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"s6_notes__6__16-1": {
"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 22 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,830 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 7, 2024. These consolidated financial statements are for the 12 months ended December 31, 2023 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, 2023 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 2023 and 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 but immediate application permitted). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). - Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules (effective 1 January 2023). The following new standard and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by the European Union: - Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 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), - Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024). - Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025). 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). None of these IFRS standards have a material impact on the Group's financials. The main accounting policies defined by the Group are as follows: 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 & key judgements 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. There are no major sources of estimation uncertainty at the Group. 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 contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations and note 11 \u2013 Provision for other liabilities and charges. There are no key judgements in the preparation of the financial statements. 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 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 RecognitionProjectsThe JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: - Step 1. Identifying the customer contractsA 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 ordinaryactivities in exchange for consideration;- Contract: an agreement between two or more parties that creates enforceable rights and obligations.o Contracts shall be combined when they are entered into at or near the same time and arenegotiated as a package, payment of one depends on the other, or goods/services promisedare a single performance obligation.o A contract modification or change order is accounted for as a separate contract or as acontinuation of the original contract prospectively or with cumulative catch-up, depending onfacts and circumstances.- Step 2. Identifying performance obligationsPerformance 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. The Group has identified one performance obligation within its contracts: the installation of an operational or a commissioned 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. - Step 3. Determining the transaction priceThe transaction price in a contract reflects the amount of consideration to which the Group 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 Group 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 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. There are no important variable considerations for projects. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Other - Royalties and rentals are recognized as income when it is probable that the economic benefits associatedwith the transaction can be sufficiently measured and will flow to the Group. The income is recognized on anaccrual 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 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 - 5yLeases 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.22). 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 based on 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 based on 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 Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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 Group 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, 2022. In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye 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. Changes in scope during 2023 On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV. As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__15-1": {
"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 22 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,830 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 7, 2024. These consolidated financial statements are for the 12 months ended December 31, 2023 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, 2023 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 2023 and 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 but immediate application permitted). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). - Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules (effective 1 January 2023). The following new standard and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by the European Union: - Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 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), - Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024). - Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025). 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). None of these IFRS standards have a material impact on the Group's financials. The main accounting policies defined by the Group are as follows: 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 & key judgements 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. There are no major sources of estimation uncertainty at the Group. 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 contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations and note 11 \u2013 Provision for other liabilities and charges. There are no key judgements in the preparation of the financial statements. 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 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 RecognitionProjectsThe JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: - Step 1. Identifying the customer contractsA 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 ordinaryactivities in exchange for consideration;- Contract: an agreement between two or more parties that creates enforceable rights and obligations.o Contracts shall be combined when they are entered into at or near the same time and arenegotiated as a package, payment of one depends on the other, or goods/services promisedare a single performance obligation.o A contract modification or change order is accounted for as a separate contract or as acontinuation of the original contract prospectively or with cumulative catch-up, depending onfacts and circumstances.- Step 2. Identifying performance obligationsPerformance 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. The Group has identified one performance obligation within its contracts: the installation of an operational or a commissioned 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. - Step 3. Determining the transaction priceThe transaction price in a contract reflects the amount of consideration to which the Group 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 Group 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 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. There are no important variable considerations for projects. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Other - Royalties and rentals are recognized as income when it is probable that the economic benefits associatedwith the transaction can be sufficiently measured and will flow to the Group. The income is recognized on anaccrual 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 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 - 5yLeases 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.22). 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 based on 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 based on 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 Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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 Group 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, 2022. In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye 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. Changes in scope during 2023 On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV. As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023.",
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"s6_notes__6__11": {
"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 22 countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 1,830 people.",
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"value": "JENSEN-GROUP",
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"value": "Worldwide, the JENSEN-GROUP employs 1,830 people.the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022.",
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},
"s6_notes__6__17-1": {
"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, 2023 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, 2023 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. Changes in scope during 2023 On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV. As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__12": {
"value": "JENSEN-GROUP NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__7": {
"value": "NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__8": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__6": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__9": {
"value": "Neerhonderd 33, 9230 Wetteren, Belgium",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__10": {
"value": "Wetteren",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__19-1": {
"value": "The Board of Directors approved the present consolidated financial statements for issue on March 7, 2024.Note 25: Events after the Balance Sheet date There are no significant after balance sheet events.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__18": {
"value": "The Board of Directors approved the present consolidated financial statements for issue on March 7, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__21": {
"value": "These consolidated financial statements are for the 12 months ended December 31, 2023 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, 2023 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 2023 and 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 but immediate application permitted). - Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (effective 1 January 2023). - Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules (effective 1 January 2023). The following new standard and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by the European Union: - Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The following amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2023 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), - Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024). - Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025). 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). None of these IFRS standards have a material impact on the Group's financials.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__14": {
"value": "These consolidated financial statements are for the 12 months ended December 31, 2023 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, 2023 and which have been adopted by the European Union.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__24-1": {
"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 & key judgements 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. There are no major sources of estimation uncertainty at the Group. 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 contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations and note 11 \u2013 Provision for other liabilities and charges. There are no key judgements in the preparation of the financial statements.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 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 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 - 5yLeases 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 based on 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 based on 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 Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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, 2022. In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye are described in note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__23": {
"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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__25": {
"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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__26-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__29-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__28-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__33": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__32": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__31": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__35": {
"value": "Use of estimates & key judgements 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. There are no major sources of estimation uncertainty at the Group. 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 contracts in progress (percentage of completion method), pension liabilities, provisions for other liabilities and charges. We refer to note 6 \u2013 Contracts assets and contract liabilities, note 10 \u2013 Provision for employee benefit obligations and note 11 \u2013 Provision for other liabilities and charges. There are no key judgements in the preparation of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__38-1": {
"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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__41": {
"value": "Revenue RecognitionProjectsThe JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers: - Step 1. Identifying the customer contractsA 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 ordinaryactivities in exchange for consideration;- Contract: an agreement between two or more parties that creates enforceable rights and obligations.o Contracts shall be combined when they are entered into at or near the same time and arenegotiated as a package, payment of one depends on the other, or goods/services promisedare a single performance obligation.o A contract modification or change order is accounted for as a separate contract or as acontinuation of the original contract prospectively or with cumulative catch-up, depending onfacts and circumstances.- Step 2. Identifying performance obligationsPerformance 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. The Group has identified one performance obligation within its contracts: the installation of an operational or a commissioned 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. - Step 3. Determining the transaction priceThe transaction price in a contract reflects the amount of consideration to which the Group 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 Group 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 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. There are no important variable considerations for projects. The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less. Other - Royalties and rentals are recognized as income when it is probable that the economic benefits associatedwith the transaction can be sufficiently measured and will flow to the Group. The income is recognized on anaccrual 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__47": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__46-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__45-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__44-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__49": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__48": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__52-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__50": {
"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 - 5yLeases 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__57-1": {
"value": "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 - 5yProperty plant and equipmentAssets December 31 2023 Machinery Furniture Right to Other Land and under and and use tangible TOTAL Buildings construct(in thousands of euro) equipment vehicles assets assets ion ACQUISITION COST At the end of the preceding year 37,969 30,442 12,577 15,343 22 794 97,146 Translation differences -248 -575 -64 -549 0 -29 -1,465 Acquisition of subsidiaries 3,355 110 0 762 0 0 4,226 Additions 3,651 1,000 2,506 1,818 0 117 9,092 Disposals 0 -54 -585 -3,265 0 0 -3,905 Transfers -43 52 14 0 -22 0 0 Total acquisition cost 44,683 30,974 14,448 14,107 0 881 105,093 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 21,490 26,094 10,069 5,148 0 0 62,801 Translation differences -73 -453 46 -99 0 0 -578 Depreciation 1,194 1,252 1,115 1,674 0 0 5,234 Disposals 0 -53 -510 -3,022 0 0 -3,585 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written 22,611 26,840 10,720 3,701 0 0 63,871 down Net carrying amount December 31, 2023 22,073 4,134 3,727 10,405 0 881 41,219 In 2023, the net carrying amount of tangible fixed assets increased by 6.9 million euro. When factoring out the depreciation charges of 5.2 million euro, tangible fixed assets experienced an overall increase of 12 million euros. The capital expenditures made during this period were primarily focused on enhancing our infrastructure to meet future market demands. This included significant investments in the expansion of our facilities in Odense, Denmark, to bolster the AI and Robotics capabilities of Inwatec, as well as the strategic acquisition of Ole Almeborg located in Hasle. The right-of-use assets mainly exist out of buildings for an amount of 8,8 million euro. The net book value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro (6.1 million euro at December 2022). Assets December 31 2022 Machinery Furniture Right to Other Land and under and and use tangible TOTAL Buildings construct(in thousands of euro) equipment vehicles assets assets ion 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 0 0 0 0 0 0 0 Disposals 594 953 1,473 947 23 1,849 5,840 Transfers -42 -586 -1,053 -2,993 0 0 -4,674 Total acquisition cost 1,773 0 0 0 0 -1,773 0 DEPRECIATIONS AND AMOUNTS WRITTEN 37,969 30,442 12,577 15,343 22 794 97,146 DOWN At the end of the preceding year 20,466 25,559 9,984 5,264 0 0 61,273 Translation differences -96 -89 54 11 -1 0 -122 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 21,490 26,094 10,069 5,148 -1 0 62,800 written down Net carrying amount December 31, 16,479 4,348 2,508 10,195 23 794 34,347 2022 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 capital expenditures in 2022 related primarily to investments in the office building in Panama City (JENSEN USA) destroyed by Hurricane Michael, and in machinery and vehicles. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__60": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__61-1": {
"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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__62-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__67": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__65": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__68-1": {
"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.22). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__70": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__73-1": {
"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 based on 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 based on amounts expected to be paid to the tax authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__71": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__78-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__77-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__80-1": {
"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 Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__79-1": {
"value": "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. Subsequently, after 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__99": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__97": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__84": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__83-1": {
"value": "Derivative financial instruments The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__82": {
"value": "Derivative financial instruments The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__81": {
"value": "Derivative financial instruments The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and foreign exchange rates. It is the Group\u2019s policy not to hold derivative financial instruments for speculative or trading purposes. Derivative financial instruments are recognized initially at fair value. Subsequently, after 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__85": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__92": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__93": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__102": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__100-1": {
"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 December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__103": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__109": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__108": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__107": {
"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:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__113": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__114": {
"value": "Segment reporting The Group is operating in a single business segment: Heavy-Duty Laundry.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__118": {
"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, 2022. In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye are described in note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__117": {
"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, 2022. In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye are described in note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__119-1": {
"value": "In 2022, all the conditions for considering Turkiye as a hyperinflationary economy by IFRS standards were 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 Turkiye are described in note 22.Companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method 49,764 5,573 The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon and Inax Corporation (recognized from April 3, 2023, onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly. Roll-over of the companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method at the end 5,573 4,829 of the year Acquisition of Inax 42,374 0 Share in the result 2,141 986 Hyperinflation capital & retained earnings 3,266 324 Translation differences -3,589 -566 Companies accounted for using the equity method at the end 49,764 5,573 of the year Share in the result of associates accounted for using equity method Net income December 31 December 31 thousands of euro 2023 2022 Tolon 2,615 2,781 Inax Corporation 3,680 0 Subtotal 6,295 2,781 Hyperinflation -1,926 -769 Percentage of ownership 49% 49% Total 2,141 986 Tolon On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye 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. - Net income per end of December 2023 (excluding hyperinflation) amounts to 2.6 million euro, compared to 2.8 million euro per end of December 2022 (excluding hyperinflation). - Revenue per end of December 2023 amounts to 31.1 million euro, compared to 26.7 million euro per end of December 2022. Hyperinflation The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) 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, 2023, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2022 is 2'021.19 \u25aa PPI as per 31.12.2023 is 2'915.02 The impact on the share in the result for the year 2023 of the revaluation was a cost of 0.9 million euro, including an impact of the revised calculation by 0.6 million euro for two additionally identified non-monetary assets. The hyperinflation increased the equity (before result allocation) by 6.7 million euro, of which 3.3 million (49%) is attributable to the Group. In previous year, the impact of the first-time application of IAS 29 (for the financial year ended December 31, 2022, resulted in a loss of 0.4 million euro in the Group's income statements, and a modest decrease of the companies accounted for under equity method (participations) by 0.05 million euro. Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (Note 9). As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. - Valuation per end of March 2023 amounts to 42.4 million euro, - Net income for the first nine months (including depreciations on the purchase price allocation ('PPA')) amounts to 3.7 million euro. - Revenue for the first nine months amounts to 77.7 million euro. - Impact of the additional depreciation charge following the PPA amounts to 0.9 million euro. For more information about the acquisition-date fair value of the total consideration transferred, see note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__127-1": {
"value": "Note 3: Segment reporting 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. Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors. Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic \"50/500\" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year. The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT). Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment. The following table presents revenue based on the Group\u2019s geographical areas as required by the IFRS8 reporting standards for entities with one operating segment. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia December 31 (in thousands of euro) 2023 2022 2023 2022 2023 2022 2023 2022 Revenue from external customers 232,910 207,331 96,407 72,527 70,804 61,780 400,121 341,638 Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company. The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries). Attributable to (in thousands of euro) Belgium Germany France America Revenue from external customers 16,312 54,206 51,701 89,819 Non-current assets* 1,859 3,839 533 6,072 Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2023. * Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.Note 6: Contract assets and contract liabilities December 31 December 31 (in thousands of euro) 2023 2022 Contract revenue 400,121 341,639 Contract assets 62,336 52,920 Contract liabilities 43,966 35,672 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, 2023 contract assets included 20.4 million euro, 33%, of accrued profit (18.2 million euro, 34%, at December 31, 2022). Both contract assets and liabilities are higher at year-end compared to prior year due to the high activity of 2023. (in thousands of euro) YTD Q4 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Orders received 363,092 135,818 71,274 70,458 85,542 Revenue 400,121 100,683 92,740 108,920 97,778 The contract revenue is related to construction contracts for customers and has been significantly bolstered by an unprecedented order backlog carried into the year 2023, a direct consequence of achieving the highest order intake in the company's history during the year 2022, amounting to a total sales value of EUR 364.4 million. Furthermore, the orders procured over the course of 2023 are approaching the record established in the preceding year, underscoring our continued growth and robust market presence. - As at December 31, 2023, we have 15.3 million euro of outstanding performance obligations, not yet satisfied, resulting from current contracts that will be performed after 2024 (12.6 million euro at December 31, 2022). 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: Contract (in thousands of euro) Contract assets liabilities December 31 2022 52,920 35,672 Revenue recognised that was included in the contract liability balance at the 0 -28,537 beginning of the period Increase due to cash received, excluding amounts recognised as revenue during 0 37,300 the period Write down recognized during the year 0 0 Transfer from contract assets recognised at the beginning of the period to -48,428 0 receivables Increases as a result of changes in the measure of progress 58,616 0 Translation differences -772 -469 December 31 2023 62,336 43,965",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__126-1": {
"value": "Note 3: Segment reporting 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. Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors. Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic \"50/500\" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year. The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT). Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment. The following table presents revenue based on the Group\u2019s geographical areas as required by the IFRS8 reporting standards for entities with one operating segment. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia December 31 (in thousands of euro) 2023 2022 2023 2022 2023 2022 2023 2022 Revenue from external customers 232,910 207,331 96,407 72,527 70,804 61,780 400,121 341,638 Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company. The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries). Attributable to (in thousands of euro) Belgium Germany France America Revenue from external customers 16,312 54,206 51,701 89,819 Non-current assets* 1,859 3,839 533 6,072 Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2023. * Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.Note 6: Contract assets and contract liabilities December 31 December 31 (in thousands of euro) 2023 2022 Contract revenue 400,121 341,639 Contract assets 62,336 52,920 Contract liabilities 43,966 35,672 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, 2023 contract assets included 20.4 million euro, 33%, of accrued profit (18.2 million euro, 34%, at December 31, 2022). Both contract assets and liabilities are higher at year-end compared to prior year due to the high activity of 2023. (in thousands of euro) YTD Q4 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Orders received 363,092 135,818 71,274 70,458 85,542 Revenue 400,121 100,683 92,740 108,920 97,778 The contract revenue is related to construction contracts for customers and has been significantly bolstered by an unprecedented order backlog carried into the year 2023, a direct consequence of achieving the highest order intake in the company's history during the year 2022, amounting to a total sales value of EUR 364.4 million. Furthermore, the orders procured over the course of 2023 are approaching the record established in the preceding year, underscoring our continued growth and robust market presence. - As at December 31, 2023, we have 15.3 million euro of outstanding performance obligations, not yet satisfied, resulting from current contracts that will be performed after 2024 (12.6 million euro at December 31, 2022). 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: Contract (in thousands of euro) Contract assets liabilities December 31 2022 52,920 35,672 Revenue recognised that was included in the contract liability balance at the 0 -28,537 beginning of the period Increase due to cash received, excluding amounts recognised as revenue during 0 37,300 the period Write down recognized during the year 0 0 Transfer from contract assets recognised at the beginning of the period to -48,428 0 receivables Increases as a result of changes in the measure of progress 58,616 0 Translation differences -772 -469 December 31 2023 62,336 43,965",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__125-1": {
"value": "Note 3: Segment reporting 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. Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors. Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic \"50/500\" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year. The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT). Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment. The following table presents revenue based on the Group\u2019s geographical areas as required by the IFRS8 reporting standards for entities with one operating segment. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia December 31 (in thousands of euro) 2023 2022 2023 2022 2023 2022 2023 2022 Revenue from external customers 232,910 207,331 96,407 72,527 70,804 61,780 400,121 341,638 Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company. The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries). Attributable to (in thousands of euro) Belgium Germany France America Revenue from external customers 16,312 54,206 51,701 89,819 Non-current assets* 1,859 3,839 533 6,072 Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2023. * Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.Note 6: Contract assets and contract liabilities December 31 December 31 (in thousands of euro) 2023 2022 Contract revenue 400,121 341,639 Contract assets 62,336 52,920 Contract liabilities 43,966 35,672 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, 2023 contract assets included 20.4 million euro, 33%, of accrued profit (18.2 million euro, 34%, at December 31, 2022). Both contract assets and liabilities are higher at year-end compared to prior year due to the high activity of 2023. (in thousands of euro) YTD Q4 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Orders received 363,092 135,818 71,274 70,458 85,542 Revenue 400,121 100,683 92,740 108,920 97,778 The contract revenue is related to construction contracts for customers and has been significantly bolstered by an unprecedented order backlog carried into the year 2023, a direct consequence of achieving the highest order intake in the company's history during the year 2022, amounting to a total sales value of EUR 364.4 million. Furthermore, the orders procured over the course of 2023 are approaching the record established in the preceding year, underscoring our continued growth and robust market presence. - As at December 31, 2023, we have 15.3 million euro of outstanding performance obligations, not yet satisfied, resulting from current contracts that will be performed after 2024 (12.6 million euro at December 31, 2022). 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: Contract (in thousands of euro) Contract assets liabilities December 31 2022 52,920 35,672 Revenue recognised that was included in the contract liability balance at the 0 -28,537 beginning of the period Increase due to cash received, excluding amounts recognised as revenue during 0 37,300 the period Write down recognized during the year 0 0 Transfer from contract assets recognised at the beginning of the period to -48,428 0 receivables Increases as a result of changes in the measure of progress 58,616 0 Translation differences -772 -469 December 31 2023 62,336 43,965For the defined benefit plans, the net cost for 2023 was 0.5 million euro (2022: 0.4 million euro) December 31, December 31, (in thousands of euro) 2023 2022 Current service cost 170 268 Interest cost 442 143 Interest income on plan assets -133 -24 Administrative expenses and taxes 18 18 Pension expenses 497 405Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced an 8% increase compared to the previous year. This rise is attributed to both the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022. Depreciation and amortization expenses are summarized via the below table: December 31 December 31 (in thousands of euro) Variance 2023 2022 Depreciation and amortization 5,995 6,406 -411 Write down on trade receivables 1,210 327 883 Write down on inventory 309 397 -88 Change in provisions 119 26 94 Depreciation and amortization expense 7,633 7,155 478 The depreciation and amortization are detailed per asset class in Note 4 and 5. The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.Note 14: Other operating result December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.",
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"s6_notes__6__124": {
"value": "Note 3: Segment reporting 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. Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance. The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the Board of Directors. Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty laundry business as a unified entity, guided by the strategic \"50/500\" plan. The evaluation of the company's performance, along with decisions regarding the allocation of resources, are based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis. Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-year mark and a complete set provided at the end of the fiscal year. The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, who is viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT). Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational management. Performance evaluation or resource allocation decisions are decided on a consolidated basis. Consequently, JENSEN-GROUP has identified that it operates as a single operating segment. The following table presents revenue based on the Group\u2019s geographical areas as required by the IFRS8 reporting standards for entities with one operating segment. The basis for attributing revenues is based on the location of the customer: Europe America Asia and Australia December 31 (in thousands of euro) 2023 2022 2023 2022 2023 2022 2023 2022 Revenue from external customers 232,910 207,331 96,407 72,527 70,804 61,780 400,121 341,638 Secondly, if revenues from external customers attributed to an individual foreign country are material, those revenues shall be disclosed separately according to the standard, as such Germany, France and America are disclosed below. The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of domicile of the Group Parent company. The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any consolidation entries). Attributable to (in thousands of euro) Belgium Germany France America Revenue from external customers 16,312 54,206 51,701 89,819 Non-current assets* 1,859 3,839 533 6,072 Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that are material and required for disclosure per year-end December 31, 2023. * Non-current assets included in the above table are limited to the local goodwill, intangibles and PP&E.",
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"s6_notes__6__131": {
"value": "Goodwill December December (in thousands of euro) 31, 2023 31, 2022 ACQUISITION COST At the end of the preceding year 24,868 24,945 Translation differences -48 -77 Additions 0 0 Disposals 0 0 Transfers 0 0 Total acquisition cost 24,820 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,989 1,985 Translation differences 6 4 Depreciation 0 0 Disposals 0 0 Transfers 0 0 Total depreciations and amounts written down 1,995 1,989 Net carrying amount December 31, 2023 22,826 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 an annual impairment test, close to year-end, via a number of critical judgments, estimates and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable amount is calculated. JENSEN-GROUP believes that its estimates are 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 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 which includes key estimates such as the implied growth rate on sales and the EBIT margin; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 8% and 10%; This calculated enterprise value is compared to the book value. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. The Group believes any reasonable changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.",
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"s6_notes__6__130-1": {
"value": "Goodwill December December (in thousands of euro) 31, 2023 31, 2022 ACQUISITION COST At the end of the preceding year 24,868 24,945 Translation differences -48 -77 Additions 0 0 Disposals 0 0 Transfers 0 0 Total acquisition cost 24,820 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,989 1,985 Translation differences 6 4 Depreciation 0 0 Disposals 0 0 Transfers 0 0 Total depreciations and amounts written down 1,995 1,989 Net carrying amount December 31, 2023 22,826 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 an annual impairment test, close to year-end, via a number of critical judgments, estimates and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable amount is calculated. JENSEN-GROUP believes that its estimates are 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 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 which includes key estimates such as the implied growth rate on sales and the EBIT margin; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 8% and 10%; This calculated enterprise value is compared to the book value. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. The Group believes any reasonable changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.Intangible Fixed Assets Know-how and Other December 31 2023 Product Licenses TOTAL intangibles Development (in thousands of euro) ACQUISITION COST At the end of the preceding year 5,746 2,516 0 8,262 Translation differences -12 -4 0 -16 Acquisition of subsidiaries 0 0 1,440 1,440 Additions 812 0 0 812 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 6,546 2,512 1,440 10,498 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 2,297 1,664 0 3,962 Translation differences 4 -5 0 -1 Depreciation 507 174 24 705 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 2,809 1,833 24 4,666 Net carrying amount December 31, 2023 3,737 679 1,416 5,832 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 6.7 million euro (6.3 million euro in 2022) 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 and amortization expenses. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. Know-how and December 31 2022 Other Product Licenses TOTAL intangibles Development (in thousands of euro) 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 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",
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"s6_notes__6__129-1": {
"value": "Goodwill December December (in thousands of euro) 31, 2023 31, 2022 ACQUISITION COST At the end of the preceding year 24,868 24,945 Translation differences -48 -77 Additions 0 0 Disposals 0 0 Transfers 0 0 Total acquisition cost 24,820 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,989 1,985 Translation differences 6 4 Depreciation 0 0 Disposals 0 0 Transfers 0 0 Total depreciations and amounts written down 1,995 1,989 Net carrying amount December 31, 2023 22,826 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 an annual impairment test, close to year-end, via a number of critical judgments, estimates and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable amount is calculated. JENSEN-GROUP believes that its estimates are 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 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 which includes key estimates such as the implied growth rate on sales and the EBIT margin; - Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of free cash flows; - Projections are discounted at the weighted average cost of capital (WACC), which lies between 8% and 10%; This calculated enterprise value is compared to the book value. Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or conditions. The Group believes any reasonable changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.Intangible Fixed Assets Know-how and Other December 31 2023 Product Licenses TOTAL intangibles Development (in thousands of euro) ACQUISITION COST At the end of the preceding year 5,746 2,516 0 8,262 Translation differences -12 -4 0 -16 Acquisition of subsidiaries 0 0 1,440 1,440 Additions 812 0 0 812 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 6,546 2,512 1,440 10,498 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 2,297 1,664 0 3,962 Translation differences 4 -5 0 -1 Depreciation 507 174 24 705 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 2,809 1,833 24 4,666 Net carrying amount December 31, 2023 3,737 679 1,416 5,832 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 6.7 million euro (6.3 million euro in 2022) 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 and amortization expenses. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. Know-how and December 31 2022 Other Product Licenses TOTAL intangibles Development (in thousands of euro) 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 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",
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"s6_notes__6__128-1": {
"value": "Goodwill December December (in thousands of euro) 31, 2023 31, 2022 ACQUISITION COST At the end of the preceding year 24,868 24,945 Translation differences -48 -77 Additions 0 0 Disposals 0 0 Transfers 0 0 Total acquisition cost 24,820 24,868 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,989 1,985 Translation differences 6 4 Depreciation 0 0 Disposals 0 0 Transfers 0 0 Total depreciations and amounts written down 1,995 1,989 Net carrying amount December 31, 2023 22,826 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.Note 23: Acquisitions Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (see note 6). Inax is serving heavy-duty laundries as well as large on-premises laundries mainly in Japan. The partnership 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. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: March 31, 2023 March 31, 2023 (in thousands of (in thousands of JPY) EUR) Order backlog 113,000 780 Brand name 972,000 6,711 Customer relationships 4,192,000 28,944 Fair value real estate 166,203 1,148 Other non-current assets 2,668,223 18,423 Current assets 7,418,657 51,223 Non-current liabilities -2,525,768 -17,440 Current liabilities -6,445,445 -44,504 NET ASSETS ACQUIRED 6,558,870 46,344 Goodwill (100%) 5,965,130 41,187 Contribution value (100%) 12,524,000 86,474 Contribution value via issuance of new shares (49%) 6,136,760 42,374 Consideration / contribution value The consideration transferred for the investment in Inax Corporation is the contribution value based upon enterprise value of 75 million euro (for 100% of the shares) on a cash-free/debt-free basis. The value of the contribution in kind and the number of shares issued in consideration was determined four business days prior to the closing of the transaction. The final contribution value was settled post-closing in cash by the end of September 2023, based upon the actual amounts of cash, debt and net working capital as at March 31, 2023. Resulting in a modest correction of the initial contribution value of 42,365 thousand euro as reported in our half-year financial information. Fair value estimations - The fair value of the brand name of Inax is determined via the relief from royalty method and is amortised over a period of ten years. - The customer relationships were determined via the multi-period excess earnings ('MEEM') method for estimating the fair value of the customer relationships, there useful live is assessed as a period of 18 years. The discount rate was based upon the WACC, with an additional premium of 1%. - The land and building were subject to a market valuation performed by and external real estate advisor, the cost approach was applied as valuation method. The useful life is 20 years. Ole Almeborg On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: October 15, 2023 October 15, 2023 (in thousands of (in thousands of DKK) EUR) Fair value real estate 20,587 2,760 Other non-current assets 5,230 701 Current assets 35,540 4,765 Non-current liabilities -6,047 -811 Current liabilities -13,648 -1,830 NET ASSETS ACQUIRED 41,162 5,519 Goodwill (100%) 10,730 1,439 Consideration paid 51,892 6,958 Consideration The consideration transferred for the investment in OA is based upon enterprise value of 30 million DKK on a cash-free/debt-free basis. Fair value estimations - The land and building were subject to a market valuation performed by and external advisor, the cost approach was applied as valuation method. The useful life is 20 years. Goodwill The calculated goodwill has been mainly allocated as an definite intangible asset, this intangible asset is subject to amortization over a period of 10 years.",
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"s6_notes__6__135": {
"value": "Intangible Fixed Assets Know-how and Other December 31 2023 Product Licenses TOTAL intangibles Development (in thousands of euro) ACQUISITION COST At the end of the preceding year 5,746 2,516 0 8,262 Translation differences -12 -4 0 -16 Acquisition of subsidiaries 0 0 1,440 1,440 Additions 812 0 0 812 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 6,546 2,512 1,440 10,498 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 2,297 1,664 0 3,962 Translation differences 4 -5 0 -1 Depreciation 507 174 24 705 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 2,809 1,833 24 4,666 Net carrying amount December 31, 2023 3,737 679 1,416 5,832 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 6.7 million euro (6.3 million euro in 2022) 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 and amortization expenses. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. Know-how and December 31 2022 Other Product Licenses TOTAL intangibles Development (in thousands of euro) 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 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",
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},
"s6_notes__6__132": {
"value": "Intangible Fixed Assets Know-how and Other December 31 2023 Product Licenses TOTAL intangibles Development (in thousands of euro) ACQUISITION COST At the end of the preceding year 5,746 2,516 0 8,262 Translation differences -12 -4 0 -16 Acquisition of subsidiaries 0 0 1,440 1,440 Additions 812 0 0 812 Disposals 0 0 0 0 Transfers 0 0 0 0 Total acquisition cost 6,546 2,512 1,440 10,498 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN 0 At the end of the preceding year 2,297 1,664 0 3,962 Translation differences 4 -5 0 -1 Depreciation 507 174 24 705 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 2,809 1,833 24 4,666 Net carrying amount December 31, 2023 3,737 679 1,416 5,832 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 6.7 million euro (6.3 million euro in 2022) 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 and amortization expenses. Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools. Know-how and December 31 2022 Other Product Licenses TOTAL intangibles Development (in thousands of euro) 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 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__137-1": {
"value": "Property plant and equipmentAssets December 31 2023 Machinery Furniture Right to Other Land and under and and use tangible TOTAL Buildings construct(in thousands of euro) equipment vehicles assets assets ion ACQUISITION COST At the end of the preceding year 37,969 30,442 12,577 15,343 22 794 97,146 Translation differences -248 -575 -64 -549 0 -29 -1,465 Acquisition of subsidiaries 3,355 110 0 762 0 0 4,226 Additions 3,651 1,000 2,506 1,818 0 117 9,092 Disposals 0 -54 -585 -3,265 0 0 -3,905 Transfers -43 52 14 0 -22 0 0 Total acquisition cost 44,683 30,974 14,448 14,107 0 881 105,093 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 21,490 26,094 10,069 5,148 0 0 62,801 Translation differences -73 -453 46 -99 0 0 -578 Depreciation 1,194 1,252 1,115 1,674 0 0 5,234 Disposals 0 -53 -510 -3,022 0 0 -3,585 Transfers 0 0 0 0 0 0 0 Total depreciations and amounts written 22,611 26,840 10,720 3,701 0 0 63,871 down Net carrying amount December 31, 2023 22,073 4,134 3,727 10,405 0 881 41,219 In 2023, the net carrying amount of tangible fixed assets increased by 6.9 million euro. When factoring out the depreciation charges of 5.2 million euro, tangible fixed assets experienced an overall increase of 12 million euros. The capital expenditures made during this period were primarily focused on enhancing our infrastructure to meet future market demands. This included significant investments in the expansion of our facilities in Odense, Denmark, to bolster the AI and Robotics capabilities of Inwatec, as well as the strategic acquisition of Ole Almeborg located in Hasle. The right-of-use assets mainly exist out of buildings for an amount of 8,8 million euro. The net book value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro (6.1 million euro at December 2022). Assets December 31 2022 Machinery Furniture Right to Other Land and under and and use tangible TOTAL Buildings construct(in thousands of euro) equipment vehicles assets assets ion 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 0 0 0 0 0 0 0 Disposals 594 953 1,473 947 23 1,849 5,840 Transfers -42 -586 -1,053 -2,993 0 0 -4,674 Total acquisition cost 1,773 0 0 0 0 -1,773 0 DEPRECIATIONS AND AMOUNTS WRITTEN 37,969 30,442 12,577 15,343 22 794 97,146 DOWN At the end of the preceding year 20,466 25,559 9,984 5,264 0 0 61,273 Translation differences -96 -89 54 11 -1 0 -122 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 21,490 26,094 10,069 5,148 -1 0 62,800 written down Net carrying amount December 31, 16,479 4,348 2,508 10,195 23 794 34,347 2022 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 capital expenditures 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 non-current and current borrowings can be summarized as follows: December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 LT loans with credit 29,080 0 870 -2,573 -3,046 -241 24,090 institutions LT loans other 1,274 0 490 0 0 0 1,764 LT factoring 2,746 0 0 0 -712 0 2,034 Subtotal 33,100 0 1,360 -2,573 -3,758 -241 27,888 LT loans - Lease liabilities 1,858 2,655 Total non-current 34,958 30,543 borrowings December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 Current portion of LT 13,028 0 142 -13,063 3,046 -41 3,112 borrowings Credit institutions 5,514 81 4,884 -460 -2 -361 9,656 Payments received 909 0 0 0 781 -16 1,674 (factoring) Subtotal 19,451 81 5,026 -13,523 3,825 -418 14,442 Lease liabilities - ST 1,439 1,346 Total current borrowings 20,890 15,788 Total borrowings 55,848 46,331 Total borrowings decreased from 55.8 million euro at December 31, 2022 to 46.3 million euro at December 31, 2023, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.0 million euro long-term and 1.7 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. Net cash increased from 11.5 million euro at the end of December 2022 to 35.9 million euro at the end of December 2023. On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). The Group received 26.8 million euro cash from the capital increase. Part of it is booked as share premium. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.1 million euro (31.9 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents increased from 35.4 million euro to 51.1 million euro. All this together resulted in an increase of the net cash position from 11.5 million euro to 35.9 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 interest rate swaps ('IRS') at balance sheet date are as follows: Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions 12,768 13,134 6,656 4,300 36,858 Other 0 0 0 1,764 1,764 Payments received (factoring) 1,674 919 1,115 0 3,708 Lease liabilities 1,346 1,120 1,535 0 4,001 Total 15,788 15,173 9,306 6,064 46,331 IRS covered 0 111 333 1,445 1,890 Total non-covered 15,788 15,062 8,973 4,619 44,441Management 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: December 31 December 31 (in thousands of euro) 2023 2022 EUR 21,570 38,379 DKK 5,702 6,029 CNY 15,058 8,143 Total 42,330 52,551 Lease liabilities 4,001 3,297 Total borrowings 46,331 55,848",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__136-1": {
"value": "The net book value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro (6.1 million euro at December 2022).Debt covered by guarantees December 31 December 31 (in thousands of euro) 2023 2022 Mortgages 5,702 6,029 Letter of Intent 14,404 13,727 Total 20,106 19,756 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__140-1": {
"value": "Note 5: Deferred Taxes Deferred tax assets and liabilities are attributable to the following items, their movement since last year is summarized hereby: Acq Through December Through Exchange December (in thousands of euro) from profit DTA DTL 31 2022 OCI differences 31 2023 subs or loss Inventories -190 0 1.312 0 0 1,122 818 305 Fixed assets -2,114 -803 -28 0 0 -2,945 -733 -2,212 Provisions 3,109 0 238 329 0 3,677 3,484 193 Tax losses 128 0 -27 0 0 101 101 0 Deferred taxes on other differences 675 0 -22 -133 -273 247 533 -286 between tax and local books Currency result in permanent financing -955 0 4 -951 -951 Financial instruments -291 0 177 69 0 -45 -42 -3 Total deferred tax assets (net) 363 -803 1.653 266 -272 1,207 4,161 -2,954 Acq Through December Through Exchange December (in thousands of euro) from profit DTA DTL 31 2021 OCI differences 31 2022 subs or loss 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 -250 0 732 256 -63 675 35 640 between tax and local books Currency result in permanent financing -810 0 -145 0 0 -955 0 -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 The increase relates to the deferred tax assets recognized on the timing differences between Group's accounting books and its tax books, especially on inventory. The deferred tax assets originate mainly from JENSEN USA (0.9 million euro), JENSEN Italia (0.7 million euro), and JENSEN GmbH (0.6 million euro). Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Group\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: December 31 December 31 (in thousands of euro) Variance 2023 2022 Current taxes -12,147 -4,547 -7,600 Deferred taxes 1,653 -421 2,074 Total income tax expense -10,494 -4,968 -5,526 Total income tax expenses increase by 5,5 million euros, attributable to an enhanced result before taxes and an increase of the effective tax rate of the Group by 2.2%. The movement of the deferred taxes balance sheet positions impacting the income statement by 2.1 million euro is further split by their nature in Note 5. Relationship between tax expense and accounting profit as per December 31, 2023 and December 31, 2022 is summarised in the below reconciliation table: Reconciliation of effective tax rate December 31 December 31 (in thousands of euro) 2023 2022 Accounting profit before taxes 41,926 21,532 Share in result of associates and companies accounted for using 2,141 986 the equity method Tax basis 39,785 20,546 Theoretical tax rate 23.84% 23.90% Income tax calculated at the weighted average of the 9,484 4,911 theoretical tax rate of the different entities Disallowed expenses 233 11 Prior year tax adjustments -50 -234 Tax losses for which no DTA is recognised 176 280 Timing differences 651 0 Subtotal 879 57 Actual tax expenses 10,494 4,968 Effective tax rate 26.38% 24.18% The effective tax rate of 26.38% is slightly higher than the theoretical tax rate of 23.84% of the different entities and mainly due to disallowed expenses and increase of timing differences between local and group books. During 2023, one tax audit took place. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of this audit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__139-1": {
"value": "Note 5: Deferred Taxes Deferred tax assets and liabilities are attributable to the following items, their movement since last year is summarized hereby: Acq Through December Through Exchange December (in thousands of euro) from profit DTA DTL 31 2022 OCI differences 31 2023 subs or loss Inventories -190 0 1.312 0 0 1,122 818 305 Fixed assets -2,114 -803 -28 0 0 -2,945 -733 -2,212 Provisions 3,109 0 238 329 0 3,677 3,484 193 Tax losses 128 0 -27 0 0 101 101 0 Deferred taxes on other differences 675 0 -22 -133 -273 247 533 -286 between tax and local books Currency result in permanent financing -955 0 4 -951 -951 Financial instruments -291 0 177 69 0 -45 -42 -3 Total deferred tax assets (net) 363 -803 1.653 266 -272 1,207 4,161 -2,954 Acq Through December Through Exchange December (in thousands of euro) from profit DTA DTL 31 2021 OCI differences 31 2022 subs or loss 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 -250 0 732 256 -63 675 35 640 between tax and local books Currency result in permanent financing -810 0 -145 0 0 -955 0 -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 The increase relates to the deferred tax assets recognized on the timing differences between Group's accounting books and its tax books, especially on inventory. The deferred tax assets originate mainly from JENSEN USA (0.9 million euro), JENSEN Italia (0.7 million euro), and JENSEN GmbH (0.6 million euro). Deferred tax assets have been recorded because management and the Board are convinced that, in accordance with the Group\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: December 31 December 31 (in thousands of euro) Variance 2023 2022 Current taxes -12,147 -4,547 -7,600 Deferred taxes 1,653 -421 2,074 Total income tax expense -10,494 -4,968 -5,526 Total income tax expenses increase by 5,5 million euros, attributable to an enhanced result before taxes and an increase of the effective tax rate of the Group by 2.2%. The movement of the deferred taxes balance sheet positions impacting the income statement by 2.1 million euro is further split by their nature in Note 5. Relationship between tax expense and accounting profit as per December 31, 2023 and December 31, 2022 is summarised in the below reconciliation table: Reconciliation of effective tax rate December 31 December 31 (in thousands of euro) 2023 2022 Accounting profit before taxes 41,926 21,532 Share in result of associates and companies accounted for using 2,141 986 the equity method Tax basis 39,785 20,546 Theoretical tax rate 23.84% 23.90% Income tax calculated at the weighted average of the 9,484 4,911 theoretical tax rate of the different entities Disallowed expenses 233 11 Prior year tax adjustments -50 -234 Tax losses for which no DTA is recognised 176 280 Timing differences 651 0 Subtotal 879 57 Actual tax expenses 10,494 4,968 Effective tax rate 26.38% 24.18% The effective tax rate of 26.38% is slightly higher than the theoretical tax rate of 23.84% of the different entities and mainly due to disallowed expenses and increase of timing differences between local and group books. During 2023, one tax audit took place. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of this audit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__146": {
"value": "Note 7: Trade and other receivables December 31 December 31 (in thousands of euro) 2023 2022 Trade receivables 107,196 80,337 Provision for doubtful debtors -3,475 -2,506 Taxes 4,978 2,010 Other amounts receivable 4,591 4,544 Deferred charges and accrued income 2,910 4,068 Derivative financial instruments 346 499 Total trade and other receivables 116,545 88,951 Trade receivables 6,574 4,949 Other amount receivable 3,860 3,544 Non-current portion 10,434 8,493 Current portion 106,111 80,459 Non-current portion The non-current portion of the trade and other receivables increase by 1.9 million euro a development attributed to the challenges some of our customers are facing with the elevated interest rates for project financing. In response, our Group is actively engaged in assisting these customers by exploring innovative solutions, which include the implementation of stringent repayment schedules (6.1 million euro) and take-back guarantees with financial institutions (2.3 million euro). This approach is part of our commitment to fostering strong, supportive relationships with our clients during financially challenging times. In the other amounts receivable cash guarantees for an amount of 0.8 million euro are included, stable compared to previous year, and other receivables of 1.3 million euro. Current portion The revenue for the fourth quarter equaled 100.7 million euro (+ 6% compared to last quarter 2022). Next to the higher activities, the trade receivables ST increase due to the high invoicing in the last weeks before year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__145": {
"value": "Note 7: Trade and other receivables December 31 December 31 (in thousands of euro) 2023 2022 Trade receivables 107,196 80,337 Provision for doubtful debtors -3,475 -2,506 Taxes 4,978 2,010 Other amounts receivable 4,591 4,544 Deferred charges and accrued income 2,910 4,068 Derivative financial instruments 346 499 Total trade and other receivables 116,545 88,951 Trade receivables 6,574 4,949 Other amount receivable 3,860 3,544 Non-current portion 10,434 8,493 Current portion 106,111 80,459 Non-current portion The non-current portion of the trade and other receivables increase by 1.9 million euro a development attributed to the challenges some of our customers are facing with the elevated interest rates for project financing. In response, our Group is actively engaged in assisting these customers by exploring innovative solutions, which include the implementation of stringent repayment schedules (6.1 million euro) and take-back guarantees with financial institutions (2.3 million euro). This approach is part of our commitment to fostering strong, supportive relationships with our clients during financially challenging times. In the other amounts receivable cash guarantees for an amount of 0.8 million euro are included, stable compared to previous year, and other receivables of 1.3 million euro. Current portion The revenue for the fourth quarter equaled 100.7 million euro (+ 6% compared to last quarter 2022). Next to the higher activities, the trade receivables ST increase due to the high invoicing in the last weeks before year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__144-1": {
"value": "Note 7: Trade and other receivables December 31 December 31 (in thousands of euro) 2023 2022 Trade receivables 107,196 80,337 Provision for doubtful debtors -3,475 -2,506 Taxes 4,978 2,010 Other amounts receivable 4,591 4,544 Deferred charges and accrued income 2,910 4,068 Derivative financial instruments 346 499 Total trade and other receivables 116,545 88,951 Trade receivables 6,574 4,949 Other amount receivable 3,860 3,544 Non-current portion 10,434 8,493 Current portion 106,111 80,459 Non-current portion The non-current portion of the trade and other receivables increase by 1.9 million euro a development attributed to the challenges some of our customers are facing with the elevated interest rates for project financing. In response, our Group is actively engaged in assisting these customers by exploring innovative solutions, which include the implementation of stringent repayment schedules (6.1 million euro) and take-back guarantees with financial institutions (2.3 million euro). This approach is part of our commitment to fostering strong, supportive relationships with our clients during financially challenging times. In the other amounts receivable cash guarantees for an amount of 0.8 million euro are included, stable compared to previous year, and other receivables of 1.3 million euro. Current portion The revenue for the fourth quarter equaled 100.7 million euro (+ 6% compared to last quarter 2022). Next to the higher activities, the trade receivables ST increase due to the high invoicing in the last weeks before year-end. Note 9: Financial debt The non-current and current borrowings can be summarized as follows: December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 LT loans with credit 29,080 0 870 -2,573 -3,046 -241 24,090 institutions LT loans other 1,274 0 490 0 0 0 1,764 LT factoring 2,746 0 0 0 -712 0 2,034 Subtotal 33,100 0 1,360 -2,573 -3,758 -241 27,888 LT loans - Lease liabilities 1,858 2,655 Total non-current 34,958 30,543 borrowings December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 Current portion of LT 13,028 0 142 -13,063 3,046 -41 3,112 borrowings Credit institutions 5,514 81 4,884 -460 -2 -361 9,656 Payments received 909 0 0 0 781 -16 1,674 (factoring) Subtotal 19,451 81 5,026 -13,523 3,825 -418 14,442 Lease liabilities - ST 1,439 1,346 Total current borrowings 20,890 15,788 Total borrowings 55,848 46,331 Total borrowings decreased from 55.8 million euro at December 31, 2022 to 46.3 million euro at December 31, 2023, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.0 million euro long-term and 1.7 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. Net cash increased from 11.5 million euro at the end of December 2022 to 35.9 million euro at the end of December 2023. On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). The Group received 26.8 million euro cash from the capital increase. Part of it is booked as share premium. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.1 million euro (31.9 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents increased from 35.4 million euro to 51.1 million euro. All this together resulted in an increase of the net cash position from 11.5 million euro to 35.9 million euro net cash. The following table gives the maturities of the non-current debt: December 31 December 31 (in thousands of euro) 2023 2022 Between 1 and 2 years 15,173 5,355 Between 2 and 5 years 9,306 23,865 > 5 years 6,064 5,738 Total non-current borrowings 30,543 34,958 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows: Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions 12,768 13,134 6,656 4,300 36,858 Other 0 0 0 1,764 1,764 Payments received (factoring) 1,674 919 1,115 0 3,708 Lease liabilities 1,346 1,120 1,535 0 4,001 Total 15,788 15,173 9,306 6,064 46,331 IRS covered 0 111 333 1,445 1,890 Total non-covered 15,788 15,062 8,973 4,619 44,441Management 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: December 31 December 31 (in thousands of euro) 2023 2022 EUR 21,570 38,379 DKK 5,702 6,029 CNY 15,058 8,143 Total 42,330 52,551 Lease liabilities 4,001 3,297 Total borrowings 46,331 55,848With 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 has been significant headroom on all of the covenants and hence there were no breaches. The risk of not meeting our debt covenants over the next twelve months is considered as remote. Debt covered by guarantees December 31 December 31 (in thousands of euro) 2023 2022 Mortgages 5,702 6,029 Letter of Intent 14,404 13,727 Total 20,106 19,756 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro.Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023. The other amounts payable represent expenses occurred but no invoicing have been received yet. The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2023 are included in this accrual. The deferred income amounts to 1.4 million euro (1.2 million euro in 2022). The above factors collectively contribute to the augmented outstanding payables recorded at year-end (+ 10.1 million euro), reflecting our adaptation to both internal growth and external economic fluctuations. Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: December 31 December 31 (in thousands of euro) Variance 2023 2022 Cash and cash equivalent 51,112 35,427 15,685 Overdraft -9,656 -5,514 -4,142 Net cash and cash equivalents 41,456 29,913 11,543 CASH FLOW FROM OPERATING ACTIVITIES 21,621 -18,112 CASH FLOW FROM INVESTING ACTIVITIES -12,756 -3,871 CASH FLOW FROM FINANCING ACTIVITIES 2,826 -11,481 Net increase / (decrease) in cash and cash equivalents 11,691 -33,463 Exchange gains / (losses) on cash and bank overdrafts -147 2,694 The operating activities in 2023 have been favorably influenced by the improved result of the year, though this positive impact has been partially offset by the increase of working capital. This is primarily due to the increase in long- and short-term accounts receivable, as customers have sought extended payment terms to finance their projects. The Group has partly mitigated this effect by augmenting its trade and other payables by 9.8 million euros. Furthermore, the rise in contract assets by 11.2 million euros (before netting) has been largely balanced by an increase in contract liabilities amounting to 10.1 million euros. The acquisition of Ole Almeborg A/S, a Danish firm known for manufacturing internal handling equipment for industrial operations, signifies a strategic expansion of our production capacity on the Danish Isle of Bornholm. This acquisition has had a significant effect on our investing activities, contributing an additional 6,1 million euros (net of acquired cash) atop the regular investments in property, plant, and equipment (refer to Note 3). This investment not only enhances our manufacturing footprint but also aligns with our strategic goals of capacity expansion and diversification of our product offerings. The capital increase, undertaken as a component of the financing for the joint venture with Miura, was executed through a cash settlement amounting to 26.8 million euros. As detailed in our prospectus, the primary application of these funds involved the repayment of a bank loan for 10 million euros, upon its maturity. Additionally, a portion of this capital\u2014specifically 3.9 million euros\u2014was allocated for the distribution of dividends to shareholders, based on the financial results achieved in 2022. As a result, the net cash flow from financing activities has positively contributed 2.8 million euros to the closing balance of cash and cash equivalents as of December 31, 2023.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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance. Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883Foreign currency risk JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate. The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group\u2019s policy, these derivative instruments are not held for speculative or trading purpose. In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes: - Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure. - Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework. Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer. All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8). The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2023, and December 31, 2022, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euros, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euros. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies. Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments: - European subsidiaries engage in their operations utilizing the euro, Danish Krone, and Swedish Krona as their currencies of transaction. - In the USA, production activities are conducted in USD, reflecting the local currency. - In China, the operational currency for production activities is CNY. This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets. 2023 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -7,059 9,936 2,877 EUR/GBP -3,354 3,000 -354 EUR/AUD -652 1,324 672 EUR/SEK 3,221 -1,500 1,721 EUR/NZD -69 350 281 EUR/NOK -1,601 901 -700 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD 0 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 Sensitivity analysis for 2023 (in thousands of Change in Impact net 1Impact on equity euro) currency profitUSD -4.69% -819 -1,762 4.69% 896 3,222 GBP -3.14% -121 -134 3.14% 91 142 AUD -8.41% -639 -385 8.41% 1.001 461 NZD -7.98% -101 -27 7.98% 146 31 CNY -8.62% 780 -659 8.62% -1.001 649 SEK -5.99% 631 118 5.99% -545 -53 CHF -5.51% 6 -250 5.51% -7 407 DKK -0.30% 123 -259 0.30% -166 305 NOK -10.09% -366 -53 10.09% 769 67 SGD -3.44% -97 3.44% 99 JPY -15.16% -3,011 15.16% 3,966 BRL -6.36% -10 6.36% 11 AED -4.65% -10 4.65% 11 TRY -57.07% -2,484 57.07% 4,295 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, 2023 and using a 95% confidence interval. These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics. As of December 31, 2023, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group\u2019s efficient management of its foreign exchange exposure within the short-term horizon. 2023 Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 2,604,181 0.87 4-2-2024 7 EUR/AUD 2,214,133 1.67 19-4-2024 -31 EUR/USD 10,763,272 1.08 10-4-2024 252 DKK/SEK 11,247,823 1.43 30-12-2024 16 EUR/NZD 640,606 1.83 20-6-2024 -14 EUR/NOK 10,349,000 11.49 10-1-2024 -22 Average Fair value Curr Buy Maturity exchange rate thousands of euro EUR/SEK 17,466,336 11.64 19-1-2024 70 2022 Average Fair value Currency Sell Maturity exchange rate 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 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 21,935,601 10.94 2-2-2023 -28 Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2023 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2023, totaling 0.1 million euros after taxes (0.2 million in 2022), have been deferred in equity. It is significant to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes. Interest rate risk The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives. Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures. In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible. 2023 > 1 > 3 Effective Carrying month months < 1-5 > 5 (in thousands of euro) < 1 month interest rate amount < 3 12 years years months months FLOATING RATE CNY 3.94% - 5.0% 14,404 9,655 153 458 4,138 0 Total floating 14,404 9,655 153 458 4,138 0 FIXED RATE EUR 1.32% - 2.28% 18,515 183 366 1,646 14,316 2,005 DKK1 0.44% -1.5% 5,703 26 51 232 1,336 4,059 Total Fixed 24,218 208 417 1,877 15,652 6,064 FACTORING EUR 3,708 139 279 1,255 2,034 0 Total 42,330 10,003 848 3,591 21,824 6,064 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2022 > 1 > 3 Effective interest Carrying month 1-5 > 5 (in thousands of euro) < 1 month months < rate amount < 3 years years 12 months months 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 11,542 15,695 1,384 DKK1 0.44% -1.5% 6,035 26 54 245 1,356 4,354 Total Fixed 35,169 26 567 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. The following table sets out the conditions of the interest rate swaps: 2023 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,083,848 0.44% 30-12-2039 307 TOTAL in EUR 1,889,714 307 2022 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2023, the variations in their fair value, which amounted to 0.2 million euros after taxes (0.3 million euro in 2022), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure. As disclosed in the above table, 14.4 million euro of the Group\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 1.9 million EUR loan that is covered by an interest rate swap. The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: Possible rates at (in thousands of Carrying Effective December 31, euro) amount interest rate 2023 CNY 14,404 3.94% - 5.0% 2.88% - 6.06% Total in EUR 14,404 Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2023\u2014while keeping all other variables constant\u2014it is estimated that the profit for 2023 could have been 0.5 million euros lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for informing our risk management strategies. Credit risk Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil their obligation, leading to a financial loss for the other party. In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to gain a comprehensive view of potential credit risks. Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is part of our due diligence process, where we assess the creditworthiness of both new customers and existing customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage and mitigate credit risk, safeguarding the Group's financial health and stability. Consolidated ageing schedule of the trade receivables ST 2023 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue Outstanding trade receivables 71,062 10,194 4,324 3,304 11,378 100,622 Collateral held as security 0 Net exposure 71,062 10,194 4,324 3,304 11,378 100,622 Provisions accounted for -3,475 Total 97,147 2022 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue 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 Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of discounting these amounts is deemed to be not significant. Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically equates to the original invoiced amount, adjusted for an allowance for expected credit losses. Given the project-based nature of our operations and the notable concentration of accounts receivable/contract assets related to individually significant projects within the Group, allowances for both incurred and future expected losses are determined on an individual project basis. This approach, however, incorporates aggregated historical data regarding past experiences with similar clients. This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and broader trends observed with similar engagements. In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral. The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically. Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) Provision for doubtful debtors at the end of 2022 2,506 Additions 1,307 Reversals -321 Exchange difference -17 Provision for doubtful debtors at the end of 2023 3,475 In 2023, there was a reversal of impairments on trade receivables, attributed to the receipt of payments from customers. Concurrently, due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw an augmentation of 0.7 million euros. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. Additionally, a reclassification from the provision for take-back obligations by 0.5 million euro impacted the doubtful debtor accounts, this has no impact on the profit and loss statement. There are no customers with a concentration of more than 10% of the total outstanding receivables. The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit. Their bank credit ratings (S&P) as per December 31, 2023 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- Liquidity risk Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they come due because of an inability to liquidate assets or obtain adequate funding in a timely manner. The Group addresses liquidity risk through the strategic management of its financial resources, ensuring the availability of adequate cash reserves and borrowing facilities. This involves a vigilant monitoring of both forecasted and actual cash flows, alongside a careful alignment of the maturity profiles of its financial assets and liabilities (Note 9). By adopting this approach, the Group aims to maintain financial stability and ensure it can meet its obligations as they arise. The main drivers of cash inflows for the Group are derived from its operational activities, complemented by a capital increase executed in 2023 (Note 19). This approach highlights the Group's dedicated focus on maintaining robust liquidity management practices. By leveraging both the revenue generated from its business operations and strategic financial activities such as capital increases, the Group ensures the availability of necessary funds to support its ongoing operations and secure its financial well-being.",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__147": {
"value": "Note 8: Equity Issued capital As at December 31, 2023, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2023, the Company holds 15,122 treasury shares. On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created. For more details of the new created shares, we refer to the listing prospectus which is available on the Company website, section Prospectus. On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares. Detailed information on the capital statement as per December 31, 2023 and 2022 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2023) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 7,340 At the end of this year 38,050 2. Capital representation 2.1 Shares without nominal value 38,050 9,631,408 2.2 Registered or bearer shares Registered 6,230,339 Dematerialized 3,401,069 B. Own shares held by the company or one of its subsidiaries 499 15,122 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 38,280 The following notifications have been received of holdings in the company's share capital during 2023: JENSEN Invest A/S, JF Tenura ApS, SWID AG, 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 Total shares % shares - Number of shares 4,253,781 9,631,408 44.17% - Voting rights 4,253,781 9,631,408 44.17% The chain of control is as follows: JENSEN Invest A/S holds 44.2 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and 99% of the voting rights in JF Tenura Aps. The J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs. Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the shares in JF Tenura Aps. Miura Co Ltd 7 Horie, Matsuyama, Ehime, 799-2696 Japan Number of Total shares % shares - Number of shares 1,926,282 9,631,408 20.00% - Voting rights 1,926,282 9,631,408 20.00% The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV. 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 are no preference shares. All shares are fully paid. As per December 31, 2022, the Company held 60,053 treasury shares. Amounts Number of shares (in thousands of Capital statement (position as at December 31, 2022) 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 rights 0 0 D. Authorized capital not issued 30,710 Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The bylaws 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 bylaws do not include other regulations with respect to transfer of shares. Share premium The share premium results from (i) the merger of LSG, which then took the name of JENSEN-GROUP NV (5.8 million euro), (ii) capital increase in 2023 through contribution in kind (37.9 million euro) and (iii) capital increase in 2023 through contribution in cash (23.9 million euro). The closing balance of the share premium is 67.6 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. In view of the transaction with MIURA, JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program. On May 16, 2023, the shareholders approved the cancellation of 113.873 treasury shares. The Board of Directors of August 10, 2023, decided to re-launch the share repurchase program to buy back maximum 668,027 of its 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, 2023, the Company holds 15,122 treasury shares. Currency 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 Group\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 \u2018Currency translation differences\u2019. The currency translation differences decreased by 5.2 million euro, mainly following the weaker USD, JPY and TRY. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.02 million euro of currency gains 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 2023 2023 AED 3.9676 3.8762 3.8831 3.9274 AUD 1.6285 1.5174 1.6263 1.5693 BRL 5.4016 5.4432 5.3618 5.6386 CHF 0.9717 1.0052 0.9260 0.9847 CNY 7.6591 7.0801 7.8509 7.3582 DKK 7.4510 7.4396 7.4529 7.4365 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8699 0.8526 0.8691 0.8869 JPY 151.9425 138.0050 156.3300 140.6600 NOK 11.4243 10.1015 11.2405 10.5138 NZD 1.7618 1.6585 1.7504 1.6798 SEK 11.4728 10.6274 11.0960 11.1218 SGD 1.4523 1.4520 1.4591 1.4300 TRY 25.7487 17.3849 32.6531 19.9649 USD 1.0816 1.0539 1.1050 1.0666Hedging 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 other comprehensive income ('OCI') if the hedge is deemed effective (note 20). At year-end, an amount of 0.3 million euro was deferred in other comprehensive income. Gains and losses recognized in the hedging reserve in other comprehensive income ('OCI'): - on forward foreign exchange contracts as of December 31, 2023, will be released to the income statement at various dates between one and six months. - on interest rate swap contracts as of December 31, 2023, 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 for which all actuarial gains and losses are recognized directly in OCI. The accumulated loss of the four plans per December 31, 2023, amounts to 4.9 million euro. Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.75 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 7,212,215 euro, based on the number of shares outstanding as at December 31, 2023. No dividend will be distributed to the treasury shares. In respect of 2022, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the net result of the Company at year-end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__148": {
"value": "Issued capital As at December 31, 2023, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2 million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares. All shares are fully paid. As per December 31, 2023, the Company holds 15,122 treasury shares. On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). With both transactions, 1,926,282 new shares were created. For more details of the new created shares, we refer to the listing prospectus which is available on the Company website, section Prospectus. On May 16, 2023, the shareholders approved the cancellation of 113,873 treasury shares. Detailed information on the capital statement as per December 31, 2023 and 2022 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2023) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 7,340 At the end of this year 38,050 2. Capital representation 2.1 Shares without nominal value 38,050 9,631,408 2.2 Registered or bearer shares Registered 6,230,339 Dematerialized 3,401,069 B. Own shares held by the company or one of its subsidiaries 499 15,122 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 38,280 The following notifications have been received of holdings in the company's share capital during 2023: JENSEN Invest A/S, JF Tenura ApS, SWID AG, 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 Total shares % shares - Number of shares 4,253,781 9,631,408 44.17% - Voting rights 4,253,781 9,631,408 44.17% The chain of control is as follows: JENSEN Invest A/S holds 44.2 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and 99% of the voting rights in JF Tenura Aps. The J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs. Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the shares in JF Tenura Aps. Miura Co Ltd 7 Horie, Matsuyama, Ehime, 799-2696 Japan Number of Total shares % shares - Number of shares 1,926,282 9,631,408 20.00% - Voting rights 1,926,282 9,631,408 20.00% The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV. 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 are no preference shares. All shares are fully paid. As per December 31, 2022, the Company held 60,053 treasury shares. Amounts Number of shares (in thousands of Capital statement (position as at December 31, 2022) 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 rights 0 0 D. Authorized capital not issued 30,710 Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The bylaws 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 bylaws do not include other regulations with respect to transfer of shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__149-1": {
"value": "Detailed information on the capital statement as per December 31, 2023 and 2022 is set out below. Amounts Number of shares Capital statement (position as at December 31, 2023) (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 30,710 Changes during the year 7,340 At the end of this year 38,050 2. Capital representation 2.1 Shares without nominal value 38,050 9,631,408 2.2 Registered or bearer shares Registered 6,230,339 Dematerialized 3,401,069 B. Own shares held by the company or one of its subsidiaries 499 15,122 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 38,280 The following notifications have been received of holdings in the company's share capital during 2023: JENSEN Invest A/S, JF Tenura ApS, SWID AG, 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 Total shares % shares - Number of shares 4,253,781 9,631,408 44.17% - Voting rights 4,253,781 9,631,408 44.17% The chain of control is as follows: JENSEN Invest A/S holds 44.2 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and 99% of the voting rights in JF Tenura Aps. The J\u00f8rn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs. Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the shares in JF Tenura Aps. Miura Co Ltd 7 Horie, Matsuyama, Ehime, 799-2696 Japan Number of Total shares % shares - Number of shares 1,926,282 9,631,408 20.00% - Voting rights 1,926,282 9,631,408 20.00% The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV. 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 are no preference shares. All shares are fully paid. As per December 31, 2022, the Company held 60,053 treasury shares. Amounts Number of shares (in thousands of Capital statement (position as at December 31, 2022) 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 rights 0 0 D. Authorized capital not issued 30,710 Each share has one vote. The voting rights are in line with the Companies\u2019 and Associations\u2019 Code. The bylaws 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 bylaws do not include other regulations with respect to transfer of shares.Note 22: Related party transactions Shareholder structure The shareholders of the Company as per December 2023 are: JENSEN Invest A/SJENSEN-GROUP NV (*)35.6%Miura Co LtdFree float44.2%0.2%20.0%(*) Share buy back programTransparency notifications During 2023, JENSEN-GROUP NV received following notifications: - a notification from JENSEN Invest A/S informing about the passive crossing of a threshold. As the JENSEN-GROUP NV issued 1,926,282 new shares on April 3, 2023, the percentage of voting rights owned directly or indirectly by JENSEN Invest A/S decreased from 54.4% to 44.8% of the voting rights in the Company and, thus, crossed the 45% threshold downwards; - two notifications from Miura Co. Ltd informing about (i) the crossing of a threshold because of the acquisition of voting securities of the JENSEN-GROUP NV on April 3, 2023, Miura Co. Ltd holds 1,926,282 shares in the JENSEN-GROUP NV. The share ownership of Miura Co. Ltd amounted to 19.77% of the voting rights in the Company and, thus, crossed the 15% threshold, and (ii) the passive crossing of a threshold. Due to the cancellation of treasury shares on May 16, 2023, by the JENSEN-GROUP NV, the share ownership of Miura Co. Ltd amounts to 20% of the voting rights in the Company and, thus, crossed the 20% threshold; - and a notification from Lazard Fr\u00e8res Gestion SAS informing about a passive crossing of a threshold. As the JENSEN-GROUP NV issued 1,926,282 new shares on April 3, 2023, the percentage of voting rights owned by Lazard Fr\u00e8res Gestion SAS decreased to 4.71% of the voting rights in the Company and, thus, crossed the minimum 5% threshold downwards.Key management compensation December 31, December 31, In thousands of euro 2023 2022 Fees paid to Board members 336 297 Gross salaries paid to senior managers 2,382 2,415 Basic remuneration 897 840 Invoiced services 836 807 One-year variable remuneration 570 698 Fixed expenses 30 29 Fringe benefits 19 18 Pension plan 31 23 For more details on the remuneration of senior management, we refer to the Remuneration Report included in the Report of the Board of Directors.",
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s6_notes__6__151": {
"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. In view of the transaction with MIURA, JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program. On May 16, 2023, the shareholders approved the cancellation of 113.873 treasury shares. The Board of Directors of August 10, 2023, decided to re-launch the share repurchase program to buy back maximum 668,027 of its 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, 2023, the Company holds 15,122 treasury shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__150-1": {
"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. In view of the transaction with MIURA, JENSEN-GROUP announced on March 9, 2023, that the Board of Directors suspended the program. On May 16, 2023, the shareholders approved the cancellation of 113.873 treasury shares. The Board of Directors of August 10, 2023, decided to re-launch the share repurchase program to buy back maximum 668,027 of its 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, 2023, the Company holds 15,122 treasury shares.Currency 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 Group\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 \u2018Currency translation differences\u2019. The currency translation differences decreased by 5.2 million euro, mainly following the weaker USD, JPY and TRY. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.02 million euro of currency gains 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 2023 2023 AED 3.9676 3.8762 3.8831 3.9274 AUD 1.6285 1.5174 1.6263 1.5693 BRL 5.4016 5.4432 5.3618 5.6386 CHF 0.9717 1.0052 0.9260 0.9847 CNY 7.6591 7.0801 7.8509 7.3582 DKK 7.4510 7.4396 7.4529 7.4365 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8699 0.8526 0.8691 0.8869 JPY 151.9425 138.0050 156.3300 140.6600 NOK 11.4243 10.1015 11.2405 10.5138 NZD 1.7618 1.6585 1.7504 1.6798 SEK 11.4728 10.6274 11.0960 11.1218 SGD 1.4523 1.4520 1.4591 1.4300 TRY 25.7487 17.3849 32.6531 19.9649 USD 1.0816 1.0539 1.1050 1.0666Hedging 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 other comprehensive income ('OCI') if the hedge is deemed effective (note 20). At year-end, an amount of 0.3 million euro was deferred in other comprehensive income. Gains and losses recognized in the hedging reserve in other comprehensive income ('OCI'): - on forward foreign exchange contracts as of December 31, 2023, will be released to the income statement at various dates between one and six months. - on interest rate swap contracts as of December 31, 2023, 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 for which all actuarial gains and losses are recognized directly in OCI. The accumulated loss of the four plans per December 31, 2023, amounts to 4.9 million euro.Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.75 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 7,212,215 euro, based on the number of shares outstanding as at December 31, 2023. No dividend will be distributed to the treasury shares. In respect of 2022, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the net result of the Company at year-end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__154": {
"value": "Currency 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 Group\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 \u2018Currency translation differences\u2019. The currency translation differences decreased by 5.2 million euro, mainly following the weaker USD, JPY and TRY. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.02 million euro of currency gains 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 2023 2023 AED 3.9676 3.8762 3.8831 3.9274 AUD 1.6285 1.5174 1.6263 1.5693 BRL 5.4016 5.4432 5.3618 5.6386 CHF 0.9717 1.0052 0.9260 0.9847 CNY 7.6591 7.0801 7.8509 7.3582 DKK 7.4510 7.4396 7.4529 7.4365 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8699 0.8526 0.8691 0.8869 JPY 151.9425 138.0050 156.3300 140.6600 NOK 11.4243 10.1015 11.2405 10.5138 NZD 1.7618 1.6585 1.7504 1.6798 SEK 11.4728 10.6274 11.0960 11.1218 SGD 1.4523 1.4520 1.4591 1.4300 TRY 25.7487 17.3849 32.6531 19.9649 USD 1.0816 1.0539 1.1050 1.0666",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__152-1": {
"value": "Currency 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 Group\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 \u2018Currency translation differences\u2019. The currency translation differences decreased by 5.2 million euro, mainly following the weaker USD, JPY and TRY. The exchange differences arising from the translation of the net investment in foreign operations are taken to other comprehensive income. In total, 0.02 million euro of currency gains 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 2023 2023 AED 3.9676 3.8762 3.8831 3.9274 AUD 1.6285 1.5174 1.6263 1.5693 BRL 5.4016 5.4432 5.3618 5.6386 CHF 0.9717 1.0052 0.9260 0.9847 CNY 7.6591 7.0801 7.8509 7.3582 DKK 7.4510 7.4396 7.4529 7.4365 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8699 0.8526 0.8691 0.8869 JPY 151.9425 138.0050 156.3300 140.6600 NOK 11.4243 10.1015 11.2405 10.5138 NZD 1.7618 1.6585 1.7504 1.6798 SEK 11.4728 10.6274 11.0960 11.1218 SGD 1.4523 1.4520 1.4591 1.4300 TRY 25.7487 17.3849 32.6531 19.9649 USD 1.0816 1.0539 1.1050 1.0666Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__156-1": {
"value": "Remeasurement gains and losses on defined benefit plans JENSEN-GROUP has four defined benefit plans for which all actuarial gains and losses are recognized directly in OCI. The accumulated loss of the four plans per December 31, 2023, amounts to 4.9 million euro.Note 10: Employee benefit obligations December 31, December 31, (in thousands of euro) 2023 2022 Provisions for defined benefit plan 10,394 9,201 Provisions for other employee benefits 298 337 Total employee benefit obligations 10,692 9,538 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 2023 is 13.32 years (2022: 13.95). At December 31, 2023, the total net liability amounted to 10.4 million euro. The net liability increased because of changes in the assumptions and because of experience effects. Overall, the decrease of the discount rate resulted in a loss of 1.3 million euro. Experience losses of 0.1 million euro are linked to a full valuation performed in Germany and reflect mainly the changes in population and current salary and pension increases. For the defined benefit plans, the net cost for 2023 was 0.5 million euro (2022: 0.4 million euro) December 31, December 31, (in thousands of euro) 2023 2022 Current service cost 170 268 Interest cost 442 143 Interest income on plan assets -133 -24 Administrative expenses and taxes 18 18 Pension expenses 497 405The change in net liability recognized during 2023 and 2022 is set out in the table below: December 31, December 31, (in thousands of euro) 2023 2022 Net defined benefit liability (asset) at the beginning of year 9,201 14,090 Defined benefit cost included in P&L 497 405 Employer contribution or benefits paid by employer -779 -771 Total remeasurements included in OCI 1,373 - 4,622 Effect of changes in foreign exchange rates 102 99 Net defined benefit liability (asset) as of end of year 10,394 9,201 The amount of the contributions is based on the currently valid pension plan in conjunction with the pension fund regulations of the foundation. Half of the savings contributions are financed by the employer and half by the employee. The risk contributions are paid by the employee at a rate of 1% from the age of 18 to 24 and 1.5% from the age of 25. The employer's contribution corresponds to the difference between the total of all contributions and the sum of the contributions of all employees. In case of underfunding, recovery measures have to be taken, one potential such measure is additional recovery contributions. The changes in defined benefit obligations and plan assets can be summarized as follows: December 31, December 31, (in thousands of euro) 2023 2022 Defined benefit obligation at end of prior year 15,482 20,675 Current service costs 170 268 Interest expense 442 143 Benefits paid -84 -1,524 Participants' contribution 238 191 Effect of changes in demographic assumptions 0 2 Effect of changes in financial assumptions 1,285 -4,854 Effect of experience adjustments 81 170 Effect of changes in foreign exchange rates 551 410 Defined benefit obligation at end of year 18,165 15,481 JENSEN-GROUP is affiliated with a collective foundation who is responsible for asset management and the reconciliation of assets and liabilities. The plan assets are invested in accordance with the currently valid investment regulations of this foundation. The investment strategy and liability structure are aligned on a regular basis. December 31, December 31, (in thousands of euro) 2023 2022 Fair value of plan assets at end of prior year 6,281 6,585 Contributions 1,016 962 Return on plan assets -7 -60 Interest income on plan assets 133 24 Benefits paid -84 -1,524 Administrative expenses -18 -18 Effect of changes in foreign exchange rates 450 311 Fair value of plan assets at end of year 7,771 6,280 December 31, December 31, (in thousands of euro) 2023 2022 Defined benefit obligation 18,165 15,481 Fair value of plan assets 7,771 6,280 Net defined benefit liability (asset) 10,394 9,201 The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2023 2022 2023 2022 2023 2022 Switzerland 1.35% 2.10% 1.25% 1.25% 1.75% 1.75% France 3.30% 3.75% N/A N/A 3.00% 3.00% Germany 3.30% 3.67% 2.25% 2.25% 3.00% 3.00% Italy 3.25% 3.70% 2.23% 2.66% N/A N/A Discount rates decreased over 2023, as a result of decreasing 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 2.23% for Italy (respectively 2.25% and 2.66% 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 didn't change since last year. 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: Change in (in thousands of euro) assumption Discount rate -25bp 631 +25bp -595 Weighted avg duration (in years) -25bp 14 +25bp 13 The above sensitivity analyses 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 per end of December 31, 2023 (2022): - Equity securities 3.92% (4.83%) - Debt securities: 49.74% (52.36%) - Real estate: 23.72% (22.75%) - Derivatives: 10.32% - Cash: 0.60% - Other: 11.70% (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 0.7 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 0.1 million euro for accounting year 2023 (2022: 0.07 million euro). ndBecause of the Belgian legislation applicable to 2 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, 2023.Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023.Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022.",
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"s6_notes__6__158": {
"value": "Dividend The Board proposes to the Annual Shareholders\u2019 meeting to approve a dividend of 0.75 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 7,212,215 euro, based on the number of shares outstanding as at December 31, 2023. No dividend will be distributed to the treasury shares. In respect of 2022, the Board proposed, and the Shareholders approved, a dividend payment of 0.50 euro per share. The dividend proposal was based on the net result of the Company at year-end.",
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"s6_notes__6__159": {
"value": "0.75",
"decimals": 2,
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"s6_notes__6__160": {
"value": "7212215000",
"decimals": -3,
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"s6_notes__6__161": {
"value": "0.5",
"decimals": 2,
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"s6_notes__6__163": {
"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.",
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"s6_notes__6__164": {
"value": "Note 9: Financial debt The non-current and current borrowings can be summarized as follows: December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 LT loans with credit 29,080 0 870 -2,573 -3,046 -241 24,090 institutions LT loans other 1,274 0 490 0 0 0 1,764 LT factoring 2,746 0 0 0 -712 0 2,034 Subtotal 33,100 0 1,360 -2,573 -3,758 -241 27,888 LT loans - Lease liabilities 1,858 2,655 Total non-current 34,958 30,543 borrowings December Acq of Reclass December (in thousands of euro) Proceeds Repayments CTA 31 2022 subs LT to ST 31 2023 Current portion of LT 13,028 0 142 -13,063 3,046 -41 3,112 borrowings Credit institutions 5,514 81 4,884 -460 -2 -361 9,656 Payments received 909 0 0 0 781 -16 1,674 (factoring) Subtotal 19,451 81 5,026 -13,523 3,825 -418 14,442 Lease liabilities - ST 1,439 1,346 Total current borrowings 20,890 15,788 Total borrowings 55,848 46,331 Total borrowings decreased from 55.8 million euro at December 31, 2022 to 46.3 million euro at December 31, 2023, because of repayments. The Group factored trade receivables in a total amount of 3.7 million euro (2.0 million euro long-term and 1.7 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. Net cash increased from 11.5 million euro at the end of December 2022 to 35.9 million euro at the end of December 2023. On April 3, 2023, JENSEN-GROUP NV increased its capital by a contribution in kind (4.6 million euro) and a contribution in cash (2.9 million euro). The Group received 26.8 million euro cash from the capital increase. Part of it is booked as share premium. In order to reduce the risk on cash, the Group invested in financial assets for a total amount of 31.1 million euro (31.9 million euro last year). We refer to note 20, Financial instruments - market and other risks, for more details. Cash and cash equivalents increased from 35.4 million euro to 51.1 million euro. All this together resulted in an increase of the net cash position from 11.5 million euro to 35.9 million euro net cash. The following table gives the maturities of the non-current debt: December 31 December 31 (in thousands of euro) 2023 2022 Between 1 and 2 years 15,173 5,355 Between 2 and 5 years 9,306 23,865 > 5 years 6,064 5,738 Total non-current borrowings 30,543 34,958 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows: Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions 12,768 13,134 6,656 4,300 36,858 Other 0 0 0 1,764 1,764 Payments received (factoring) 1,674 919 1,115 0 3,708 Lease liabilities 1,346 1,120 1,535 0 4,001 Total 15,788 15,173 9,306 6,064 46,331 IRS covered 0 111 333 1,445 1,890 Total non-covered 15,788 15,062 8,973 4,619 44,441Management 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: December 31 December 31 (in thousands of euro) 2023 2022 EUR 21,570 38,379 DKK 5,702 6,029 CNY 15,058 8,143 Total 42,330 52,551 Lease liabilities 4,001 3,297 Total borrowings 46,331 55,848With 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 has been significant headroom on all of the covenants and hence there were no breaches. The risk of not meeting our debt covenants over the next twelve months is considered as remote. Debt covered by guarantees December 31 December 31 (in thousands of euro) 2023 2022 Mortgages 5,702 6,029 Letter of Intent 14,404 13,727 Total 20,106 19,756 The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 7.6 million euro.",
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"s6_notes__6__170-1": {
"value": "The following table gives the maturities of the non-current debt: December 31 December 31 (in thousands of euro) 2023 2022 Between 1 and 2 years 15,173 5,355 Between 2 and 5 years 9,306 23,865 > 5 years 6,064 5,738 Total non-current borrowings 30,543 34,958 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows: Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions 12,768 13,134 6,656 4,300 36,858 Other 0 0 0 1,764 1,764 Payments received (factoring) 1,674 919 1,115 0 3,708 Lease liabilities 1,346 1,120 1,535 0 4,001 Total 15,788 15,173 9,306 6,064 46,331 IRS covered 0 111 333 1,445 1,890 Total non-covered 15,788 15,062 8,973 4,619 44,441Liquidity risk Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they come due because of an inability to liquidate assets or obtain adequate funding in a timely manner. The Group addresses liquidity risk through the strategic management of its financial resources, ensuring the availability of adequate cash reserves and borrowing facilities. This involves a vigilant monitoring of both forecasted and actual cash flows, alongside a careful alignment of the maturity profiles of its financial assets and liabilities (Note 9). By adopting this approach, the Group aims to maintain financial stability and ensure it can meet its obligations as they arise. The main drivers of cash inflows for the Group are derived from its operational activities, complemented by a capital increase executed in 2023 (Note 19). This approach highlights the Group's dedicated focus on maintaining robust liquidity management practices. By leveraging both the revenue generated from its business operations and strategic financial activities such as capital increases, the Group ensures the availability of necessary funds to support its ongoing operations and secure its financial well-being.",
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"s6_notes__6__167-1": {
"value": "The following table gives the maturities of the non-current debt: December 31 December 31 (in thousands of euro) 2023 2022 Between 1 and 2 years 15,173 5,355 Between 2 and 5 years 9,306 23,865 > 5 years 6,064 5,738 Total non-current borrowings 30,543 34,958 The exposure of the Group\u2019s borrowings to interest rate changes and the contractual re-pricing dates before and after the effect of the interest rate swaps ('IRS') at balance sheet date are as follows: Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions 12,768 13,134 6,656 4,300 36,858 Other 0 0 0 1,764 1,764 Payments received (factoring) 1,674 919 1,115 0 3,708 Lease liabilities 1,346 1,120 1,535 0 4,001 Total 15,788 15,173 9,306 6,064 46,331 IRS covered 0 111 333 1,445 1,890 Total non-covered 15,788 15,062 8,973 4,619 44,441Note 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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883Foreign currency risk JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate. The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group\u2019s policy, these derivative instruments are not held for speculative or trading purpose. In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes: - Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure. - Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework. Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer. All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8). The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2023, and December 31, 2022, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euros, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euros. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies. Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments: - European subsidiaries engage in their operations utilizing the euro, Danish Krone, and Swedish Krona as their currencies of transaction. - In the USA, production activities are conducted in USD, reflecting the local currency. - In China, the operational currency for production activities is CNY. This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets. 2023 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -7,059 9,936 2,877 EUR/GBP -3,354 3,000 -354 EUR/AUD -652 1,324 672 EUR/SEK 3,221 -1,500 1,721 EUR/NZD -69 350 281 EUR/NOK -1,601 901 -700 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD 0 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 Sensitivity analysis for 2023 (in thousands of Change in Impact net 1Impact on equity euro) currency profitUSD -4.69% -819 -1,762 4.69% 896 3,222 GBP -3.14% -121 -134 3.14% 91 142 AUD -8.41% -639 -385 8.41% 1.001 461 NZD -7.98% -101 -27 7.98% 146 31 CNY -8.62% 780 -659 8.62% -1.001 649 SEK -5.99% 631 118 5.99% -545 -53 CHF -5.51% 6 -250 5.51% -7 407 DKK -0.30% 123 -259 0.30% -166 305 NOK -10.09% -366 -53 10.09% 769 67 SGD -3.44% -97 3.44% 99 JPY -15.16% -3,011 15.16% 3,966 BRL -6.36% -10 6.36% 11 AED -4.65% -10 4.65% 11 TRY -57.07% -2,484 57.07% 4,295 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, 2023 and using a 95% confidence interval. These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics. As of December 31, 2023, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group\u2019s efficient management of its foreign exchange exposure within the short-term horizon. 2023 Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 2,604,181 0.87 4-2-2024 7 EUR/AUD 2,214,133 1.67 19-4-2024 -31 EUR/USD 10,763,272 1.08 10-4-2024 252 DKK/SEK 11,247,823 1.43 30-12-2024 16 EUR/NZD 640,606 1.83 20-6-2024 -14 EUR/NOK 10,349,000 11.49 10-1-2024 -22 Average Fair value Curr Buy Maturity exchange rate thousands of euro EUR/SEK 17,466,336 11.64 19-1-2024 70 2022 Average Fair value Currency Sell Maturity exchange rate 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 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 21,935,601 10.94 2-2-2023 -28 Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2023 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2023, totaling 0.1 million euros after taxes (0.2 million in 2022), have been deferred in equity. It is significant to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.Credit risk Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil their obligation, leading to a financial loss for the other party. In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to gain a comprehensive view of potential credit risks. Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is part of our due diligence process, where we assess the creditworthiness of both new customers and existing customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage and mitigate credit risk, safeguarding the Group's financial health and stability. Consolidated ageing schedule of the trade receivables ST 2023 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue Outstanding trade receivables 71,062 10,194 4,324 3,304 11,378 100,622 Collateral held as security 0 Net exposure 71,062 10,194 4,324 3,304 11,378 100,622 Provisions accounted for -3,475 Total 97,147 2022 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue 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 Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of discounting these amounts is deemed to be not significant. Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically equates to the original invoiced amount, adjusted for an allowance for expected credit losses. Given the project-based nature of our operations and the notable concentration of accounts receivable/contract assets related to individually significant projects within the Group, allowances for both incurred and future expected losses are determined on an individual project basis. This approach, however, incorporates aggregated historical data regarding past experiences with similar clients. This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and broader trends observed with similar engagements. In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral. The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically. Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) Provision for doubtful debtors at the end of 2022 2,506 Additions 1,307 Reversals -321 Exchange difference -17 Provision for doubtful debtors at the end of 2023 3,475 In 2023, there was a reversal of impairments on trade receivables, attributed to the receipt of payments from customers. Concurrently, due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw an augmentation of 0.7 million euros. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. Additionally, a reclassification from the provision for take-back obligations by 0.5 million euro impacted the doubtful debtor accounts, this has no impact on the profit and loss statement. There are no customers with a concentration of more than 10% of the total outstanding receivables. The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit. Their bank credit ratings (S&P) as per December 31, 2023 are: - Nordea: AA- - KBC: A+ - Nykredit: AA- Liquidity risk Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they come due because of an inability to liquidate assets or obtain adequate funding in a timely manner. The Group addresses liquidity risk through the strategic management of its financial resources, ensuring the availability of adequate cash reserves and borrowing facilities. This involves a vigilant monitoring of both forecasted and actual cash flows, alongside a careful alignment of the maturity profiles of its financial assets and liabilities (Note 9). By adopting this approach, the Group aims to maintain financial stability and ensure it can meet its obligations as they arise. The main drivers of cash inflows for the Group are derived from its operational activities, complemented by a capital increase executed in 2023 (Note 19). This approach highlights the Group's dedicated focus on maintaining robust liquidity management practices. By leveraging both the revenue generated from its business operations and strategic financial activities such as capital increases, the Group ensures the availability of necessary funds to support its ongoing operations and secure its financial well-being.",
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"s6_notes__6__173-1": {
"value": "Note 10: Employee benefit obligations December 31, December 31, (in thousands of euro) 2023 2022 Provisions for defined benefit plan 10,394 9,201 Provisions for other employee benefits 298 337 Total employee benefit obligations 10,692 9,538 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 2023 is 13.32 years (2022: 13.95). At December 31, 2023, the total net liability amounted to 10.4 million euro. The net liability increased because of changes in the assumptions and because of experience effects. Overall, the decrease of the discount rate resulted in a loss of 1.3 million euro. Experience losses of 0.1 million euro are linked to a full valuation performed in Germany and reflect mainly the changes in population and current salary and pension increases. For the defined benefit plans, the net cost for 2023 was 0.5 million euro (2022: 0.4 million euro) December 31, December 31, (in thousands of euro) 2023 2022 Current service cost 170 268 Interest cost 442 143 Interest income on plan assets -133 -24 Administrative expenses and taxes 18 18 Pension expenses 497 405The change in net liability recognized during 2023 and 2022 is set out in the table below: December 31, December 31, (in thousands of euro) 2023 2022 Net defined benefit liability (asset) at the beginning of year 9,201 14,090 Defined benefit cost included in P&L 497 405 Employer contribution or benefits paid by employer -779 -771 Total remeasurements included in OCI 1,373 - 4,622 Effect of changes in foreign exchange rates 102 99 Net defined benefit liability (asset) as of end of year 10,394 9,201 The amount of the contributions is based on the currently valid pension plan in conjunction with the pension fund regulations of the foundation. Half of the savings contributions are financed by the employer and half by the employee. The risk contributions are paid by the employee at a rate of 1% from the age of 18 to 24 and 1.5% from the age of 25. The employer's contribution corresponds to the difference between the total of all contributions and the sum of the contributions of all employees. In case of underfunding, recovery measures have to be taken, one potential such measure is additional recovery contributions. The changes in defined benefit obligations and plan assets can be summarized as follows: December 31, December 31, (in thousands of euro) 2023 2022 Defined benefit obligation at end of prior year 15,482 20,675 Current service costs 170 268 Interest expense 442 143 Benefits paid -84 -1,524 Participants' contribution 238 191 Effect of changes in demographic assumptions 0 2 Effect of changes in financial assumptions 1,285 -4,854 Effect of experience adjustments 81 170 Effect of changes in foreign exchange rates 551 410 Defined benefit obligation at end of year 18,165 15,481 JENSEN-GROUP is affiliated with a collective foundation who is responsible for asset management and the reconciliation of assets and liabilities. The plan assets are invested in accordance with the currently valid investment regulations of this foundation. The investment strategy and liability structure are aligned on a regular basis. December 31, December 31, (in thousands of euro) 2023 2022 Fair value of plan assets at end of prior year 6,281 6,585 Contributions 1,016 962 Return on plan assets -7 -60 Interest income on plan assets 133 24 Benefits paid -84 -1,524 Administrative expenses -18 -18 Effect of changes in foreign exchange rates 450 311 Fair value of plan assets at end of year 7,771 6,280 December 31, December 31, (in thousands of euro) 2023 2022 Defined benefit obligation 18,165 15,481 Fair value of plan assets 7,771 6,280 Net defined benefit liability (asset) 10,394 9,201 The major assumptions made in calculating the provisions can be summarized as follows: Discount rate Rate of price inflation Expected rates of salary increase 2023 2022 2023 2022 2023 2022 Switzerland 1.35% 2.10% 1.25% 1.25% 1.75% 1.75% France 3.30% 3.75% N/A N/A 3.00% 3.00% Germany 3.30% 3.67% 2.25% 2.25% 3.00% 3.00% Italy 3.25% 3.70% 2.23% 2.66% N/A N/A Discount rates decreased over 2023, as a result of decreasing 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 2.23% for Italy (respectively 2.25% and 2.66% 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 didn't change since last year. 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: Change in (in thousands of euro) assumption Discount rate -25bp 631 +25bp -595 Weighted avg duration (in years) -25bp 14 +25bp 13 The above sensitivity analyses 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 per end of December 31, 2023 (2022): - Equity securities 3.92% (4.83%) - Debt securities: 49.74% (52.36%) - Real estate: 23.72% (22.75%) - Derivatives: 10.32% - Cash: 0.60% - Other: 11.70% (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 0.7 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 0.1 million euro for accounting year 2023 (2022: 0.07 million euro). ndBecause of the Belgian legislation applicable to 2 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, 2023.Note 11: Provisions for other liabilities and charges December 31 December 31 (in thousands of euro) 2023 2022 Provisions for warranties 8,377 7,786 Provisions for take-back obligations 256 873 Other provisions 1,338 1,060 Provisions for other liabilities and charges 9,971 9,719 Changes in provisions can be analyzed as follows: Write-December Translation December (in thousands of euro) Additions Utilization backs or 31 2022 dfiferences 31 2023 reversals Provisions for warranties 7,786 4,237 -3,055 -496 -94 8,377 Provisions for take-back obligations 873 70 0 -687 0 256 Other provisions 1,060 593 -134 -181 0 1,338 Total provisions 9,719 4,900 -3,189 -1,364 -94 9,971 Warranty provision: 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 (on average between 18 and 24 months) for the main products. The warranty provision at the end of 2023 corresponds proportionately with the increase in our operational activities throughout the year. It is noteworthy that despite the expansion in activities, the warranty provision as a percentage of our revenues has remained constant at 2%. This stability underscores our commitment to quality and customer service excellence, even amidst significant operational growth. Take-back obligations: A provision for take-back obligations is recorded when JENSEN-GROUP sells equipment for which the customer enters into a leasing contract with a leasing company and this party requests 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 Group in terms of having to take back machinery over the lifetime of the financing contract. The value of the machinery could already be below the remaining financial liability, therefore a provision is provided for. 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.",
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"s6_notes__6__175-1": {
"value": "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.Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: December 31 December 31 (in thousands of euro) Variance 2023 2022 Letters of intent 14,404 13,727 677 Bank guarantees 9,344 16,597 -7,253 Mortgages 5,702 6,029 -327 Repurchase commitments 2,560 8,730 -6,170 Management does not expect these contingencies to significantly impact the Group\u2019s financial position or profitability.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__182": {
"value": "Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023. The other amounts payable represent expenses occurred but no invoicing have been received yet. The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2023 are included in this accrual. The deferred income amounts to 1.4 million euro (1.2 million euro in 2022). The above factors collectively contribute to the augmented outstanding payables recorded at year-end (+ 10.1 million euro), reflecting our adaptation to both internal growth and external economic fluctuations. ",
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"s6_notes__6__181-1": {
"value": "Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023. The other amounts payable represent expenses occurred but no invoicing have been received yet. The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2023 are included in this accrual. The deferred income amounts to 1.4 million euro (1.2 million euro in 2022). The above factors collectively contribute to the augmented outstanding payables recorded at year-end (+ 10.1 million euro), reflecting our adaptation to both internal growth and external economic fluctuations. 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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883Foreign currency risk JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate. The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group\u2019s policy, these derivative instruments are not held for speculative or trading purpose. In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes: - Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure. - Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework. Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer. All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8). The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2023, and December 31, 2022, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euros, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euros. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies. Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments: - European subsidiaries engage in their operations utilizing the euro, Danish Krone, and Swedish Krona as their currencies of transaction. - In the USA, production activities are conducted in USD, reflecting the local currency. - In China, the operational currency for production activities is CNY. This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets. 2023 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -7,059 9,936 2,877 EUR/GBP -3,354 3,000 -354 EUR/AUD -652 1,324 672 EUR/SEK 3,221 -1,500 1,721 EUR/NZD -69 350 281 EUR/NOK -1,601 901 -700 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD 0 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 Sensitivity analysis for 2023 (in thousands of Change in Impact net 1Impact on equity euro) currency profitUSD -4.69% -819 -1,762 4.69% 896 3,222 GBP -3.14% -121 -134 3.14% 91 142 AUD -8.41% -639 -385 8.41% 1.001 461 NZD -7.98% -101 -27 7.98% 146 31 CNY -8.62% 780 -659 8.62% -1.001 649 SEK -5.99% 631 118 5.99% -545 -53 CHF -5.51% 6 -250 5.51% -7 407 DKK -0.30% 123 -259 0.30% -166 305 NOK -10.09% -366 -53 10.09% 769 67 SGD -3.44% -97 3.44% 99 JPY -15.16% -3,011 15.16% 3,966 BRL -6.36% -10 6.36% 11 AED -4.65% -10 4.65% 11 TRY -57.07% -2,484 57.07% 4,295 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, 2023 and using a 95% confidence interval. These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics. As of December 31, 2023, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group\u2019s efficient management of its foreign exchange exposure within the short-term horizon. 2023 Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 2,604,181 0.87 4-2-2024 7 EUR/AUD 2,214,133 1.67 19-4-2024 -31 EUR/USD 10,763,272 1.08 10-4-2024 252 DKK/SEK 11,247,823 1.43 30-12-2024 16 EUR/NZD 640,606 1.83 20-6-2024 -14 EUR/NOK 10,349,000 11.49 10-1-2024 -22 Average Fair value Curr Buy Maturity exchange rate thousands of euro EUR/SEK 17,466,336 11.64 19-1-2024 70 2022 Average Fair value Currency Sell Maturity exchange rate 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 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 21,935,601 10.94 2-2-2023 -28 Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2023 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2023, totaling 0.1 million euros after taxes (0.2 million in 2022), have been deferred in equity. It is significant to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.Interest rate risk The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives. Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures. In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible. 2023 > 1 > 3 Effective Carrying month months < 1-5 > 5 (in thousands of euro) < 1 month interest rate amount < 3 12 years years months months FLOATING RATE CNY 3.94% - 5.0% 14,404 9,655 153 458 4,138 0 Total floating 14,404 9,655 153 458 4,138 0 FIXED RATE EUR 1.32% - 2.28% 18,515 183 366 1,646 14,316 2,005 DKK1 0.44% -1.5% 5,703 26 51 232 1,336 4,059 Total Fixed 24,218 208 417 1,877 15,652 6,064 FACTORING EUR 3,708 139 279 1,255 2,034 0 Total 42,330 10,003 848 3,591 21,824 6,064 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2022 > 1 > 3 Effective interest Carrying month 1-5 > 5 (in thousands of euro) < 1 month months < rate amount < 3 years years 12 months months 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 11,542 15,695 1,384 DKK1 0.44% -1.5% 6,035 26 54 245 1,356 4,354 Total Fixed 35,169 26 567 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. The following table sets out the conditions of the interest rate swaps: 2023 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,083,848 0.44% 30-12-2039 307 TOTAL in EUR 1,889,714 307 2022 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2023, the variations in their fair value, which amounted to 0.2 million euros after taxes (0.3 million euro in 2022), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure. As disclosed in the above table, 14.4 million euro of the Group\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 1.9 million EUR loan that is covered by an interest rate swap. The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: Possible rates at (in thousands of Carrying Effective December 31, euro) amount interest rate 2023 CNY 14,404 3.94% - 5.0% 2.88% - 6.06% Total in EUR 14,404 Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2023\u2014while keeping all other variables constant\u2014it is estimated that the profit for 2023 could have been 0.5 million euros lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for informing our risk management strategies.",
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"s6_notes__6__178-1": {
"value": "Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643Note 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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883Foreign currency risk JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate. The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group\u2019s policy, these derivative instruments are not held for speculative or trading purpose. In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes: - Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure. - Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework. Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer. All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8). The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2023, and December 31, 2022, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euros, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euros. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies. Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments: - European subsidiaries engage in their operations utilizing the euro, Danish Krone, and Swedish Krona as their currencies of transaction. - In the USA, production activities are conducted in USD, reflecting the local currency. - In China, the operational currency for production activities is CNY. This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets. 2023 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -7,059 9,936 2,877 EUR/GBP -3,354 3,000 -354 EUR/AUD -652 1,324 672 EUR/SEK 3,221 -1,500 1,721 EUR/NZD -69 350 281 EUR/NOK -1,601 901 -700 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD 0 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 Sensitivity analysis for 2023 (in thousands of Change in Impact net 1Impact on equity euro) currency profitUSD -4.69% -819 -1,762 4.69% 896 3,222 GBP -3.14% -121 -134 3.14% 91 142 AUD -8.41% -639 -385 8.41% 1.001 461 NZD -7.98% -101 -27 7.98% 146 31 CNY -8.62% 780 -659 8.62% -1.001 649 SEK -5.99% 631 118 5.99% -545 -53 CHF -5.51% 6 -250 5.51% -7 407 DKK -0.30% 123 -259 0.30% -166 305 NOK -10.09% -366 -53 10.09% 769 67 SGD -3.44% -97 3.44% 99 JPY -15.16% -3,011 15.16% 3,966 BRL -6.36% -10 6.36% 11 AED -4.65% -10 4.65% 11 TRY -57.07% -2,484 57.07% 4,295 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, 2023 and using a 95% confidence interval. These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics. As of December 31, 2023, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group\u2019s efficient management of its foreign exchange exposure within the short-term horizon. 2023 Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 2,604,181 0.87 4-2-2024 7 EUR/AUD 2,214,133 1.67 19-4-2024 -31 EUR/USD 10,763,272 1.08 10-4-2024 252 DKK/SEK 11,247,823 1.43 30-12-2024 16 EUR/NZD 640,606 1.83 20-6-2024 -14 EUR/NOK 10,349,000 11.49 10-1-2024 -22 Average Fair value Curr Buy Maturity exchange rate thousands of euro EUR/SEK 17,466,336 11.64 19-1-2024 70 2022 Average Fair value Currency Sell Maturity exchange rate 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 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 21,935,601 10.94 2-2-2023 -28 Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2023 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2023, totaling 0.1 million euros after taxes (0.2 million in 2022), have been deferred in equity. It is significant to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.Interest rate risk The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives. Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures. In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible. 2023 > 1 > 3 Effective Carrying month months < 1-5 > 5 (in thousands of euro) < 1 month interest rate amount < 3 12 years years months months FLOATING RATE CNY 3.94% - 5.0% 14,404 9,655 153 458 4,138 0 Total floating 14,404 9,655 153 458 4,138 0 FIXED RATE EUR 1.32% - 2.28% 18,515 183 366 1,646 14,316 2,005 DKK1 0.44% -1.5% 5,703 26 51 232 1,336 4,059 Total Fixed 24,218 208 417 1,877 15,652 6,064 FACTORING EUR 3,708 139 279 1,255 2,034 0 Total 42,330 10,003 848 3,591 21,824 6,064 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2022 > 1 > 3 Effective interest Carrying month 1-5 > 5 (in thousands of euro) < 1 month months < rate amount < 3 years years 12 months months 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 11,542 15,695 1,384 DKK1 0.44% -1.5% 6,035 26 54 245 1,356 4,354 Total Fixed 35,169 26 567 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. The following table sets out the conditions of the interest rate swaps: 2023 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,083,848 0.44% 30-12-2039 307 TOTAL in EUR 1,889,714 307 2022 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2023, the variations in their fair value, which amounted to 0.2 million euros after taxes (0.3 million euro in 2022), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure. As disclosed in the above table, 14.4 million euro of the Group\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 1.9 million EUR loan that is covered by an interest rate swap. The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: Possible rates at (in thousands of Carrying Effective December 31, euro) amount interest rate 2023 CNY 14,404 3.94% - 5.0% 2.88% - 6.06% Total in EUR 14,404 Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2023\u2014while keeping all other variables constant\u2014it is estimated that the profit for 2023 could have been 0.5 million euros lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for informing our risk management strategies.",
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"s6_notes__6__177": {
"value": "Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023. The other amounts payable represent expenses occurred but no invoicing have been received yet. The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2023 are included in this accrual. The deferred income amounts to 1.4 million euro (1.2 million euro in 2022). The above factors collectively contribute to the augmented outstanding payables recorded at year-end (+ 10.1 million euro), reflecting our adaptation to both internal growth and external economic fluctuations. ",
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"s6_notes__6__176": {
"value": "Note 12: Trade and other payables December 31 December 31 (in thousands of euro) 2023 2022 Trade payables 28,450 22,261 Remuneration and social security 16,380 11,964 Other amounts payable 3,179 2,918 Accrued expenses and deferred income 8,645 9,466 Derivative financial instruments 67 34 Total trade and other payables 56,721 46,643The trade payables, on average, correspond to the final month of outstanding purchases and align with the escalation in operational activities observed over the course of the year. The growth in our workforce from 1,555 to 1,830 at year-end, combined with inflation and economic conditions across various countries, has necessitated an increase in employee remunerations causing the increase of the outstanding payable per December 31, 2023. The other amounts payable represent expenses occurred but no invoicing have been received yet. The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2023 are included in this accrual. The deferred income amounts to 1.4 million euro (1.2 million euro in 2022). The above factors collectively contribute to the augmented outstanding payables recorded at year-end (+ 10.1 million euro), reflecting our adaptation to both internal growth and external economic fluctuations. ",
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"s6_notes__6__188-1": {
"value": "Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% Depreciation and amortization expenses are summarized via the below table: December 31 December 31 (in thousands of euro) Variance 2023 2022 Depreciation and amortization 5,995 6,406 -411 Write down on trade receivables 1,210 327 883 Write down on inventory 309 397 -88 Change in provisions 119 26 94 Depreciation and amortization expense 7,633 7,155 478 The depreciation and amortization are detailed per asset class in Note 4 and 5. The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.",
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"s6_notes__6__187": {
"value": "Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced an 8% increase compared to the previous year. This rise is attributed to both the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022. Depreciation and amortization expenses are summarized via the below table: December 31 December 31 (in thousands of euro) Variance 2023 2022 Depreciation and amortization 5,995 6,406 -411 Write down on trade receivables 1,210 327 883 Write down on inventory 309 397 -88 Change in provisions 119 26 94 Depreciation and amortization expense 7,633 7,155 478 The depreciation and amortization are detailed per asset class in Note 4 and 5. The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.",
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"s6_notes__6__186-1": {
"value": "Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced an 8% increase compared to the previous year. This rise is attributed to both the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022. Depreciation and amortization expenses are summarized via the below table: December 31 December 31 (in thousands of euro) Variance 2023 2022 Depreciation and amortization 5,995 6,406 -411 Write down on trade receivables 1,210 327 883 Write down on inventory 309 397 -88 Change in provisions 119 26 94 Depreciation and amortization expense 7,633 7,155 478 The depreciation and amortization are detailed per asset class in Note 4 and 5. The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.Note 14: Other operating result December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.Note 16: Income tax expense Income tax expenses can be analyzed as follows: December 31 December 31 (in thousands of euro) Variance 2023 2022 Current taxes -12,147 -4,547 -7,600 Deferred taxes 1,653 -421 2,074 Total income tax expense -10,494 -4,968 -5,526 Total income tax expenses increase by 5,5 million euros, attributable to an enhanced result before taxes and an increase of the effective tax rate of the Group by 2.2%. The movement of the deferred taxes balance sheet positions impacting the income statement by 2.1 million euro is further split by their nature in Note 5. Relationship between tax expense and accounting profit as per December 31, 2023 and December 31, 2022 is summarised in the below reconciliation table: Reconciliation of effective tax rate December 31 December 31 (in thousands of euro) 2023 2022 Accounting profit before taxes 41,926 21,532 Share in result of associates and companies accounted for using 2,141 986 the equity method Tax basis 39,785 20,546 Theoretical tax rate 23.84% 23.90% Income tax calculated at the weighted average of the 9,484 4,911 theoretical tax rate of the different entities Disallowed expenses 233 11 Prior year tax adjustments -50 -234 Tax losses for which no DTA is recognised 176 280 Timing differences 651 0 Subtotal 879 57 Actual tax expenses 10,494 4,968 Effective tax rate 26.38% 24.18% The effective tax rate of 26.38% is slightly higher than the theoretical tax rate of 23.84% of the different entities and mainly due to disallowed expenses and increase of timing differences between local and group books. During 2023, one tax audit took place. The Group has accounted for the necessary provisions based on the best estimate of the expected outcome of this audit.",
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"s6_notes__6__183": {
"value": "Note 13: Operating expenses December 31 December 31 Variance (in thousands of euro) 2023 2022 %Raw material expenses -188,928 -175,488 8% Services and other goods -45,772 -39,151 17% Employee benefit expenses -118,486 -99,881 19% Depreciation and amortization expense -7,633 -7,155 7% Total expenses -360,819 -321,675 12% Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced an 8% increase compared to the previous year. This rise is attributed to both the expansion of operational activities and the fluctuations in market prices driven by inflation. - Raw materials & consumables - Trade machinery - Packaging - Freight - Spare parts & services - Subcontracting The intensity of growth in our operational activities, including orders and revenue, is notably high. However, our expenditure on raw materials is constrained by the capacities of our Production and Engineering Centers (PECs). In response to this limitation and in order to meet market demand effectively, additional investments are being undertaken. Services and other goods amount to 46 million euro and their evolution (+ 6.6 million euro) is in line with the growth of the Group. The expansion of our workforce from 1,555 to 1,830 at year-end, coupled with inflation and varying economic conditions in multiple countries, has resulted an increase in employee compensation and benefits of 19% compared to December 31, 2022. Depreciation and amortization expenses are summarized via the below table: December 31 December 31 (in thousands of euro) Variance 2023 2022 Depreciation and amortization 5,995 6,406 -411 Write down on trade receivables 1,210 327 883 Write down on inventory 309 397 -88 Change in provisions 119 26 94 Depreciation and amortization expense 7,633 7,155 478 The depreciation and amortization are detailed per asset class in Note 4 and 5. The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__196": {
"value": "Note 14: Other operating result December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.",
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"s6_notes__6__195": {
"value": "Note 14: Other operating result December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__194": {
"value": "Note 14: Other operating result December 31 December 31 (in thousands of euro) Variance 2023 2022 Other operating income 1,797 2,481 -684 Other operating expenses -356 -34 -322 Total 1,441 2,447 -1,006 Throughout 2023 the receipt of commissions on certain products increased by 0.5 million euro and a non-recurring insurance income of 0.3 million euro describe the evolution. In 2022, the other operating result was predominantly comprised by several positive outcomes, including a 0.6 million euro benefit associated with the closing of certain activities, the reversal of provisions linked to a specific claim, the receipt of sales commissions, and modest amounts of government support connected to Covid-19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__206": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__205": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__204": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__202": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__201": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__200": {
"value": "Note 15: Financial income and financial charges December 31 December 31 (in thousands of euro) Variance 2023 2022 Financial income 3,697 3,445 252 Interest income 1,994 891 1,103 Other financial income 121 50 72 Currency gains 1,582 2,505 -923 Financial cost -4,655 -5,310 655 Interest charges -1,653 -1,983 330 Other financial charges -954 -785 -168 Currency losses -2,048 -2,541 493 Total net finance cost -958 -1,865 906 Interest income is primarily derived from returns on financial assets and on cash and cash equivalent. The interest income increases by 1.1 million euros. The Group investments in two types of bonds, classified as financial asset (see Note 20): - held within a business model with the objective to collect the contractual cash flow and the cash flows (payments of principal and interest). - and bonds not held for trading. Contrary our cost of financial debt decreases by 0.3 million euro because of the repayments performed throughout 2023 (see Note 9). The total repayment of ST loans with credit institutions of 13 million euro (2.5 million in 2022) is the main driver of the decreased interest charges. The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon the specific nature of the currency effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__211": {
"value": "Note 17: Earnings per share Basic earnings per share are calculated by dividing the Group share in the profit for the year of 31 million euro (16.3 million euro in 2022) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2023, and 2022. December 31 December 31 Variance % 2023 2022 Basic earnings per share (in euro) 3.39 2.10 62% Weighted avg shares outstanding 9,150,330 7,786,615 - The earnings per share (EPS) experienced an increase of 1.29 euros per share, marking a 62% surge. Had these figures been calculated prior to the capital increase, the EPS would have reached 3.99 euros per share, representing an 90% enhancement. This significant growth in earnings per share, both before and after the capital increase, highlights the Group's strong financial performance and the positive impact of its strategic decisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__210": {
"value": "Note 17: Earnings per share Basic earnings per share are calculated by dividing the Group share in the profit for the year of 31 million euro (16.3 million euro in 2022) by the weighted average number of ordinary shares outstanding during the years ended December 31, 2023, and 2022. December 31 December 31 Variance % 2023 2022 Basic earnings per share (in euro) 3.39 2.10 62% Weighted avg shares outstanding 9,150,330 7,786,615 - The earnings per share (EPS) experienced an increase of 1.29 euros per share, marking a 62% surge. Had these figures been calculated prior to the capital increase, the EPS would have reached 3.99 euros per share, representing an 90% enhancement. This significant growth in earnings per share, both before and after the capital increase, highlights the Group's strong financial performance and the positive impact of its strategic decisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__213": {
"value": "Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: December 31 December 31 (in thousands of euro) Variance 2023 2022 Cash and cash equivalent 51,112 35,427 15,685 Overdraft -9,656 -5,514 -4,142 Net cash and cash equivalents 41,456 29,913 11,543 CASH FLOW FROM OPERATING ACTIVITIES 21,621 -18,112 CASH FLOW FROM INVESTING ACTIVITIES -12,756 -3,871 CASH FLOW FROM FINANCING ACTIVITIES 2,826 -11,481 Net increase / (decrease) in cash and cash equivalents 11,691 -33,463 Exchange gains / (losses) on cash and bank overdrafts -147 2,694 The operating activities in 2023 have been favorably influenced by the improved result of the year, though this positive impact has been partially offset by the increase of working capital. This is primarily due to the increase in long- and short-term accounts receivable, as customers have sought extended payment terms to finance their projects. The Group has partly mitigated this effect by augmenting its trade and other payables by 9.8 million euros. Furthermore, the rise in contract assets by 11.2 million euros (before netting) has been largely balanced by an increase in contract liabilities amounting to 10.1 million euros. The acquisition of Ole Almeborg A/S, a Danish firm known for manufacturing internal handling equipment for industrial operations, signifies a strategic expansion of our production capacity on the Danish Isle of Bornholm. This acquisition has had a significant effect on our investing activities, contributing an additional 6,1 million euros (net of acquired cash) atop the regular investments in property, plant, and equipment (refer to Note 3). This investment not only enhances our manufacturing footprint but also aligns with our strategic goals of capacity expansion and diversification of our product offerings. The capital increase, undertaken as a component of the financing for the joint venture with Miura, was executed through a cash settlement amounting to 26.8 million euros. As detailed in our prospectus, the primary application of these funds involved the repayment of a bank loan for 10 million euros, upon its maturity. Additionally, a portion of this capital\u2014specifically 3.9 million euros\u2014was allocated for the distribution of dividends to shareholders, based on the financial results achieved in 2022. As a result, the net cash flow from financing activities has positively contributed 2.8 million euros to the closing balance of cash and cash equivalents as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__212": {
"value": "Note 18: Statement of cash flows Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement: December 31 December 31 (in thousands of euro) Variance 2023 2022 Cash and cash equivalent 51,112 35,427 15,685 Overdraft -9,656 -5,514 -4,142 Net cash and cash equivalents 41,456 29,913 11,543 CASH FLOW FROM OPERATING ACTIVITIES 21,621 -18,112 CASH FLOW FROM INVESTING ACTIVITIES -12,756 -3,871 CASH FLOW FROM FINANCING ACTIVITIES 2,826 -11,481 Net increase / (decrease) in cash and cash equivalents 11,691 -33,463 Exchange gains / (losses) on cash and bank overdrafts -147 2,694 The operating activities in 2023 have been favorably influenced by the improved result of the year, though this positive impact has been partially offset by the increase of working capital. This is primarily due to the increase in long- and short-term accounts receivable, as customers have sought extended payment terms to finance their projects. The Group has partly mitigated this effect by augmenting its trade and other payables by 9.8 million euros. Furthermore, the rise in contract assets by 11.2 million euros (before netting) has been largely balanced by an increase in contract liabilities amounting to 10.1 million euros. The acquisition of Ole Almeborg A/S, a Danish firm known for manufacturing internal handling equipment for industrial operations, signifies a strategic expansion of our production capacity on the Danish Isle of Bornholm. This acquisition has had a significant effect on our investing activities, contributing an additional 6,1 million euros (net of acquired cash) atop the regular investments in property, plant, and equipment (refer to Note 3). This investment not only enhances our manufacturing footprint but also aligns with our strategic goals of capacity expansion and diversification of our product offerings. The capital increase, undertaken as a component of the financing for the joint venture with Miura, was executed through a cash settlement amounting to 26.8 million euros. As detailed in our prospectus, the primary application of these funds involved the repayment of a bank loan for 10 million euros, upon its maturity. Additionally, a portion of this capital\u2014specifically 3.9 million euros\u2014was allocated for the distribution of dividends to shareholders, based on the financial results achieved in 2022. As a result, the net cash flow from financing activities has positively contributed 2.8 million euros to the closing balance of cash and cash equivalents as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__217": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: December 31 December 31 (in thousands of euro) Variance 2023 2022 Letters of intent 14,404 13,727 677 Bank guarantees 9,344 16,597 -7,253 Mortgages 5,702 6,029 -327 Repurchase commitments 2,560 8,730 -6,170 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__216": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: December 31 December 31 (in thousands of euro) Variance 2023 2022 Letters of intent 14,404 13,727 677 Bank guarantees 9,344 16,597 -7,253 Mortgages 5,702 6,029 -327 Repurchase commitments 2,560 8,730 -6,170 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__215": {
"value": "Note 19: Commitments and contingencies JENSEN-GROUP has given the following commitments: December 31 December 31 (in thousands of euro) Variance 2023 2022 Letters of intent 14,404 13,727 677 Bank guarantees 9,344 16,597 -7,253 Mortgages 5,702 6,029 -327 Repurchase commitments 2,560 8,730 -6,170 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__222-1": {
"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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__221-1": {
"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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__219-1": {
"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. December 31 2023 December 31 2022 (in thousands of euro) Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 5,139 4,609 5,425 4,695 Financial assets at fair value through OCI 25,953 25,953 26,520 26,520 Other LT receivables 1,929 1,791 2,371 2,169 Trade receivables 103,721 103,721 77,831 77,831 Derivative financial instruments - FX contracts 346 346 499 499 Derrivative financial instruments -IRS 307 307 0 0 Cash and cash equivalent 51,112 51,112 35,427 35,427 Total 188,506 187,838 148,073 147,140 FINANCIAL LIABILITIES Financial debts 38,622 38,052 48,897 47,926 Financial debts - factoring 3,708 3,708 3,655 3,655 Trade payables 28,450 28,450 22,261 22,261 Derivative financial instruments - FX contracts 67 67 452 452 Derivative financial instruments -IRS 0 0 -418 -418 Total 70,847 70,277 74,847 73,876 Financial assets To mitigate the risk associated with holding cash, the Group has strategically chosen to allocate a portion of its cash reserves into financial assets, specifically investing in bonds. These investments are classified as financial assets at amortized cost. This classification is based on the assets being held within a business model that is focused on the collection of contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively payments of principal and interest. This approach not only diversifies the Group's investment portfolio but also aligns with its risk management strategy. Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit AS and Realkredit Denmark have a maturity in respectively 2024, 2025, 2026 and 2033. They are expected to generate stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is based on the Group's assessment that such a classification aligns more closely with its investment strategy and provides a more relevant reflection of the financial assets' value and the Group's financial position. Other current & non-current assets Trade receivables are evaluated by the Group considering various factors including prevailing interest rates, specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the financed project. This comprehensive assessment forms the basis for the determination of allowances to account for expected losses on these receivables. As of December 31, 2023, it is our belief that the carrying amounts of such receivables, after accounting for allowances, closely align with their calculated fair values. Derivative financial instruments The Group engages in derivative financial transactions with financial institutions, employing derivatives that are valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily consist of interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly applied are forward pricing and swap models, which rely on present value calculations. These models make use of a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves. Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other than quoted prices that are directly or indirectly observable for the assets or liabilities. Methods and assumptions to estimate the fair values deviating from the carrying amount: - The financial assets amortised at cost: the fair value is based on the valuation by an independent financial institution, utilizing prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified under the level 2 category. - Long-term receivables within the Group are primarily associated with the financing provided to customers. The fair value of these long-term receivables is determined by discounting anticipated future cash flows to their present value, utilizing the effective interest rates presently applicable to receivables with comparable terms, credit risk profiles, 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. - The fair value of the financial debts is determined by discounting future cash flows to their present value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit risk profiles, and remaining maturities. In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate, and credit risk. The Group analyzes each of these risks independently and devises strategies to manage their economic impact on the JENSEN-GROUP's performance.Reconciliation of assets and liabilities December 31 December 31 (in thousands of euro) 2023 2022 Non-current assets 307 418 Current assets 346 499 Non-current liabilities 0 0 Current liabilities -67 -34 Total 586 883 Forward exchange contracts: fair value 279 465 Interest rate swaps: fair value 307 418 Total 586 883",
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"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__235-1": {
"value": "Foreign currency risk JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and purchases, whenever these financial transactions are denominated in a currency different from the functional currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc, Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This exposure reflects the global nature of our operations and the diverse currency environments in which we operate. The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward exchange contracts. Consistent with the Group\u2019s policy, these derivative instruments are not held for speculative or trading purpose. In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes: - Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure consistent and proactive management of currency exposure. - Mandating that any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby ensuring oversight and adherence to the company's risk management framework. Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary objective of this approach is to secure the profit margin at the moment a project contract is signed with a customer. All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury department, with the contracting process being strictly based on the inputs received from the various subsidiaries. This centralized approach ensures a cohesive and streamlined management of foreign exchange risks across the entire Group, facilitating effective oversight and leveraging of the Group's collective foreign exchange exposures. The currency risks resulting from translations of the financial statements of non-euro-based companies are not hedged (Note 8). The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2023, and December 31, 2022, related to both firm commitments and anticipated transactions. A negative exposure indicates the company's intent to sell foreign currencies in exchange for euros, whereas a positive exposure signifies a plan to purchase foreign currencies while selling euros. These open positions are a direct consequence of implementing JENSEN-GROUP's comprehensive risk management policies. Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective local currencies to align with regional economic environments: - European subsidiaries engage in their operations utilizing the euro, Danish Krone, and Swedish Krona as their currencies of transaction. - In the USA, production activities are conducted in USD, reflecting the local currency. - In China, the operational currency for production activities is CNY. This geographical and financial diversification reflects the global footprint of JENSEN-GROUP's production capabilities and its strategic approach to navigating the complexities of international currency markets. 2023 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -7,059 9,936 2,877 EUR/GBP -3,354 3,000 -354 EUR/AUD -652 1,324 672 EUR/SEK 3,221 -1,500 1,721 EUR/NZD -69 350 281 EUR/NOK -1,601 901 -700 2022 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD 0 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 Sensitivity analysis for 2023 (in thousands of Change in Impact net 1Impact on equity euro) currency profitUSD -4.69% -819 -1,762 4.69% 896 3,222 GBP -3.14% -121 -134 3.14% 91 142 AUD -8.41% -639 -385 8.41% 1.001 461 NZD -7.98% -101 -27 7.98% 146 31 CNY -8.62% 780 -659 8.62% -1.001 649 SEK -5.99% 631 118 5.99% -545 -53 CHF -5.51% 6 -250 5.51% -7 407 DKK -0.30% 123 -259 0.30% -166 305 NOK -10.09% -366 -53 10.09% 769 67 SGD -3.44% -97 3.44% 99 JPY -15.16% -3,011 15.16% 3,966 BRL -6.36% -10 6.36% 11 AED -4.65% -10 4.65% 11 TRY -57.07% -2,484 57.07% 4,295 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, 2023 and using a 95% confidence interval. These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and market dynamics. As of December 31, 2023, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the impact of discounting these balances is deemed insignificant. This indicates a close alignment between the nominal and recorded values of these contracts, reflecting the Group\u2019s efficient management of its foreign exchange exposure within the short-term horizon. 2023 Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 2,604,181 0.87 4-2-2024 7 EUR/AUD 2,214,133 1.67 19-4-2024 -31 EUR/USD 10,763,272 1.08 10-4-2024 252 DKK/SEK 11,247,823 1.43 30-12-2024 16 EUR/NZD 640,606 1.83 20-6-2024 -14 EUR/NOK 10,349,000 11.49 10-1-2024 -22 Average Fair value Curr Buy Maturity exchange rate thousands of euro EUR/SEK 17,466,336 11.64 19-1-2024 70 2022 Average Fair value Currency Sell Maturity exchange rate 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 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 21,935,601 10.94 2-2-2023 -28 Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2023 have been designated and effectively serve as cash flow hedges. The variations in their fair value over the course of 2023, totaling 0.1 million euros after taxes (0.2 million in 2022), have been deferred in equity. It is significant to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment between the hedging strategies employed and their intended financial outcomes.Interest rate risk The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative or trading purposes, ensuring that their use is firmly aligned with risk management objectives. Financing activities within the JENSEN-GROUP are centralized within the treasury department. This centralization facilitates the Group's adherence to its hedging policy by utilizing Interest Rate Swaps (IRS). Such an approach enhances the efficiency and effectiveness of the Group's financial management practices, ensuring coherent and unified oversight of its hedging strategies and financial risk exposures. In relation to interest-bearing financial liabilities, the table provided indicates their effective interest rates as of the balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are equivalent to their carrying balances, as the effect of any discounting is considered negligible. 2023 > 1 > 3 Effective Carrying month months < 1-5 > 5 (in thousands of euro) < 1 month interest rate amount < 3 12 years years months months FLOATING RATE CNY 3.94% - 5.0% 14,404 9,655 153 458 4,138 0 Total floating 14,404 9,655 153 458 4,138 0 FIXED RATE EUR 1.32% - 2.28% 18,515 183 366 1,646 14,316 2,005 DKK1 0.44% -1.5% 5,703 26 51 232 1,336 4,059 Total Fixed 24,218 208 417 1,877 15,652 6,064 FACTORING EUR 3,708 139 279 1,255 2,034 0 Total 42,330 10,003 848 3,591 21,824 6,064 1: Includes both loans at fixed rates and loans at floating rate covered by IRS. 2022 > 1 > 3 Effective interest Carrying month 1-5 > 5 (in thousands of euro) < 1 month months < rate amount < 3 years years 12 months months 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 11,542 15,695 1,384 DKK1 0.44% -1.5% 6,035 26 54 245 1,356 4,354 Total Fixed 35,169 26 567 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. The following table sets out the conditions of the interest rate swaps: 2023 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,083,848 0.44% 30-12-2039 307 TOTAL in EUR 1,889,714 307 2022 Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 14,972,800 0.44% 30-12-2039 418 TOTAL in EUR 2,013,420 418 Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow hedges. Throughout 2023, the variations in their fair value, which amounted to 0.2 million euros after taxes (0.3 million euro in 2022), have been deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been recorded, indicating a precise match between the hedging instruments used and the underlying exposure. As disclosed in the above table, 14.4 million euro of the Group\u2019s interest-bearing financial liabilities bear a variable interest rate. This amount does not include the 1.9 million EUR loan that is covered by an interest rate swap. The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate debt is as follows: Possible rates at (in thousands of Carrying Effective December 31, euro) amount interest rate 2023 CNY 14,404 3.94% - 5.0% 2.88% - 6.06% Total in EUR 14,404 Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our floating rate debt as of December 31, 2023\u2014while keeping all other variables constant\u2014it is estimated that the profit for 2023 could have been 0.5 million euros lower or higher. This projection underscores the sensitivity of our financial performance to changes in interest rates, highlighting the potential impact on our profitability due to variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated with interest rate movements and for informing our risk management strategies.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__239": {
"value": "Credit risk Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil their obligation, leading to a financial loss for the other party. In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to gain a comprehensive view of potential credit risks. Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is part of our due diligence process, where we assess the creditworthiness of both new customers and existing customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage and mitigate credit risk, safeguarding the Group's financial health and stability. Consolidated ageing schedule of the trade receivables ST 2023 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue Outstanding trade receivables 71,062 10,194 4,324 3,304 11,378 100,622 Collateral held as security 0 Net exposure 71,062 10,194 4,324 3,304 11,378 100,622 Provisions accounted for -3,475 Total 97,147 2022 > 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue 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 Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of discounting these amounts is deemed to be not significant. Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically equates to the original invoiced amount, adjusted for an allowance for expected credit losses. Given the project-based nature of our operations and the notable concentration of accounts receivable/contract assets related to individually significant projects within the Group, allowances for both incurred and future expected losses are determined on an individual project basis. This approach, however, incorporates aggregated historical data regarding past experiences with similar clients. This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and broader trends observed with similar engagements. In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral. The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically. Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) Provision for doubtful debtors at the end of 2022 2,506 Additions 1,307 Reversals -321 Exchange difference -17 Provision for doubtful debtors at the end of 2023 3,475 In 2023, there was a reversal of impairments on trade receivables, attributed to the receipt of payments from customers. Concurrently, due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw an augmentation of 0.7 million euros. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. Additionally, a reclassification from the provision for take-back obligations by 0.5 million euro impacted the doubtful debtor accounts, this has no impact on the profit and loss statement. There are no customers with a concentration of more than 10% of the total outstanding receivables. The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit. Their bank credit ratings (S&P) as per December 31, 2023 are: - Nordea: AA- - KBC: A+ - Nykredit: AA-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__240": {
"value": "In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the effectiveness of other forms of collateral. The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to account for any disparities between current and expected economic conditions compared to those experienced historically. Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the Group also acknowledges exposures that are managed on an individual basis. These are recognized separately to the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and mitigating credit risk in line with the requirements of IFRS 9. The roll forward of the provision for doubtful debtors is set out below: (in thousands of euro) Provision for doubtful debtors at the end of 2022 2,506 Additions 1,307 Reversals -321 Exchange difference -17 Provision for doubtful debtors at the end of 2023 3,475 In 2023, there was a reversal of impairments on trade receivables, attributed to the receipt of payments from customers. Concurrently, due to an increase in the outstanding balances of accounts receivable, the provision for potential credit losses saw an augmentation of 0.7 million euros. This adjustment reflects a nuanced approach to managing the credit risk associated with receivables, balancing the positive impact of recovered funds against the necessity to account for increased exposure due to higher outstanding balances. Additionally, a reclassification from the provision for take-back obligations by 0.5 million euro impacted the doubtful debtor accounts, this has no impact on the profit and loss statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__245": {
"value": "Note 21: Discontinued operations The results classified as a loss from discontinued operations, which include assets held for sale amounting to 0.5 million euros, pertain to the former Cissell building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building, totaling 0.1 million euros, are accounted for within the results from discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__244": {
"value": "Note 21: Discontinued operations The results classified as a loss from discontinued operations, which include assets held for sale amounting to 0.5 million euros, pertain to the former Cissell building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building, totaling 0.1 million euros, are accounted for within the results from discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__243": {
"value": "Note 21: Discontinued operations The results classified as a loss from discontinued operations, which include assets held for sale amounting to 0.5 million euros, pertain to the former Cissell building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building, totaling 0.1 million euros, are accounted for within the results from discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__13": {
"value": "JENSEN Invest A/S",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__248": {
"value": "Key management compensation December 31, December 31, In thousands of euro 2023 2022 Fees paid to Board members 336 297 Gross salaries paid to senior managers 2,382 2,415 Basic remuneration 897 840 Invoiced services 836 807 One-year variable remuneration 570 698 Fixed expenses 30 29 Fringe benefits 19 18 Pension plan 31 23 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__253": {
"value": "Companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method 49,764 5,573 The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon and Inax Corporation (recognized from April 3, 2023, onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly. Roll-over of the companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method at the end 5,573 4,829 of the year Acquisition of Inax 42,374 0 Share in the result 2,141 986 Hyperinflation capital & retained earnings 3,266 324 Translation differences -3,589 -566 Companies accounted for using the equity method at the end 49,764 5,573 of the year Share in the result of associates accounted for using equity method Net income December 31 December 31 thousands of euro 2023 2022 Tolon 2,615 2,781 Inax Corporation 3,680 0 Subtotal 6,295 2,781 Hyperinflation -1,926 -769 Percentage of ownership 49% 49% Total 2,141 986 Tolon On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye 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. - Net income per end of December 2023 (excluding hyperinflation) amounts to 2.6 million euro, compared to 2.8 million euro per end of December 2022 (excluding hyperinflation). - Revenue per end of December 2023 amounts to 31.1 million euro, compared to 26.7 million euro per end of December 2022. Hyperinflation The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) 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, 2023, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2022 is 2'021.19 \u25aa PPI as per 31.12.2023 is 2'915.02 The impact on the share in the result for the year 2023 of the revaluation was a cost of 0.9 million euro, including an impact of the revised calculation by 0.6 million euro for two additionally identified non-monetary assets. The hyperinflation increased the equity (before result allocation) by 6.7 million euro, of which 3.3 million (49%) is attributable to the Group. In previous year, the impact of the first-time application of IAS 29 (for the financial year ended December 31, 2022, resulted in a loss of 0.4 million euro in the Group's income statements, and a modest decrease of the companies accounted for under equity method (participations) by 0.05 million euro. Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (Note 9). As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. - Valuation per end of March 2023 amounts to 42.4 million euro, - Net income for the first nine months (including depreciations on the purchase price allocation ('PPA')) amounts to 3.7 million euro. - Revenue for the first nine months amounts to 77.7 million euro. - Impact of the additional depreciation charge following the PPA amounts to 0.9 million euro. For more information about the acquisition-date fair value of the total consideration transferred, see note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300VL91FV2CP8L882",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__252-1": {
"value": "Companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method 49,764 5,573 The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon and Inax Corporation (recognized from April 3, 2023, onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly. Roll-over of the companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method at the end 5,573 4,829 of the year Acquisition of Inax 42,374 0 Share in the result 2,141 986 Hyperinflation capital & retained earnings 3,266 324 Translation differences -3,589 -566 Companies accounted for using the equity method at the end 49,764 5,573 of the year Share in the result of associates accounted for using equity method Net income December 31 December 31 thousands of euro 2023 2022 Tolon 2,615 2,781 Inax Corporation 3,680 0 Subtotal 6,295 2,781 Hyperinflation -1,926 -769 Percentage of ownership 49% 49% Total 2,141 986 Tolon On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye 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. - Net income per end of December 2023 (excluding hyperinflation) amounts to 2.6 million euro, compared to 2.8 million euro per end of December 2022 (excluding hyperinflation). - Revenue per end of December 2023 amounts to 31.1 million euro, compared to 26.7 million euro per end of December 2022. Hyperinflation The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) 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, 2023, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2022 is 2'021.19 \u25aa PPI as per 31.12.2023 is 2'915.02 The impact on the share in the result for the year 2023 of the revaluation was a cost of 0.9 million euro, including an impact of the revised calculation by 0.6 million euro for two additionally identified non-monetary assets. The hyperinflation increased the equity (before result allocation) by 6.7 million euro, of which 3.3 million (49%) is attributable to the Group. In previous year, the impact of the first-time application of IAS 29 (for the financial year ended December 31, 2022, resulted in a loss of 0.4 million euro in the Group's income statements, and a modest decrease of the companies accounted for under equity method (participations) by 0.05 million euro. Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (Note 9). As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. - Valuation per end of March 2023 amounts to 42.4 million euro, - Net income for the first nine months (including depreciations on the purchase price allocation ('PPA')) amounts to 3.7 million euro. - Revenue for the first nine months amounts to 77.7 million euro. - Impact of the additional depreciation charge following the PPA amounts to 0.9 million euro. For more information about the acquisition-date fair value of the total consideration transferred, see note 23.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. December 31 December 31 In thousands of euro 2023 2022 Result attributable to non-controlling interest 277 100 Equity part of NCI 1,896 1,743 The Group is not aware of any restrictions to transfer funds in the form of cash and dividends, even as no commitments or contingent liabilities related to the interest in the joint ventures and associates. For the legal structure, we refer to note 26.Note 23: Acquisitions Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (see note 6). Inax is serving heavy-duty laundries as well as large on-premises laundries mainly in Japan. The partnership 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. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: March 31, 2023 March 31, 2023 (in thousands of (in thousands of JPY) EUR) Order backlog 113,000 780 Brand name 972,000 6,711 Customer relationships 4,192,000 28,944 Fair value real estate 166,203 1,148 Other non-current assets 2,668,223 18,423 Current assets 7,418,657 51,223 Non-current liabilities -2,525,768 -17,440 Current liabilities -6,445,445 -44,504 NET ASSETS ACQUIRED 6,558,870 46,344 Goodwill (100%) 5,965,130 41,187 Contribution value (100%) 12,524,000 86,474 Contribution value via issuance of new shares (49%) 6,136,760 42,374 Consideration / contribution value The consideration transferred for the investment in Inax Corporation is the contribution value based upon enterprise value of 75 million euro (for 100% of the shares) on a cash-free/debt-free basis. The value of the contribution in kind and the number of shares issued in consideration was determined four business days prior to the closing of the transaction. The final contribution value was settled post-closing in cash by the end of September 2023, based upon the actual amounts of cash, debt and net working capital as at March 31, 2023. Resulting in a modest correction of the initial contribution value of 42,365 thousand euro as reported in our half-year financial information. Fair value estimations - The fair value of the brand name of Inax is determined via the relief from royalty method and is amortised over a period of ten years. - The customer relationships were determined via the multi-period excess earnings ('MEEM') method for estimating the fair value of the customer relationships, there useful live is assessed as a period of 18 years. The discount rate was based upon the WACC, with an additional premium of 1%. - The land and building were subject to a market valuation performed by and external real estate advisor, the cost approach was applied as valuation method. The useful life is 20 years. Ole Almeborg On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: October 15, 2023 October 15, 2023 (in thousands of (in thousands of DKK) EUR) Fair value real estate 20,587 2,760 Other non-current assets 5,230 701 Current assets 35,540 4,765 Non-current liabilities -6,047 -811 Current liabilities -13,648 -1,830 NET ASSETS ACQUIRED 41,162 5,519 Goodwill (100%) 10,730 1,439 Consideration paid 51,892 6,958 Consideration The consideration transferred for the investment in OA is based upon enterprise value of 30 million DKK on a cash-free/debt-free basis. Fair value estimations - The land and building were subject to a market valuation performed by and external advisor, the cost approach was applied as valuation method. The useful life is 20 years. Goodwill The calculated goodwill has been mainly allocated as an definite intangible asset, this intangible asset is subject to amortization over a period of 10 years.Note 27: Consolidation scope as at December 31, 2023 Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 Parent Company 9230 Wetteren TOLON Europe BV Neerhonderd 33 49% 9230 Wetteren Australia JENSEN Laundry Systems Australia Unit 16, 38-46 South Street 100% PTY Ltd. Rydalmere NSW 2116 Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 100% 2324 Schwechat-Rannersdorf JENSEN \u00d6STERREICH GmbH Reinhartsdorfgasse 9 100% A-2324 Schwechat-Rannersdorf Brazil JENSEN-GROUP BRASIL COMERCIO E Rua Aparecida Jos\u00e9 Nunes de 100% SERVICOS DE EQUIPAMENTOS DE Campos 19 LAVANDERIA LTDA CEP 18087-089, Jardim do Pa\u00e7o, Sorocaba-SP China JENSEN Industrial Laundry Phoenix Avenue, 100% Technology (Xuzhou) Co., Ltd Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China Denmark JENSEN Industrial Group A/S Industrivej 2 100% 3700 R\u00f8nne JENSEN Denmark A/S Industrivej 2 100% 3700 R\u00f8nne Ole Almeborg A/S Svalh\u00f8jvej 15 100% 3790 Hasle Inwatec ApS Hvidk\u00e6rvej 30 70% 5250 Odense SV France JENSEN France SAS 2 \u201cVillage d\u2019entreprises\u201d 100% ZA de la Couronne des Pr\u00e8s Avenue de la Mauldre 78680 Ep\u00f4ne Germany JENSEN GmbH J\u00f6rn-Jensen-Stra\u03b2e 1 100% 31177 Harsum JENSEN Components GmbH Ludwig-Erhard-Strasse 18 100% 30982 Pattensen Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 100% 22060 Novedrate Japan JENSEN Japan Co., Ltd. 4-9-1-203 Imagawa, Urayasu-city 100% 279-0022 Japan Inax Corporation 5-1-11, Osaki, Shinagawa-ku, 49% Tokyo, 141-0032 Japan Middle East JENSEN Industrial Laundry Systems JENSEN Industrial Laundry Systems 100% M.E. DMCC M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai UAE Norway JENSEN NORGE AS \u00d8stensj\u00f8veien 36 100% 0667 OSLO New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 100% 15 Customs Street Auckland Central 1010 Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 100% Dadlani Industrial House Singapore 159406 Spain JENSEN Spain S.L. Calle Energia, 34 100% Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) Sweden JENSEN Sweden AB F\u00f6retagsgatan 68 100% 504 94 Bor\u00e5s JENSEN Sweden Holding AB Box 363 100% 503 12 Bor\u00e5s Switzerland JENSEN AG Burgdorf Buchmattstrasse 8 100% 3400 Burgdorf JENSEN Holding AG Buchmattstrasse 8 100% 3400 Burgdorf GOTLI Holding Industriestrasse 51 51% 6312 Steinhausen GOTLI Labs AG Industriestrasse 51 51% 6312 Steinhausen Turkiye TOLON GLOBAL MAKINA Sanyi Ve A.O.S.B. 10007. Sk. No:9 \u00c7i\u011fli, 49% Tikaret Sirketi A.S. \u0130zmir TOLON EXPORT MAK\u0130NE T\u0130CARET 10007 SOK. NO:9 AOSB \u00c7\u0130\u011eL\u0130 49% A.\u015e. \u0130zmir United Kingdom JENSEN UK Ltd. Unit 5, Network 11 100% Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS United States of America JENSEN NA Inc. Corporation Trust Center 100% Orange Street 1209 Wilmington - Delaware JENSEN USA, Inc. Aberdeen loop 99 100% Panama City, FL 32405 831 South 1st Street, Inc. 831 South 1st Street 100% Louisville, KY 40203 Tolon US Aberdeen loop 99 49% Panama City, FL 32405 ",
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"s6_notes__6__250-1": {
"value": "Companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method 49,764 5,573 The companies that are accounted for using the equity method, represent the valuation of the participations in Tolon and Inax Corporation (recognized from April 3, 2023, onwards). This accounting approach reflects the Group's investment strategy and its relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of these investee companies in its financial statements, adjusting the carrying amount of the investments accordingly. Roll-over of the companies accounted for using the equity method December 31 December 31 In thousands of euro 2023 2022 Companies accounted for using the equity method at the end 5,573 4,829 of the year Acquisition of Inax 42,374 0 Share in the result 2,141 986 Hyperinflation capital & retained earnings 3,266 324 Translation differences -3,589 -566 Companies accounted for using the equity method at the end 49,764 5,573 of the year Share in the result of associates accounted for using equity method Net income December 31 December 31 thousands of euro 2023 2022 Tolon 2,615 2,781 Inax Corporation 3,680 0 Subtotal 6,295 2,781 Hyperinflation -1,926 -769 Percentage of ownership 49% 49% Total 2,141 986 Tolon On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret Sirketi A.S., Turkiye 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. - Net income per end of December 2023 (excluding hyperinflation) amounts to 2.6 million euro, compared to 2.8 million euro per end of December 2022 (excluding hyperinflation). - Revenue per end of December 2023 amounts to 31.1 million euro, compared to 26.7 million euro per end of December 2022. Hyperinflation The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) 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, 2023, we used the producer price index (PPI) \"PPI.ITUR\" as from January 2005, published by the Turkish Statistical Institute (Turkstat): \u25aa PPI as per 31.12.2022 is 2'021.19 \u25aa PPI as per 31.12.2023 is 2'915.02 The impact on the share in the result for the year 2023 of the revaluation was a cost of 0.9 million euro, including an impact of the revised calculation by 0.6 million euro for two additionally identified non-monetary assets. The hyperinflation increased the equity (before result allocation) by 6.7 million euro, of which 3.3 million (49%) is attributable to the Group. In previous year, the impact of the first-time application of IAS 29 (for the financial year ended December 31, 2022, resulted in a loss of 0.4 million euro in the Group's income statements, and a modest decrease of the companies accounted for under equity method (participations) by 0.05 million euro. Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (Note 9). As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method. - Valuation per end of March 2023 amounts to 42.4 million euro, - Net income for the first nine months (including depreciations on the purchase price allocation ('PPA')) amounts to 3.7 million euro. - Revenue for the first nine months amounts to 77.7 million euro. - Impact of the additional depreciation charge following the PPA amounts to 0.9 million euro. For more information about the acquisition-date fair value of the total consideration transferred, see note 23.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.",
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"s6_notes__6__256": {
"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. December 31 December 31 In thousands of euro 2023 2022 Result attributable to non-controlling interest 277 100 Equity part of NCI 1,896 1,743 The Group is not aware of any restrictions to transfer funds in the form of cash and dividends, even as no commitments or contingent liabilities related to the interest in the joint ventures and associates. For the legal structure, we refer to note 26.",
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"s6_notes__6__259-1": {
"value": "Note 23: Acquisitions Inax On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (\u201cInax\u201d), a Japanese wholly owned subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV (see note 6). Inax is serving heavy-duty laundries as well as large on-premises laundries mainly in Japan. The partnership 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. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: March 31, 2023 March 31, 2023 (in thousands of (in thousands of JPY) EUR) Order backlog 113,000 780 Brand name 972,000 6,711 Customer relationships 4,192,000 28,944 Fair value real estate 166,203 1,148 Other non-current assets 2,668,223 18,423 Current assets 7,418,657 51,223 Non-current liabilities -2,525,768 -17,440 Current liabilities -6,445,445 -44,504 NET ASSETS ACQUIRED 6,558,870 46,344 Goodwill (100%) 5,965,130 41,187 Contribution value (100%) 12,524,000 86,474 Contribution value via issuance of new shares (49%) 6,136,760 42,374 Consideration / contribution value The consideration transferred for the investment in Inax Corporation is the contribution value based upon enterprise value of 75 million euro (for 100% of the shares) on a cash-free/debt-free basis. The value of the contribution in kind and the number of shares issued in consideration was determined four business days prior to the closing of the transaction. The final contribution value was settled post-closing in cash by the end of September 2023, based upon the actual amounts of cash, debt and net working capital as at March 31, 2023. Resulting in a modest correction of the initial contribution value of 42,365 thousand euro as reported in our half-year financial information. Fair value estimations - The fair value of the brand name of Inax is determined via the relief from royalty method and is amortised over a period of ten years. - The customer relationships were determined via the multi-period excess earnings ('MEEM') method for estimating the fair value of the customer relationships, there useful live is assessed as a period of 18 years. The discount rate was based upon the WACC, with an additional premium of 1%. - The land and building were subject to a market valuation performed by and external real estate advisor, the cost approach was applied as valuation method. The useful life is 20 years. Ole Almeborg On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S. This participation is consolidated under the full consolidation method as from October 15, 2023. The table below gives an overview of the acquisition-date fair value of the total consideration transferred and the remaining amount of goodwill recognized as part of the investment: October 15, 2023 October 15, 2023 (in thousands of (in thousands of DKK) EUR) Fair value real estate 20,587 2,760 Other non-current assets 5,230 701 Current assets 35,540 4,765 Non-current liabilities -6,047 -811 Current liabilities -13,648 -1,830 NET ASSETS ACQUIRED 41,162 5,519 Goodwill (100%) 10,730 1,439 Consideration paid 51,892 6,958 Consideration The consideration transferred for the investment in OA is based upon enterprise value of 30 million DKK on a cash-free/debt-free basis. Fair value estimations - The land and building were subject to a market valuation performed by and external advisor, the cost approach was applied as valuation method. The useful life is 20 years. Goodwill The calculated goodwill has been mainly allocated as an definite intangible asset, this intangible asset is subject to amortization over a period of 10 years.Note 26: Legal structureNote 27: Consolidation scope as at December 31, 2023 Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 Parent Company 9230 Wetteren TOLON Europe BV Neerhonderd 33 49% 9230 Wetteren Australia JENSEN Laundry Systems Australia Unit 16, 38-46 South Street 100% PTY Ltd. Rydalmere NSW 2116 Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 100% 2324 Schwechat-Rannersdorf JENSEN \u00d6STERREICH GmbH Reinhartsdorfgasse 9 100% A-2324 Schwechat-Rannersdorf Brazil JENSEN-GROUP BRASIL COMERCIO E Rua Aparecida Jos\u00e9 Nunes de 100% SERVICOS DE EQUIPAMENTOS DE Campos 19 LAVANDERIA LTDA CEP 18087-089, Jardim do Pa\u00e7o, Sorocaba-SP China JENSEN Industrial Laundry Phoenix Avenue, 100% Technology (Xuzhou) Co., Ltd Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China Denmark JENSEN Industrial Group A/S Industrivej 2 100% 3700 R\u00f8nne JENSEN Denmark A/S Industrivej 2 100% 3700 R\u00f8nne Ole Almeborg A/S Svalh\u00f8jvej 15 100% 3790 Hasle Inwatec ApS Hvidk\u00e6rvej 30 70% 5250 Odense SV France JENSEN France SAS 2 \u201cVillage d\u2019entreprises\u201d 100% ZA de la Couronne des Pr\u00e8s Avenue de la Mauldre 78680 Ep\u00f4ne Germany JENSEN GmbH J\u00f6rn-Jensen-Stra\u03b2e 1 100% 31177 Harsum JENSEN Components GmbH Ludwig-Erhard-Strasse 18 100% 30982 Pattensen Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 100% 22060 Novedrate Japan JENSEN Japan Co., Ltd. 4-9-1-203 Imagawa, Urayasu-city 100% 279-0022 Japan Inax Corporation 5-1-11, Osaki, Shinagawa-ku, 49% Tokyo, 141-0032 Japan Middle East JENSEN Industrial Laundry Systems JENSEN Industrial Laundry Systems 100% M.E. DMCC M.E. DMEE Unit No: 204 Fortune Tower Plot No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai UAE Norway JENSEN NORGE AS \u00d8stensj\u00f8veien 36 100% 0667 OSLO New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 100% 15 Customs Street Auckland Central 1010 Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 100% Dadlani Industrial House Singapore 159406 Spain JENSEN Spain S.L. Calle Energia, 34 100% Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) Sweden JENSEN Sweden AB F\u00f6retagsgatan 68 100% 504 94 Bor\u00e5s JENSEN Sweden Holding AB Box 363 100% 503 12 Bor\u00e5s Switzerland JENSEN AG Burgdorf Buchmattstrasse 8 100% 3400 Burgdorf JENSEN Holding AG Buchmattstrasse 8 100% 3400 Burgdorf GOTLI Holding Industriestrasse 51 51% 6312 Steinhausen GOTLI Labs AG Industriestrasse 51 51% 6312 Steinhausen Turkiye TOLON GLOBAL MAKINA Sanyi Ve A.O.S.B. 10007. Sk. No:9 \u00c7i\u011fli, 49% Tikaret Sirketi A.S. \u0130zmir TOLON EXPORT MAK\u0130NE T\u0130CARET 10007 SOK. NO:9 AOSB \u00c7\u0130\u011eL\u0130 49% A.\u015e. \u0130zmir United Kingdom JENSEN UK Ltd. Unit 5, Network 11 100% Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS United States of America JENSEN NA Inc. Corporation Trust Center 100% Orange Street 1209 Wilmington - Delaware JENSEN USA, Inc. Aberdeen loop 99 100% Panama City, FL 32405 831 South 1st Street, Inc. 831 South 1st Street 100% Louisville, KY 40203 Tolon US Aberdeen loop 99 49% Panama City, FL 32405 ",
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"s6_notes__6__260": {
"value": "Note 24: Non-audit fees The statutory Auditor is Deloitte BV, represented by Mrs. Charlotte Vanrobaeys. The Statutory Auditor and its network received worldwide fees of 540,770 euros (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 2023 additional fees of 106,058 euros (excl. VAT) for non-prohibited services, and that was invoiced to the JENSEN-GROUP NV. The Company has appointed a single firm for the audit of the consolidated financial statements.",
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