives the maturities of the non-current debt: (in thousands of euro) December 31 2022 December 31 2021 Between 1 and 2 years 5,355 15,588 Between 2 and 5 years 23,865 27,242 > 5 years 5,738 5,630 Total non-current borrowings 34,958 48,460 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 Management believes that the carrying value of the loans at fixed rate approximates to the fair value. For details on the IRS we refer to note 20, Financial Instruments - Market and other risks. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: (in thousands of euro) December 31 2022 December 31 2021 EUR 38,379 39,128 DKK 6,029 6,369 CNY 8,143 9,208 Total 52,551 54,705 Operating lease liabilities 3,297 4,555 Total borrowings 55,848 59,260 With respect to the Group\u2019s borrowings, debt covenants are in place (solvency, positive EBITDA on an annual basis and a maximum debt/EBITDA ratio). During the year, there were no breaches of these covenants. Debt covered by guarantees (in thousands of euro) December 31 2022 December 31 2021 Mortgages 6,029 6,369 Letter of Intent 13,727 13,725 Total 19,756 20,094 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 6.0 million euro. Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: (in thousands of euro) December 31 2022 December 31 2021 Cash and cash equivalent 35,427 65,618 Overdraft -5,514 -4,936 Net cash and cash equivalents 29,913 60,682 The decrease in net cash is mainly caused by higher working capital, negatively affected by the industry-wide increase in material prices as well as higher work-in-progress due to components scarcity. Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Interest rate risk The Company uses derivative financial instruments to reduce exposure to adverse fluctuations in interest rates. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. All financing within the JENSEN-GROUP is centralized in the treasury department. This makes it easier for the JENSEN-GROUP to respect its policy of hedging using IRS. In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the periods in which they roll over. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. 2022 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% - 3,44% 5,584 3,084 0 0 2,500 0 CNY 3,94% - 4,8% 8,143 2,426 163 489 5,065 0 Total floating 13,727 5,510 163 489 7,565 0 FIXED RATE EUR 1.22% - 2.0% 29,134 0 513 11,543 15,695 1,384 1DKK0.44% -1.5% 6,036 27 54 245 1,356 4,354 Total Fixed 35,170 27 567 11,787 17,051 5,738 FACTORING EUR 3,655 76 151 682 2,746 0 Total 52,551 5,612 881 12,958 27,362 5,738 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2021 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% 4,953 2,453 0 0 2,500 0 CNY 4,26%-5,72% 8,772 2,482 110 329 5,852 0 Total floating 13,725 4,935 110 329 8,352 0 FIXED RATE EUR 1,22% - 1,5% 30,535 0 500 1,501 27,505 1,029 1DKK0,44% -1,5% 6,362 30 60 268 1,404 4,601 Total Fixed 36,897 30 559 1,769 28,909 5,630 FACTORING EUR 4,084 110 221 994 2,758 0 Total 54,706 5,075 890 3,092 40,019 5,630 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. The following table sets out the conditions of the interest rate swaps: 2022 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 The interest rate swaps are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.3 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. 2021 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 15,882,483 0.44% 30-12-2039 12 TOTAL in EUR 2,135,776 12 The interest rate swaps were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.009 million euro after taxes were deferred in equity. No ineffectiveness was recorded. As disclosed in the above table, 13.7 million euro of the Company\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 2.0 million EUR loan that is covered by an interest rate swap. The Company estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: (in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2022 EUR 5,584 1.15% - 3,44% 0% - 5.73% CNY 8,143 3,94% - 4,8% 3.08% - 5.66% Total in EUR 13,727 Applying the reasonably possible increase/decrease in the market interest rate mentioned above to our floating rate debt at December 31, 2022, with all other variables held constant, 2022 profit would have been 0.5 million euro lower/higher. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As part of the credit risk policy historical data about trade receivables overdue is used. As explained in the valuation policies additional forward-looking information is used. Under the Group\u2019s credit policy, project customers are required to either provide an advance payment or to provide a guarantee (ex. L/C, bank guarantees). We examine the creditworthiness of each new customer and of existing customers that start buying higher amounts. The consolidated ageing schedule of the trade receivables is as follows: 2022 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 56,759 7,995 2,135 1,787 6,712 75,388 Collateral held as security 0 Net exposure 56,759 7,995 2,135 1,787 6,712 75,388 Provisions accounted for -2,506 Total 72,882 2021 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 41,271 13,648 2,446 2,045 4,781 64,191 Collateral held as security -792 -792 Net exposure 40,479 13,648 2,446 2,045 4,781 63,399 Provisions accounted for -2,965 Total 60,434 Balances due within 12 months equal their carrying balances as the impact of the discounting is not significant. Trade debtors and other amounts receivable are shown on the balance sheet at amortized cost (in general, the original amount invoiced) less an amount for expected credit losses. Given the nature of our activities, being project business, and seen the significant concentration of the accounts receivable/contract assets relating to individually significant projects within the Group, allowances that cover both incurred and future expected losses are calculated on an individual basis, however taking into account aggregated data about the past experience with similar clients. In applying IFRS 9, the JENSEN-GROUP makes significant judgements in determining the realizable value in respect to trade receivables. The JENSEN-GROUP applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the lifetime expected credit losses, the JENSEN-GROUP takes into account the assessment of the probability of default and the exposure at default (including estimated coverage by credit insurance and other forms of collateral). The historical credit loss experience of individual customers is reviewed on a regular basis and adjusted if necessary to reflect the differences in the current and expected economic conditions versus the historical conditions. In addition to the ECL (expected credit loss) provisions based on historical experience and future expectation, the Group recognizes individually managed exposures on a case-by-case basis, to the extent not covered by the ECL model. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) December 31 2022 Impairment Doubtful Debtors - Opening balance 2,965 Additions 551 Reversals -1,026 Exchange difference 17 Impairment Doubtful Debtors - Closing balance 2,506 During 2022, impairments on trade receivables were reversed as payments from customers were received. There are no customers with a concentration of more than 10% of the total outstanding receivables. The bank credit ratings (S&P) as per December 31, 2022 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- ",
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1566-4": {
"value": "Note 7: Trade and other receivables (in thousands of euro) December 31 2022 December 31 2021 Trade receivables 80,337 67,942 Provision for doubtful debtors -2,506 -2,965 Taxes 2,010 2,332 Other amounts receivable 4,544 2,386 Contract assets 52,920 33,805 Deferred charges and accrued income 4,068 2,837 Derivative financial instruments 499 12 Total trade and other receivables 141,872 106,349 Trade receivables 4,949 3,751 Other amount receivable 3,544 911 Non-current portion 8,493 4,663 Current portion 133,379 101,687 Non-current portionThe other amounts receivable include cash guarantees for an amount of 0.8 million euro, as well as financing of customers for an amount of 2.4 million euro. We refer to note 20, Financial instruments - market and other risks, for more details. Current portion Compared to 2021, trade receivables and contract assets increased end of 2022 due to higher activities and are negatively affected by the consequences of missing components with which to finish machines and systems prior to invoicing. Advances received from customers, mainly on project activities, are recognized in \u201cContract liabilities\u201d in accordance with the accounting principle whereby receivables and payables may not be netted against each other. ",
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1624-2": {
"value": "Note 8: Equity Issued capital As at December 31, 2022, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As at December 31, 2021, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There are no preference shares. All shares are fully paid. As per December 31, 2022, the Company holds 60,053 treasury shares. Detailed information on the capital statement as per December 31, 2022 and 2021 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2022) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 0 At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares Registered 4,314,057 Dematerialized 3,504,942 B. Own shares held by the company or one of its subsidiaries 1,850 60,053 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription right 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2022: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,758,946 54.82% The chain of control is as follows: 54% of the shares in JENSEN-GROUP NV are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,758,946 5.20% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Amounts Number of shares Capital statement (position as at December 31, 2021) (in thousands of euro) A. Capital 1. Issued capital - At the end of the previous year 30,710 - Changes during the year 0 - At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares - Registered 4,314,057 - dematerialized 3,504,942 B. Own shares held by - the company or one of its subsidiaries 0 0 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription rights 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2021: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,818,999 54.40% The chain of control is as follows: 54% of the shares in JENSEN-GROUP are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,818,999 5.16% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to voting rights. The regulations with respect to transfer of shares are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to transfer of shares. Share premium The share premium results primarily from the merger of LSG, which then took the name of JENSEN-GROUP NV. The closing balance of the share premium is 5.8 million euro. Treasury shares The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026. As at December 31, 2022, the Company holds 60,053 treasury shares. Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 Hedging reserves The Group designates foreign exchange contracts and interest rate swaps as \u2018cash flow hedges\u2019 of its foreign currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item (attributable to the hedged risk), as of inception of the hedge, is deferred in OCI if the hedge is deemed effective (note 20). At year-end, an amount of 0.5 million euro was deferred in other comprehensive income. Gains and losses recognized in the hedging reserve in OCI (other comprehensive income) on forward foreign exchange contracts as of December 31, 2022 will be released to the income statement at various dates between one and six months. Gains and losses recognized in the hedging reserve in other comprehensive income on interest rate swap contracts as of December 31, 2022 will be continuously released to the income statement until the repayment of the bank borrowings. Remeasurement gains and losses on defined benefit plans JENSEN-GROUP has four defined benefit plans. In line with prior years, the Group has adopted the amended IAS 19 \u2018Employee Benefits\u2019 and recognizes all actuarial gains and losses directly in OCI. The accumulated loss of the four plans amounts to 3.9 million euro. Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.50 euro per share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount to 3,852,563 euro, based on the number of shares outstanding as at December 31, 2022. No dividend will be distributed to the treasury shares. In respect of 2021, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the strong financial position at year-end. ",
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-1625-3": {
"value": "Issued capital As at December 31, 2022, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As at December 31, 2021, the issued share capital was 30.7 million euro, represented by 7,818,999 ordinary shares without nominal value. There are no preference shares. All shares are fully paid. As per December 31, 2022, the Company holds 60,053 treasury shares. Detailed information on the capital statement as per December 31, 2022 and 2021 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2022) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 0 At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares Registered 4,314,057 Dematerialized 3,504,942 B. Own shares held by the company or one of its subsidiaries 1,850 60,053 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription right 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2022: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,758,946 54.82% The chain of control is as follows: 54% of the shares in JENSEN-GROUP NV are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,758,946 5.20% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Amounts Number of shares Capital statement (position as at December 31, 2021) (in thousands of euro) A. Capital 1. Issued capital - At the end of the previous year 30,710 - Changes during the year 0 - At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares - Registered 4,314,057 - dematerialized 3,504,942 B. Own shares held by - the company or one of its subsidiaries 0 0 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription rights 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2021: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,818,999 54.40% The chain of control is as follows: 54% of the shares in JENSEN-GROUP are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,818,999 5.16% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to voting rights. The regulations with respect to transfer of shares are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to transfer of shares. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1632-4": {
"value": "Detailed information on the capital statement as per December 31, 2022 and 2021 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2022) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 0 At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares Registered 4,314,057 Dematerialized 3,504,942 B. Own shares held by the company or one of its subsidiaries 1,850 60,053 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription right 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2022: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,758,946 54.82% The chain of control is as follows: 54% of the shares in JENSEN-GROUP NV are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,758,946 5.20% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Amounts Number of shares Capital statement (position as at December 31, 2021) (in thousands of euro) A. Capital 1. Issued capital - At the end of the previous year 30,710 - Changes during the year 0 - At the end of this year 30,710 2. Capital representation 2.1 Shares without nominal value 30,710 7,818,999 2.2 Registered or bearer shares - Registered 4,314,057 - dematerialized 3,504,942 B. Own shares held by - the company or one of its subsidiaries 0 0 C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription rights 0 0 D. Authorized capital not issued 30,710 The following notifications have been received of holdings in the company's share capital during 2021: JENSEN Invest A/S, JF Tenura ApS, the heirs of Mr. J\u00f8rn M. Jensen, Mr. Jesper M. Jensen, The J\u00f8rn M. Jensen and Lise M. Jensen Family Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 R\u00f8nne, Denmark Number of shares Total shares % - Number of shares 4,253,781 7,818,999 54.40% - Voting rights 4,253,781 7,818,999 54.40% The chain of control is as follows: 54% of the shares in JENSEN-GROUP are held by JENSEN Invest A/S and 0.03% by the heirs of Mr. J\u00f8rn M. Jensen. JF Tenura Aps holds 100% of the shares in Jensen Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds and controls 51% of the shares in JF Tenura Aps. The other 49% of the shares in JF Tenura Aps are held by Mrs Anne Munch Jensen and Mrs Karine Munk Finser as the ultimate beneficial owners of the J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust. Lazard Fr\u00e8res Gestion SAS 25, rue de Courcelles, 75008 PARIS, France Number of shares Total shares % - Number of shares 403,429 7,818,999 5.16% - Voting rights 403,429 7,818,999 5.16% The chain of control is as follows: Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS controls Lazard Fr\u00e8res Gestion SAS, Lazard Group LLC controls Compagnie Financi\u00e8re Lazard Fr\u00e8res SAS, Lazard Ltd controls Lazard Group LLC. Lazard Fr\u00e8res Gestion SAS acts independently from Compagnie Financi\u00e8re Lazard Fr\u00e8res, Lazard Group LLC, Lazard Ltd and from the rest of the Lazard Group, including Lazard Asset Management, a Company under American law. Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to voting rights. The regulations with respect to transfer of shares are in line with the Companies\u2019 and Associations\u2019 Code. The articles of association do not include other regulations with respect to transfer of shares. Note 22: Related party transactions The shareholders of the Company as per December 2022 are: JENSEN INVEST A/S: 54.4% JENSEN-GROUP NV: 0.8% Lazard Fr\u00e8res Gestion SAS: 5.2% Free float: 39.7% During 2022, JENSEN-GROUP NV received a notification from JENSEN Invest A/S informing that JENSEN Invest A/S holds, by virtue of a buy back of 46,776 own shares by JENSEN-GROUP NV on August 2, 2022, 55.0% of the voting rights in the company and has therefore crossed the threshold of 55%. Key management compensation can be summarized as follows: In thousands of euro December 31 2022 December 31 2021 Fees paid to Board members 297 322 Gross salaries paid to senior managers 2,415 1,634 For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1852-3": {
"value": "Treasury shares The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026. As at December 31, 2022, the Company holds 60,053 treasury shares. Suspension share buy-back program and cancellation of treasury shares On March 10, 2022, the JENSEN-GROUP announced a program to buy back a maximum of 781,900 or 10% of its own shares (the \"Program\"). In view of the transaction with MIURA, JENSEN-GROUP the Board of Directors at its meeting of March 9, 2023 suspended its Program until further notice. During the term of the Program, an investment bank on behalf of JENSEN-GROUP purchased 113,873 ordinary shares for an aggregate consideration of 3,423,659 euro. All repurchased shares (113,873 shares) (the \"Treasury Shares\") will be cancelled. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1852-4": {
"value": "Treasury shares The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own shares. The shares are bought on the stock exchange by an investment bank mandated by the Board. The buy-back mandate expires on May 18, 2026. As at December 31, 2022, the Company holds 60,053 treasury shares. Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 Hedging reserves The Group designates foreign exchange contracts and interest rate swaps as \u2018cash flow hedges\u2019 of its foreign currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item (attributable to the hedged risk), as of inception of the hedge, is deferred in OCI if the hedge is deemed effective (note 20). At year-end, an amount of 0.5 million euro was deferred in other comprehensive income. Gains and losses recognized in the hedging reserve in OCI (other comprehensive income) on forward foreign exchange contracts as of December 31, 2022 will be released to the income statement at various dates between one and six months. Gains and losses recognized in the hedging reserve in other comprehensive income on interest rate swap contracts as of December 31, 2022 will be continuously released to the income statement until the repayment of the bank borrowings. Remeasurement gains and losses on defined benefit plans JENSEN-GROUP has four defined benefit plans. In line with prior years, the Group has adopted the amended IAS 19 \u2018Employee Benefits\u2019 and recognizes all actuarial gains and losses directly in OCI. The accumulated loss of the four plans amounts to 3.9 million euro. Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.50 euro per share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount to 3,852,563 euro, based on the number of shares outstanding as at December 31, 2022. No dividend will be distributed to the treasury shares. In respect of 2021, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the strong financial position at year-end. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1859-4": {
"value": "Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1859-6": {
"value": "Translation differences In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet captions of foreign companies are translated into euro, which is the Company\u2019s functional and presentation currency, using closing rates at the end of the accounting year, except for capital and reserves, which are translated at historical rates. The income statement is translated at average rates for the year. The resulting translation difference, arising from the translation of capital and reserves and the income statement, is shown in a separate category of other comprehensive income under the caption \u2018translation differences\u2019. The translation differences increased by 0.9 million euro, mainly following the strengthening of the USD from 1.13 at the end of 2021 to 1.07 at the end of 2022. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.7 million euro of currency loss are transferred from financial result to other comprehensive income. The exchange rates used for the translation were as follows: Currency Average rate Closing rate 2022 2021 2022 2021 AED 3.8762 4.3453 3.9274 4.2481 AUD 1.5174 1.5747 1.5693 1.5615 BRL 5.4432 6.3814 5.6386 6.3101 CHF 1.0052 1.0814 0.9847 1.0331 CNY 7.0801 7.6340 7.3582 7.1947 DKK 7.4396 7.4371 7.4365 7.4364 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8526 0.8600 0.8869 0.8403 JPY 138.0050 129.8575 140.6600 130.3800 NOK 10.1015 10.1634 10.5138 9.9888 NZD 1.6585 1.6725 1.6798 1.6579 SEK 10.6274 10.1449 11.1218 10.2503 SGD 1.4520 1.5897 1.4300 1.5279 TRY 17.3849 10.4670 19.9649 15.2335 USD 1.0539 1.1835 1.0666 1.1326 ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1988-4": {
"value": "Remeasurement gains and losses on defined benefit plans JENSEN-GROUP has four defined benefit plans. In line with prior years, the Group has adopted the amended IAS 19 \u2018Employee Benefits\u2019 and recognizes all actuarial gains and losses directly in OCI. The accumulated loss of the four plans amounts to 3.9 million euro. Note 10: Employee benefit obligations (in thousands of euro) December 31 2022 December 31 2021 Provisions for defined benefit plan 9,201 14,090 Provisions for other employee benefits 337 219 Total employee benefit obligations 9,538 14,309 The provision for other employee benefits relates to defined contribution plans in Austria and Germany. Benefit plan JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans. These plans generally provide benefits that are related to an employee\u2019s remuneration and years of service. The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by independent actuaries, taking into consideration projected final salaries and using assumptions such as discount rate, mortality, turnover, salary evolution, inflation. The weighted average duration of the defined benefit obligation at year-end 2022 is 13.95 years (2021: 16.71). At December 31, 2022, the total net liability amounted to 9.2 million euro. The net liability decreased because of changes in the assumptions and because of experience effects. Overall, the increase of the discount rate resulted in a gain of 6.1 million euro, while the increase of the inflation rate, the salary increase rate and the 'Interest credited to accounts' (in Switzerland) led to a loss of 1.2 million euro. Experience gains of 0.2 million euro are linked to full valuations performed in Germany, France and Italy and reflect mainly the changes in population and current salary and pension increases. For the defined benefit plans, the net cost for 2022 was 0.4 million euro (2021: 0.1 million euro). (in thousands of euro) December 31 2022 December 31 2021 Current service cost 268 -27 Interest cost 143 84 Interest income on plan assets -24 -3 Administrative expenses and taxes 18 20 Pension expenses 405 74 The change in net liability recognized during 2022 and 2021 is set out in the table below: (in thousands of euro) December 31 2022 December 31 2021 Net defined benefit liability (asset) at the beginning of year 14,090 16,198 Defined benefit cost included in P&L 405 74 Employer contribution or benefits paid by employer -771 -615 Total remeasurements included in OCI -4,622 -1,689 Effect of changes in foreign exchange rates 99 122 Net defined benefit liability (asset) as of end of year 9,201 14,090 The changes in defined benefit obligations and plan assets can be summarized as follows: (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation at end of prior year 20,675 21,815 Current service costs 268 -27 Interest expense 143 84 Benefits paid -1,524 -110 Participants' contribution 191 178 Effect of changes in demographic assumptions 2 -492 Effect of changes in financial assumptions -4,854 -618 Effect of experience adjustments 170 -563 Effect of changes in foreign exchange rates 410 408 Defined benefit obligation at end of year 15,481 20,675 (in thousands of euro) December 31 2022 December 31 2021 Fair value of plan assets at end of prior year 6,585 5,617 Contributions 962 793 Return on plan assets -60 14 Interest income on plan assets 24 3 Benefits paid -1,524 -110 Administrative expenses -18 -20 Effect of changes in foreign exchange rates 311 288 Fair value of plan assets at end of year 6,280 6,585 (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation 15,481 20,675 Fair value of plan assets 6,280 6,585 Net defined benefit liability (asset) 9,201 14,090 The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2022 2021 2022 2021 2022 2021 Switzerland 2.10% 0.35% 1.25% 1.00% 1.75% 1.50% France 3.75% 0.86% N/A N/A 3.00% 2.00% Germany 3.67% 1.01% 2.25% 1.75% 3.00% 3.00% Italy 3.70% 0.90% 2.66% 2.00% N/A N/A Discount rates increased significantly over 2022, as a result of increasing yields on international bonds. This trend is observed for both the Eurozone and Switzerland. With regard to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.66% for Italy (respectively 1.75% and 2.00% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates have increased in Switzerland and France, following last year's developments. Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: - Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to ensure this is appropriate in respect of the lifetime of the plan. - Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83. A decrease in corporate bond yields will increase the plans\u2019 liabilities. For funded schemes, this will be partially offset by an increase in the fair value of the plan\u2019s assets. The sensitivity of the defined benefit obligation to changes in the assumptions is: (in thousands of euro) Change in assumption Impact on DBO Discount rate -25bp 548 +25bp -502 Weighted avg duration (in years) -25bp 14 +25bp 14 The above sensitivity analyzes are based on a change in assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. The percentage of plan assets by asset allocation is as follows: - Equity securities: 4.83% - Debt securities: 52.36% - Real estate: 22.75% - Other: 20.06% The contributions expected to be paid to the plan and to direct payments during the annual period beginning after the reporting period is estimated at 1.0 million euro. There is one pension plan in place in Belgium that is legally structured as a defined contributions plan. The cost of this plan for JENSEN-GROUP NV amounted to 0.07 million euro for accounting year 2022 (2021: 0.06 million euro). Because of the Belgian legislation applicable to 2nd pillar pension plans (so-called \"Vandenbroucke Law\"), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 1.75% annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016. Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods). These plans should therefore be classified and accounted for as Defined Benefit plans under IAS 19. In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined Benefit accounting for these plans. We asked an external party to estimate the potential additional liabilities and they concluded that no potential additional liabilities exist as at December 31, 2022. Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1992-4": {
"value": "Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.50 euro per share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount to 3,852,563 euro, based on the number of shares outstanding as at December 31, 2022. No dividend will be distributed to the treasury shares. In respect of 2021, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the strong financial position at year-end. ",
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"s6_notes__6__5": {
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"decimals": 2,
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"s6_notes__6__6": {
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"pp-value-2000-2": {
"value": "Capital risk management JENSEN-GROUP\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal structure to minimize the cost of capital. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-2005-4": {
"value": "Note 9: Financial debt The non-current and current borrowings can be summarized as follows: (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST CTA December 31 2022 LT loans with credit institutions 41,862 310 -309 -12,678 -105 29,080 LT loans other 1,029 245 0 0 0 1,274 LT factoring 2,758 0 0 -12 2,746 Subtotal 45,649 555 -309 -12,690 -105 33,100 LT loans - Operating lease liabilities 2,811 1,858 Total non-current borrowings 48,460 34,958 (in thousands of euro) December 31 2021 Proceeds Repayments Reclass from LT to ST, or transfer CTA December 31 2022 Current portion of LT borrowings 2,795 50 -2,476 12,678 -19 13,028 Credit institutions 4,936 629 0 2 -52 5,514 Payments received (factoring) 1,325 0 0 -423 7 909 Subtotal 9,056 679 -2,476 12,257 -64 19,451 Operating lease liabilities - ST 1,744 1,439 Total current borrowings 10,800 20,890 Total borrowings 59,260 55,848 Total borrowings decreased from 59.3 million euro at December 31, 2021 to 55.8 million euro at December 31, 2022, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.7 million euro long-term and 0.9 million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement does not result in the de-recognition of any amount from the balance sheet. Due to the higher activities, working capital needs increased and cash decreased. The Group still has a net cash position. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.9 million euro (34.6 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents decreased from 65.6 million euro to 35.4 million euro. All this together resulted in a decrease of the net cash position from 41.0 million euro to 11.5 million euro net cash. The following table gives the maturities of the non-current debt: (in thousands of euro) December 31 2022 December 31 2021 Between 1 and 2 years 5,355 15,588 Between 2 and 5 years 23,865 27,242 > 5 years 5,738 5,630 Total non-current borrowings 34,958 48,460 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 Management believes that the carrying value of the loans at fixed rate approximates to the fair value. For details on the IRS we refer to note 20, Financial Instruments - Market and other risks. The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: (in thousands of euro) December 31 2022 December 31 2021 EUR 38,379 39,128 DKK 6,029 6,369 CNY 8,143 9,208 Total 52,551 54,705 Operating lease liabilities 3,297 4,555 Total borrowings 55,848 59,260 With respect to the Group\u2019s borrowings, debt covenants are in place (solvency, positive EBITDA on an annual basis and a maximum debt/EBITDA ratio). During the year, there were no breaches of these covenants. Debt covered by guarantees (in thousands of euro) December 31 2022 December 31 2021 Mortgages 6,029 6,369 Letter of Intent 13,727 13,725 Total 19,756 20,094 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 6.0 million euro. ",
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"pp-value-2156-4": {
"value": "The following table gives the maturities of the non-current debt: (in thousands of euro) December 31 2022 December 31 2021 Between 1 and 2 years 5,355 15,588 Between 2 and 5 years 23,865 27,242 > 5 years 5,738 5,630 Total non-current borrowings 34,958 48,460 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 ",
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"pp-value-2156-5": {
"value": "The following table gives the maturities of the non-current debt: (in thousands of euro) December 31 2022 December 31 2021 Between 1 and 2 years 5,355 15,588 Between 2 and 5 years 23,865 27,242 > 5 years 5,738 5,630 Total non-current borrowings 34,958 48,460 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the IRS (interest rate swaps) at balance sheet date are as follows: (in thousands of euro) Less than 1 year Between 1 and 2 years Between 2 and 5 years > 5 years TOTAL Credit institutions 18,543 3,034 21,582 4,464 47,623 Other 0 0 0 1,274 1,274 Payments received (factoring) 909 811 1,935 0 3,655 Operating lease liabilities 1,439 1,510 348 3,297 Total 20,891 5,355 23,865 5,738 55,849 IRS covered 0 118 355 1,540 2,013 Total non-covered 20,891 5,237 23,510 4,198 53,835 Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As part of the credit risk policy historical data about trade receivables overdue is used. As explained in the valuation policies additional forward-looking information is used. Under the Group\u2019s credit policy, project customers are required to either provide an advance payment or to provide a guarantee (ex. L/C, bank guarantees). We examine the creditworthiness of each new customer and of existing customers that start buying higher amounts. The consolidated ageing schedule of the trade receivables is as follows: 2022 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 56,759 7,995 2,135 1,787 6,712 75,388 Collateral held as security 0 Net exposure 56,759 7,995 2,135 1,787 6,712 75,388 Provisions accounted for -2,506 Total 72,882 2021 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 41,271 13,648 2,446 2,045 4,781 64,191 Collateral held as security -792 -792 Net exposure 40,479 13,648 2,446 2,045 4,781 63,399 Provisions accounted for -2,965 Total 60,434 Balances due within 12 months equal their carrying balances as the impact of the discounting is not significant. Trade debtors and other amounts receivable are shown on the balance sheet at amortized cost (in general, the original amount invoiced) less an amount for expected credit losses. Given the nature of our activities, being project business, and seen the significant concentration of the accounts receivable/contract assets relating to individually significant projects within the Group, allowances that cover both incurred and future expected losses are calculated on an individual basis, however taking into account aggregated data about the past experience with similar clients. In applying IFRS 9, the JENSEN-GROUP makes significant judgements in determining the realizable value in respect to trade receivables. The JENSEN-GROUP applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the lifetime expected credit losses, the JENSEN-GROUP takes into account the assessment of the probability of default and the exposure at default (including estimated coverage by credit insurance and other forms of collateral). The historical credit loss experience of individual customers is reviewed on a regular basis and adjusted if necessary to reflect the differences in the current and expected economic conditions versus the historical conditions. In addition to the ECL (expected credit loss) provisions based on historical experience and future expectation, the Group recognizes individually managed exposures on a case-by-case basis, to the extent not covered by the ECL model. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) December 31 2022 Impairment Doubtful Debtors - Opening balance 2,965 Additions 551 Reversals -1,026 Exchange difference 17 Impairment Doubtful Debtors - Closing balance 2,506 During 2022, impairments on trade receivables were reversed as payments from customers were received. There are no customers with a concentration of more than 10% of the total outstanding receivables. The bank credit ratings (S&P) as per December 31, 2022 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- ",
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"pp-value-2276-4": {
"value": "Note 10: Employee benefit obligations (in thousands of euro) December 31 2022 December 31 2021 Provisions for defined benefit plan 9,201 14,090 Provisions for other employee benefits 337 219 Total employee benefit obligations 9,538 14,309 The provision for other employee benefits relates to defined contribution plans in Austria and Germany. Benefit plan JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans. These plans generally provide benefits that are related to an employee\u2019s remuneration and years of service. The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by independent actuaries, taking into consideration projected final salaries and using assumptions such as discount rate, mortality, turnover, salary evolution, inflation. The weighted average duration of the defined benefit obligation at year-end 2022 is 13.95 years (2021: 16.71). At December 31, 2022, the total net liability amounted to 9.2 million euro. The net liability decreased because of changes in the assumptions and because of experience effects. Overall, the increase of the discount rate resulted in a gain of 6.1 million euro, while the increase of the inflation rate, the salary increase rate and the 'Interest credited to accounts' (in Switzerland) led to a loss of 1.2 million euro. Experience gains of 0.2 million euro are linked to full valuations performed in Germany, France and Italy and reflect mainly the changes in population and current salary and pension increases. For the defined benefit plans, the net cost for 2022 was 0.4 million euro (2021: 0.1 million euro). (in thousands of euro) December 31 2022 December 31 2021 Current service cost 268 -27 Interest cost 143 84 Interest income on plan assets -24 -3 Administrative expenses and taxes 18 20 Pension expenses 405 74 The change in net liability recognized during 2022 and 2021 is set out in the table below: (in thousands of euro) December 31 2022 December 31 2021 Net defined benefit liability (asset) at the beginning of year 14,090 16,198 Defined benefit cost included in P&L 405 74 Employer contribution or benefits paid by employer -771 -615 Total remeasurements included in OCI -4,622 -1,689 Effect of changes in foreign exchange rates 99 122 Net defined benefit liability (asset) as of end of year 9,201 14,090 The changes in defined benefit obligations and plan assets can be summarized as follows: (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation at end of prior year 20,675 21,815 Current service costs 268 -27 Interest expense 143 84 Benefits paid -1,524 -110 Participants' contribution 191 178 Effect of changes in demographic assumptions 2 -492 Effect of changes in financial assumptions -4,854 -618 Effect of experience adjustments 170 -563 Effect of changes in foreign exchange rates 410 408 Defined benefit obligation at end of year 15,481 20,675 (in thousands of euro) December 31 2022 December 31 2021 Fair value of plan assets at end of prior year 6,585 5,617 Contributions 962 793 Return on plan assets -60 14 Interest income on plan assets 24 3 Benefits paid -1,524 -110 Administrative expenses -18 -20 Effect of changes in foreign exchange rates 311 288 Fair value of plan assets at end of year 6,280 6,585 (in thousands of euro) December 31 2022 December 31 2021 Defined benefit obligation 15,481 20,675 Fair value of plan assets 6,280 6,585 Net defined benefit liability (asset) 9,201 14,090 The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2022 2021 2022 2021 2022 2021 Switzerland 2.10% 0.35% 1.25% 1.00% 1.75% 1.50% France 3.75% 0.86% N/A N/A 3.00% 2.00% Germany 3.67% 1.01% 2.25% 1.75% 3.00% 3.00% Italy 3.70% 0.90% 2.66% 2.00% N/A N/A Discount rates increased significantly over 2022, as a result of increasing yields on international bonds. This trend is observed for both the Eurozone and Switzerland. With regard to the inflation rate in the Eurozone, we calculated with a price inflation of 2.25% for Germany and 2.66% for Italy (respectively 1.75% and 2.00% used last year) applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the benefit. The expected salary increase rates have increased in Switzerland and France, following last year's developments. Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below: - Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to ensure this is appropriate in respect of the lifetime of the plan. - Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. The rate used to discount post-employment benefit obligations is determined by reference to market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83. A decrease in corporate bond yields will increase the plans\u2019 liabilities. For funded schemes, this will be partially offset by an increase in the fair value of the plan\u2019s assets. The sensitivity of the defined benefit obligation to changes in the assumptions is: (in thousands of euro) Change in assumption Impact on DBO Discount rate -25bp 548 +25bp -502 Weighted avg duration (in years) -25bp 14 +25bp 14 The above sensitivity analyzes are based on a change in assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. The percentage of plan assets by asset allocation is as follows: - Equity securities: 4.83% - Debt securities: 52.36% - Real estate: 22.75% - Other: 20.06% The contributions expected to be paid to the plan and to direct payments during the annual period beginning after the reporting period is estimated at 1.0 million euro. There is one pension plan in place in Belgium that is legally structured as a defined contributions plan. The cost of this plan for JENSEN-GROUP NV amounted to 0.07 million euro for accounting year 2022 (2021: 0.06 million euro). Because of the Belgian legislation applicable to 2nd pillar pension plans (so-called \"Vandenbroucke Law\"), all Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 1.75% annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016. Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods). These plans should therefore be classified and accounted for as Defined Benefit plans under IAS 19. In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined Benefit accounting for these plans. We asked an external party to estimate the potential additional liabilities and they concluded that no potential additional liabilities exist as at December 31, 2022. Note 11: Provisions for other liabilities and charges (in thousands of euro) December 31 2022 December 31 2021 Provisons for warranties 7,786 7,423 Provisions for take-back obligations 873 893 Other provisions 1,060 4,490 Provisions for other liabilities and charges 9,719 12,806 Changes in provisions can be analyzed as follows: (in thousands of euro) December 31 2021 Additions Reversals (Utilizations) Translation Differences December 31 2022 Provisions for warranties 7,423 5,364 -4,979 -22 7,785 Provisions for take-back obligations 893 82 -102 0 873 Other provisions 4,490 308 -3,736 -2 1,060 Total provisions 12,806 5,754 -8,817 -25 9,719 Warranties A provision is recorded for expected warranty claims on products sold during the year. Assumptions used to calculate the provision for warranty claims are based on current sales levels and current information on warranty calls under the standard warranty period (up to 18 months) for the main products. The warranty provision at the end of 2022 is slightly higher than the provision at the end of 2021 because of higher activities in 2022. Take-back obligations A provision for take-back obligations is recorded when JENSEN-GROUP sells equipment to a customer for which the customer wants to enter into a leasing contract with a leasing company. In some cases, the leasing company requires a take-back clause. In case of customer default, the leasing company can request JENSEN-GROUP to take back the machine. This creates exposure for the Company in terms of having to take back machinery over the lifetime of the financing contract. Other provisions The other provisions are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims to significantly impact the Group\u2019s financial position or profitability. In 2021, additional provisions were set up for restructuring and closing of activities. These provisions were utilized in 2022. ",
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"pp-value-2613-3": {
"value": "Other provisions The other provisions are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims to significantly impact the Group\u2019s financial position or profitability. In 2021, additional provisions were set up for restructuring and closing of activities. These provisions were utilized in 2022. Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: (in thousands of euro) December 31 2022 December 31 2021 Letters of intent 13,727 13,725 Bank guarantees 16,597 13,750 Mortgages 6,029 6,369 Repurchase commitments 8,730 8,930 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability. ",
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"pp-value-2618-4": {
"value": "Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. ",
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"pp-value-2618-5": {
"value": "Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Interest rate risk The Company uses derivative financial instruments to reduce exposure to adverse fluctuations in interest rates. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. All financing within the JENSEN-GROUP is centralized in the treasury department. This makes it easier for the JENSEN-GROUP to respect its policy of hedging using IRS. In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the periods in which they roll over. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. 2022 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% - 3,44% 5,584 3,084 0 0 2,500 0 CNY 3,94% - 4,8% 8,143 2,426 163 489 5,065 0 Total floating 13,727 5,510 163 489 7,565 0 FIXED RATE EUR 1.22% - 2.0% 29,134 0 513 11,543 15,695 1,384 1DKK0.44% -1.5% 6,036 27 54 245 1,356 4,354 Total Fixed 35,170 27 567 11,787 17,051 5,738 FACTORING EUR 3,655 76 151 682 2,746 0 Total 52,551 5,612 881 12,958 27,362 5,738 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2021 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% 4,953 2,453 0 0 2,500 0 CNY 4,26%-5,72% 8,772 2,482 110 329 5,852 0 Total floating 13,725 4,935 110 329 8,352 0 FIXED RATE EUR 1,22% - 1,5% 30,535 0 500 1,501 27,505 1,029 1DKK0,44% -1,5% 6,362 30 60 268 1,404 4,601 Total Fixed 36,897 30 559 1,769 28,909 5,630 FACTORING EUR 4,084 110 221 994 2,758 0 Total 54,706 5,075 890 3,092 40,019 5,630 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. The following table sets out the conditions of the interest rate swaps: 2022 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 The interest rate swaps are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.3 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. 2021 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 15,882,483 0.44% 30-12-2039 12 TOTAL in EUR 2,135,776 12 The interest rate swaps were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.009 million euro after taxes were deferred in equity. No ineffectiveness was recorded. As disclosed in the above table, 13.7 million euro of the Company\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 2.0 million EUR loan that is covered by an interest rate swap. The Company estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: (in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2022 EUR 5,584 1.15% - 3,44% 0% - 5.73% CNY 8,143 3,94% - 4,8% 3.08% - 5.66% Total in EUR 13,727 Applying the reasonably possible increase/decrease in the market interest rate mentioned above to our floating rate debt at December 31, 2022, with all other variables held constant, 2022 profit would have been 0.5 million euro lower/higher. ",
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"pp-value-2618-6": {
"value": "Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Interest rate risk The Company uses derivative financial instruments to reduce exposure to adverse fluctuations in interest rates. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. All financing within the JENSEN-GROUP is centralized in the treasury department. This makes it easier for the JENSEN-GROUP to respect its policy of hedging using IRS. In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the periods in which they roll over. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. 2022 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% - 3,44% 5,584 3,084 0 0 2,500 0 CNY 3,94% - 4,8% 8,143 2,426 163 489 5,065 0 Total floating 13,727 5,510 163 489 7,565 0 FIXED RATE EUR 1.22% - 2.0% 29,134 0 513 11,543 15,695 1,384 1DKK0.44% -1.5% 6,036 27 54 245 1,356 4,354 Total Fixed 35,170 27 567 11,787 17,051 5,738 FACTORING EUR 3,655 76 151 682 2,746 0 Total 52,551 5,612 881 12,958 27,362 5,738 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2021 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% 4,953 2,453 0 0 2,500 0 CNY 4,26%-5,72% 8,772 2,482 110 329 5,852 0 Total floating 13,725 4,935 110 329 8,352 0 FIXED RATE EUR 1,22% - 1,5% 30,535 0 500 1,501 27,505 1,029 1DKK0,44% -1,5% 6,362 30 60 268 1,404 4,601 Total Fixed 36,897 30 559 1,769 28,909 5,630 FACTORING EUR 4,084 110 221 994 2,758 0 Total 54,706 5,075 890 3,092 40,019 5,630 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. The following table sets out the conditions of the interest rate swaps: 2022 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 The interest rate swaps are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.3 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. 2021 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 15,882,483 0.44% 30-12-2039 12 TOTAL in EUR 2,135,776 12 The interest rate swaps were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.009 million euro after taxes were deferred in equity. No ineffectiveness was recorded. As disclosed in the above table, 13.7 million euro of the Company\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 2.0 million EUR loan that is covered by an interest rate swap. The Company estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: (in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2022 EUR 5,584 1.15% - 3,44% 0% - 5.73% CNY 8,143 3,94% - 4,8% 3.08% - 5.66% Total in EUR 13,727 Applying the reasonably possible increase/decrease in the market interest rate mentioned above to our floating rate debt at December 31, 2022, with all other variables held constant, 2022 profit would have been 0.5 million euro lower/higher. ",
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"value": "Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. ",
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"value": "Note 12: Trade and other payables (in thousands of euro) December 31 2022 December 31 2021 Trade payables 22,261 20,080 Contract liabilities 35,672 35,283 Remuneration and social security 11,964 13,115 Other amounts payable 2,918 2,408 Accrued expenses and deferred income 9,466 9,266 Derivative financial instruments 34 269 Total trade and other payables 82,315 80,421 Because of higher activities in 2022 compared to the previous year, the trade payables and contract liabilities increased. ",
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},
"pp-value-2647-3": {
"value": "Note 13: Depreciation, amortization, write-downs of assets, impairments (in thousands of euro) December 31 2022 December 31 2021 Depreciation, amortization 6,405 6,778 Write down on trade receivables 327 -475 Write down on contract assets 0 948 Write down on inventory 397 621 Change in provisions 26 -339 Total depreciation, amortization, write downs of assets 7,155 7,533 During 2022, impairments on trade receivables were reversed as payments from customers were received. We also refer to note 20, Financial Instruments - Market and other risks, for more information on the credit loss model of the Group. In 2021, a write-down on contract assets of 0.9 million euro was recognized relating to the start of the bankruptcy proceedings of a German customer. Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. Note 16: Income tax expense Income tax expenses can be analyzed as follows: (in thousands of euro) December 31 2022 December 31 2021 Current taxes -4,547 -5,231 Deferred taxes -421 -284 Total income tax expense -4,968 -5,515 Tax expenses decreased because of timing differences. For more details, we refer to the table \" reconciliation of the effective tax rate\". For the disaggregation of the deferred taxes, we refer to the table in note 5 \u2013 Deferred taxes. Relationship between tax expense and accounting profit as per December 31, 2022 and December 31, 2021: Reconciliation of effective tax rate (in thousands of euro) December 31 2022 December 31 2021 Accounting profit before taxes 21,532 19,793 Theoretical income tax expense 4,911 4,242 Theoretical tax rate 22.81% 21.43% Tax effect of disallowed expenses 11 1,068 Tax adjustments for prior year -234 0 Tax effect of tax losses 280 567 Income not subject to taxes 0 -362 Actual tax expenses 4,968 5,515 Effective tax rate 23.07% 27.86% The effective tax rate (23.07%) is in line with the theoretical tax rate of 22.81%. During 2022, three tax audits took place in three different entities. One tax audit is still ongoing. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of these audits. The theoretical tax rate is the weighted average of the theoretical tax rates of the different entities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2647-4": {
"value": "Note 13: Depreciation, amortization, write-downs of assets, impairments (in thousands of euro) December 31 2022 December 31 2021 Depreciation, amortization 6,405 6,778 Write down on trade receivables 327 -475 Write down on contract assets 0 948 Write down on inventory 397 621 Change in provisions 26 -339 Total depreciation, amortization, write downs of assets 7,155 7,533 During 2022, impairments on trade receivables were reversed as payments from customers were received. We also refer to note 20, Financial Instruments - Market and other risks, for more information on the credit loss model of the Group. In 2021, a write-down on contract assets of 0.9 million euro was recognized relating to the start of the bankruptcy proceedings of a German customer. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2678-5": {
"value": "Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2678-6": {
"value": "Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2678-7": {
"value": "Note 14: Other operating result (in thousands of euro) December 31 2022 December 31 2021 Other Income / ( Expense) 2,447 950 In 2022, the other operating result mainly includes positive effects relating to the closing of activities of 0,6 million euro, reversal of provisions relating to a claim, sales commissions received and some minor government support amounts relating to Covid-19. In 2021, the other operating result mainly included: - JENSEN USA received a Promissory Note from the state of Florida amounting to 1.9 million USD in May 2020. On March 17, 2021, forgiveness was granted, and the amount was recorded as other income. - Other support from the authorities, mostly related to payroll compensation in several countries (2.1 million euro in 2021) - One-off restructuring costs of 3.6 million euro, especially related to the reduction of workforce and closing of activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-5": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-6": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-7": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-8": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-9": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2699-10": {
"value": "Note 15: Financial income and financial charges (in thousands of euro) December 31 2022 December 31 2021 Financial income 3,445 1,763 Interest income 891 513 Other financial income 50 78 Currency gains 2,505 1,172 Financial cost -5,310 -3,840 Interest charges -1,983 -1,787 Other financial charges -785 -884 Currency losses -2,541 -1,169 Total net finance cost -1,865 -2,076 The interest income especially relates to the income from the cash pool. The revaluation of balance sheet positions and hedging contracts at closing rate results in a currency gain or loss. Depending on the nature of the currency result, it is recorded in operating or financial result. The other financial charges relate especially to bank charges and to financial discounts granted to customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2799-2": {
"value": "Note 17: Earnings per share Basic earnings per share are calculated by dividing the Group share in the profit for the year of 16.3 million euro (14.6 million euro in 2021) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2022 and 2021. December 31 2022 December 31 2021 Basic earnings per share (in euro) 2.10 1.86 Weighted avg shares outstanding 7,786,615 7,818,999 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2799-3": {
"value": "Note 17: Earnings per share Basic earnings per share are calculated by dividing the Group share in the profit for the year of 16.3 million euro (14.6 million euro in 2021) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2022 and 2021. December 31 2022 December 31 2021 Basic earnings per share (in euro) 2.10 1.86 Weighted avg shares outstanding 7,786,615 7,818,999 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2815-3": {
"value": "Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: (in thousands of euro) December 31 2022 December 31 2021 Cash and cash equivalent 35,427 65,618 Overdraft -5,514 -4,936 Net cash and cash equivalents 29,913 60,682 The decrease in net cash is mainly caused by higher working capital, negatively affected by the industry-wide increase in material prices as well as higher work-in-progress due to components scarcity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2815-4": {
"value": "Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: (in thousands of euro) December 31 2022 December 31 2021 Cash and cash equivalent 35,427 65,618 Overdraft -5,514 -4,936 Net cash and cash equivalents 29,913 60,682 The decrease in net cash is mainly caused by higher working capital, negatively affected by the industry-wide increase in material prices as well as higher work-in-progress due to components scarcity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2834-3": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: (in thousands of euro) December 31 2022 December 31 2021 Letters of intent 13,727 13,725 Bank guarantees 16,597 13,750 Mortgages 6,029 6,369 Repurchase commitments 8,730 8,930 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2834-4": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: (in thousands of euro) December 31 2022 December 31 2021 Letters of intent 13,727 13,725 Bank guarantees 16,597 13,750 Mortgages 6,029 6,369 Repurchase commitments 8,730 8,930 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2834-5": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: (in thousands of euro) December 31 2022 December 31 2021 Letters of intent 13,727 13,725 Bank guarantees 16,597 13,750 Mortgages 6,029 6,369 Repurchase commitments 8,730 8,930 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2855-7": {
"value": "Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2855-8": {
"value": "Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2855-9": {
"value": "Note 20: Financial instruments \u2013 Market and other risks The table below gives an overview of the Group\u2019s financial instruments. The carrying amounts are assumed to be close to the fair value. (in thousands of euro) December 31 2022 December 31 2021 Carrying amount Fair value amount Carrying amount Fair value amount FINANCIAL ASSETS Financial assets at amortized cost 5,425 4,695 5,745 5,571 Financial assets at fair value through OCI 26,520 26,520 28,857 28,857 Other LT receivables 2,371 2,169 0 0 Trade receivables 77,831 77,831 64,977 64,977 Derivative financial instruments - FX contracts 499 499 12 12 Cash and cash equivalent 35,427 35,427 65,618 65,618 Total 148,073 147,140 165,209 165,036 FINANCIAL LIABILITIES Financial debts 48,897 47,926 50,621 50,674 Financial debts - factoring 3,655 3,655 4,084 4,084 Trade payables 22,261 22,261 20,080 20,080 Derrivative financial instruments - FX contracts 452 452 269 269 Derrivative financial instruments -IRS -418 -418 -12 -12 Total 74,846 73,876 75,042 75,095 The following methods and assumptions were used to estimate the fair values: - Financial assets at amortized cost: in order to reduce the risk on cash, the Group decided to invest part of its cash into financial assets. Part of the cash is invested in bonds. These are classified as financial assets at amortized cost as the asset is held within a business model whose objective is to collect the contractual cash flow and the contractual terms give rise to cash flows that are solely payments of principal and interest. - Another part of the cash is invested in bonds that are classified as financial assets at fair value through OCI. These bonds are not held for trading and the Group has irrevocably elected at initial recognition to recognize in this category. The Group considers this classification to be more relevant. - Long term receivables relate to financing of customers. The fair value of the long-term receivables Is estimated by discounting future cash flows using the effective interest rates currently available for receivables having similar terms, credit risk and remaining maturities. - Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts due to the short-term maturities of these instruments. - Trade receivables are evaluated by the Group based on parameters such as interest rates, specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the financed project. Based on this evaluation, allowances are made to account for expected losses on these receivables. As at December 31, 2022, we believe the carrying amounts of such receivables, net of allowances, are not to be materially different from their calculated fair value. - The fair value of the financial debts is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities. - The Group enters into derivative financial transactions with financial institutions. Derivatives valued using valuation techniques with market observable input are mainly interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. Exposure to foreign currency, interest rate and credit risk arises in the normal course of the JENSEN-GROUP business. The Company analyzes each of these risks individually and defines strategies to manage the economic impact on the JENSEN-GROUP\u2019s performance in line with its internal policies. Derivative financial instruments are valued by an independent financial institution, based on the interest and currency rates on the liquid markets. The financial instruments are measured at fair value in the level 2 category. Reconciliation of assets and liabilities (in thousands of euro) December 31 2022 December 31 2021 Assets: derivative financial instruments 917 12 LT liabilities: derivative financial instruments 0 12 ST liabilities: derivative financial instruments -34 -269 Total 883 -245 Fair value forex contracts 465 -257 Fair value interest rate swaps 418 12 Total 883 -245 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3026-6": {
"value": "Foreign currency risk JENSEN-GROUP incurs currency risks on borrowings, investments, (forecasted) sales, (forecasted) purchases whenever they are denominated in a currency other than the functional currency of the subsidiary. The currencies giving rise to risk are primarily the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar and New Zealand Dollar. The main derivative financial instruments used to manage foreign currency risk are forward exchange contracts. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. With respect to currencies, JENSEN-GROUP adopts the policy of: - Having hedges on all firm commitments in foreign currencies on a rolling 12 months basis; - All deviations from the policy need to be approved by the Audit and Risk Committee. As such these hedges are considered as cash flow hedges. They are contracted as a matter of procedure regardless of any expectations regarding foreign currency developments. The objective is to lock in the margin at the time of signing a project contract with a customer. All foreign exchange contracts are centralized within the JENSEN-GROUP treasury department and are contracted purely based on the input of the different subsidiaries. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (note 8 \u2013 Equity). The table below provides an indication of the company\u2019s net foreign currency positions per December 31, 2022 and December 31, 2021 for firm commitments and forecasted transactions. Negative exposure means that we will sell foreign currency, buy euro. Positive exposure means that we will buy foreign currency, sell euro. The open positions are the result of the application of JENSEN-GROUP risk management policy. 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD - 2,500 2,500 EUR/GBP - 1,103 1,508 405 EUR/AUD - 8,965 9,145 180 EUR/SEK 3,404 -2,004 1,400 EUR/NZD - 1,424 1,248 -176 2021 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -2,376 2,500 124 EUR/GBP -2,314 1,459 -855 EUR/AUD -4,494 6,521 2,027 EUR/SEK 5,952 -3,509 2,443 EUR/CHF 1,599 -2,014 -415 Production is generated: - in European subsidiaries, which conduct their activities in euro, Danish Krone and in Swedish Krona; - in the USA, where activities are conducted in USD; and - in China, where activities are conducted in CNY. The table below gives an overview of the sensitivity analysis for 2022: (in thousands of euro) Change in currency Impact net 1profitImpact on equity USD -15.43% -1,969 -4,787 15.43% 2,017 4,066 GBP -4.74% -225 -197 4.74% 188 216 AUD -8.76% -605 -317 8.76% 629 378 NZD -8.27% -71 -29 8.27% 65 34 CAD -10.28% 29 0 10.28% -28 0 CNY -7.76% 390 -390 7.76% -311 456 SEK -6.48% 480 -378 6.48% -442 430 CHF -8.52% 99 -832 8.52% -109 988 DKK -0.08% 13 -650 0.08% -13 110 SGD -9.19% -223 9.19% 268 JPY -11.62% -18 11.62% 23 BRL -22.07% -29 22.07% 46 AED -14.47% -26 14.47% 35 NOK -8.62% -18 -45 8.62% 27 53 1: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days at December 31, 2022 and using a 95% confidence interval. These calculations are a purely theoretical calculation and do not take into account the gain or loss of sales resulting from the increased relative weakness or strength of currencies. At December 31, 2022, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,316,869 0.87 3-2-2023 19 EUR/AUD 14,194,800 1.55 12-5-2023 276 EUR/USD 2,500,055 1.00 20-1-2023 164 DKK/SEK 11,247,823 1.43 30-12-2024 43 EUR/NZD 2,108,544 1.69 23-2-2023 -6 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/SEK 21,935,603 10.94 2-2-2023 -28 All of these foreign exchange contracts are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.2 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. At December 31, 2021, the Group held the following foreign exchange contracts. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. Curr Sell Avg exchange rate Maturity Fair value (in thousands of euro) EUR/GBP 1,248,742 0.86 31-1-2022 -27 EUR/AUD 10,389,080 1.59 18-5-2022 -96 EUR/USD 2,840,486 1.14 3-2-2022 -3 DKK/SEK 18,069,997 1.42 30-12-2024 -66 Curr Buy Avg exchange rate Maturity Fair value (in thousands of euro) EUR/CHF 2,100,000 1.04 28-1-2022 12 EUR/SEK 35,344,322 10.07 31-1-2022 -76 All of these foreign exchange contracts were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.08 million euro after taxes were deferred in equity. No ineffectiveness was recorded. Interest rate risk The Company uses derivative financial instruments to reduce exposure to adverse fluctuations in interest rates. It is the Company\u2019s policy not to hold derivative instruments for speculative or trading purposes. All financing within the JENSEN-GROUP is centralized in the treasury department. This makes it easier for the JENSEN-GROUP to respect its policy of hedging using IRS. In respect of interest-bearing financial liabilities, the table below indicates their effective interest rates at balance sheet date as well as the periods in which they roll over. Balances due within 12 months equal their carrying balances as the impact of the discount is not significant. 2022 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% - 3,44% 5,584 3,084 0 0 2,500 0 CNY 3,94% - 4,8% 8,143 2,426 163 489 5,065 0 Total floating 13,727 5,510 163 489 7,565 0 FIXED RATE EUR 1.22% - 2.0% 29,134 0 513 11,543 15,695 1,384 1DKK0.44% -1.5% 6,036 27 54 245 1,356 4,354 Total Fixed 35,170 27 567 11,787 17,051 5,738 FACTORING EUR 3,655 76 151 682 2,746 0 Total 52,551 5,612 881 12,958 27,362 5,738 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2021 (in thousands of euro) Effective interest rate Carrying amount < 1 month > 1 month < 3 months > 3 months < 12 months 1-5 years > 5 years FLOATING RATE EUR 1.15% 4,953 2,453 0 0 2,500 0 CNY 4,26%-5,72% 8,772 2,482 110 329 5,852 0 Total floating 13,725 4,935 110 329 8,352 0 FIXED RATE EUR 1,22% - 1,5% 30,535 0 500 1,501 27,505 1,029 1DKK0,44% -1,5% 6,362 30 60 268 1,404 4,601 Total Fixed 36,897 30 559 1,769 28,909 5,630 FACTORING EUR 4,084 110 221 994 2,758 0 Total 54,706 5,075 890 3,092 40,019 5,630 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. The following table sets out the conditions of the interest rate swaps: 2022 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 The interest rate swaps are designated and effective as cash flow hedges. The changes in fair value during 2022 amounting to 0.3 million euro after taxes have been deferred in equity. No ineffectiveness has been recorded. 2021 Curr SWAP amount Fixed interest Maturity Fair value (in thousands of euro) DKK 15,882,483 0.44% 30-12-2039 12 TOTAL in EUR 2,135,776 12 The interest rate swaps were designated and effective as cash flow hedges. The changes in fair value during 2021 amounting to 0.009 million euro after taxes were deferred in equity. No ineffectiveness was recorded. As disclosed in the above table, 13.7 million euro of the Company\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 2.0 million EUR loan that is covered by an interest rate swap. The Company estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: (in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2022 EUR 5,584 1.15% - 3,44% 0% - 5.73% CNY 8,143 3,94% - 4,8% 3.08% - 5.66% Total in EUR 13,727 Applying the reasonably possible increase/decrease in the market interest rate mentioned above to our floating rate debt at December 31, 2022, with all other variables held constant, 2022 profit would have been 0.5 million euro lower/higher. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3688-4": {
"value": "Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As part of the credit risk policy historical data about trade receivables overdue is used. As explained in the valuation policies additional forward-looking information is used. Under the Group\u2019s credit policy, project customers are required to either provide an advance payment or to provide a guarantee (ex. L/C, bank guarantees). We examine the creditworthiness of each new customer and of existing customers that start buying higher amounts. The consolidated ageing schedule of the trade receivables is as follows: 2022 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 56,759 7,995 2,135 1,787 6,712 75,388 Collateral held as security 0 Net exposure 56,759 7,995 2,135 1,787 6,712 75,388 Provisions accounted for -2,506 Total 72,882 2021 (in thousands of euro) Current < 60 days > 60 days < 90 days overdue > 90 days < 120 days overdue > 120 days overdue Total Outstanding trade receivables 41,271 13,648 2,446 2,045 4,781 64,191 Collateral held as security -792 -792 Net exposure 40,479 13,648 2,446 2,045 4,781 63,399 Provisions accounted for -2,965 Total 60,434 Balances due within 12 months equal their carrying balances as the impact of the discounting is not significant. Trade debtors and other amounts receivable are shown on the balance sheet at amortized cost (in general, the original amount invoiced) less an amount for expected credit losses. Given the nature of our activities, being project business, and seen the significant concentration of the accounts receivable/contract assets relating to individually significant projects within the Group, allowances that cover both incurred and future expected losses are calculated on an individual basis, however taking into account aggregated data about the past experience with similar clients. In applying IFRS 9, the JENSEN-GROUP makes significant judgements in determining the realizable value in respect to trade receivables. The JENSEN-GROUP applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the lifetime expected credit losses, the JENSEN-GROUP takes into account the assessment of the probability of default and the exposure at default (including estimated coverage by credit insurance and other forms of collateral). The historical credit loss experience of individual customers is reviewed on a regular basis and adjusted if necessary to reflect the differences in the current and expected economic conditions versus the historical conditions. In addition to the ECL (expected credit loss) provisions based on historical experience and future expectation, the Group recognizes individually managed exposures on a case-by-case basis, to the extent not covered by the ECL model. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) December 31 2022 Impairment Doubtful Debtors - Opening balance 2,965 Additions 551 Reversals -1,026 Exchange difference 17 Impairment Doubtful Debtors - Closing balance 2,506 During 2022, impairments on trade receivables were reversed as payments from customers were received. There are no customers with a concentration of more than 10% of the total outstanding receivables. The bank credit ratings (S&P) as per December 31, 2022 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3819-5": {
"value": "In applying IFRS 9, the JENSEN-GROUP makes significant judgements in determining the realizable value in respect to trade receivables. The JENSEN-GROUP applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the lifetime expected credit losses, the JENSEN-GROUP takes into account the assessment of the probability of default and the exposure at default (including estimated coverage by credit insurance and other forms of collateral). The historical credit loss experience of individual customers is reviewed on a regular basis and adjusted if necessary to reflect the differences in the current and expected economic conditions versus the historical conditions. In addition to the ECL (expected credit loss) provisions based on historical experience and future expectation, the Group recognizes individually managed exposures on a case-by-case basis, to the extent not covered by the ECL model. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) December 31 2022 Impairment Doubtful Debtors - Opening balance 2,965 Additions 551 Reversals -1,026 Exchange difference 17 Impairment Doubtful Debtors - Closing balance 2,506 During 2022, impairments on trade receivables were reversed as payments from customers were received. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3856-2": {
"value": "Note 21: Assets held for sale The assets held for sale amounting to 0.5 million euro relate to the former Cissell building in Kentucky (former CLD activities). The costs related to the building (0.1 million euro) are presented as result from assets held for sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3856-3": {
"value": "Note 21: Assets held for sale The assets held for sale amounting to 0.5 million euro relate to the former Cissell building in Kentucky (former CLD activities). The costs related to the building (0.1 million euro) are presented as result from assets held for sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3870-3": {
"value": "Key management compensation can be summarized as follows: In thousands of euro December 31 2022 December 31 2021 Fees paid to Board members 297 322 Gross salaries paid to senior managers 2,415 1,634 For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3887-3": {
"value": "Companies accounted for using the equity method On January 29, 2016 JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%. As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Companies accounted for using the equity method 5,573 4,829 The JENSEN-GROUP applies IAS29 for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2022, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2021 is 1,022.25 \u25aa PPI as per 31.12.2022 is 2,021.19 The impact of the first-time application of IAS 29 (Financial Reporting in Hyperinflationary Economies) for the financial year ended December 31, 2022 was: \u25aa Income statement \u2013 Share of associates accounted for using equity method: loss of 0.4 million euro \u25aa Balance sheet \u2013 Companies accounted for under equity method (participations): loss of 0.05 million euro. Last year\u2019s figures have not been restated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3887-4": {
"value": "Companies accounted for using the equity method On January 29, 2016 JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%. As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Companies accounted for using the equity method 5,573 4,829 The JENSEN-GROUP applies IAS29 for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2022, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2021 is 1,022.25 \u25aa PPI as per 31.12.2022 is 2,021.19 The impact of the first-time application of IAS 29 (Financial Reporting in Hyperinflationary Economies) for the financial year ended December 31, 2022 was: \u25aa Income statement \u2013 Share of associates accounted for using equity method: loss of 0.4 million euro \u25aa Balance sheet \u2013 Companies accounted for under equity method (participations): loss of 0.05 million euro. Last year\u2019s figures have not been restated. Non-controlling interests In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as \u201cincome attributable to non-controlling interest\u201d. On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Result attributable to non-controlling interest 100 -362 Equity part of NCI 1,743 1,651 For the legal structure, we refer to note 26. Note 23: Acquisitions On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. Inwatec ApS is a Danish company, part of Europe\u2019s robotic hub Odense Robotics, manufacturing modern high-end solutions for industrial laundries. Inwatec's core competence lies in the field of software and mechanical development for laundry automation and robotics. The initial shareholding of 30% acquired in 2018 is re-valued at fair value based on a discounted free cash flow valuation of Inwatec ApS as per March 26, 2021. This revaluation results in an increase of 0.6 million euro. The amount is recognized in comprehensive income, other income in 2021. In addition, the non-controlling interest was revalued at fair value and amounted to 3.6 million euro. The goodwill resulting from this transaction is attributable to the highly developed products, the innovation potential and the future developments. There were no acquisitions in 2022. Note 26: Legal structure Note 27: Consolidation scope as at December 31, 2022 Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 9230 Wetteren Parent Company TOLON Europe BV Neerhonderd 33 9230 Wetteren 49% Australia JENSEN Laundry Systems Australia PTY Ltd. Unit 16, 38-46 South Street Rydalmere NSW 2116 100% Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 2324 Schwechat-Rannersdorf 100% JENSEN \u00d6STERREICH GmbH Reinhartsdorfgasse 9 A-2324 Schwechat-Rannersdorf 100% Brazil JENSEN-GROUP BRASIL COMERCIO E SERVICOS DE EQUIPAMENTOS DE LAVANDERIA LTDA Rua Aparecida Jos\u00e9 Nunes de Campos 19 CEP 18087-089, Jardim do Pa\u00e7o, Sorocaba-SP 100% China JENSEN Industrial Laundry Technology (Xuzhou) Co., Ltd Phoenix Avenue, Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China 100% Denmark JENSEN Industrial Group A/S Industrivej 2 3700 R\u00f8nne 100% JENSEN Denmark A/S Industrivej 2 3700 R\u00f8nne 100% Inwatec ApS Hvidk\u00e6rvej 30 5250 Odense SV 70% France JENSEN France SAS 2 \u201cVillage d\u2019entreprises\u201d ZA de la Couronne des Pr\u00e8s Avenue de la Mauldre 78680 Ep\u00f4ne 100% Germany JENSEN GmbH J\u00f6rn-Jensen-Stra\u03b2e 1 31177 Harsum 100% JENSEN Components GmbH Ludwig-Erhard-Strasse 18 30982 Pattensen 100% Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 22060 Novedrate 100% Japan JENSEN Japan Co., Ltd. 4-9-1-203 Imagawa, Urayasu-city 279-0022 Japan 100% Middle East JENSEN Industrial Laundry Systems M.E. DMCC JENSEN Industrial Laundry Systems M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai UAE 100% Norway JENSEN NORGE AS \u00d8stensj\u00f8veien 36 0667 OSLO 100% New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 15 Customs Street Auckland Central 1010 100% Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 Dadlani Industrial House Singapore 159406 100% Spain JENSEN Spain S.L. Calle Energia, 34 Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) 100% Sweden JENSEN Sweden AB F\u00f6retagsgatan 68 504 94 Bor\u00e5s 100% JENSEN Sweden Holding AB Box 363 503 12 Bor\u00e5s 100% Switzerland JENSEN AG Burgdorf Buchmattstrasse 8 3400 Burgdorf 100% JENSEN Holding AG Buchmattstrasse 8 3400 Burgdorf 100% GOTLI Holding Industriestrasse 51 6312 Steinhausen 51% GOTLI Labs AG Industriestrasse 51 6312 Steinhausen 51% Turkey TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S. A.O.S.B. 10007. Sk. No:9 \u00c7i\u011fli, \u0130zmir 49% TOLON EXPORT MAK\u0130NE T\u0130CARET A.\u015e. 10007 SOK. NO:9 AOSB \u00c7\u0130\u011eL\u0130 \u0130zmir 49% United Kingdom JENSEN UK Ltd. Unit 5, Network 11 Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS 100% US JENSEN NA Inc. Corporation Trust Center Orange Street 1209 Wilmington - Delaware 100% JENSEN USA, Inc. Aberdeen loop 99 Panama City, FL 32405 100% 831 South 1st Street, Inc. 831 South 1st Street Louisville, KY 40203 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3887-5": {
"value": "Companies accounted for using the equity method On January 29, 2016 JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkey and agreed to acquire in total an additional 19% of the shares over the coming three years. In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66% and finally in 2019 by 6.34% to 49%. As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Companies accounted for using the equity method 5,573 4,829 The JENSEN-GROUP applies IAS29 for the consolidation of its Turkish subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets and liabilities at December 31, 2022, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2021 is 1,022.25 \u25aa PPI as per 31.12.2022 is 2,021.19 The impact of the first-time application of IAS 29 (Financial Reporting in Hyperinflationary Economies) for the financial year ended December 31, 2022 was: \u25aa Income statement \u2013 Share of associates accounted for using equity method: loss of 0.4 million euro \u25aa Balance sheet \u2013 Companies accounted for under equity method (participations): loss of 0.05 million euro. Last year\u2019s figures have not been restated. On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3917-3": {
"value": "Non-controlling interests In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG. As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the income statement as \u201cincome attributable to non-controlling interest\u201d. On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by the equity method. In thousands of euro December 31 2022 December 31 2021 Result attributable to non-controlling interest 100 -362 Equity part of NCI 1,743 1,651 For the legal structure, we refer to note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3943-4": {
"value": "Note 23: Acquisitions On March 26, 2021, the JENSEN-GROUP increased its shareholding in Inwatec from 30% to 70%. Inwatec ApS is a Danish company, part of Europe\u2019s robotic hub Odense Robotics, manufacturing modern high-end solutions for industrial laundries. Inwatec's core competence lies in the field of software and mechanical development for laundry automation and robotics. The initial shareholding of 30% acquired in 2018 is re-valued at fair value based on a discounted free cash flow valuation of Inwatec ApS as per March 26, 2021. This revaluation results in an increase of 0.6 million euro. The amount is recognized in comprehensive income, other income in 2021. In addition, the non-controlling interest was revalued at fair value and amounted to 3.6 million euro. The goodwill resulting from this transaction is attributable to the highly developed products, the innovation potential and the future developments. There were no acquisitions in 2022. Note 26: Legal structure Note 27: Consolidation scope as at December 31, 2022 Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 9230 Wetteren Parent Company TOLON Europe BV Neerhonderd 33 9230 Wetteren 49% Australia JENSEN Laundry Systems Australia PTY Ltd. Unit 16, 38-46 South Street Rydalmere NSW 2116 100% Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 2324 Schwechat-Rannersdorf 100% JENSEN \u00d6STERREICH GmbH Reinhartsdorfgasse 9 A-2324 Schwechat-Rannersdorf 100% Brazil JENSEN-GROUP BRASIL COMERCIO E SERVICOS DE EQUIPAMENTOS DE LAVANDERIA LTDA Rua Aparecida Jos\u00e9 Nunes de Campos 19 CEP 18087-089, Jardim do Pa\u00e7o, Sorocaba-SP 100% China JENSEN Industrial Laundry Technology (Xuzhou) Co., Ltd Phoenix Avenue, Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China 100% Denmark JENSEN Industrial Group A/S Industrivej 2 3700 R\u00f8nne 100% JENSEN Denmark A/S Industrivej 2 3700 R\u00f8nne 100% Inwatec ApS Hvidk\u00e6rvej 30 5250 Odense SV 70% France JENSEN France SAS 2 \u201cVillage d\u2019entreprises\u201d ZA de la Couronne des Pr\u00e8s Avenue de la Mauldre 78680 Ep\u00f4ne 100% Germany JENSEN GmbH J\u00f6rn-Jensen-Stra\u03b2e 1 31177 Harsum 100% JENSEN Components GmbH Ludwig-Erhard-Strasse 18 30982 Pattensen 100% Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 22060 Novedrate 100% Japan JENSEN Japan Co., Ltd. 4-9-1-203 Imagawa, Urayasu-city 279-0022 Japan 100% Middle East JENSEN Industrial Laundry Systems M.E. DMCC JENSEN Industrial Laundry Systems M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai UAE 100% Norway JENSEN NORGE AS \u00d8stensj\u00f8veien 36 0667 OSLO 100% New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 15 Customs Street Auckland Central 1010 100% Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 Dadlani Industrial House Singapore 159406 100% Spain JENSEN Spain S.L. Calle Energia, 34 Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) 100% Sweden JENSEN Sweden AB F\u00f6retagsgatan 68 504 94 Bor\u00e5s 100% JENSEN Sweden Holding AB Box 363 503 12 Bor\u00e5s 100% Switzerland JENSEN AG Burgdorf Buchmattstrasse 8 3400 Burgdorf 100% JENSEN Holding AG Buchmattstrasse 8 3400 Burgdorf 100% GOTLI Holding Industriestrasse 51 6312 Steinhausen 51% GOTLI Labs AG Industriestrasse 51 6312 Steinhausen 51% Turkey TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S. A.O.S.B. 10007. Sk. No:9 \u00c7i\u011fli, \u0130zmir 49% TOLON EXPORT MAK\u0130NE T\u0130CARET A.\u015e. 10007 SOK. NO:9 AOSB \u00c7\u0130\u011eL\u0130 \u0130zmir 49% United Kingdom JENSEN UK Ltd. Unit 5, Network 11 Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS 100% US JENSEN NA Inc. Corporation Trust Center Orange Street 1209 Wilmington - Delaware 100% JENSEN USA, Inc. Aberdeen loop 99 Panama City, FL 32405 100% 831 South 1st Street, Inc. 831 South 1st Street Louisville, KY 40203 100% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3957-2": {
"value": "Note 24: Non-audit fees The statutory Auditor is PwC Bedrijfsrevisoren bv, represented by Mr. Filip Lozie. The Statutory Auditor and its network received worldwide fees of 494,500 euro (excl. VAT) for auditing the statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP. Apart from its mandate, the Statutory Auditor and its network received during 2022 additional fees of 291,539 euro (excl. VAT) for non-prohibited services, of which 40,780 euro was invoiced to JENSEN-GROUP NV. The JENSEN-GROUP has appointed a single audit firm for the audit of the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}