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"f0__s7__6__5-1": {
"value": "1. General informationFugro N.V., hereinafter to be referred to as \u2018Fugro\u2019 or \u2018the company\u2019, has its corporate seat in the Netherlands. The address of the company\u2019s principal office is Veurse Achterweg 10, 2264 SG, Leidschendam, The Netherlands. The consolidated financial statements of Fugro as at and for the year ended 31 December 2024 include Fugro and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in equity-accounted investees. On 6 March 2025, the Board of Management and Supervisory Board authorised the financial statements for issue. The financial statements will be submitted for adoption to the annual general meeting which takes place on 24 April 2025.The financial statements are presented in EUR x 1,000, unless stated otherwise. The Euro is the presentation currency of the company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s7__6__6": {
"value": "Fugro N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__7": {
"value": "N.V.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Veurse Achterweg 10, 2264 SG, Leidschendam, The Netherlands",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__11": {
"value": "On 6 March 2025, the Board of Management and Supervisory Board authorised the financial statements for issue. The financial statements will be submitted for adoption to the annual general meeting which takes place on 24 April 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
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"value": "2.1 Basis of preparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS-EU) and with Part 9 of Book 2 of the Netherlands Civil Code. The financial statements have been prepared on the measurement basis of historical cost, except for the following assets and liabilities that are stated at their fair value: derivative financial instruments, equity securities and plan assets associated with defined benefit plans. For more detailed information on the measurement basis, reference is made to the relevant notes to the consolidated financial statements. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.The financial statements are presented in EUR x 1,000, unless stated otherwise. The Euro is the presentation currency of the company.",
"dimensions": {
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"language": "en",
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"value": "The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (IFRS-EU) and with Part 9 of Book 2 of the Netherlands Civil Code.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
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"value": "2.2 Estimates, judgements and uncertaintiesThe preparation of the consolidated financial statements requires management to make judgements, estimates, assumptions and consider uncertainties that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may therefore differ materially from these estimates:Estimates, judgements and uncertainties with respect to: NoteImpairment of non-financial assets (property, plant and equipment, right-of-use assets and intangible assets including goodwill) 13Impairment of financial assets (trade receivables, unbilled revenue on (completed) projects, and other receivables) 23Deferred tax 16Employee benefits 29Provisions 30Climate-related matters 33. Climate-related mattersThe impact of climate-related matters generates opportunities as well as risks for Fugro. Climate-related opportunities, risks and uncertainties and the business impact are described in the management report (refer to the sustainability statement therein). Fugro concluded there was no material financial impact from climate-related matters in the 2024 consolidated financial statements. The assessments performed, judgements made, and time horizon used to reach this conclusion are disclosed in notes 13 Impairments, 17 Property plant and equipment, 18 Leases, 19 Intangible assets, and 34 Commitments not included in the statement of financial position.4. Macro-economic and geopolitical uncertaintyMacro-economic developments include interest rate rises in response to persistent inflation, supply chain challenges, increasing energy costs and salary increases. Geo-political events include international conflicts such as Russia-Ukraine and Hezbollah-Hamas-Israel. Fugro concluded there was no direct material financial impact from the aforementioned macro-economic and geopolitical environment in the 2024 consolidated financial statements. The assessments performed, judgements made, and time horizon used to reach this conclusion are disclosed in notes 13 Impairments, 17 Property plant and equipment, 18 Leases, 19 Intangible assets, 32 Financial risk management, and 34 Commitments not included in the statement of financial position.13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.16. Income taxA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.16.2 Deferred tax assets and liabilitiesThe recognised deferred tax assets are dependent on future taxable profits in excess of profits arising from the reversal of existing taxable temporary differences. The recognised amounts relate to tax groups that are profitable or are expected to be profitable in the foreseeable future. Management\u2019s projections support the assumption that it is probable that the results of future operations will generate enough taxable income to utilise these deferred tax assets. Consistent with other areas such as annual goodwill impairment testing, climate-related matters were considered in these projections. These include risks as well as opportunities, including the anticipated growth in activities in the renewables market segment.17. Property, plant and equipmentIn 2021, Fugro announced its net zero carbon emissions commitment by 2035 (note 34). The maritime sector will face more challenging customer needs and tighter regulations with respect to vessel emissions and maritime fuels in the foreseeable future. The EU Emission Trading System will become effective for offshore vessels from 2027 for vessels above 5,000 gross tonnage, which currently only impacts one vessel in Fugro\u2019s fleet (Fugro Synergy). Vessels are the most exposed to the inherent risk of impairment from climate-related matters relative to the other categories. Levers to decarbonise Fugro\u2019s own fleet include efficiency measures, battery hybrid conversions, methanol conversions and transition to uncrewed surface vessels (USVs) and remote operations. There are inherent uncertainties related to a successful transition which amongst others depends on the development of technology and infrastructure in the entire shipping industry and the future worldwide availability of low carbon maritime fuels including green methanol. The Group assessed whether these developments shorten the current estimates of vessel useful lives, reduce the estimated residual values and trigger so-called stranded assets. No material impact on useful lives, estimated residual values or triggering events for impairment were identified. For each investment decision, the Group carefully considers the economics. For vessels with a useful life beyond 2035, apart from conversion to green methanol, alternative solutions such as biofuels are available. It is furthermore noted that Fugro\u2019s vessels are used globally across all sectors, and that timely capital expenditures will be made within the next decade.18. LeasesThe same additional climate-related impairment trigger assessment as explained in note 17 was performed for leased vessels. Fugro considers the availability of \u2018green\u2019 leases. No triggering events were identified.19. Intangible assets including goodwillFor goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.The recoverable amounts of the cash-generating units have been determined based on value in use calculations. Value in use was determined by discounting the expected future cash flows from the continuing use of the CGUs. It should be noted that key assumptions applied for the purpose of value in use calculations, such as revenue growth rates and long-term EBIT margins, are inherently conservative to account for potential market volatility and economic uncertainties. \u25a0Cash flows in the first year of the forecast are based on management\u2019s approved financial budget. For all CGUs, the 2025 projections factor in, amongst others, already signed contracts, expected win rates on contracts out for bid, expected crew and vessel utilisation rates and/or industry developments. Cash flows for the CGUs beyond one year are extrapolated using an estimated revenue growth rate based on current and expected market developments. \u25a0Cash flows for the CGUs beyond five years are extrapolated using an estimated long-term revenue growth rate of 2.0% (2023: 2.0%). For the CGUs the revenue growth rates are based on an analysis of the long-term market price trends in relevant industries adjusted for actual experience. \u25a0Any estimated future cash inflows/outflows expected to arise from future restructuring, if any, are excluded from the calculations, unless already committed to. This also applies to a large extent to transformation capital expenditures and the resulting impact on cash inflows. \u25a0The pre-tax discount rate used to discount the pre-tax cash flows for impairment testing purposes is determined through an iterative calculation using the projected post-tax cash flows, expected tax rate for the respective cash generating units and a post-tax discount rate for the Group. Rising interest rates were reflected in a higher risk-free rate (thirty-year German government bonds were used as proxy). This was offset by a lower market risk premium.The key assumptions used in the annual goodwill impairment test at the 30 September measurement date were as follows:Revenue Average Revenue growth rate % revenue growth growth rate % Pre-tax Long-term (EUR x 1,000)year 1rate % year 2-5long-termdiscount rate % EBIT margin %2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Europe-Africa 7.3 8.6 5.2 7.3 2.0 2.0 10.8 11.7 13.5 10.9Americas 6.0 8.9 5.4 8.7 2.0 2.0 10.9 11.7 7.7 10.1Asia Pacific 3.8 21.6 3.7 4.7 2.0 2.0 10.6 11.6 7.6 8.0Middle East & India 21.5 11.2 2.6 6.8 2.0 2.0 12.0 13.7 9.0 10.2Climate-related matters were reflected in these assumptions as follows: \u25a0Assumptions on market developments for the market segments in which Fugro operates, including high growth in the renewables market segment compared to in particular oil and gas. \u25a0Capital expenditures to decarbonise the vessel fleet emissions by 2035, however only insofar these qualify for inclusion in the value in use calculation. Capital expenditures that improve the vessel\u2019s performance are excluded in value in use calculations. \u25a0Terminal value revenue growth rates are capped at the risk-free rate. No further adjustment in long term growth rates for the energy transition from the fossil fuel sector to the renewable energy sector was deemed necessary and therefore not considered to have a material impact.The goodwill sensitivity analysis of each CGU as at the measurement date was as follows:(EUR x 1,000) Absolute change required in each key assumption for headroom to equal zeroAverage Revenue Revenue revenue growth Pre-tax Long-term growth rate growth rate rate % discount EBITHeadroom% year 1% year 2-5long-termratemargin %Europe-Africa 1,215,399 (40.1) (13.0) (23.9) 13.5 (9.9)Americas 197,442 (18.3) (5.2) (5.8) 5.5 (3.3)Asia Pacific 227,106 (24.5) (7.5) (10.9) 9.0 (4.4)Middle East & India 54,046 (14.9) (5.1) (2.9) 2.9 (2.3)Total 1,693,993Total headroom increased from EUR 1,440 million in 2023 to EUR 1,694 million in 2024. The changes beyond those in the above table to assumptions used in the goodwill impairment test would, in isolation, lead to an impairment loss being recognised.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.29. Employee benefitsDefined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.(EUR x 1,000) 2024 2023Net defined benefit asset (31,614) (19,882)Total employee benefit asset (31,614) (19,882)Net defined benefit obligation 5,756 7,008Liability for long-service leave 32,956 30,551Total employee benefit liabilities 38,712 37,559The Group makes contributions to a number of pension plans, both defined benefit plans as well as defined contribution plans, that provide pension benefits for employees upon retirement in a number of countries. The retirement age is in line with the provisions in the different plans. The most important plans relate to plans in the Netherlands and United Kingdom. Details of these plans are as follows: \u25a0In the Netherlands, the Group provided a pension plan based on average salary. This plan qualified as a defined benefit scheme. The pension entitlements from this plan are insured with an insurance company that guarantees the accrued pension entitlements. Since 2018, this pension plan has been terminated and has been replaced by a new plan pension plan, qualified as a defined contribution scheme, that is applicable as of 2019. The accrued pension entitlements up to 2018 remained at the insurer and indexation is provided to these accrued pension entitlements for active participants. \u25a0In the United Kingdom (UK) the Group operates two defined benefit pension schemes. For Fugro Holdings (FH), the company operates a final salary defined benefit pension scheme. The scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. The Robertson Research International Group Pension Scheme (RRI) is a funded, defined benefit pension plan. The pension schemes have been closed in previous years for new participants but include the on-going obligations to their members (both former and present employees). The pension schemes assets are held in separate Trustee-administered funds. The schemes include indexation in line with RPI. In 2023 the Trustees agreed a buy-in of most of the RRI scheme with an insurance company. Longevity, inflation and investment risk were transferred to the insurer. The Trustees remain responsible for the administration and payment of pensions to the participants. The insurance policy matches the amount and timing of the benefits payable under the RRI scheme, with the exception of GMP equalisation. In accordance with IAS 19, the balance sheet asset related to the buy-in policy has been set equal to the value of the bought-in benefits. Therefore, there has been an asset loss broadly equivalent to the liability gain over the period. Expenses paid by the RRI scheme relating to the management of scheme assets are deducted from the return on plan assets included in the asset remeasurement in other comprehensive income. The valuation of both the FH and the RRI scheme resulted in a net defined benefit asset as per 31 December 2024.The defined benefit obligation and fair value of plan assets are specified as follows:(EUR x 1,000) 2024 2023UK Netherlands Total UK Netherlands TotalPresent value of funded obligations 156,110 159,102 315,212 164,265 163,236 327,501Fair value of plan assets (187,724) (153,346) (341,070) (184,147) (156,229) (340,376)Net defined benefit obligation (asset) (31,614) 5,756 (25,858) (19,882) 7,007 (12,875)The movements in the present value of the funded obligations and fair value of plan assets consist of the following:2024 2023(EUR x 1,000)Net liability Net liability Obligation Plan assets(asset) Obligation Plan assets(asset)Balance at 1 January 327,503 (340,378) (12,875) 312,017 (325,094) (13,077)Plan amendments and curtailments (past service cost) - - - (1,033) 1,411 378Interest expense/(income) 12,735 (13,738) (1,003) 13,119 (14,133) (1,014)Included in profit or loss (personnel expense) 12,735 (13,738) (1,003) 12,086 (12,722) (636)Actuarial losses/(gains): (22,166) 25,042 2,876 12,040 1,071 13,111 \u25a0(Gain)/loss from change in demographic assumptions (559) - (559) (1,590) - (1,590) \u25a0(Gain)/loss from change in financial assumptions (21,981) 25,042 3,061 11,469 1,071 12,540 \u25a0Experience (gains)/losses 374 - 374 2,161 - 2,161Exchange rate differences 8,430 (9,622) (1,192) 2,767 (3,146) (379)Included in other comprehensive income (13,736) 15,420 1,684 14,807 (2,075) 12,732Paid by the employer - (13,664) (13,664) - (11,894) (11,894)Benefits paid by the plan (11,290) 11,290 - (11,407) 11,407 -Other (11,290) (2,374) (13,664) (11,407) (487) (11,894)Present value of the funded obligation at 31 December 315,212 (341,070) (25,858) 327,503 (340,378) (12,875)The following remeasurements were recognised directly in other comprehensive income:(EUR x 1,000) 2024 2023Cumulative amount at 1 January (44,187) (30,420)Remeasurements: (5,134) (13,767) \u25a0Recognised during the year (2,876) (13,111) \u25a0Effect of movement in exchange rates (2,258) (656)Cumulative amount at 31 December (49,321) (44,187)The actuarial gain net of tax recognised in other comprehensive income amounts to EUR 2.2 million (2023: EUR 9.8 million), after income tax recognised of EUR 0.7 million (2023: EUR 3.3 million). Actuarial assumptionsPrincipal actuarial assumptions at the reporting date (expressed as a range of weighted averages): 2024 2023UK Netherlands UK NetherlandsDiscount rate at 31 December 5.47% 3.50% 4.51% 3.30%Future salary increases 0.0% 0.0% 0.0% 0.0%Future pension increases 1.51% 0.0% 1.44% 0.0%The financial effects of differences between the actuarial assumptions and actuals for the pension liability and plan assets are included in the remeasurements. For the Netherlands, life expectancy assumptions are derived from the Projections Life Table AG2024 from the Royal Dutch Actuarial Association. The mortality table is adjusted to tailor the mortality figures to the insured population by applying the experience factors from the \u2018Centrum voor Verzekeringsstatistiek\u2019: the so-called ES-P2 factors. For the United Kingdom, the mortality basis adopted is the standard table S3PxA with future improvements in line with the Continuous Mortality Investigation\u2019s 2023 projection model with a long-term improvement rate of 1.25% per annum for all members.The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:Impact on defined benefit obligationChange in Increase in Decrease in assumptionassumptionassumptionDiscount rate 0.50% Decrease by 6.4% Increase by 7.3%Salary growth rate 0.50% Increase by 0.0% Decrease by 0.0%Pension growth rate 0.50% Increase by 1.9% Decrease by 1.8%Life expectancy 1 year Increase by 3.2% Decrease by 3.2%The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded.Risk exposureThrough its defined benefit pension plans, the Group is exposed to various demographic and economic risks. Most of these risks come with the nature of a defined benefit plan and are therefore not country specific. The most significant risks relate to life expectancy, investment risk, interest rates and inflation. The Group is actively managing risk related to its defined benefit plans to reduce these risks as much as possible. In most cases, caps on the level of inflationary increases are in place to protect the plan against extreme inflation. The majority of the plan\u2019s assets are either unaffected by (fixed interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy risk is particularly significant in the UK plan, where inflationary increases result in higher sensitivity to changes in life expectancy. In the Netherlands this risk is limited as the insurer guarantees the payment of the accrued benefits.Local risks are considered to be limited for the Netherlands as in the Netherlands the company terminated its defined benefit scheme in 2018 and the accrued pension entitlements were insured, limiting the risk for the Group to the indexation of the accrued entitlements. The insurance company guarantees all accrued entitlements. The insurance contract includes an account in which 80% of the investments are used to match the liability on a funding basis and 20% of the investments are used to invest in equity. The insurance company ultimately decides on investment policies and governance since they run the downside risk. In the UK, the Trustees set the Scheme\u2019s investment strategy, in consultation with the employer. The UK Holdings plan include return seeking assets and bonds. For the Roberson plan, the Trustees during 2023 agreed a buy-in of most of the RRI scheme with an insurance company. The buy-in policy currently covers benefits without equalisation of GMP. The employer ultimately remains responsible for funding the accrued pensions and the pension increases.30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset. (EUR x 1,000) 2024 Asset Onerous retirement contracts Legal claims Restructuringobligations TotalBalance at 1 January 2,162 13,262 736 6,127 22,287Provisions made during the year 1,134 5,472 4,553 121 11,280Provisions used during the year (345) (1,462) (4,135) - (5,942)Provisions reversed during the year (318) (4,303) - - (4,621)Unwinding of discount - - - 221 221Effect of movements in foreign exchange rates 108 (4) 6 285 395Balance at 31 December 2,741 12,965 1,160 6,754 23,620Non-current - 4,763 - 5,076 9,839Current 2,741 8,202 1,160 1,678 13,78132. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.Credit risk exposureThere was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.34. Commitments not included in the statement of financial positionClimate commitmentsOn 19 February 2021, Fugro announced a target of net zero carbon emissions scope 1 and scope 2 by 2035. In addition, Fugro\u2019s near- and long-term science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). Fugro\u2019s net-zero target spans all three emission scopes. Fugro is a service provider and therefore its client value chain scope 3 emissions are negligible; scope 3 primarily consists of emissions from its supply chain. Carbon emissions from vessels, both owned and leased, account for approximately 80% of Fugro\u2019s combined scope 1 and 2 emissions. Therefore, Fugro\u2019s carbon reduction plan is for a large part a multi-year fleet transition plan (methanol and hybrid technology and uncrewed surface vessel fleet), requiring significant multi-year investments.",
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"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
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"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__16": {
"value": "2.2 Estimates, judgements and uncertaintiesThe preparation of the consolidated financial statements requires management to make judgements, estimates, assumptions and consider uncertainties that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may therefore differ materially from these estimates:Estimates, judgements and uncertainties with respect to: NoteImpairment of non-financial assets (property, plant and equipment, right-of-use assets and intangible assets including goodwill) 13Impairment of financial assets (trade receivables, unbilled revenue on (completed) projects, and other receivables) 23Deferred tax 16Employee benefits 29Provisions 30Climate-related matters 3",
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"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__15-1": {
"value": "2.2 Estimates, judgements and uncertaintiesThe preparation of the consolidated financial statements requires management to make judgements, estimates, assumptions and consider uncertainties that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may therefore differ materially from these estimates:Estimates, judgements and uncertainties with respect to: NoteImpairment of non-financial assets (property, plant and equipment, right-of-use assets and intangible assets including goodwill) 13Impairment of financial assets (trade receivables, unbilled revenue on (completed) projects, and other receivables) 23Deferred tax 16Employee benefits 29Provisions 30Climate-related matters 33. Climate-related mattersThe impact of climate-related matters generates opportunities as well as risks for Fugro. Climate-related opportunities, risks and uncertainties and the business impact are described in the management report (refer to the sustainability statement therein). Fugro concluded there was no material financial impact from climate-related matters in the 2024 consolidated financial statements. The assessments performed, judgements made, and time horizon used to reach this conclusion are disclosed in notes 13 Impairments, 17 Property plant and equipment, 18 Leases, 19 Intangible assets, and 34 Commitments not included in the statement of financial position.4. Macro-economic and geopolitical uncertaintyMacro-economic developments include interest rate rises in response to persistent inflation, supply chain challenges, increasing energy costs and salary increases. Geo-political events include international conflicts such as Russia-Ukraine and Hezbollah-Hamas-Israel. Fugro concluded there was no direct material financial impact from the aforementioned macro-economic and geopolitical environment in the 2024 consolidated financial statements. The assessments performed, judgements made, and time horizon used to reach this conclusion are disclosed in notes 13 Impairments, 17 Property plant and equipment, 18 Leases, 19 Intangible assets, 32 Financial risk management, and 34 Commitments not included in the statement of financial position.13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.16. Income taxA deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.16.2 Deferred tax assets and liabilitiesThe recognised deferred tax assets are dependent on future taxable profits in excess of profits arising from the reversal of existing taxable temporary differences. The recognised amounts relate to tax groups that are profitable or are expected to be profitable in the foreseeable future. Management\u2019s projections support the assumption that it is probable that the results of future operations will generate enough taxable income to utilise these deferred tax assets. Consistent with other areas such as annual goodwill impairment testing, climate-related matters were considered in these projections. These include risks as well as opportunities, including the anticipated growth in activities in the renewables market segment.17. Property, plant and equipmentIn 2021, Fugro announced its net zero carbon emissions commitment by 2035 (note 34). The maritime sector will face more challenging customer needs and tighter regulations with respect to vessel emissions and maritime fuels in the foreseeable future. The EU Emission Trading System will become effective for offshore vessels from 2027 for vessels above 5,000 gross tonnage, which currently only impacts one vessel in Fugro\u2019s fleet (Fugro Synergy). Vessels are the most exposed to the inherent risk of impairment from climate-related matters relative to the other categories. Levers to decarbonise Fugro\u2019s own fleet include efficiency measures, battery hybrid conversions, methanol conversions and transition to uncrewed surface vessels (USVs) and remote operations. There are inherent uncertainties related to a successful transition which amongst others depends on the development of technology and infrastructure in the entire shipping industry and the future worldwide availability of low carbon maritime fuels including green methanol. The Group assessed whether these developments shorten the current estimates of vessel useful lives, reduce the estimated residual values and trigger so-called stranded assets. No material impact on useful lives, estimated residual values or triggering events for impairment were identified. For each investment decision, the Group carefully considers the economics. For vessels with a useful life beyond 2035, apart from conversion to green methanol, alternative solutions such as biofuels are available. It is furthermore noted that Fugro\u2019s vessels are used globally across all sectors, and that timely capital expenditures will be made within the next decade.18. LeasesThe same additional climate-related impairment trigger assessment as explained in note 17 was performed for leased vessels. Fugro considers the availability of \u2018green\u2019 leases. No triggering events were identified.19. Intangible assets including goodwillFor goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.The recoverable amounts of the cash-generating units have been determined based on value in use calculations. Value in use was determined by discounting the expected future cash flows from the continuing use of the CGUs. It should be noted that key assumptions applied for the purpose of value in use calculations, such as revenue growth rates and long-term EBIT margins, are inherently conservative to account for potential market volatility and economic uncertainties. \u25a0Cash flows in the first year of the forecast are based on management\u2019s approved financial budget. For all CGUs, the 2025 projections factor in, amongst others, already signed contracts, expected win rates on contracts out for bid, expected crew and vessel utilisation rates and/or industry developments. Cash flows for the CGUs beyond one year are extrapolated using an estimated revenue growth rate based on current and expected market developments. \u25a0Cash flows for the CGUs beyond five years are extrapolated using an estimated long-term revenue growth rate of 2.0% (2023: 2.0%). For the CGUs the revenue growth rates are based on an analysis of the long-term market price trends in relevant industries adjusted for actual experience. \u25a0Any estimated future cash inflows/outflows expected to arise from future restructuring, if any, are excluded from the calculations, unless already committed to. This also applies to a large extent to transformation capital expenditures and the resulting impact on cash inflows. \u25a0The pre-tax discount rate used to discount the pre-tax cash flows for impairment testing purposes is determined through an iterative calculation using the projected post-tax cash flows, expected tax rate for the respective cash generating units and a post-tax discount rate for the Group. Rising interest rates were reflected in a higher risk-free rate (thirty-year German government bonds were used as proxy). This was offset by a lower market risk premium.The key assumptions used in the annual goodwill impairment test at the 30 September measurement date were as follows:Revenue Average Revenue growth rate % revenue growth growth rate % Pre-tax Long-term (EUR x 1,000)year 1rate % year 2-5long-termdiscount rate % EBIT margin %2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Europe-Africa 7.3 8.6 5.2 7.3 2.0 2.0 10.8 11.7 13.5 10.9Americas 6.0 8.9 5.4 8.7 2.0 2.0 10.9 11.7 7.7 10.1Asia Pacific 3.8 21.6 3.7 4.7 2.0 2.0 10.6 11.6 7.6 8.0Middle East & India 21.5 11.2 2.6 6.8 2.0 2.0 12.0 13.7 9.0 10.2Climate-related matters were reflected in these assumptions as follows: \u25a0Assumptions on market developments for the market segments in which Fugro operates, including high growth in the renewables market segment compared to in particular oil and gas. \u25a0Capital expenditures to decarbonise the vessel fleet emissions by 2035, however only insofar these qualify for inclusion in the value in use calculation. Capital expenditures that improve the vessel\u2019s performance are excluded in value in use calculations. \u25a0Terminal value revenue growth rates are capped at the risk-free rate. No further adjustment in long term growth rates for the energy transition from the fossil fuel sector to the renewable energy sector was deemed necessary and therefore not considered to have a material impact.The goodwill sensitivity analysis of each CGU as at the measurement date was as follows:(EUR x 1,000) Absolute change required in each key assumption for headroom to equal zeroAverage Revenue Revenue revenue growth Pre-tax Long-term growth rate growth rate rate % discount EBITHeadroom% year 1% year 2-5long-termratemargin %Europe-Africa 1,215,399 (40.1) (13.0) (23.9) 13.5 (9.9)Americas 197,442 (18.3) (5.2) (5.8) 5.5 (3.3)Asia Pacific 227,106 (24.5) (7.5) (10.9) 9.0 (4.4)Middle East & India 54,046 (14.9) (5.1) (2.9) 2.9 (2.3)Total 1,693,993Total headroom increased from EUR 1,440 million in 2023 to EUR 1,694 million in 2024. The changes beyond those in the above table to assumptions used in the goodwill impairment test would, in isolation, lead to an impairment loss being recognised.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.29. Employee benefitsDefined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.(EUR x 1,000) 2024 2023Net defined benefit asset (31,614) (19,882)Total employee benefit asset (31,614) (19,882)Net defined benefit obligation 5,756 7,008Liability for long-service leave 32,956 30,551Total employee benefit liabilities 38,712 37,559The Group makes contributions to a number of pension plans, both defined benefit plans as well as defined contribution plans, that provide pension benefits for employees upon retirement in a number of countries. The retirement age is in line with the provisions in the different plans. The most important plans relate to plans in the Netherlands and United Kingdom. Details of these plans are as follows: \u25a0In the Netherlands, the Group provided a pension plan based on average salary. This plan qualified as a defined benefit scheme. The pension entitlements from this plan are insured with an insurance company that guarantees the accrued pension entitlements. Since 2018, this pension plan has been terminated and has been replaced by a new plan pension plan, qualified as a defined contribution scheme, that is applicable as of 2019. The accrued pension entitlements up to 2018 remained at the insurer and indexation is provided to these accrued pension entitlements for active participants. \u25a0In the United Kingdom (UK) the Group operates two defined benefit pension schemes. For Fugro Holdings (FH), the company operates a final salary defined benefit pension scheme. The scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. The Robertson Research International Group Pension Scheme (RRI) is a funded, defined benefit pension plan. The pension schemes have been closed in previous years for new participants but include the on-going obligations to their members (both former and present employees). The pension schemes assets are held in separate Trustee-administered funds. The schemes include indexation in line with RPI. In 2023 the Trustees agreed a buy-in of most of the RRI scheme with an insurance company. Longevity, inflation and investment risk were transferred to the insurer. The Trustees remain responsible for the administration and payment of pensions to the participants. The insurance policy matches the amount and timing of the benefits payable under the RRI scheme, with the exception of GMP equalisation. In accordance with IAS 19, the balance sheet asset related to the buy-in policy has been set equal to the value of the bought-in benefits. Therefore, there has been an asset loss broadly equivalent to the liability gain over the period. Expenses paid by the RRI scheme relating to the management of scheme assets are deducted from the return on plan assets included in the asset remeasurement in other comprehensive income. The valuation of both the FH and the RRI scheme resulted in a net defined benefit asset as per 31 December 2024.The defined benefit obligation and fair value of plan assets are specified as follows:(EUR x 1,000) 2024 2023UK Netherlands Total UK Netherlands TotalPresent value of funded obligations 156,110 159,102 315,212 164,265 163,236 327,501Fair value of plan assets (187,724) (153,346) (341,070) (184,147) (156,229) (340,376)Net defined benefit obligation (asset) (31,614) 5,756 (25,858) (19,882) 7,007 (12,875)The movements in the present value of the funded obligations and fair value of plan assets consist of the following:2024 2023(EUR x 1,000)Net liability Net liability Obligation Plan assets(asset) Obligation Plan assets(asset)Balance at 1 January 327,503 (340,378) (12,875) 312,017 (325,094) (13,077)Plan amendments and curtailments (past service cost) - - - (1,033) 1,411 378Interest expense/(income) 12,735 (13,738) (1,003) 13,119 (14,133) (1,014)Included in profit or loss (personnel expense) 12,735 (13,738) (1,003) 12,086 (12,722) (636)Actuarial losses/(gains): (22,166) 25,042 2,876 12,040 1,071 13,111 \u25a0(Gain)/loss from change in demographic assumptions (559) - (559) (1,590) - (1,590) \u25a0(Gain)/loss from change in financial assumptions (21,981) 25,042 3,061 11,469 1,071 12,540 \u25a0Experience (gains)/losses 374 - 374 2,161 - 2,161Exchange rate differences 8,430 (9,622) (1,192) 2,767 (3,146) (379)Included in other comprehensive income (13,736) 15,420 1,684 14,807 (2,075) 12,732Paid by the employer - (13,664) (13,664) - (11,894) (11,894)Benefits paid by the plan (11,290) 11,290 - (11,407) 11,407 -Other (11,290) (2,374) (13,664) (11,407) (487) (11,894)Present value of the funded obligation at 31 December 315,212 (341,070) (25,858) 327,503 (340,378) (12,875)The following remeasurements were recognised directly in other comprehensive income:(EUR x 1,000) 2024 2023Cumulative amount at 1 January (44,187) (30,420)Remeasurements: (5,134) (13,767) \u25a0Recognised during the year (2,876) (13,111) \u25a0Effect of movement in exchange rates (2,258) (656)Cumulative amount at 31 December (49,321) (44,187)The actuarial gain net of tax recognised in other comprehensive income amounts to EUR 2.2 million (2023: EUR 9.8 million), after income tax recognised of EUR 0.7 million (2023: EUR 3.3 million). Actuarial assumptionsPrincipal actuarial assumptions at the reporting date (expressed as a range of weighted averages): 2024 2023UK Netherlands UK NetherlandsDiscount rate at 31 December 5.47% 3.50% 4.51% 3.30%Future salary increases 0.0% 0.0% 0.0% 0.0%Future pension increases 1.51% 0.0% 1.44% 0.0%The financial effects of differences between the actuarial assumptions and actuals for the pension liability and plan assets are included in the remeasurements. For the Netherlands, life expectancy assumptions are derived from the Projections Life Table AG2024 from the Royal Dutch Actuarial Association. The mortality table is adjusted to tailor the mortality figures to the insured population by applying the experience factors from the \u2018Centrum voor Verzekeringsstatistiek\u2019: the so-called ES-P2 factors. For the United Kingdom, the mortality basis adopted is the standard table S3PxA with future improvements in line with the Continuous Mortality Investigation\u2019s 2023 projection model with a long-term improvement rate of 1.25% per annum for all members.The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:Impact on defined benefit obligationChange in Increase in Decrease in assumptionassumptionassumptionDiscount rate 0.50% Decrease by 6.4% Increase by 7.3%Salary growth rate 0.50% Increase by 0.0% Decrease by 0.0%Pension growth rate 0.50% Increase by 1.9% Decrease by 1.8%Life expectancy 1 year Increase by 3.2% Decrease by 3.2%The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded.Risk exposureThrough its defined benefit pension plans, the Group is exposed to various demographic and economic risks. Most of these risks come with the nature of a defined benefit plan and are therefore not country specific. The most significant risks relate to life expectancy, investment risk, interest rates and inflation. The Group is actively managing risk related to its defined benefit plans to reduce these risks as much as possible. In most cases, caps on the level of inflationary increases are in place to protect the plan against extreme inflation. The majority of the plan\u2019s assets are either unaffected by (fixed interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy risk is particularly significant in the UK plan, where inflationary increases result in higher sensitivity to changes in life expectancy. In the Netherlands this risk is limited as the insurer guarantees the payment of the accrued benefits.Local risks are considered to be limited for the Netherlands as in the Netherlands the company terminated its defined benefit scheme in 2018 and the accrued pension entitlements were insured, limiting the risk for the Group to the indexation of the accrued entitlements. The insurance company guarantees all accrued entitlements. The insurance contract includes an account in which 80% of the investments are used to match the liability on a funding basis and 20% of the investments are used to invest in equity. The insurance company ultimately decides on investment policies and governance since they run the downside risk. In the UK, the Trustees set the Scheme\u2019s investment strategy, in consultation with the employer. The UK Holdings plan include return seeking assets and bonds. For the Roberson plan, the Trustees during 2023 agreed a buy-in of most of the RRI scheme with an insurance company. The buy-in policy currently covers benefits without equalisation of GMP. The employer ultimately remains responsible for funding the accrued pensions and the pension increases.30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.Credit risk exposureThere was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.34. Commitments not included in the statement of financial positionClimate commitmentsOn 19 February 2021, Fugro announced a target of net zero carbon emissions scope 1 and scope 2 by 2035. In addition, Fugro\u2019s near- and long-term science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). Fugro\u2019s net-zero target spans all three emission scopes. Fugro is a service provider and therefore its client value chain scope 3 emissions are negligible; scope 3 primarily consists of emissions from its supply chain. Carbon emissions from vessels, both owned and leased, account for approximately 80% of Fugro\u2019s combined scope 1 and 2 emissions. Therefore, Fugro\u2019s carbon reduction plan is for a large part a multi-year fleet transition plan (methanol and hybrid technology and uncrewed surface vessel fleet), requiring significant multi-year investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "2.3 Prior period correctionThe Group previously presented personnel expenses of certain vessel crew members in cost of suppliers within the third party costs line item in the consolidated statement of comprehensive income. Upon further review of the nature of the agreements with these vessel crew members, the Group concluded that these agreements classify as labour agreements and consequently that these vessel crew members should be considered employees for external reporting purposes. As a result, the Group concluded that third party costs in 2023 were overstated and personnel expenses were understated by EUR 17.3 million. The presentation in the consolidated statement of comprehensive income was corrected by retrospective restatement of comparative figures 2023 and related notes. The reclassification correction did not affect equity, net result or any performance measures.11. EmployeesThe total number of full-time equivalent (FTE) as at 31 December and average number for the year is as follows:12024 2023Other Other Netherlandscountries Total Netherlandscountries TotalTechnical staff 847 6,897 7,744 806 6,852 7,658Management and administrative staff 376 1,407 1,783 325 1,366 1,691Temporary and contract staff 257 882 1,139 229 856 1,085Total number of employees at 31 December 1,480 9,186 10,666 1,360 9,074 10,434Average number of employees during the year 1,420 9,130 10,550 1,296 8,622 9,8181 Comparative FTE figures 2023 were adjusted to include certain vessel crew members in the temporary and contract staff category previously omitted from the employee classification.",
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__21-1": {
"value": "2.3 Prior period correctionThe Group previously presented personnel expenses of certain vessel crew members in cost of suppliers within the third party costs line item in the consolidated statement of comprehensive income. Upon further review of the nature of the agreements with these vessel crew members, the Group concluded that these agreements classify as labour agreements and consequently that these vessel crew members should be considered employees for external reporting purposes. As a result, the Group concluded that third party costs in 2023 were overstated and personnel expenses were understated by EUR 17.3 million. The presentation in the consolidated statement of comprehensive income was corrected by retrospective restatement of comparative figures 2023 and related notes. The reclassification correction did not affect equity, net result or any performance measures.8. Third party costs1(EUR x 1,000) 2024 2023Cost of suppliers 560,330 633,786Lease expenses 179,702 165,726Onerous contracts (reversals)/charges 816 (1,196)Other costs 1,870 2,722Total third-party costs 742,718 801,0381 A prior period overstatement of cost of suppliers (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.Comparative numbers have been reclassified to conform to the current year presentation which was updated to regroup lease expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__20-1": {
"value": "2.3 Prior period correctionThe Group previously presented personnel expenses of certain vessel crew members in cost of suppliers within the third party costs line item in the consolidated statement of comprehensive income. Upon further review of the nature of the agreements with these vessel crew members, the Group concluded that these agreements classify as labour agreements and consequently that these vessel crew members should be considered employees for external reporting purposes. As a result, the Group concluded that third party costs in 2023 were overstated and personnel expenses were understated by EUR 17.3 million. The presentation in the consolidated statement of comprehensive income was corrected by retrospective restatement of comparative figures 2023 and related notes. The reclassification correction did not affect equity, net result or any performance measures.8. Third party costs1(EUR x 1,000) 2024 2023Cost of suppliers 560,330 633,786Lease expenses 179,702 165,726Onerous contracts (reversals)/charges 816 (1,196)Other costs 1,870 2,722Total third-party costs 742,718 801,0381 A prior period overstatement of cost of suppliers (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.Comparative numbers have been reclassified to conform to the current year presentation which was updated to regroup lease expenses.10. Personnel expenses1(EUR x 1,000) Note 2024 2023Wages and salaries 739,840 677,960Social security contributions 66,792 59,447Equity-settled share-based payments12 10,238 9,936Expense related to defined contribution plans 41,085 35,403Expense/(gain) related to defined benefit plans29 (1,003) (636)Increase in liability for long service leave29 6,122 4,929Total 863,074 787,0391 A prior period understatement of personnel expenses (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.13. Impairments of non-financial assetsImpairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.14. Other expenses(EUR x 1,000) 2024 2023IT applications and services 56,038 53,229Indirect operating expenses 42,585 37,270Occupancy costs 19,174 20,054Professional services fee 24,329 20,354Communication and office equipment 11,098 11,727Legal, audit & tax advisory fees 12,415 10,174Training 10,013 8,425Impairment of financial assets 3,011 8,157Property lease expense 3,680 6,834Marketing and advertising costs 5,181 5,450Loss on disposal of subsidiaries and other interests - 4,260Loss on disposal of property, plant and equipment 141 62General maintenance and supplies 3,374 3,282Restructuring costs 4,554 1,016Other 14,672 26,827Total 210,265 217,121Comparative numbers have been reclassified to conform to the current year presentation which was updated to further split expenses.Impairment of financial assets in 2024 mainly relates to impairment charges on trade receivables, unbilled revenue on (completed) projects and other receivables, see note 23 Trade and other receivables.17. Property, plant and equipmentDepreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 5(EUR x 1,000) 2024 2023Fixed assets Fixed assets Land and Plant and under Land and Plant and under BuildingsEquipment Vesselsconstruction Other TotalBuildingsEquipment Vesselsconstruction Other TotalBalance at 1 January Cost 147,913 820,490 907,869 132,926 113,061 2,122,259 167,180 858,575 834,642 54,144 130,924 2,045,465Accumulated depreciation and impairment (79,712) (693,302) (538,915) - (101,065) (1,412,994) (89,596) (758,092) (516,696) - (121,085) (1,485,469) Carrying amount 68,201 127,188 368,954 132,926 11,996 709,265 77,584 100,483 317,946 54,144 9,839 559,996Change in carrying amount:Additions 3,090 17,418 7,838 232,097 4,286 264,729 1,396 39,588 85,148 128,488 5,639 260,259Acquisitions through business combinations - - - - - - - 29 - 3,857 19 3,905Transfers from fixed assets under construction 595 41,592 77,706 (124,452) 4,559 - 1,315 39,010 8,913 (50,779) 1,541 -Depreciation (5,528) (51,916) (45,880) - (6,132) (109,456) (4,997) (48,394) (40,663) - (4,778) (98,832)Impairment (loss)/reversal - - (2,111) - - (2,111) (1,760) - 4,600 - - 2,840Disposals (1,391) (530) (483) - (29) (2,433) (662) (335) - (11) (58) (1,066)Effects of movements in foreign exchange rates 1,634 1,847 5,595 3,621 503 13,200 (1,118) (2,138) (4,881) (2,773) (206) (11,116)Reclassification adjustment - - (707) (594) - (1,301) - (1,055) (2,109) - - (3,164)Transfers from/(to) assets classified as held for sale (3,549) (103) - - - (3,652) (3,557) - - - - (3,557)Total changes (5,149) 8,308 41,958 110,672 3,187 158,976 (9,383) 26,705 51,008 78,782 2,157 149,269Balance at 31 December Cost 132,568 860,516 1,002,374 243,598 116,880 2,355,936 147,913 820,490 907,869 132,926 113,061 2,122,259Accumulated depreciation and impairment (69,516) (725,020) (591,462) - (101,697) (1,487,695) (79,712) (693,302) (538,915) - (101,065) (1,412,994)Carrying amount 63,052 135,496 410,912 243,598 15,183 868,241 68,201 127,188 368,954 132,926 11,996 709,26518. LeasesThe right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.Right-of-use assets(EUR x 1,000) Vessels Property Equipment TotalBalance at 1 January 2023 94,906 94,681 7,317 196,904Balance at 1 January 2024 69,719 92,826 11,918 174,463Balance at 31 December 2024 76,974 100,946 8,966 186,886Depreciation Additions Depreciation Additions (EUR x 1,000)2024202420232023Vessels 36,808 10,906 28,481 66,974Property 16,058 15,560 12,551 4,417Equipment 5,737 5,700 4,848 7,969Total 58,603 32,166 45,880 79,360Amounts recognised in profit and loss(EUR x 1,000) 2024 2023Interest on lease liabilities 9,881 8,359Variable lease payments not included in the measurement of lease liabilities 37,448 30,036Low-value asset expense 125 533Expenses relating to short-term leases 143,924 141,92019. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,59522. InventoriesIn 2024, EUR 36.0 million (2023: EUR 35.1 million) of inventories was recognised as an expense.Impairment lossesThe breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
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"f0__s7__6__19-1": {
"value": "2.3 Prior period correctionThe Group previously presented personnel expenses of certain vessel crew members in cost of suppliers within the third party costs line item in the consolidated statement of comprehensive income. Upon further review of the nature of the agreements with these vessel crew members, the Group concluded that these agreements classify as labour agreements and consequently that these vessel crew members should be considered employees for external reporting purposes. As a result, the Group concluded that third party costs in 2023 were overstated and personnel expenses were understated by EUR 17.3 million. The presentation in the consolidated statement of comprehensive income was corrected by retrospective restatement of comparative figures 2023 and related notes. The reclassification correction did not affect equity, net result or any performance measures.10. Personnel expenses1(EUR x 1,000) Note 2024 2023Wages and salaries 739,840 677,960Social security contributions 66,792 59,447Equity-settled share-based payments12 10,238 9,936Expense related to defined contribution plans 41,085 35,403Expense/(gain) related to defined benefit plans29 (1,003) (636)Increase in liability for long service leave29 6,122 4,929Total 863,074 787,0391 A prior period understatement of personnel expenses (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.29. Employee benefitsDefined contribution plansA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees.Defined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.(EUR x 1,000) 2024 2023Net defined benefit asset (31,614) (19,882)Total employee benefit asset (31,614) (19,882)Net defined benefit obligation 5,756 7,008Liability for long-service leave 32,956 30,551Total employee benefit liabilities 38,712 37,559The Group makes contributions to a number of pension plans, both defined benefit plans as well as defined contribution plans, that provide pension benefits for employees upon retirement in a number of countries. The retirement age is in line with the provisions in the different plans. The most important plans relate to plans in the Netherlands and United Kingdom. Details of these plans are as follows: \u25a0In the Netherlands, the Group provided a pension plan based on average salary. This plan qualified as a defined benefit scheme. The pension entitlements from this plan are insured with an insurance company that guarantees the accrued pension entitlements. Since 2018, this pension plan has been terminated and has been replaced by a new plan pension plan, qualified as a defined contribution scheme, that is applicable as of 2019. The accrued pension entitlements up to 2018 remained at the insurer and indexation is provided to these accrued pension entitlements for active participants. \u25a0In the United Kingdom (UK) the Group operates two defined benefit pension schemes. For Fugro Holdings (FH), the company operates a final salary defined benefit pension scheme. The scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. The Robertson Research International Group Pension Scheme (RRI) is a funded, defined benefit pension plan. The pension schemes have been closed in previous years for new participants but include the on-going obligations to their members (both former and present employees). The pension schemes assets are held in separate Trustee-administered funds. The schemes include indexation in line with RPI. In 2023 the Trustees agreed a buy-in of most of the RRI scheme with an insurance company. Longevity, inflation and investment risk were transferred to the insurer. The Trustees remain responsible for the administration and payment of pensions to the participants. The insurance policy matches the amount and timing of the benefits payable under the RRI scheme, with the exception of GMP equalisation. In accordance with IAS 19, the balance sheet asset related to the buy-in policy has been set equal to the value of the bought-in benefits. Therefore, there has been an asset loss broadly equivalent to the liability gain over the period. Expenses paid by the RRI scheme relating to the management of scheme assets are deducted from the return on plan assets included in the asset remeasurement in other comprehensive income. The valuation of both the FH and the RRI scheme resulted in a net defined benefit asset as per 31 December 2024.The defined benefit obligation and fair value of plan assets are specified as follows:(EUR x 1,000) 2024 2023UK Netherlands Total UK Netherlands TotalPresent value of funded obligations 156,110 159,102 315,212 164,265 163,236 327,501Fair value of plan assets (187,724) (153,346) (341,070) (184,147) (156,229) (340,376)Net defined benefit obligation (asset) (31,614) 5,756 (25,858) (19,882) 7,007 (12,875)The movements in the present value of the funded obligations and fair value of plan assets consist of the following:2024 2023(EUR x 1,000)Net liability Net liability Obligation Plan assets(asset) Obligation Plan assets(asset)Balance at 1 January 327,503 (340,378) (12,875) 312,017 (325,094) (13,077)Plan amendments and curtailments (past service cost) - - - (1,033) 1,411 378Interest expense/(income) 12,735 (13,738) (1,003) 13,119 (14,133) (1,014)Included in profit or loss (personnel expense) 12,735 (13,738) (1,003) 12,086 (12,722) (636)Actuarial losses/(gains): (22,166) 25,042 2,876 12,040 1,071 13,111 \u25a0(Gain)/loss from change in demographic assumptions (559) - (559) (1,590) - (1,590) \u25a0(Gain)/loss from change in financial assumptions (21,981) 25,042 3,061 11,469 1,071 12,540 \u25a0Experience (gains)/losses 374 - 374 2,161 - 2,161Exchange rate differences 8,430 (9,622) (1,192) 2,767 (3,146) (379)Included in other comprehensive income (13,736) 15,420 1,684 14,807 (2,075) 12,732Paid by the employer - (13,664) (13,664) - (11,894) (11,894)Benefits paid by the plan (11,290) 11,290 - (11,407) 11,407 -Other (11,290) (2,374) (13,664) (11,407) (487) (11,894)Present value of the funded obligation at 31 December 315,212 (341,070) (25,858) 327,503 (340,378) (12,875)The following remeasurements were recognised directly in other comprehensive income:(EUR x 1,000) 2024 2023Cumulative amount at 1 January (44,187) (30,420)Remeasurements: (5,134) (13,767) \u25a0Recognised during the year (2,876) (13,111) \u25a0Effect of movement in exchange rates (2,258) (656)Cumulative amount at 31 December (49,321) (44,187)The actuarial gain net of tax recognised in other comprehensive income amounts to EUR 2.2 million (2023: EUR 9.8 million), after income tax recognised of EUR 0.7 million (2023: EUR 3.3 million). Actuarial assumptionsPrincipal actuarial assumptions at the reporting date (expressed as a range of weighted averages): 2024 2023UK Netherlands UK NetherlandsDiscount rate at 31 December 5.47% 3.50% 4.51% 3.30%Future salary increases 0.0% 0.0% 0.0% 0.0%Future pension increases 1.51% 0.0% 1.44% 0.0%The financial effects of differences between the actuarial assumptions and actuals for the pension liability and plan assets are included in the remeasurements. For the Netherlands, life expectancy assumptions are derived from the Projections Life Table AG2024 from the Royal Dutch Actuarial Association. The mortality table is adjusted to tailor the mortality figures to the insured population by applying the experience factors from the \u2018Centrum voor Verzekeringsstatistiek\u2019: the so-called ES-P2 factors. For the United Kingdom, the mortality basis adopted is the standard table S3PxA with future improvements in line with the Continuous Mortality Investigation\u2019s 2023 projection model with a long-term improvement rate of 1.25% per annum for all members.The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:Impact on defined benefit obligationChange in Increase in Decrease in assumptionassumptionassumptionDiscount rate 0.50% Decrease by 6.4% Increase by 7.3%Salary growth rate 0.50% Increase by 0.0% Decrease by 0.0%Pension growth rate 0.50% Increase by 1.9% Decrease by 1.8%Life expectancy 1 year Increase by 3.2% Decrease by 3.2%The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded.Risk exposureThrough its defined benefit pension plans, the Group is exposed to various demographic and economic risks. Most of these risks come with the nature of a defined benefit plan and are therefore not country specific. The most significant risks relate to life expectancy, investment risk, interest rates and inflation. The Group is actively managing risk related to its defined benefit plans to reduce these risks as much as possible. In most cases, caps on the level of inflationary increases are in place to protect the plan against extreme inflation. The majority of the plan\u2019s assets are either unaffected by (fixed interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy risk is particularly significant in the UK plan, where inflationary increases result in higher sensitivity to changes in life expectancy. In the Netherlands this risk is limited as the insurer guarantees the payment of the accrued benefits.Local risks are considered to be limited for the Netherlands as in the Netherlands the company terminated its defined benefit scheme in 2018 and the accrued pension entitlements were insured, limiting the risk for the Group to the indexation of the accrued entitlements. The insurance company guarantees all accrued entitlements. The insurance contract includes an account in which 80% of the investments are used to match the liability on a funding basis and 20% of the investments are used to invest in equity. The insurance company ultimately decides on investment policies and governance since they run the downside risk. In the UK, the Trustees set the Scheme\u2019s investment strategy, in consultation with the employer. The UK Holdings plan include return seeking assets and bonds. For the Roberson plan, the Trustees during 2023 agreed a buy-in of most of the RRI scheme with an insurance company. The buy-in policy currently covers benefits without equalisation of GMP. The employer ultimately remains responsible for funding the accrued pensions and the pension increases.Major categories of plan assetsPlan assets are comprised as follows:(EUR x 1,000) 2024 2023Quoted Unquoted Total % Quoted Unquoted Total %Equity instruments - - - 0% - - - 0%Debt instruments 136,433 - 136,433 40% 122,912 - 122,912 36%Government 30,807 - 30,807 9% 35,189 - 35,189 10%Corporate bonds (Investment grade) 63,631 - 63,631 19% 52,629 - 52,629 16%Corporate bonds (non-investment grade) 41,995 - 41,995 12% 35,094 - 35,094 10%Insurance policies - 198,885 198,885 58% - 206,408 206,408 61%Property 1,989 - 1,989 1% 7,593 - 7,593 2%Cash and cash equivalents - 3,763 3,763 1% - 3,464 3,464 1%Balance at 31 December 138,422 202,648 341,070 100% 130,504 209,872 340,376 100%The expected 2025 contributions amount to EUR 9.9 million (2024: EUR 12.9 million).The weighted average duration of the defined benefit obligation is 14.3 years (2023: 15.9 years).United Total As at 31 December 2024NetherlandsKingdomweighted Duration of plan 16.6 12.0 14.3",
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},
"f0__s7__6__18-1": {
"value": "2.3 Prior period correctionThe Group previously presented personnel expenses of certain vessel crew members in cost of suppliers within the third party costs line item in the consolidated statement of comprehensive income. Upon further review of the nature of the agreements with these vessel crew members, the Group concluded that these agreements classify as labour agreements and consequently that these vessel crew members should be considered employees for external reporting purposes. As a result, the Group concluded that third party costs in 2023 were overstated and personnel expenses were understated by EUR 17.3 million. The presentation in the consolidated statement of comprehensive income was corrected by retrospective restatement of comparative figures 2023 and related notes. The reclassification correction did not affect equity, net result or any performance measures.2.6 Summary of accounting policiesThe material accounting policies have been included in the relevant notes to the consolidated financial statements. Several amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019 and \u2018Non-current Liabilities with Covenants\u2019, IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019, IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 apply for the first time as of 1 January 2024, but these do not have a material impact on the consolidated financial statements of the Group. Furthermore, certain new accounting standards (IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 and IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019) and amendments (IAS 21 \u2018Lack of Exchangeability\u2019, IFRS 9 & IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019 and \u2018Annual Improvements to IFRS Volume 11\u2019) have been published that are not yet effective for these consolidated financial statements and have not been early adopted by the Group. The Group commenced its transition project with respect to IFRS 18 to identify all impacts on the primary financial statements and notes to the financial statements. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect IFRS 19. The Group concluded the amendments to IAS 21 do not have a material impact on the Group financial statements. The IFRS 9 & IFRS 7 and Annual Improvements to IFRS amendments will not materially impact the Group financial statements.8. Third party costs1(EUR x 1,000) 2024 2023Cost of suppliers 560,330 633,786Lease expenses 179,702 165,726Onerous contracts (reversals)/charges 816 (1,196)Other costs 1,870 2,722Total third-party costs 742,718 801,0381 A prior period overstatement of cost of suppliers (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.Comparative numbers have been reclassified to conform to the current year presentation which was updated to regroup lease expenses.10. Personnel expenses1(EUR x 1,000) Note 2024 2023Wages and salaries 739,840 677,960Social security contributions 66,792 59,447Equity-settled share-based payments12 10,238 9,936Expense related to defined contribution plans 41,085 35,403Expense/(gain) related to defined benefit plans29 (1,003) (636)Increase in liability for long service leave29 6,122 4,929Total 863,074 787,0391 A prior period understatement of personnel expenses (EUR 17.3 million) was retrospectively restated in the 2023 comparative figures. Reference is made to note 2.3.11. EmployeesThe total number of full-time equivalent (FTE) as at 31 December and average number for the year is as follows:12024 2023Other Other Netherlandscountries Total Netherlandscountries TotalTechnical staff 847 6,897 7,744 806 6,852 7,658Management and administrative staff 376 1,407 1,783 325 1,366 1,691Temporary and contract staff 257 882 1,139 229 856 1,085Total number of employees at 31 December 1,480 9,186 10,666 1,360 9,074 10,434Average number of employees during the year 1,420 9,130 10,550 1,296 8,622 9,8181 Comparative FTE figures 2023 were adjusted to include certain vessel crew members in the temporary and contract staff category previously omitted from the employee classification.16. Income tax",
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"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__24-1": {
"value": "2.4 Basis of consolidationAccounting for business combinationsBusiness combinations are accounted for using the acquisition method. Under the acquisition method, the identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognised at the acquisition date, which is the date on which control is transferred to the Group. In assessing control, the Group takes into consideration potential voting rights, if the rights are substantive. The Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Non-controlling interests in the acquiree are measured at the proportionate share of the acquiree\u2019s identifiable net assets.SubsidiariesSubsidiaries 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 deconsolidated from the date that control ceases.Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, it is accounted for as an equity-accounted investee or as an equity security depending on the level of influence retained.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no objective evidence of impairment conditions.2.5 Foreign currencyForeign currency transactions and translationTransactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the respective functional currency at the foreign exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at foreign exchange rates effective at the date the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity-accounted investees, a financial liability designated as a hedge of the net investment in a foreign operation (see below) that is effective, or qualifying cash flow hedges (insofar applicable), which are recognised in other comprehensive income and accumulated in the foreign currency translation reserve.Foreign operationsThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to EUR at foreign exchange rates effective at the reporting date. The income and expenses of foreign operations are translated to EUR at exchange rates effective at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve for foreign operations (translation reserve) in equity. However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.If the settlement of a monetary item, receivable from or payable to a foreign operation, is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such monetary items are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income and are presented in the translation reserve in equity.2.6 Summary of accounting policiesThe material accounting policies have been included in the relevant notes to the consolidated financial statements. Several amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019 and \u2018Non-current Liabilities with Covenants\u2019, IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019, IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 apply for the first time as of 1 January 2024, but these do not have a material impact on the consolidated financial statements of the Group. Furthermore, certain new accounting standards (IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 and IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019) and amendments (IAS 21 \u2018Lack of Exchangeability\u2019, IFRS 9 & IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019 and \u2018Annual Improvements to IFRS Volume 11\u2019) have been published that are not yet effective for these consolidated financial statements and have not been early adopted by the Group. The Group commenced its transition project with respect to IFRS 18 to identify all impacts on the primary financial statements and notes to the financial statements. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect IFRS 19. The Group concluded the amendments to IAS 21 do not have a material impact on the Group financial statements. The IFRS 9 & IFRS 7 and Annual Improvements to IFRS amendments will not materially impact the Group financial statements.5. Segment reportingFugro has four integrated regions: Europe-Africa (E-A), Americas (AM), Asia Pacific (APAC) and Middle East & India (MEI). The organisational and reporting structure consists of these four regions. Within these regions, the following business line structure exists: Marine site characterisation, Marine asset Integrity and Land. The operating results of the four regions are directly reported to and reviewed by the Board of Management, being the Chief Operating Decision Maker. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are allocated based on the geographical location of the operating company using the assets (\u2018region of origin\u2019). Fugro allocates corporate expenses, finance income (expenses) and assets (liabilities) that relate to more than one operating segment to the reportable segment based on net revenue. Inter-segment pricing is determined on an arm\u2019s length basis. The E-A, AM, APAC, MEI operating segments generate revenues from: \u25a0Marine environment: The determination of soil composition via cone penetration testing or the acquisition of soil samples and related laboratory testing; and the mapping of seabed and geological features and hazards below using non-invasive techniques including the related interpretation and visualisation. Its services also include geo consulting, general purpose navigation charts and environmental, meteorological & oceanographic measurement services. In addition, the activities consist of positioning signals and services, construction support, monitoring and forecasting services, remote systems technology, and inspection and monitoring services. \u25a0Land environment: The determination of soil characteristics, mostly via cone penetration testing and/or the acquisition of soil samples and related laboratory testing. These services are offered both onshore and in nearshore environments. In addition, the activities consist of material testing and geo-consulting services as well as asset integrity solutions (monitoring, analysis, modelling) for clients in electrical power, railroads, roads and other infrastructure.6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.7. RevenueFugro primarily generates revenue from services by acquiring bespoke geo-data and providing analysis and map, model and monitor solutions. The Group\u2019s services are typically sold in a bundled package of services. The Group provides a significant service of integrating these services, by using these as inputs to produce the combined output, which together form a single performance obligation. Control of the single performance obligations is generally transferred to the customer over time. The transfer of control over time is supported mostly by one of the following conditions being met: \u25a0Clauses in the contract that allow the customer to terminate the contract, pay for costs incurred plus a reasonable profit margin and take control of any work in progress. The Group does not create an asset with alternative use to the Group. \u25a0The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs.Revenue from sales of goods, software licences and subscription income are not a significant category of revenue.Revenue is measured based on the consideration contractually agreed with the customer. Common considerations are fixed price (lump sum), day rates, rates per (square) kilometre, or a combination of these considerations. The transaction price excludes amounts collected on behalf of third parties, such as value-added taxes. It is common for the Group\u2019s contracts with customers to include liquidated damages, weather standby fees or discounts that can either increase or decrease the transaction price, leading to the consideration to be variable. Variable consideration is constrained and recognised as revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The Group estimates variable consideration using either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. For performance obligations that are satisfied over time, revenue and cost are recognised based on the extent of progress towards completion of the performance obligation. The Group generally determines progress towards completion by measuring the proportion of actual cost incurred for work performed to date, compared to total estimated cost to completion. In the Group\u2019s view this best depicts the Group\u2019s performance in transferring control of services promised to its customers. The accounting policy for onerous (revenue) contracts is included in note Provisions.Payment terms for customer contracts are usually based on several instalments over the duration of the contract based on pre-set contract milestones. Significant financing components are not prevalent nor material within the Group.Contract balancesWhen revenue recognised to date exceeds the progress billings to the customer, the surplus is accounted for as a contract asset and presented as unbilled revenue on a contract-by-contract basis. Unbilled revenue is accounted net of any impairment losses. When progress billings exceed the revenue, measured as costs incurred plus profits recognised to date, the balance is accounted for as a contract liability, which is presented as advance instalments to work in progress.9. Other incomeOther income consists of income not related to the key business activities of the Group, such as income from the sale of non-monetary assets and/or liabilities, and/or non-recurring income. License fees received in connection with E&E assets are generally recognised at a point in time when such fees become unconditional.Government grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.12. Share-based paymentsThe Group currently has two active equity-settled share-based payment arrangements under the long-term incentive plan: \u25a0performance shares, open for the Board of Management, Executive Leadership Team and other selected senior employees \u25a0restricted share units, open for eligible and other selected employees The Group previously also operated share option plans, including performance options open for the Board and Management, Executive Leadership Team and other selected senior employees, and regular share options, open for eligible and selected other employees for grants up to 2021. No share options were granted since 2020.The cost of equity-settled share-based payment arrangements is determined by the fair value at the date when the grant is made. Service and non-market performance conditions, such as return on capital employed (ROCE) and company specific strategic targets, are not considered when determining the grant date fair value of awards. Instead, the likelihood of the conditions being met is assessed as part of the company\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions, such as total shareholder return (TSR), are reflected within the grant date fair value. If awards do not vest, due to non-market conditions and/or service conditions not being met, no expense is recognised. Awards that include a market condition are treated as vested irrespective of whether the market condition is satisfied, provided that all other (non-market) performance conditions and/or service conditions are satisfied.The grant-date fair value of equity-settled share-based payment awards granted to employees is recognised as personnel expense, with a corresponding increase in equity, over the vesting period of the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company\u2019s best estimate of the number of equity shares that will ultimately vest.13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.16. Income taxIncome tax expense includes current and deferred tax. Both are recognised in profit or loss, except when related to business combinations or items recognised directly in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss, using tax rates (substantively) enacted at the reporting date, as well as (any adjustments to) tax payables and receivables with respect to previous years. Additional income taxes from dividends are recognised when the dividend liability is recognised.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured based on enacted or substantially enacted tax rates that are expected to apply in the years in which temporary differences are expected to reverse. Deferred tax assets and liabilities are offset if there is a legal right to do so and they relate to the same tax authority or when tax entities intend to net settle or realise tax assets and liabilities simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.Fugro has applied the temporary exception for recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.17. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure directly attributable to acquisition, materials, direct labour, dismantling, removal, site restoration and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.Assets under construction are classified as such until completion, at which time the item is reclassified to the respective category within property, plant and equipment. Property, plant and equipment are recognised from the point in time when the Group obtains control. Pre-payments made before that point in time are classified as other long-term assets. Parts of an item of property, plant and equipment with different useful lives, are accounted for separately as major components of property, plant and equipment. Gains or losses on disposal are recognised within \u2018other income\u2019 or \u2018other expenses\u2019 in profit or loss.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset if future economic benefits are probable and can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced, such as in the case of major overhaul. Repairs and maintenance are charged to profit and loss when incurred.Depreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.18. LeasesDefinition of a leaseA contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone selling prices. However, for leases of property and equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. Recognition and measurementThe Group recognises a right-of-use asset and lease liability at the lease commencement date. The Group applies the short-term lease recognition exemption to its short-term leases of vessels, property 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). The Group also applies the lease of low-value assets recognition exemption. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.The right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is measured at the net present value of the lease payments that are not paid at the commencement date. The lease liability is subsequently increased to reflect the accretion of interest and reduced for the lease payments made. The line-item interest paid in the statement of cash flows includes cash payments for the interest portion of lease liabilities. The discount rate is the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. 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 lease payments include (in-substance) fixed payments (less any lease incentives), 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 under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and payments of penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The carrying amount of lease liabilities is remeasured if there is a modification and the lease modification is not accounted for as a separate lease, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or when there is a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero.19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment. Fugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.22. InventoriesInventories are measured at the lower of cost and net realisable value. The cost of inventories is determined using the first-in first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Net realisable value of inventories is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses. Unbilled revenue on (completed) projects represents the gross amount expected to be collected from customers for contract work performed to date (a contract asset). It is measured at costs incurred plus profits recognised to date less progress billings and recognised losses. Generally, unbilled revenue on (completed) projects is invoiced to customers in the period following the execution of work. Subsequently, trade receivables are paid by customers in accordance with their respective payment term. The contracts in progress for which this amount exceeds progress billings are presented as unbilled revenue on (completed) projects. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.25. Total equityShare capital is classified as equity. The term \u2018shares\u2019 as used in the financial statements pertain to ordinary shares and preference shares of Fugro N.V. Ordinary shares of Fugro N.V. are listed and traded on the Euronext Amsterdam stock exchange. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.Fugro purchases and sells own shares in relation to the long-term incentive plans. Own shares which have been repurchased are held in treasury and are deducted from and presented within equity in a separate \u2018reserve for own shares\u2019 on a cost basis. Own shares are recorded at cost, representing the market price paid on the acquisition date. When reissued under the long-term incentive plan, shares are removed from the reserve for own shares on a first-in, first-out (FIFO) basis. The difference between the cost and the cash received is recorded in retained earnings. Costs including dividend withholding tax in connection with the Group\u2019s purchase of own shares for capital reduction purposes are recorded in retained earnings.Dividends are recognised as a liability when the dividend is appropriately authorised and is no longer at the discretion of the company.26. Basic and diluted earnings per shareBasic EPS is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the parent adjusted for the effect of dilutive potential ordinary shares by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Fugro considers the following four categories of potential ordinary shares: convertible bonds, share options, restricted share units and performance shares.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.29. Employee benefitsDefined contribution plansA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees.Defined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset.31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss.32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.33. Fair valuesDetermination of fair valuesThe fair value of equity and debt securities is determined by reference to their quoted closing bid price at the reporting date, or if unquoted, determined using a valuation technique. Valuation techniques employed include market multiples and discounted cash flow analysis using expected future cash flows and a market-related discount rate. The fair value of receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the reporting date. This fair value is determined for disclosure purposes.The fair value of forward exchange contracts is based on quoted market prices, if available. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date, taking into consideration the Group\u2019s own non-performance risk.35. Related partiesThe Group has a related party relationship with its subsidiaries, equity-accounted investees and key management personnel. Balances and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.Transactions with key management personnelFugro\u2019s key management personnel (as defined in IAS 24) consists of the people in the Board of Management, Executive Leadership Team and Supervisory Board. The Executive Leadership Team consists of the two members of Board of Management and seven senior managers. The Board of Management controls the Executive Leadership Team.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__23": {
"value": "2.4 Basis of consolidationAccounting for business combinationsBusiness combinations are accounted for using the acquisition method. Under the acquisition method, the identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognised at the acquisition date, which is the date on which control is transferred to the Group. In assessing control, the Group takes into consideration potential voting rights, if the rights are substantive. The Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Non-controlling interests in the acquiree are measured at the proportionate share of the acquiree\u2019s identifiable net assets.SubsidiariesSubsidiaries 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 deconsolidated from the date that control ceases.Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, it is accounted for as an equity-accounted investee or as an equity security depending on the level of influence retained.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no objective evidence of impairment conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__28": {
"value": "Accounting for business combinationsBusiness combinations are accounted for using the acquisition method. Under the acquisition method, the identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognised at the acquisition date, which is the date on which control is transferred to the Group. In assessing control, the Group takes into consideration potential voting rights, if the rights are substantive. The Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Non-controlling interests in the acquiree are measured at the proportionate share of the acquiree\u2019s identifiable net assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__27-1": {
"value": "Accounting for business combinationsBusiness combinations are accounted for using the acquisition method. Under the acquisition method, the identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognised at the acquisition date, which is the date on which control is transferred to the Group. In assessing control, the Group takes into consideration potential voting rights, if the rights are substantive. The Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Non-controlling interests in the acquiree are measured at the proportionate share of the acquiree\u2019s identifiable net assets.19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__26-1": {
"value": "Accounting for business combinationsThe Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment. Fugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__25-1": {
"value": "Accounting for business combinationsThe Group measures goodwill at the acquisition date as: \u25a0the fair value of the consideration transferred plus; \u25a0the recognised amount of any non-controlling interest in the acquiree plus; \u25a0if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree less; \u25a0the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__31": {
"value": "SubsidiariesSubsidiaries 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 deconsolidated from the date that control ceases.Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, it is accounted for as an equity-accounted investee or as an equity security depending on the level of influence retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__32-1": {
"value": "Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no objective evidence of impairment conditions.35. Related partiesThe Group has a related party relationship with its subsidiaries, equity-accounted investees and key management personnel. Balances and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.Transactions with key management personnelFugro\u2019s key management personnel (as defined in IAS 24) consists of the people in the Board of Management, Executive Leadership Team and Supervisory Board. The Executive Leadership Team consists of the two members of Board of Management and seven senior managers. The Board of Management controls the Executive Leadership Team.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__34-1": {
"value": "2.5 Foreign currencyForeign currency transactions and translationTransactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the respective functional currency at the foreign exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at foreign exchange rates effective at the date the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of equity-accounted investees, a financial liability designated as a hedge of the net investment in a foreign operation (see below) that is effective, or qualifying cash flow hedges (insofar applicable), which are recognised in other comprehensive income and accumulated in the foreign currency translation reserve.Foreign operationsThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to EUR at foreign exchange rates effective at the reporting date. The income and expenses of foreign operations are translated to EUR at exchange rates effective at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve for foreign operations (translation reserve) in equity. However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.If the settlement of a monetary item, receivable from or payable to a foreign operation, is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such monetary items are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income and are presented in the translation reserve in equity.15. Net finance (income)/expensesForeign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__37": {
"value": "2.6 Summary of accounting policiesThe material accounting policies have been included in the relevant notes to the consolidated financial statements. Several amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019 and \u2018Non-current Liabilities with Covenants\u2019, IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019, IAS 7 and IFRS 7 \u2018Supplier Finance Arrangements\u2019 apply for the first time as of 1 January 2024, but these do not have a material impact on the consolidated financial statements of the Group. Furthermore, certain new accounting standards (IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 and IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019) and amendments (IAS 21 \u2018Lack of Exchangeability\u2019, IFRS 9 & IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019 and \u2018Annual Improvements to IFRS Volume 11\u2019) have been published that are not yet effective for these consolidated financial statements and have not been early adopted by the Group. The Group commenced its transition project with respect to IFRS 18 to identify all impacts on the primary financial statements and notes to the financial statements. As the Group\u2019s equity instruments are publicly traded, it is not eligible to elect IFRS 19. The Group concluded the amendments to IAS 21 do not have a material impact on the Group financial statements. The IFRS 9 & IFRS 7 and Annual Improvements to IFRS amendments will not materially impact the Group financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__41-1": {
"value": "2.7 Refinancing 2024On 18 December 2024, the Group announced a comprehensive refinancing of its bank debt. This refinancing consisted of a full settlement of existing debt, cancellation of commitments and termination of the existing Senior Facility Agreement. On 19 December 2024, the existing senior RCF (original nominal amount of EUR 200 million), including the ancillary facility (original nominal amount of EUR 60 million), and existing senior Term Loan (original nominal amount EUR 200 million), all expiring on 5 August 2026, were cancelled and replaced by a new Term and Revolving Credit Facility Agreement (Term Loan and RCF). The new financing structure comprises a Term Loan of EUR 100 million and a RCF of EUR 300 million, including an ancillary facility of EUR 60 million. On 19 December 2024, Fugro issued the Term Loan in the amount of EUR 100 million and drew down EUR 100 million under the RCF to settle in full the existing senior Term Loan of EUR 200 million (nominal amount). Earlier during the year, Fugro had drawn down EUR 98 million on the existing senior RCF and repaid it in multiple tranches for a total cash outflow of EUR 98 million (nominal amount) from its own funds. At 19 December 2024, the remaining unpaid accrued interest of EUR 0.2 million on the existing (settled) senior Term Loan, the unpaid accrued commitment fee of EUR 0.1 million on the existing (settled) senior RCF and the invoiced transaction costs of EUR 2.4 million related to the Term Loan and RCF were paid with Group funds. The transaction costs for the new financing structure amounted to EUR 2.4 million and were allocated to the Term Loan (EUR 0.6 million) and the RCF (EUR 1.8 million) respectively.The refinancing qualifies as an extinguishment of debt and the unit of account pertained to the existing senior Term loan, senior RCF and ancillary facility. They were therefore fully derecognised from the statement of financial position per 19 December 2024. The loss on extinguishment of debt amounted to EUR 1.6 million.The December 2024 Term Loan and RCF were recognised initially at fair value, i.e., the consideration received. Subsequent accounting is at amortised cost in accordance with the effective interest rate method. The repayment consideration of the existing senior Term Loan and senior RCF together with the receipts under the December 2024 Term Loan and RCF were presented gross in the statement of cash flows under financing activities. Transaction costs paid were presented in the statement of cash flows under financing activities. Reference is further made to note 28 Financial liabilities for more details.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.28.1 Loans and borrowings(EUR x 1,000) 2024 2023Senior term loan of EUR 200 million (issued 2022) - 200,575Term loan of EUR 100 million (issued 2024) 99,564 -Revolving credit facility EUR 300 million (issued 2024) 100,147 -Nine hundred and ten subordinated unsecured convertible bonds of EUR 100,000 (issued in 2017) - 41,640Other loans and long-term borrowings 8,425 7,924Subtotal 208,136 250,139Less: current portion of loans and borrowings (7,838) (48,872)Balance at 31 December 200,298 201,267Terms and debt repayment scheduleTerms and conditions of outstanding loans were as follows:(EUR x 1,000) 2024 2023Year of Carrying Carrying Currency Nominal interest ratematurity Face valuevalue Face valuevalueSenior term loan of EUR 200 million (issued 2022) EUR EURIBOR +3.25% - +5.00% 2024 - - 200,000 200,575Term loan of EUR 100 million (issued 2024) EUR EURIBOR +1.65%- +2.85% 2029 100,000 99,564 - -Revolving credit facility of EUR 300 million (issued 2024) EUR EURIBOR +1.30%- +2.50% 2029 100,000 100,147 - -Subordinated unsecured convertible bonds of EUR 100 million (issued 2017) EUR 4.50% 2024 - - 42,500 41,640Other long-term loans Variable 8.5% 2025 8,425 8,425 7,924 7,924Balance at 31 December 208,425 208,136 250,424 250,13928.4 Subordinated unsecured convertible bondsDuring the period July through October 2024 the bond holders exercised the conversion options to convert outstanding bonds into ordinary shares. The remaining balance of subordinated unsecured convertible bonds were redeemed by Fugro in November 2024.The conversion and redemption of the subordinated unsecured convertible bonds during the year 2024 was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 41,640 40,348Effective interest rate expense (8.1%) 1,825 3,205Interest paid (4.5% coupon) (965) (1,913)Conversion of 421 bonds into 2,190,214 ordinary Fugro shares at EUR 19.2218 per bond (non-cash transaction) (42,100) -Transaction costs and fees - -Repayment on 4 November 2024 (4 bonds at EUR 100 each were redeemed) (400) -Debt settlement gain/loss in financing income - -Balance at 31 December - 41,640The total portion of the equity component pertaining to the convertible bonds converted or repaid was transferred to retained earnings for an amount of EUR 5.03 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__40-1": {
"value": "2.7 Refinancing 2024On 18 December 2024, the Group announced a comprehensive refinancing of its bank debt. This refinancing consisted of a full settlement of existing debt, cancellation of commitments and termination of the existing Senior Facility Agreement. On 19 December 2024, the existing senior RCF (original nominal amount of EUR 200 million), including the ancillary facility (original nominal amount of EUR 60 million), and existing senior Term Loan (original nominal amount EUR 200 million), all expiring on 5 August 2026, were cancelled and replaced by a new Term and Revolving Credit Facility Agreement (Term Loan and RCF). The new financing structure comprises a Term Loan of EUR 100 million and a RCF of EUR 300 million, including an ancillary facility of EUR 60 million. On 19 December 2024, Fugro issued the Term Loan in the amount of EUR 100 million and drew down EUR 100 million under the RCF to settle in full the existing senior Term Loan of EUR 200 million (nominal amount). Earlier during the year, Fugro had drawn down EUR 98 million on the existing senior RCF and repaid it in multiple tranches for a total cash outflow of EUR 98 million (nominal amount) from its own funds. At 19 December 2024, the remaining unpaid accrued interest of EUR 0.2 million on the existing (settled) senior Term Loan, the unpaid accrued commitment fee of EUR 0.1 million on the existing (settled) senior RCF and the invoiced transaction costs of EUR 2.4 million related to the Term Loan and RCF were paid with Group funds. The transaction costs for the new financing structure amounted to EUR 2.4 million and were allocated to the Term Loan (EUR 0.6 million) and the RCF (EUR 1.8 million) respectively.The refinancing qualifies as an extinguishment of debt and the unit of account pertained to the existing senior Term loan, senior RCF and ancillary facility. They were therefore fully derecognised from the statement of financial position per 19 December 2024. The loss on extinguishment of debt amounted to EUR 1.6 million.The December 2024 Term Loan and RCF were recognised initially at fair value, i.e., the consideration received. Subsequent accounting is at amortised cost in accordance with the effective interest rate method. The repayment consideration of the existing senior Term Loan and senior RCF together with the receipts under the December 2024 Term Loan and RCF were presented gross in the statement of cash flows under financing activities. Transaction costs paid were presented in the statement of cash flows under financing activities. Reference is further made to note 28 Financial liabilities for more details.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.28.1 Loans and borrowings(EUR x 1,000) 2024 2023Senior term loan of EUR 200 million (issued 2022) - 200,575Term loan of EUR 100 million (issued 2024) 99,564 -Revolving credit facility EUR 300 million (issued 2024) 100,147 -Nine hundred and ten subordinated unsecured convertible bonds of EUR 100,000 (issued in 2017) - 41,640Other loans and long-term borrowings 8,425 7,924Subtotal 208,136 250,139Less: current portion of loans and borrowings (7,838) (48,872)Balance at 31 December 200,298 201,267Terms and debt repayment scheduleTerms and conditions of outstanding loans were as follows:(EUR x 1,000) 2024 2023Year of Carrying Carrying Currency Nominal interest ratematurity Face valuevalue Face valuevalueSenior term loan of EUR 200 million (issued 2022) EUR EURIBOR +3.25% - +5.00% 2024 - - 200,000 200,575Term loan of EUR 100 million (issued 2024) EUR EURIBOR +1.65%- +2.85% 2029 100,000 99,564 - -Revolving credit facility of EUR 300 million (issued 2024) EUR EURIBOR +1.30%- +2.50% 2029 100,000 100,147 - -Subordinated unsecured convertible bonds of EUR 100 million (issued 2017) EUR 4.50% 2024 - - 42,500 41,640Other long-term loans Variable 8.5% 2025 8,425 8,425 7,924 7,924Balance at 31 December 208,425 208,136 250,424 250,13928.4 Subordinated unsecured convertible bondsDuring the period July through October 2024 the bond holders exercised the conversion options to convert outstanding bonds into ordinary shares. The remaining balance of subordinated unsecured convertible bonds were redeemed by Fugro in November 2024.The conversion and redemption of the subordinated unsecured convertible bonds during the year 2024 was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 41,640 40,348Effective interest rate expense (8.1%) 1,825 3,205Interest paid (4.5% coupon) (965) (1,913)Conversion of 421 bonds into 2,190,214 ordinary Fugro shares at EUR 19.2218 per bond (non-cash transaction) (42,100) -Transaction costs and fees - -Repayment on 4 November 2024 (4 bonds at EUR 100 each were redeemed) (400) -Debt settlement gain/loss in financing income - -Balance at 31 December - 41,640The total portion of the equity component pertaining to the convertible bonds converted or repaid was transferred to retained earnings for an amount of EUR 5.03 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__39-1": {
"value": "2.7 Refinancing 2024On 18 December 2024, the Group announced a comprehensive refinancing of its bank debt. This refinancing consisted of a full settlement of existing debt, cancellation of commitments and termination of the existing Senior Facility Agreement. On 19 December 2024, the existing senior RCF (original nominal amount of EUR 200 million), including the ancillary facility (original nominal amount of EUR 60 million), and existing senior Term Loan (original nominal amount EUR 200 million), all expiring on 5 August 2026, were cancelled and replaced by a new Term and Revolving Credit Facility Agreement (Term Loan and RCF). The new financing structure comprises a Term Loan of EUR 100 million and a RCF of EUR 300 million, including an ancillary facility of EUR 60 million. On 19 December 2024, Fugro issued the Term Loan in the amount of EUR 100 million and drew down EUR 100 million under the RCF to settle in full the existing senior Term Loan of EUR 200 million (nominal amount). Earlier during the year, Fugro had drawn down EUR 98 million on the existing senior RCF and repaid it in multiple tranches for a total cash outflow of EUR 98 million (nominal amount) from its own funds. At 19 December 2024, the remaining unpaid accrued interest of EUR 0.2 million on the existing (settled) senior Term Loan, the unpaid accrued commitment fee of EUR 0.1 million on the existing (settled) senior RCF and the invoiced transaction costs of EUR 2.4 million related to the Term Loan and RCF were paid with Group funds. The transaction costs for the new financing structure amounted to EUR 2.4 million and were allocated to the Term Loan (EUR 0.6 million) and the RCF (EUR 1.8 million) respectively.The refinancing qualifies as an extinguishment of debt and the unit of account pertained to the existing senior Term loan, senior RCF and ancillary facility. They were therefore fully derecognised from the statement of financial position per 19 December 2024. The loss on extinguishment of debt amounted to EUR 1.6 million.The December 2024 Term Loan and RCF were recognised initially at fair value, i.e., the consideration received. Subsequent accounting is at amortised cost in accordance with the effective interest rate method. The repayment consideration of the existing senior Term Loan and senior RCF together with the receipts under the December 2024 Term Loan and RCF were presented gross in the statement of cash flows under financing activities. Transaction costs paid were presented in the statement of cash flows under financing activities. Reference is further made to note 28 Financial liabilities for more details.15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366The table set below summarises the net finance cost recognised in other comprehensive income and how they are categorised in the statement of changes in equity.(EUR x 1,000) 2024 2023Recognised in other comprehensive incomeForeign currency translation differences of foreign operations 24,819 (2,815)Foreign currency translation differences recycled to profit and loss - (1,077)Foreign currency translation differences recycled to profit and loss of equity-accounted investees - (7,249)Foreign currency translation differences of equity-accounted investees 2,371 (2,199)Total 27,190 (13,340)Recognised in:Translation reserve 26,518 (12,715)Non-controlling interests 672 (625)Total 27,190 (13,340)21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model. (EUR x 1,000) Measurement Category 2024 2023Equity securities Fair value through profit and loss 1,096 1,096Long-term loans Amortised cost 2,100 2,100Deposits Amortised cost 3,973 3,355Net defined benefit asset Present value 31,614 19,882Other long-term assets Nominal value 1,126 982Balance at 31 December 39,909 27,415Equity securities are investments in third party entities in whose activities the Group holds a non-controlling interest and has no control, joint control or significant influence. Long-term loans mainly comprise a loan due from Wavewalker B.V. for the carrying amount of EUR 2.1 million (31 December 2023: EUR 2.1 million). The loan has to be fully repaid before 30 April 2027.The net defined benefit asset comprises of a surplus on a UK pension plan as per 31 December 2024 (refer to note 29 Employee benefits).23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.(EUR x 1,000) 2024 2023Cash and cash equivalents 319,465 326,294Bank overdraft (317) (496)Cash and cash equivalents in the consolidated statement of cash flows 319,148 325,798The cash and cash equivalents include foreign currency cash balances not freely available for general use within the Group. These include EUR 5.8 million (31 December 2023: EUR 5.6 million) of Angolan Kwanza\u2019s where exchange controls apply.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.28.1 Loans and borrowings(EUR x 1,000) 2024 2023Senior term loan of EUR 200 million (issued 2022) - 200,575Term loan of EUR 100 million (issued 2024) 99,564 -Revolving credit facility EUR 300 million (issued 2024) 100,147 -Nine hundred and ten subordinated unsecured convertible bonds of EUR 100,000 (issued in 2017) - 41,640Other loans and long-term borrowings 8,425 7,924Subtotal 208,136 250,139Less: current portion of loans and borrowings (7,838) (48,872)Balance at 31 December 200,298 201,267Terms and debt repayment scheduleTerms and conditions of outstanding loans were as follows:(EUR x 1,000) 2024 2023Year of Carrying Carrying Currency Nominal interest ratematurity Face valuevalue Face valuevalueSenior term loan of EUR 200 million (issued 2022) EUR EURIBOR +3.25% - +5.00% 2024 - - 200,000 200,575Term loan of EUR 100 million (issued 2024) EUR EURIBOR +1.65%- +2.85% 2029 100,000 99,564 - -Revolving credit facility of EUR 300 million (issued 2024) EUR EURIBOR +1.30%- +2.50% 2029 100,000 100,147 - -Subordinated unsecured convertible bonds of EUR 100 million (issued 2017) EUR 4.50% 2024 - - 42,500 41,640Other long-term loans Variable 8.5% 2025 8,425 8,425 7,924 7,924Balance at 31 December 208,425 208,136 250,424 250,139Term and revolving credit facility agreementThe Term Loan of EUR 100 million and RCF of EUR 300 million issued on 19 December 2024 are part of the new term and revolving credit facility agreement (Term Loan and RCF). The Term Loan and RCF replaced the existing senior term loan and senior RCF (including the ancillary facility) which were fully repaid and derecognised on 19 December 2024. The Term Loan and RCF was arranged by ING, Rabobank, HSBC, Barclays, BNP Paribas and Bank of America. The Term Loan and RCF are unsecured. No recourse on the Group\u2019s assets is possible for the lenders in the event of a default by the Group. The lenders would get paid at the same time (i.e. rank pari passu) with claims of all other unsecured and unsubordinated creditors, including bilateral guarantee facilities. The Group shall not create or allow any security over any of its assets, subject to certain exemptions. In addition, certain Dutch and other foreign subsidiaries act as guarantor for the Term Loan and RCF, but the lenders would not have additional rights over the assets of these entities. Under certain circumstances, the lenders may require mandatory prepayment of all amounts outstanding under the Term Loan and RCF. Such circumstances include, amongst others, a change of control, or a sale of substantially all of the assets of the Group whether in a single transaction or a series of related transactions.Dividend declarations and payments are subject to the condition that the aggregate amount available for distribution to Fugro\u2019s shareholders in respect of the then most recently ended financial year has been determined first. Covenants apply, amongst others, regarding the solvency ratio, net leverage and interest coverage. As at 31 December 2024, EUR 100 million of the Term Loan and EUR 100 million of the RCF were drawn. Both amounts are denominated in Euro. Fugro has the discretion to draw the RCF in US dollar and other optional currencies. The other optional currencies are subject to specific conditions. Potential future draw downs in US dollar would result in principal repayments and interest payments in US dollar. This foreign currency feature would therefore qualify as closely related embedded derivative.28.2 RCFAs at 31 December 2024, the carrying amount of the RCF amounted to EUR 100.1 million with an effective interest rate of 4.07%. The RCF may be utilised by way of drawing of loans and ancillary facility. The RCF represents a five-year facility with two one-year or one two-year extension options. In addition, the company has the option to request an increase of the commitments available under the RCF with EUR 100 million to a maximum aggregate amount of EUR 400 million (accordion option). The Group may apply amounts borrowed under the EUR 300 million RCF and ancillary facility towards general corporate and working capital purposes. This includes acquisitions permitted under the Term Loan and RCF under certain conditions. The initial interest is EURIBOR +1.30% and depending on leverage can vary between EURIBOR+1.30% and EURIBOR+2.50%: Leverage Margin>3.00:1 2.50\u22643.00:1 but >2.50:1 2.25\u22642.50:1 but >2.00:1 2.00\u22642.00:1 but >1.50:1 1.75\u22641.50:1 but >1.00:1 1.50\u22641.00:1 1.30In addition, an interest discount or penalty applies, depending on the performance on certain KPI\u2019s (see below).The transaction costs of the RCF amounted to EUR 1.8 million. These were recorded as current assets and are amortised over the term. 28.3 Term loanAs at 31 December 2024, the carrying amount of the Term Loan amounts to EUR 99.6 million with an effective interest rate of 4.63%. The loan has a maturity of 5 years with two one-year or one two-year extension options. The initial coupon is EURIBOR+1.65% and depending on leverage can vary between EURIBOR+1.65% and EURIBOR+2.85%:Leverage Margin>3.00:1 2.85\u22643.00:1 but >2.50:1 2.60\u22642.50:1 but >2.00:1 2.35\u22642.00:1 but >1.50:1 2.10\u22641.50:1 but >1.00:1 1.85\u22641.00:1 1.65In addition, an interest discount or penalty applies, depending on the performance of certain KPI\u2019s (see below).The transaction costs of EUR 0.6 million costs were included in the carrying amount of the Term Loan. These transaction costs are recognised in profit and loss in accordance with the effective interest rate method and the finance expense.28.4 Subordinated unsecured convertible bondsDuring the period July through October 2024 the bond holders exercised the conversion options to convert outstanding bonds into ordinary shares. The remaining balance of subordinated unsecured convertible bonds were redeemed by Fugro in November 2024.The conversion and redemption of the subordinated unsecured convertible bonds during the year 2024 was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 41,640 40,348Effective interest rate expense (8.1%) 1,825 3,205Interest paid (4.5% coupon) (965) (1,913)Conversion of 421 bonds into 2,190,214 ordinary Fugro shares at EUR 19.2218 per bond (non-cash transaction) (42,100) -Transaction costs and fees - -Repayment on 4 November 2024 (4 bonds at EUR 100 each were redeemed) (400) -Debt settlement gain/loss in financing income - -Balance at 31 December - 41,640The total portion of the equity component pertaining to the convertible bonds converted or repaid was transferred to retained earnings for an amount of EUR 5.03 million. 28.5 Changes in liabilities arising from financing activitiesThe table below sets out an analysis of the changes in liabilities arising from financing activities in 2024.Subordinated unsecured RCF Term Loan convertible Other EUR 300 EUR 100 Senior bonds Lease long-term Other (EUR x 1,000)1millionmillion Senior RCFterm loanEUR 100,000LiabilitiesloansliabilitiesTotalBalance at 1 January 2024 - - - 200,575 41,640 186,174 7,924 - 436,313Initial recognition share buy-back obligation (non-cash) - - - - - - - 50,000 50,000Cash flow from financing activities provided by (used for) continued operations 100,000 100,000 - (200,000) (400) (50,547) (39) (36,746) (87,732)Sub-total 100,000 100,000 - 575 41,240 135,627 7,885 13,254 398,581Effect of movement in foreign exchange rates - - - - - 5,064 591 - 5,6552Other changes147 (436) - (575) (41,240) 66,480 (51) - 24,326Balance at 31 December 2024 100,147 99,564 - - - 207,171 8,425 13,254 428,5621 Other liabilities are presented in trade and other payables.2 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, conversion of bonds into shares, amortisation and new/modification of leases.The cash outflow from financing activities of EUR 181.8 million in 2024 (less dividends paid of EUR 45.9 million, repurchase of shares of EUR 47.8 million, transaction costs incurred on the refinancing of EUR 2.4 million plus proceeds from the exercise of share-options of 2.0 million) represents the total net cash from financing activities in the consolidated statement of cash flows of which EUR 87.7 million relating to financial liabilities. Subordinated unsecured Transaction convertible with bonds Lease Other long-discontinued (EUR x 1,000)Senior RCF Term loanEUR 100,000Liabilitiesterm loansoperations TotalBalance at 1 January 2023 - 200,234 40,348 168,974 4,886 - 414,442Cash flow from financing activities provided by (used for) continued operations - - - (81,602) 3,285 (16,910) (95,227)Cash flow from financing activities provided by (used for) discontinued operations - - - - - 16,910 16,910Sub-total - - - (81,602) 3,285 - (78,317)Effect of movement in foreign exchange rates - - - (4,092) (295) - (4,387)1Other changes- 341 1,292 102,894 48 - 104,575Balance at 31 December 2023 - 200,575 41,640 186,174 7,924 - 436,3131 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, amortisation, and new/modification of leases.28.6 Covenant requirementsThe term and revolving credit facility agreement contains various affirmative and negative covenants and events of default. The principal covenants requirements are defined as follows (all including the impact of IFRS 16): \u25a0Solvency ratio: shareholders\u2019 equity as a percentage of the balance sheet total. \u25a0Net leverage for purpose of covenant calculations: net debt divided by adjusted consolidated EBITDA for purpose of covenant calculations. The look-back period is twelve months. \u25a0Interest coverage: adjusted consolidated EBITDA for purpose of covenant calculations divided by consolidated interest expense. The look-back period is twelve months.2024 2023Principal covenants Target Actual Headroom Target Actual HeadroomSolvency ratio >=33.33% 56.9% 23.57% >=33.33% 53.8% 20.47%Net leverage =<3.25:1 0.20 3.05 =<3.25:1 0.28 2.97Interest coverage >=2.50:1 17.5 15.0 >=2.50:1 16.8 14.3Fugro\u2019s right to defer settlement of non-current liabilities for at least twelve months after the reporting period is subject to compliance with specified conditions within twelve months after the reporting period. The covenant testing dates are 31 December, 31 March, 30 June and 30 September. The Term Loan and RCF shall become immediately due and payable when there is a change of control event. Events of default on the debt include non-payment, non-compliance, misrepresentation, cessation of business, cross-default, insolvency events, creditors\u2019 process, enforcement of security, illegality, material adverse change \u2013 including any event or circumstance which in the majority lenders\u2019 reasonable opinion has a material adverse effect on the ability to perform or otherwise comply with the payment obligations under the agreements or on the business, operations, property, condition or prospects of the Group taken as a whole. In the event that the Group breaches any of the covenants or an event of default becomes applicable, lenders may require Fugro to immediately and fully prepay the relevant liabilities including related liabilities subject to cross-default clauses. The carrying amount of such relevant liabilities subject to covenants within twelve months after the reporting period is therefore EUR 199.7 million (2023: EUR 200.6 million). Fugro complied with the covenant requirements in the term and revolving credit facility agreement as of 31 December 2024. Fugro expects to comply with its covenants in the twelve months after the reporting period, with adequate headroom.28.7 Other KPIsYear initial Actual Annual target Other KPIs Initial scorescore Target scorescoremet (Yes/No)2023 2024 2025 2024 2024Reduction CO emission intensity vessels 15.8 tonnes CO/operational day 2020 -10% -15% -20% -10% No22Growth in revenue from renewables market segment EUR 350 million 2021 28% 50% 60% 147% YesPercentage women in senior management positions 15.2% 2021 18% 20% 25% 24% YesThe other key performance indicators are defined in the term and revolving credit facility agreement. The reporting criteria used for the preparation of these KPI\u2019s are the reporting criteria developed by Fugro NV and are disclosed in section 2.2 (selection of key performance indicators) of the Group\u2019s financing framework. The initial scores in the table above are based on the performance of the Group in respect of each KPI. There is no requirement from the lenders that obliges Fugro to use the borrowing for \u2018green\u2019 projects. Failure to meet these KPIs does not trigger a default event or an early repayment.An interest discount or penalty of between 3 basis points and 5 basis points will be applied on the margin payable on the revolving credit facility and the term loan based on the performance of Fugro against specified targets for three key performance indicators:Number of targets met Term loan and RCF0 +/+ 5 bps1 No adjustment2 -/- 3 bps3 -/- 5 bps31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Accrued expenses primarily represent project cost accruals for goods and services received but which are yet to be invoiced.32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss. 32.1 OverviewThe company\u2019s risk management policy includes the long-term sustainable management of its business activities and where possible, the mitigation of the associated business risks. Based on the nature and relative significance of the risks related to the Group\u2019s wide diversity of markets, clients and regions and its broad portfolio of activities the risks have been quantified to the extent possible.The Group has exposure to the following financial risks from its operations: \u25a0Credit risk \u25a0Liquidity risk \u25a0Market riskThis note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital.The Group does not engage in material hedging transactions with derivatives. Accordingly, consistent with prior year, there are no qualifying fair value hedge or cash flow hedge relationships as of 31 December 2024. The Group does not have separately accounted embedded derivative financial liabilities. The Group does not have derivatives embedded within a hybrid contract containing a financial asset host.The Board of Management has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their role and obligations.The audit committee oversees how management monitors compliance with the group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the group. The audit committee is assisted in its oversight role by internal audit. Both regular and ad hoc reviews of risk management controls and procedures are performed, the results of which are reported directly to the Board of Management. A summary of important observations is reported to the audit committee.32.2 Credit riskCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the group\u2019s receivables from customers and unbilled revenue on (completed) contracts.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction costs.The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.Some of the Group\u2019s orders are awarded on the basis of long-term preferred supplier agreements. In the course of a year Fugro often carries out multiple projects for the same client. Fugro typically has no single client that generates more than 5% of its revenue in the year. On occasion one client may generate more than 5%, which can happen in case of exceptionally large contracts where most of the revenue falls in the accounting year. Having a large number of clients and short project time spans mitigates Fugro\u2019s credit risk as the individual amounts receivable from the same client are limited.New customers are analysed individually for creditworthiness before payment and delivery terms and conditions are offered. The Group\u2019s review may include external ratings, where available, and in some cases bank references. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis or have to provide a bank guarantee.The majority of the Group\u2019s clients has done business with the Group for many years and significant losses have only occurred incidentally in prior years. Clients that are known to have negative credit characteristics are individually monitored. If clients fail to pay timely the Group re-assesses the creditworthiness and stronger debt collection is started if deemed necessary. The Group closely monitors certain clients that need extra attention before a contract is closed. For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.Credit risk exposureThe maximum exposure to credit risk at the reporting date is the carrying amount of each class of financial assets (such as loans, deposits, receivables and unbilled revenue on completed projects). The group holds no collateral as security on the long-term loans, deposits, other long-term receivables, trade and other receivables and unbilled revenue on (completed) contracts. As such, the Group does not have financial assets for which no loss allowance is recognised because of collateral. The maximum exposure for trade receivables and unbilled revenue on (completed) contracts at the reporting date by geographic region is disclosed in the segment reporting note and equals the carrying amount. There was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.Refer to note 23 Trade and other receivables for details on the ageing and recoverability of trade receivables and unbilled revenues. Cash and cash equivalents are generally held with large well-known banks with adequate credit ratings only. 32.3 Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The global cash pool makes it possible for the company to use the cash surplus within the group to reduce the overdrafts at its main uncommitted facilities.As at 31 December 2024, Fugro holds cash balances in Angola (as quantified in note 24 Cash and cash equivalents), where exchange controls apply. The company expects that these exchange controls will become less when the oil and gas market conditions are expected to improve and when Angola and Nigeria will have increased inflow of USD in relation to their oil business. In addition, several actions have been explored to further lower this amount.The Group monitors cash flow on a regular basis and operates with a global cash pool. Consolidated cash flow information, including a projection for the year, is reported on a monthly basis to the Board of Management, ensuring that the Group has sufficient cash on demand (or available lines of credit) to meet expected near term operational expenditures. Cash flow projections exclude the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Group maintains the following lines of credit: \u25a0A Term and Revolving Credit Facility Agreement of EUR 400 million, consisting of a Term Loan of EUR 100 million and RCF of EUR 300 million (including an ancillary facility of EUR 60 million) following the refinancing in December 2024. As at 31 December 2024, a Term Loan in the amount of EUR 100 million (nominal amount) was drawn (31 December 2023: EUR 200 million was drawn under the super senior term loan facility). As at 31 December 2024, a nominal amount of EUR 100 million was drawn under the RCF (31 December 2023: EUR nil). \u25a0A variety of unsecured overdraft facilities in various currencies totalling around EUR 92.1 million of which EUR 8.0 million have been drawn at 31 December 2024 (31 December 2023: EUR 69.5 million with EUR 0.5 million drawn). The amount of such facilities that the Group may have outstanding is limited to EUR 75,000,000 in aggregate together with any other financial indebtedness of the Group that is not otherwise permitted under the term and revolving credit facility.The following are the contractual maturities of financial liabilities including interest payments:(EUR x 1,000) 2024Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsTerm loan EUR 100 million (issued 2024) 99,564 122,902 2,283 2,295 4,603 113,721 -Revolving credit facility EUR 300 million (issued 2024) 100,147 120,669 2,105 2,139 4,143 112,282 -Lease liabilities 207,171 319,669 30,899 33,096 57,128 96,333 102,213Other loans and long-term borrowings 8,425 8,425 8,425 - - - -Trade and other payables 533,215 533,215 533,215 - - - -Bank overdraft 317 317 317 - - - -Balance at 31 December 948,839 1,105,197 577,244 37,530 65,874 322,336 102,213(EUR x 1,000) 2023Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsSenior term loan EUR 200 million 200,575 239,532 7,195 7,274 14,587 210,476 -Subordinated unsecured convertible bonds in EUR 100,000 41,640 44,412 956 43,456 - - -Lease liabilities 186,174 267,452 26,181 28,548 41,708 70,368 100,647Other loans and long-term borrowings 7,924 7,924 7,924 - - - -Trade and other payables 485,829 485,829 485,829 - - - -Bank overdraft 496 496 496 - - - -Balance at 31 December 922,638 1,045,645 528,581 79,278 56,295 280,844 100,647The interest included in the above table is based on the current amounts borrowed with current interest rates against the current exchange rate (if applicable). No assumptions are included for possible future changes in borrowings and interest payments. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.The Group does not have material supplier financing arrangements.32.4 Market riskMarket risk includes changes in market prices, such as foreign exchange rates, interest rates and equity prices which will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. 32.4.1 Currency riskThe global nature of the business of the Group exposes the operations and reported financial results and cash flows to the risks arising from fluctuations in exchange rates. Currency risk is the risk that reported financial performance, or the fair value or future cash flows of a financial instrument, will fluctuate because of changes in foreign exchange rates. Fugro operates in many countries and currencies and therefore currency fluctuations may inevitably impact its financial results. Fugro is exposed to currency risk in the following areas: \u25a0Transaction exposures related to anticipated sales and purchases and on-balance-sheet receivables/payables resulting from such transactions. \u25a0Translation exposure resulting from translation of its operations in non-Euro currencies to Euros. \u25a0Translation exposure to equity interests in non-functional-currency investments in associates and financial assets at fair value.The magnitude of net exposures and currency volatility determine the need to mitigate the impact of currency exposures. The Group continually assesses the net exposure to currency risks and if deemed necessary a portion of those risks may be hedged by using derivative financial instruments. The derivative financial instruments that may be used to cover foreign currency exposure are foreign currency forward contracts, spots, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year). It is noted that the RCF of EUR 300 million may also be drawn in US dollar and other optional currencies.For foreign exchange exposure arising from intercompany loans, where the Group enters into such arrangements the financing is generally provided in the functional currency of the subsidiary. Interest on external borrowings is denominated in the currency of the borrowing. Generally, the Group\u2019s borrowings are denominated in Euro, consistent with the presentation currency of the group. Borrowing facilities in other currencies, including the US dollar, are also available to the Group. In addition, lease liabilities are generally denominated in currencies that match the cash flows generated by the underlying operations of the Group. Sensitivity analysisA 10 percent strengthening of the Euro against the mentioned currencies at 31 December would have increased (decreased) total year-end equity and profit or loss for the year by the amounts shown below. This analysis of major non-Euro currencies is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the reporting date. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasted sales and purchases.(Effect in EUR x 1,000) 31 December 2024 31 December 2023Total Profit or (loss) Total Profit or (loss) equity at after tax for equity at after tax for year-endthe yearyear-endthe yearAUD (4,199) (739) (3,535) (77)GBP (19,522) (2,725) (16,089) (2,176)HKD (8,499) (921) (14,220) (999)NOK (4,067) (2,213) (4,726) (1,835)SGD (4,602) (563) (3,863) (576)USD (16,229) (3,909) (9,072) (7,198)The following table outlines the estimated nominal value exposure arising from translating on-balance-sheet receivables/payables from major non-Euro denominated functional currencies to the Group\u2019s presentation currency Euro:2024Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 9,327 17,335 11,651 3,487 15,401GBP 55,037 45,682 10,964 17,343 27,927HKD 8,534 10,485 3,060 1,967 2,625NOK 9,388 6,383 3,141 7,465 3,525SGD 1,849 7,483 1,117 1,337 1,360USD 72,088 94,218 28,298 18,660 59,307156,223 181,587 58,232 50,258 110,145Sensitivity+10% 14,202 16,508 5,294 4,569 10,013+15% 20,377 23,685 7,595 6,555 14,3672023Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 11,167 22,306 5,347 2,712 21,548GBP 65,659 33,899 17,871 17,369 16,322HKD 11,418 4,909 2,375 4,736 1,999NOK 10,472 4,115 3,409 5,761 2,642SGD 3,525 356 1,362 1,349 1,930USD 95,980 91,186 27,906 18,519 68,664198,221 156,771 58,270 50,446 113,105Sensitivity+10% 18,020 14,252 5,297 4,586 10,282 +15% 25,855 20,448 7,600 6,580 14,753 32.4.2 Interest rate riskThe Group\u2019s liabilities bear both fixed and variable interest. The current macro-economic environment shows interest rate rises in response to persistent inflation. The Group\u2019s objective is to limit the effect of interest rate volatility on the results by matching long term investment with long term (fixed or variable interest) financing as much as possible. The Group considers the difference between variable interest rate loans and borrowings and total equity and liabilities and the headroom under the interest coverage ratio. The Group may decide to hedge interest rate risk by means of derivative financial instruments such as forwards, caps, floors, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year).ProfileAt the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:(EUR x 1,000) Carrying amount2024 2023Fixed rate instrumentsFinancial assets - 2,100Financial liabilities (215,626) (235,714)Variable rate instrumentsFinancial assets 319,465 326,294Financial liabilities (200,028) (201,071)Balance at 31 December (96,189) (108,391)Fair value sensitivity analysis for fixed rate instrumentsThe Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.Cash flow sensitivity analysis for variable rate instrumentsInterest rate sensitivity and debt covenant compliance is actively monitored by the Group also considering the volatile macro-economic environment. A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. At 31 December 2024, it is estimated that a general increase (decrease) of 100 basis points in interest rates would decrease (increase) the Group\u2019s profit before income tax by approximately: (EUR x 1,000) Equity and profit or loss100 bp 100 bp increasedecrease31 December 2024Variable rate instruments 1,194 (1,194)Cash flow sensitivity (net) 1,194 (1,194)31 December 2023Variable rate instruments 1,252 (1,252)Cash flow sensitivity (net) 1,252 (1,252)Financial assets and liabilitiesThe carrying values of financial assets and liabilities shown in the statement of financial position reasonably approximate their fair values. Due to the short-term nature of trade receivables (payables) and other receivables (payables), their carrying amounts are considered to be the same as their fair value.",
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"value": "2.7 Refinancing 2024On 18 December 2024, the Group announced a comprehensive refinancing of its bank debt. This refinancing consisted of a full settlement of existing debt, cancellation of commitments and termination of the existing Senior Facility Agreement. On 19 December 2024, the existing senior RCF (original nominal amount of EUR 200 million), including the ancillary facility (original nominal amount of EUR 60 million), and existing senior Term Loan (original nominal amount EUR 200 million), all expiring on 5 August 2026, were cancelled and replaced by a new Term and Revolving Credit Facility Agreement (Term Loan and RCF). The new financing structure comprises a Term Loan of EUR 100 million and a RCF of EUR 300 million, including an ancillary facility of EUR 60 million. On 19 December 2024, Fugro issued the Term Loan in the amount of EUR 100 million and drew down EUR 100 million under the RCF to settle in full the existing senior Term Loan of EUR 200 million (nominal amount). Earlier during the year, Fugro had drawn down EUR 98 million on the existing senior RCF and repaid it in multiple tranches for a total cash outflow of EUR 98 million (nominal amount) from its own funds. At 19 December 2024, the remaining unpaid accrued interest of EUR 0.2 million on the existing (settled) senior Term Loan, the unpaid accrued commitment fee of EUR 0.1 million on the existing (settled) senior RCF and the invoiced transaction costs of EUR 2.4 million related to the Term Loan and RCF were paid with Group funds. The transaction costs for the new financing structure amounted to EUR 2.4 million and were allocated to the Term Loan (EUR 0.6 million) and the RCF (EUR 1.8 million) respectively.The refinancing qualifies as an extinguishment of debt and the unit of account pertained to the existing senior Term loan, senior RCF and ancillary facility. They were therefore fully derecognised from the statement of financial position per 19 December 2024. The loss on extinguishment of debt amounted to EUR 1.6 million.The December 2024 Term Loan and RCF were recognised initially at fair value, i.e., the consideration received. Subsequent accounting is at amortised cost in accordance with the effective interest rate method. The repayment consideration of the existing senior Term Loan and senior RCF together with the receipts under the December 2024 Term Loan and RCF were presented gross in the statement of cash flows under financing activities. Transaction costs paid were presented in the statement of cash flows under financing activities. Reference is further made to note 28 Financial liabilities for more details.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.28.1 Loans and borrowings(EUR x 1,000) 2024 2023Senior term loan of EUR 200 million (issued 2022) - 200,575Term loan of EUR 100 million (issued 2024) 99,564 -Revolving credit facility EUR 300 million (issued 2024) 100,147 -Nine hundred and ten subordinated unsecured convertible bonds of EUR 100,000 (issued in 2017) - 41,640Other loans and long-term borrowings 8,425 7,924Subtotal 208,136 250,139Less: current portion of loans and borrowings (7,838) (48,872)Balance at 31 December 200,298 201,267Terms and debt repayment scheduleTerms and conditions of outstanding loans were as follows:(EUR x 1,000) 2024 2023Year of Carrying Carrying Currency Nominal interest ratematurity Face valuevalue Face valuevalueSenior term loan of EUR 200 million (issued 2022) EUR EURIBOR +3.25% - +5.00% 2024 - - 200,000 200,575Term loan of EUR 100 million (issued 2024) EUR EURIBOR +1.65%- +2.85% 2029 100,000 99,564 - -Revolving credit facility of EUR 300 million (issued 2024) EUR EURIBOR +1.30%- +2.50% 2029 100,000 100,147 - -Subordinated unsecured convertible bonds of EUR 100 million (issued 2017) EUR 4.50% 2024 - - 42,500 41,640Other long-term loans Variable 8.5% 2025 8,425 8,425 7,924 7,924Balance at 31 December 208,425 208,136 250,424 250,139Term and revolving credit facility agreementThe Term Loan of EUR 100 million and RCF of EUR 300 million issued on 19 December 2024 are part of the new term and revolving credit facility agreement (Term Loan and RCF). The Term Loan and RCF replaced the existing senior term loan and senior RCF (including the ancillary facility) which were fully repaid and derecognised on 19 December 2024. The Term Loan and RCF was arranged by ING, Rabobank, HSBC, Barclays, BNP Paribas and Bank of America. The Term Loan and RCF are unsecured. No recourse on the Group\u2019s assets is possible for the lenders in the event of a default by the Group. The lenders would get paid at the same time (i.e. rank pari passu) with claims of all other unsecured and unsubordinated creditors, including bilateral guarantee facilities. The Group shall not create or allow any security over any of its assets, subject to certain exemptions. In addition, certain Dutch and other foreign subsidiaries act as guarantor for the Term Loan and RCF, but the lenders would not have additional rights over the assets of these entities. Under certain circumstances, the lenders may require mandatory prepayment of all amounts outstanding under the Term Loan and RCF. Such circumstances include, amongst others, a change of control, or a sale of substantially all of the assets of the Group whether in a single transaction or a series of related transactions.Dividend declarations and payments are subject to the condition that the aggregate amount available for distribution to Fugro\u2019s shareholders in respect of the then most recently ended financial year has been determined first. Covenants apply, amongst others, regarding the solvency ratio, net leverage and interest coverage. As at 31 December 2024, EUR 100 million of the Term Loan and EUR 100 million of the RCF were drawn. Both amounts are denominated in Euro. Fugro has the discretion to draw the RCF in US dollar and other optional currencies. The other optional currencies are subject to specific conditions. Potential future draw downs in US dollar would result in principal repayments and interest payments in US dollar. This foreign currency feature would therefore qualify as closely related embedded derivative.28.2 RCFAs at 31 December 2024, the carrying amount of the RCF amounted to EUR 100.1 million with an effective interest rate of 4.07%. The RCF may be utilised by way of drawing of loans and ancillary facility. The RCF represents a five-year facility with two one-year or one two-year extension options. In addition, the company has the option to request an increase of the commitments available under the RCF with EUR 100 million to a maximum aggregate amount of EUR 400 million (accordion option). The Group may apply amounts borrowed under the EUR 300 million RCF and ancillary facility towards general corporate and working capital purposes. This includes acquisitions permitted under the Term Loan and RCF under certain conditions. The initial interest is EURIBOR +1.30% and depending on leverage can vary between EURIBOR+1.30% and EURIBOR+2.50%: Leverage Margin>3.00:1 2.50\u22643.00:1 but >2.50:1 2.25\u22642.50:1 but >2.00:1 2.00\u22642.00:1 but >1.50:1 1.75\u22641.50:1 but >1.00:1 1.50\u22641.00:1 1.30In addition, an interest discount or penalty applies, depending on the performance on certain KPI\u2019s (see below).The transaction costs of the RCF amounted to EUR 1.8 million. These were recorded as current assets and are amortised over the term. 28.3 Term loanAs at 31 December 2024, the carrying amount of the Term Loan amounts to EUR 99.6 million with an effective interest rate of 4.63%. The loan has a maturity of 5 years with two one-year or one two-year extension options. The initial coupon is EURIBOR+1.65% and depending on leverage can vary between EURIBOR+1.65% and EURIBOR+2.85%:Leverage Margin>3.00:1 2.85\u22643.00:1 but >2.50:1 2.60\u22642.50:1 but >2.00:1 2.35\u22642.00:1 but >1.50:1 2.10\u22641.50:1 but >1.00:1 1.85\u22641.00:1 1.65In addition, an interest discount or penalty applies, depending on the performance of certain KPI\u2019s (see below).The transaction costs of EUR 0.6 million costs were included in the carrying amount of the Term Loan. These transaction costs are recognised in profit and loss in accordance with the effective interest rate method and the finance expense.28.4 Subordinated unsecured convertible bondsDuring the period July through October 2024 the bond holders exercised the conversion options to convert outstanding bonds into ordinary shares. The remaining balance of subordinated unsecured convertible bonds were redeemed by Fugro in November 2024.The conversion and redemption of the subordinated unsecured convertible bonds during the year 2024 was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 41,640 40,348Effective interest rate expense (8.1%) 1,825 3,205Interest paid (4.5% coupon) (965) (1,913)Conversion of 421 bonds into 2,190,214 ordinary Fugro shares at EUR 19.2218 per bond (non-cash transaction) (42,100) -Transaction costs and fees - -Repayment on 4 November 2024 (4 bonds at EUR 100 each were redeemed) (400) -Debt settlement gain/loss in financing income - -Balance at 31 December - 41,640The total portion of the equity component pertaining to the convertible bonds converted or repaid was transferred to retained earnings for an amount of EUR 5.03 million. 28.5 Changes in liabilities arising from financing activitiesThe table below sets out an analysis of the changes in liabilities arising from financing activities in 2024.Subordinated unsecured RCF Term Loan convertible Other EUR 300 EUR 100 Senior bonds Lease long-term Other (EUR x 1,000)1millionmillion Senior RCFterm loanEUR 100,000LiabilitiesloansliabilitiesTotalBalance at 1 January 2024 - - - 200,575 41,640 186,174 7,924 - 436,313Initial recognition share buy-back obligation (non-cash) - - - - - - - 50,000 50,000Cash flow from financing activities provided by (used for) continued operations 100,000 100,000 - (200,000) (400) (50,547) (39) (36,746) (87,732)Sub-total 100,000 100,000 - 575 41,240 135,627 7,885 13,254 398,581Effect of movement in foreign exchange rates - - - - - 5,064 591 - 5,6552Other changes147 (436) - (575) (41,240) 66,480 (51) - 24,326Balance at 31 December 2024 100,147 99,564 - - - 207,171 8,425 13,254 428,5621 Other liabilities are presented in trade and other payables.2 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, conversion of bonds into shares, amortisation and new/modification of leases.The cash outflow from financing activities of EUR 181.8 million in 2024 (less dividends paid of EUR 45.9 million, repurchase of shares of EUR 47.8 million, transaction costs incurred on the refinancing of EUR 2.4 million plus proceeds from the exercise of share-options of 2.0 million) represents the total net cash from financing activities in the consolidated statement of cash flows of which EUR 87.7 million relating to financial liabilities. Subordinated unsecured Transaction convertible with bonds Lease Other long-discontinued (EUR x 1,000)Senior RCF Term loanEUR 100,000Liabilitiesterm loansoperations TotalBalance at 1 January 2023 - 200,234 40,348 168,974 4,886 - 414,442Cash flow from financing activities provided by (used for) continued operations - - - (81,602) 3,285 (16,910) (95,227)Cash flow from financing activities provided by (used for) discontinued operations - - - - - 16,910 16,910Sub-total - - - (81,602) 3,285 - (78,317)Effect of movement in foreign exchange rates - - - (4,092) (295) - (4,387)1Other changes- 341 1,292 102,894 48 - 104,575Balance at 31 December 2023 - 200,575 41,640 186,174 7,924 - 436,3131 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, amortisation, and new/modification of leases.28.6 Covenant requirementsThe term and revolving credit facility agreement contains various affirmative and negative covenants and events of default. The principal covenants requirements are defined as follows (all including the impact of IFRS 16): \u25a0Solvency ratio: shareholders\u2019 equity as a percentage of the balance sheet total. \u25a0Net leverage for purpose of covenant calculations: net debt divided by adjusted consolidated EBITDA for purpose of covenant calculations. The look-back period is twelve months. \u25a0Interest coverage: adjusted consolidated EBITDA for purpose of covenant calculations divided by consolidated interest expense. The look-back period is twelve months.2024 2023Principal covenants Target Actual Headroom Target Actual HeadroomSolvency ratio >=33.33% 56.9% 23.57% >=33.33% 53.8% 20.47%Net leverage =<3.25:1 0.20 3.05 =<3.25:1 0.28 2.97Interest coverage >=2.50:1 17.5 15.0 >=2.50:1 16.8 14.3Fugro\u2019s right to defer settlement of non-current liabilities for at least twelve months after the reporting period is subject to compliance with specified conditions within twelve months after the reporting period. The covenant testing dates are 31 December, 31 March, 30 June and 30 September. The Term Loan and RCF shall become immediately due and payable when there is a change of control event. Events of default on the debt include non-payment, non-compliance, misrepresentation, cessation of business, cross-default, insolvency events, creditors\u2019 process, enforcement of security, illegality, material adverse change \u2013 including any event or circumstance which in the majority lenders\u2019 reasonable opinion has a material adverse effect on the ability to perform or otherwise comply with the payment obligations under the agreements or on the business, operations, property, condition or prospects of the Group taken as a whole. In the event that the Group breaches any of the covenants or an event of default becomes applicable, lenders may require Fugro to immediately and fully prepay the relevant liabilities including related liabilities subject to cross-default clauses. The carrying amount of such relevant liabilities subject to covenants within twelve months after the reporting period is therefore EUR 199.7 million (2023: EUR 200.6 million). Fugro complied with the covenant requirements in the term and revolving credit facility agreement as of 31 December 2024. Fugro expects to comply with its covenants in the twelve months after the reporting period, with adequate headroom.28.7 Other KPIsYear initial Actual Annual target Other KPIs Initial scorescore Target scorescoremet (Yes/No)2023 2024 2025 2024 2024Reduction CO emission intensity vessels 15.8 tonnes CO/operational day 2020 -10% -15% -20% -10% No22Growth in revenue from renewables market segment EUR 350 million 2021 28% 50% 60% 147% YesPercentage women in senior management positions 15.2% 2021 18% 20% 25% 24% YesThe other key performance indicators are defined in the term and revolving credit facility agreement. The reporting criteria used for the preparation of these KPI\u2019s are the reporting criteria developed by Fugro NV and are disclosed in section 2.2 (selection of key performance indicators) of the Group\u2019s financing framework. The initial scores in the table above are based on the performance of the Group in respect of each KPI. There is no requirement from the lenders that obliges Fugro to use the borrowing for \u2018green\u2019 projects. Failure to meet these KPIs does not trigger a default event or an early repayment.An interest discount or penalty of between 3 basis points and 5 basis points will be applied on the margin payable on the revolving credit facility and the term loan based on the performance of Fugro against specified targets for three key performance indicators:Number of targets met Term loan and RCF0 +/+ 5 bps1 No adjustment2 -/- 3 bps3 -/- 5 bps",
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"value": "5. Segment reportingFugro has four integrated regions: Europe-Africa (E-A), Americas (AM), Asia Pacific (APAC) and Middle East & India (MEI). The organisational and reporting structure consists of these four regions. Within these regions, the following business line structure exists: Marine site characterisation, Marine asset Integrity and Land. The operating results of the four regions are directly reported to and reviewed by the Board of Management, being the Chief Operating Decision Maker. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are allocated based on the geographical location of the operating company using the assets (\u2018region of origin\u2019). Fugro allocates corporate expenses, finance income (expenses) and assets (liabilities) that relate to more than one operating segment to the reportable segment based on net revenue. Inter-segment pricing is determined on an arm\u2019s length basis. The E-A, AM, APAC, MEI operating segments generate revenues from: \u25a0Marine environment: The determination of soil composition via cone penetration testing or the acquisition of soil samples and related laboratory testing; and the mapping of seabed and geological features and hazards below using non-invasive techniques including the related interpretation and visualisation. Its services also include geo consulting, general purpose navigation charts and environmental, meteorological & oceanographic measurement services. In addition, the activities consist of positioning signals and services, construction support, monitoring and forecasting services, remote systems technology, and inspection and monitoring services. \u25a0Land environment: The determination of soil characteristics, mostly via cone penetration testing and/or the acquisition of soil samples and related laboratory testing. These services are offered both onshore and in nearshore environments. In addition, the activities consist of material testing and geo-consulting services as well as asset integrity solutions (monitoring, analysis, modelling) for clients in electrical power, railroads, roads and other infrastructure. Operating segments/reportable segments(EUR x 1,000) E-A AM APAC MEI Eliminations Consolidated 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Segment revenue 1,108,164 984,445 515,716 577,534 488,968 418,142 225,453 280,492 - - 2,338,301 2,260,613Of which inter-segment revenue (28,730) (30,780) (12,373) (9,946) (15,696) (13,347) (6,068) (19,179) - - (62,867) (73,252)Revenue from external customers 1,079,434 953,665 503,343 567,588 473,272 404,795 219,385 261,313 - - 2,275,434 2,187,361Third party costs (333,842) (337,990) (136,137) (197,599) (188,057) (148,910) (84,682) (116,539) - - (742,718) (801,038)Other income 6,014 2,819 7,345 6,324 5,732 3,133 602 530 - - 19,693 12,806Personnel expenses (344,962) (301,837) (234,262) (224,246) (176,477) (168,962) (107,373) (91,994) - - (863,074) (787,039)Other expenses (106,666) (99,413) (52,061) (61,189) (34,551) (29,033) (16,987) (27,486) - - (210,265) (217,121)Segment result (EBITDA) 299,978 217,244 88,228 90,878 79,919 61,023 10,945 25,824 - - 479,070 394,969Depreciation (84,741) (72,811) (39,040) (32,663) (32,359) (28,894) (11,919) (10,344) - - (168,059) (144,712)Amortisation (512) (307) (118) (21) (292) (136) (48) - - - (970) (464)Impairments - 4,461 (2,111) (1,843) - (65) - (32) - - (2,111) 2,521Result from operating activities (EBIT) 214,725 148,587 46,959 56,351 47,268 31,928 (1,022) 15,448 - - 307,930 252,314EBIT in % of revenue 19.9% 15.6% 9.3% 9.9% 10.0% 7.9 % (0.5%) 5.9% - 13.5% 11.5%Finance income 20,879 12,317 14,235 8,470 17,224 7,486 (181) 2,488 (28,645) (20,934) 23,512 9,827Finance expense (34,966) (42,585) (8,256) (13,703) (14,781) (16,478) (4,908) (12,361) 28,645 20,934 (34,266) (64,193)Share of profit/(loss) of equity-accounted investees - 9,457 - - 10,041 8,783 3,959 2,384 - - 14,000 20,624Reportable segment profit/(loss) before income tax 200,638 127,776 52,938 51,118 59,752 31,719 (2,152) 7,959 - - 311,176 218,572Income tax (42,422) (16,170) (9,003) 36,882 7,419 16,772 670 1,340 (43,336) 38,824Profit/(loss) for the period from continuing operations 158,216 111,606 43,935 88,000 67,171 48,491 (1,482) 9,299 267,840 257,396Capital employed 687,119 558,413 294,391 311,987 230,220 211,569 190,762 145,560 - - 1,402,492 1,227,529Non-current assets 777,091 619,099 239,255 229,754 236,934 227,001 154,272 144,519 - - 1,407,552 1,220,373Capital expenditure property, plant and equipment 194,049 128,702 34,927 57,736 23,775 63,955 11,978 9,866 - - 264,729 260,259Capital expenditure E&E, software and other intangible assets 54 49 58 45 12 1 6 1 - - 130 96Trade receivables and unbilled revenue on (completed) contracts 216,362 195,345 99,289 144,687 110,245 94,516 130,731 104,596 - - 556,627 539,144Non-current assets reported above are presented excluding deferred tax assets and other investments.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__47": {
"value": "5. Segment reportingFugro has four integrated regions: Europe-Africa (E-A), Americas (AM), Asia Pacific (APAC) and Middle East & India (MEI). The organisational and reporting structure consists of these four regions. Within these regions, the following business line structure exists: Marine site characterisation, Marine asset Integrity and Land. The operating results of the four regions are directly reported to and reviewed by the Board of Management, being the Chief Operating Decision Maker. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment assets are allocated based on the geographical location of the operating company using the assets (\u2018region of origin\u2019). Fugro allocates corporate expenses, finance income (expenses) and assets (liabilities) that relate to more than one operating segment to the reportable segment based on net revenue. Inter-segment pricing is determined on an arm\u2019s length basis. The E-A, AM, APAC, MEI operating segments generate revenues from: \u25a0Marine environment: The determination of soil composition via cone penetration testing or the acquisition of soil samples and related laboratory testing; and the mapping of seabed and geological features and hazards below using non-invasive techniques including the related interpretation and visualisation. Its services also include geo consulting, general purpose navigation charts and environmental, meteorological & oceanographic measurement services. In addition, the activities consist of positioning signals and services, construction support, monitoring and forecasting services, remote systems technology, and inspection and monitoring services. \u25a0Land environment: The determination of soil characteristics, mostly via cone penetration testing and/or the acquisition of soil samples and related laboratory testing. These services are offered both onshore and in nearshore environments. In addition, the activities consist of material testing and geo-consulting services as well as asset integrity solutions (monitoring, analysis, modelling) for clients in electrical power, railroads, roads and other infrastructure.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__56-1": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.6.2 Assets held for sale(EUR x 1,000) Note 2024 2023Carrying amountsProperty, plant and equipment 17 3,652 -3,652 -Assets held for sale as at 31 December 2024 consist of property, plant and equipment with a total carrying amount (which is the lower book value) of EUR 3.7 million and pertains to certain properties in the Americas and Europe-Africa operating segments. Due to the advanced stage of negotiations with the respective potential buyers, it is deemed highly probable that these assets will be sold in exchange for cash in 2025. There were no impairments or reversals of impairments with respect to these assets in 2024.",
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__55": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.6.1 Discontinued operationsSeabed Geosolutions had been presented as a disposal group held for sale and a discontinued operation until its divestment in 2021. The cash flow from discontinued operations in 2024 relates to changes in remaining working capital balances in Seabed Geosolutions. The profit from discontinued operations of EUR 11.2 million mainly relates to the successful outcome of remaining legal proceedings related to Seabed Geosolutions. 6.2 Assets held for sale(EUR x 1,000) Note 2024 2023Carrying amountsProperty, plant and equipment 17 3,652 -3,652 -Assets held for sale as at 31 December 2024 consist of property, plant and equipment with a total carrying amount (which is the lower book value) of EUR 3.7 million and pertains to certain properties in the Americas and Europe-Africa operating segments. Due to the advanced stage of negotiations with the respective potential buyers, it is deemed highly probable that these assets will be sold in exchange for cash in 2025. There were no impairments or reversals of impairments with respect to these assets in 2024.",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__53-1": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.6.1 Discontinued operationsSeabed Geosolutions had been presented as a disposal group held for sale and a discontinued operation until its divestment in 2021. The cash flow from discontinued operations in 2024 relates to changes in remaining working capital balances in Seabed Geosolutions. The profit from discontinued operations of EUR 11.2 million mainly relates to the successful outcome of remaining legal proceedings related to Seabed Geosolutions.",
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__52": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__51": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__50": {
"value": "6. Assets held for saleNon-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, these assets are remeasured in accordance with the Group\u2019s accounting policies. Thereafter generally the assets are measured at the lower of their carrying amount and fair values less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investees are no longer equity-accounted. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__62-1": {
"value": "7. RevenueFugro primarily generates revenue from services by acquiring bespoke geo-data and providing analysis and map, model and monitor solutions. The Group\u2019s services are typically sold in a bundled package of services. The Group provides a significant service of integrating these services, by using these as inputs to produce the combined output, which together form a single performance obligation. Control of the single performance obligations is generally transferred to the customer over time. The transfer of control over time is supported mostly by one of the following conditions being met: \u25a0Clauses in the contract that allow the customer to terminate the contract, pay for costs incurred plus a reasonable profit margin and take control of any work in progress. The Group does not create an asset with alternative use to the Group. \u25a0The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs.Revenue from sales of goods, software licences and subscription income are not a significant category of revenue.Revenue is measured based on the consideration contractually agreed with the customer. Common considerations are fixed price (lump sum), day rates, rates per (square) kilometre, or a combination of these considerations. The transaction price excludes amounts collected on behalf of third parties, such as value-added taxes. It is common for the Group\u2019s contracts with customers to include liquidated damages, weather standby fees or discounts that can either increase or decrease the transaction price, leading to the consideration to be variable. Variable consideration is constrained and recognised as revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The Group estimates variable consideration using either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. For performance obligations that are satisfied over time, revenue and cost are recognised based on the extent of progress towards completion of the performance obligation. The Group generally determines progress towards completion by measuring the proportion of actual cost incurred for work performed to date, compared to total estimated cost to completion. In the Group\u2019s view this best depicts the Group\u2019s performance in transferring control of services promised to its customers. The accounting policy for onerous (revenue) contracts is included in note Provisions.Payment terms for customer contracts are usually based on several instalments over the duration of the contract based on pre-set contract milestones. Significant financing components are not prevalent nor material within the Group.Contract balancesWhen revenue recognised to date exceeds the progress billings to the customer, the surplus is accounted for as a contract asset and presented as unbilled revenue on a contract-by-contract basis. Unbilled revenue is accounted net of any impairment losses. When progress billings exceed the revenue, measured as costs incurred plus profits recognised to date, the balance is accounted for as a contract liability, which is presented as advance instalments to work in progress.7.1 Disaggregation of revenue from contracts with customersRevenue by businesses and market segment(EUR x 1,000) 2024 2023Marine Land Total Marine Land TotalOil and gas 827,738 24,822 852,560 800,654 40,421 841,075Renewables 790,261 72,501 862,762 705,928 67,378 773,306Infrastructure 83,144 398,703 481,847 94,761 401,590 496,351Water 52,607 25,658 78,265 51,706 24,923 76,629Total 1,753,750 521,684 2,275,434 1,653,049 534,312 2,187,3611(EUR x 1,000) 2024 2023Marine is further split into:Site characterisation 1,183,796 1,130,204Asset integrity 569,954 522,8451,753,750 1,653,0491 Restated for the reclassification of services from marine asset integrity to marine site characterisation following changes in internal management reporting in 2024. The reclassification impact is EUR 23.8 million in 2024 (2023: EUR 43.5 million).7.2 Unsatisfied performance obligationsThe table below presents the transaction price allocated to performance obligations that are (partially) unsatisfied as at 31 December. Certain amounts of variable consideration are not included in the amounts presented below as these are considered to be constrained. (EUR x 1,000) 2024 2023Within one year 789,740 853,699More than one year 90,011 91,396Total 879,751 945,0957.3 Contract balancesThe Group has recognised the following assets and liabilities related to contracts with customers:(EUR x 1,000) Note 2024 2023Unbilled revenue on (completed) projects 23 271,971 237,815Trade receivables23 284,656 301,329Advance instalments to work in progress31 (81,623) (77,599)23. Trade and other receivablesUnbilled revenue on (completed) projects represents the gross amount expected to be collected from customers for contract work performed to date (a contract asset). It is measured at costs incurred plus profits recognised to date less progress billings and recognised losses. Generally, unbilled revenue on (completed) projects is invoiced to customers in the period following the execution of work. Subsequently, trade receivables are paid by customers in accordance with their respective payment term. The contracts in progress for which this amount exceeds progress billings are presented as unbilled revenue on (completed) projects. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.31. Trade and other payablesThe contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Advance instalments to work in progress primarily represent advances received from customers for which revenue is recognised as services are performed to customers. From the advance instalments to work in progress, an amount of EUR 67.8 million has been recognised as revenue that was included in the closing balance as at 31 December 2023 (2022: EUR 66.7 million). Other liabilities as at 31 December 2024 include a financial liability in the amount of EUR 13.3 million in connection with the share buyback (2023: nil). Refer to note 25.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__61-1": {
"value": "7. RevenueFugro primarily generates revenue from services by acquiring bespoke geo-data and providing analysis and map, model and monitor solutions. The Group\u2019s services are typically sold in a bundled package of services. The Group provides a significant service of integrating these services, by using these as inputs to produce the combined output, which together form a single performance obligation. Control of the single performance obligations is generally transferred to the customer over time. The transfer of control over time is supported mostly by one of the following conditions being met: \u25a0Clauses in the contract that allow the customer to terminate the contract, pay for costs incurred plus a reasonable profit margin and take control of any work in progress. The Group does not create an asset with alternative use to the Group. \u25a0The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs.Revenue from sales of goods, software licences and subscription income are not a significant category of revenue.Revenue is measured based on the consideration contractually agreed with the customer. Common considerations are fixed price (lump sum), day rates, rates per (square) kilometre, or a combination of these considerations. The transaction price excludes amounts collected on behalf of third parties, such as value-added taxes. It is common for the Group\u2019s contracts with customers to include liquidated damages, weather standby fees or discounts that can either increase or decrease the transaction price, leading to the consideration to be variable. Variable consideration is constrained and recognised as revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The Group estimates variable consideration using either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. For performance obligations that are satisfied over time, revenue and cost are recognised based on the extent of progress towards completion of the performance obligation. The Group generally determines progress towards completion by measuring the proportion of actual cost incurred for work performed to date, compared to total estimated cost to completion. In the Group\u2019s view this best depicts the Group\u2019s performance in transferring control of services promised to its customers. The accounting policy for onerous (revenue) contracts is included in note Provisions.Payment terms for customer contracts are usually based on several instalments over the duration of the contract based on pre-set contract milestones. Significant financing components are not prevalent nor material within the Group.Contract balancesWhen revenue recognised to date exceeds the progress billings to the customer, the surplus is accounted for as a contract asset and presented as unbilled revenue on a contract-by-contract basis. Unbilled revenue is accounted net of any impairment losses. When progress billings exceed the revenue, measured as costs incurred plus profits recognised to date, the balance is accounted for as a contract liability, which is presented as advance instalments to work in progress.7.1 Disaggregation of revenue from contracts with customersRevenue by businesses and market segment(EUR x 1,000) 2024 2023Marine Land Total Marine Land TotalOil and gas 827,738 24,822 852,560 800,654 40,421 841,075Renewables 790,261 72,501 862,762 705,928 67,378 773,306Infrastructure 83,144 398,703 481,847 94,761 401,590 496,351Water 52,607 25,658 78,265 51,706 24,923 76,629Total 1,753,750 521,684 2,275,434 1,653,049 534,312 2,187,3611(EUR x 1,000) 2024 2023Marine is further split into:Site characterisation 1,183,796 1,130,204Asset integrity 569,954 522,8451,753,750 1,653,0491 Restated for the reclassification of services from marine asset integrity to marine site characterisation following changes in internal management reporting in 2024. The reclassification impact is EUR 23.8 million in 2024 (2023: EUR 43.5 million).7.2 Unsatisfied performance obligationsThe table below presents the transaction price allocated to performance obligations that are (partially) unsatisfied as at 31 December. Certain amounts of variable consideration are not included in the amounts presented below as these are considered to be constrained. (EUR x 1,000) 2024 2023Within one year 789,740 853,699More than one year 90,011 91,396Total 879,751 945,0957.3 Contract balancesThe Group has recognised the following assets and liabilities related to contracts with customers:(EUR x 1,000) Note 2024 2023Unbilled revenue on (completed) projects 23 271,971 237,815Trade receivables23 284,656 301,329Advance instalments to work in progress31 (81,623) (77,599)31. Trade and other payablesThe contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Advance instalments to work in progress primarily represent advances received from customers for which revenue is recognised as services are performed to customers. From the advance instalments to work in progress, an amount of EUR 67.8 million has been recognised as revenue that was included in the closing balance as at 31 December 2023 (2022: EUR 66.7 million). Other liabilities as at 31 December 2024 include a financial liability in the amount of EUR 13.3 million in connection with the share buyback (2023: nil). Refer to note 25.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__60-1": {
"value": "7. Revenue7.3 Contract balancesThe Group has recognised the following assets and liabilities related to contracts with customers:(EUR x 1,000) Note 2024 2023Unbilled revenue on (completed) projects 23 271,971 237,815Trade receivables23 284,656 301,329Advance instalments to work in progress31 (81,623) (77,599)9. Other incomeGovernment grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.(EUR x 1,000) 2024 2023Government grants 9,746 4,059Gain on sale of property, plant and equipment 5,446 5,613Sundry income 4,501 3,134Total 19,693 12,806Government grants include tax credits received on research and developments.31. Trade and other payablesThe contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Advance instalments to work in progress primarily represent advances received from customers for which revenue is recognised as services are performed to customers. From the advance instalments to work in progress, an amount of EUR 67.8 million has been recognised as revenue that was included in the closing balance as at 31 December 2023 (2022: EUR 66.7 million). Other liabilities as at 31 December 2024 include a financial liability in the amount of EUR 13.3 million in connection with the share buyback (2023: nil). Refer to note 25.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__59": {
"value": "7. RevenueFugro primarily generates revenue from services by acquiring bespoke geo-data and providing analysis and map, model and monitor solutions. The Group\u2019s services are typically sold in a bundled package of services. The Group provides a significant service of integrating these services, by using these as inputs to produce the combined output, which together form a single performance obligation. Control of the single performance obligations is generally transferred to the customer over time. The transfer of control over time is supported mostly by one of the following conditions being met: \u25a0Clauses in the contract that allow the customer to terminate the contract, pay for costs incurred plus a reasonable profit margin and take control of any work in progress. The Group does not create an asset with alternative use to the Group. \u25a0The customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs.Revenue from sales of goods, software licences and subscription income are not a significant category of revenue.Revenue is measured based on the consideration contractually agreed with the customer. Common considerations are fixed price (lump sum), day rates, rates per (square) kilometre, or a combination of these considerations. The transaction price excludes amounts collected on behalf of third parties, such as value-added taxes. It is common for the Group\u2019s contracts with customers to include liquidated damages, weather standby fees or discounts that can either increase or decrease the transaction price, leading to the consideration to be variable. Variable consideration is constrained and recognised as revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The Group estimates variable consideration using either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. For performance obligations that are satisfied over time, revenue and cost are recognised based on the extent of progress towards completion of the performance obligation. The Group generally determines progress towards completion by measuring the proportion of actual cost incurred for work performed to date, compared to total estimated cost to completion. In the Group\u2019s view this best depicts the Group\u2019s performance in transferring control of services promised to its customers. The accounting policy for onerous (revenue) contracts is included in note Provisions.Payment terms for customer contracts are usually based on several instalments over the duration of the contract based on pre-set contract milestones. Significant financing components are not prevalent nor material within the Group.Contract balancesWhen revenue recognised to date exceeds the progress billings to the customer, the surplus is accounted for as a contract asset and presented as unbilled revenue on a contract-by-contract basis. Unbilled revenue is accounted net of any impairment losses. When progress billings exceed the revenue, measured as costs incurred plus profits recognised to date, the balance is accounted for as a contract liability, which is presented as advance instalments to work in progress.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__73": {
"value": "9. Other incomeOther income consists of income not related to the key business activities of the Group, such as income from the sale of non-monetary assets and/or liabilities, and/or non-recurring income. License fees received in connection with E&E assets are generally recognised at a point in time when such fees become unconditional.Government grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.(EUR x 1,000) 2024 2023Government grants 9,746 4,059Gain on sale of property, plant and equipment 5,446 5,613Sundry income 4,501 3,134Total 19,693 12,806Government grants include tax credits received on research and developments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__72": {
"value": "9. Other incomeOther income consists of income not related to the key business activities of the Group, such as income from the sale of non-monetary assets and/or liabilities, and/or non-recurring income. License fees received in connection with E&E assets are generally recognised at a point in time when such fees become unconditional.Government grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.(EUR x 1,000) 2024 2023Government grants 9,746 4,059Gain on sale of property, plant and equipment 5,446 5,613Sundry income 4,501 3,134Total 19,693 12,806Government grants include tax credits received on research and developments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__71-1": {
"value": "9. Other incomeOther income consists of income not related to the key business activities of the Group, such as income from the sale of non-monetary assets and/or liabilities, and/or non-recurring income. License fees received in connection with E&E assets are generally recognised at a point in time when such fees become unconditional.Government grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.(EUR x 1,000) 2024 2023Government grants 9,746 4,059Gain on sale of property, plant and equipment 5,446 5,613Sundry income 4,501 3,134Total 19,693 12,806Government grants include tax credits received on research and developments.14. Other expenses(EUR x 1,000) 2024 2023IT applications and services 56,038 53,229Indirect operating expenses 42,585 37,270Occupancy costs 19,174 20,054Professional services fee 24,329 20,354Communication and office equipment 11,098 11,727Legal, audit & tax advisory fees 12,415 10,174Training 10,013 8,425Impairment of financial assets 3,011 8,157Property lease expense 3,680 6,834Marketing and advertising costs 5,181 5,450Loss on disposal of subsidiaries and other interests - 4,260Loss on disposal of property, plant and equipment 141 62General maintenance and supplies 3,374 3,282Restructuring costs 4,554 1,016Other 14,672 26,827Total 210,265 217,121Comparative numbers have been reclassified to conform to the current year presentation which was updated to further split expenses.Impairment of financial assets in 2024 mainly relates to impairment charges on trade receivables, unbilled revenue on (completed) projects and other receivables, see note 23 Trade and other receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__68": {
"value": "9. Other incomeOther income consists of income not related to the key business activities of the Group, such as income from the sale of non-monetary assets and/or liabilities, and/or non-recurring income. License fees received in connection with E&E assets are generally recognised at a point in time when such fees become unconditional.Government grants are recognised initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants that compensate the Group (partly) for expenses incurred are recognised in profit or loss on a systematic basis in the same periods in which the expenses are recognised. Grants that (partly) compensate the Group for the cost of an asset are recognised in profit or loss on a systematic basis over the useful life of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__82": {
"value": "12. Share-based paymentsThe Group currently has two active equity-settled share-based payment arrangements under the long-term incentive plan: \u25a0performance shares, open for the Board of Management, Executive Leadership Team and other selected senior employees \u25a0restricted share units, open for eligible and other selected employees The Group previously also operated share option plans, including performance options open for the Board and Management, Executive Leadership Team and other selected senior employees, and regular share options, open for eligible and selected other employees for grants up to 2021. No share options were granted since 2020.The cost of equity-settled share-based payment arrangements is determined by the fair value at the date when the grant is made. Service and non-market performance conditions, such as return on capital employed (ROCE) and company specific strategic targets, are not considered when determining the grant date fair value of awards. Instead, the likelihood of the conditions being met is assessed as part of the company\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions, such as total shareholder return (TSR), are reflected within the grant date fair value. If awards do not vest, due to non-market conditions and/or service conditions not being met, no expense is recognised. Awards that include a market condition are treated as vested irrespective of whether the market condition is satisfied, provided that all other (non-market) performance conditions and/or service conditions are satisfied.The grant-date fair value of equity-settled share-based payment awards granted to employees is recognised as personnel expense, with a corresponding increase in equity, over the vesting period of the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company\u2019s best estimate of the number of equity shares that will ultimately vest.12.1 Performance sharesVesting is subject to continuous employment and performance measurement. The performance period is three years starting on 1 January in the year of the grant. Vested performance shares have a holding (lock-up) period of 2 years and may be partly sold only to meet tax requirements at vesting (\u2018sell-to-cover\u2019).The maximum number of performance shares that can vest after three years equals 175% or 200% of the conditionally granted number of shares (only in case maximum performance is achieved on all criteria). The performance metrics and their relative weights for the grants made under the plan are as follows:Relative weights in Performance metric2024Total shareholder return 35%Return on capital employed 35%Strategic targets 30%The performance metrics are discussed in the remuneration report and defined in the glossary.A summary of performance shares movements and outstanding balance as at 31 December is presented below.2024 2023Weighted Weighted average average Number of grant date Number of grant date sharesfair valuesharesfair valuePerformance shares outstanding at 1 January 1,208,693 10.10 1,163,147 11.27Granted during the period 312,200 23.53 472,420 10.71Performance adjustment 109,717 9.03 (4,777) 9.72Forfeited during the period (6,250) 10.73 (62,515) 10.56Vested during the period (499,740) 9.03 (359,582) 15.72Performance shares outstanding at 31 December 1,124,620 14.19 1,208,693 10.10The grant date fair value of the portion with a TSR market performance condition has been derived using a Monte Carlo simulation model. The fair value of the portion with a ROCE or a strategic performance condition is equal to the share price at date of grant adjusted for expected dividends during the vesting period.The significant inputs into the valuation model are (including the actual historical share prices at the date of grant):2024 2023Performance shares Performance sharesShare price (in EUR) 21.00 \u2013 22.72 11.69 \u2013 11.70Volatility (%) 38.6% \u2013 38.8% 46.0% \u2013 50.0%Dividend yield (%) 1.75% \u2013 1.89% 0.0%Vesting period (in years) 2.75 \u2013 2.83 2.75 \u2013 2.85Risk-free interest rate (%) 2.62% \u2013 2.67% 2.49% \u2013 2.98%Remaining performance period (in years) 2.75 \u2013 2.83 2.75 \u2013 2.85The expected volatility is based on the annualised historical volatility prior to the date of grant corresponding with the remaining performance period, and the dividend yield is estimated based on the historic dividend yield on Fugro shares at the date of grant.The total expense recognised in 2024 related to performance shares amounted to EUR 6,529,328 (2023: EUR 7,191,876). 12.2 Restricted Share Unit planA Restricted Shared Unit (RSU) entitles the employee to receive a number of Fugro shares. RSUs vest when an employee remains employed by Fugro or one of its subsidiaries for three years following the grant date. There are no other vesting conditions. The Board of Management and the Supervisory Board decide annually on the granting of RSUs. The grant date fair value of the RSUs is the share price at the date of grant adjusted for expected dividends during the vesting period of 21.59 (2023: EUR 11.69).A summary of RSU movements and the outstanding balance as at 31 December is presented below.2024 2023Weighted Weighted average average Number of grant date Number of grant date sharesfair valuesharesfair valueRSUs outstanding at 1 January 949,979 10.64 728,311 10.10Granted during the period 226,620 21.59 322,075 11.69Forfeited during the period (44,700) 11.19 (65,750) 10.29Vested during the period (297,384) 9.19 (34,657) 9.51RSUs outstanding at 31 December 834,515 14.02 949,979 10.64The total expense recognised in 2024 related to RSUs amounted to EUR 3,708,216 (2023: EUR 2,735,484).12.3 Share optionsNo options were granted since 2020. The share option scheme was replaced by a restricted share unit plan in 2021. As at 31 December 2024, 255,330 options were outstanding and exercisable (2023: 569,985 options). The average remaining term of the options is 0.7 years (2023: 1.2 years). During the period 122,130 options were exercised (2023: 29,250 options), with net proceeds of EUR 1,996 thousand recognised in cash flows from financing activities. A total of 192,525 options either forfeited or expired in 2024 (2023: 55,730 options). The total expense recognised in 2024 related to share options amounted to EUR nil (2023: EUR 8,496).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__81-1": {
"value": "12. Share-based paymentsThe Group currently has two active equity-settled share-based payment arrangements under the long-term incentive plan: \u25a0performance shares, open for the Board of Management, Executive Leadership Team and other selected senior employees \u25a0restricted share units, open for eligible and other selected employees The Group previously also operated share option plans, including performance options open for the Board and Management, Executive Leadership Team and other selected senior employees, and regular share options, open for eligible and selected other employees for grants up to 2021. No share options were granted since 2020.The cost of equity-settled share-based payment arrangements is determined by the fair value at the date when the grant is made. Service and non-market performance conditions, such as return on capital employed (ROCE) and company specific strategic targets, are not considered when determining the grant date fair value of awards. Instead, the likelihood of the conditions being met is assessed as part of the company\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions, such as total shareholder return (TSR), are reflected within the grant date fair value. If awards do not vest, due to non-market conditions and/or service conditions not being met, no expense is recognised. Awards that include a market condition are treated as vested irrespective of whether the market condition is satisfied, provided that all other (non-market) performance conditions and/or service conditions are satisfied.The grant-date fair value of equity-settled share-based payment awards granted to employees is recognised as personnel expense, with a corresponding increase in equity, over the vesting period of the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company\u2019s best estimate of the number of equity shares that will ultimately vest.29. Employee benefitsDefined contribution plansA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees.Defined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__80": {
"value": "12. Share-based paymentsThe Group currently has two active equity-settled share-based payment arrangements under the long-term incentive plan: \u25a0performance shares, open for the Board of Management, Executive Leadership Team and other selected senior employees \u25a0restricted share units, open for eligible and other selected employees The Group previously also operated share option plans, including performance options open for the Board and Management, Executive Leadership Team and other selected senior employees, and regular share options, open for eligible and selected other employees for grants up to 2021. No share options were granted since 2020.The cost of equity-settled share-based payment arrangements is determined by the fair value at the date when the grant is made. Service and non-market performance conditions, such as return on capital employed (ROCE) and company specific strategic targets, are not considered when determining the grant date fair value of awards. Instead, the likelihood of the conditions being met is assessed as part of the company\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions, such as total shareholder return (TSR), are reflected within the grant date fair value. If awards do not vest, due to non-market conditions and/or service conditions not being met, no expense is recognised. Awards that include a market condition are treated as vested irrespective of whether the market condition is satisfied, provided that all other (non-market) performance conditions and/or service conditions are satisfied.The grant-date fair value of equity-settled share-based payment awards granted to employees is recognised as personnel expense, with a corresponding increase in equity, over the vesting period of the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company\u2019s best estimate of the number of equity shares that will ultimately vest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__93-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment. Fugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595GoodwillThe capitalised goodwill was allocated to the following CGUs as at 31 December:(EUR x 1,000) 2024 2023Europe-Africa 122,188 119,326Americas 71,656 69,978Asia Pacific 30,208 29,501Middle East & India 52,732 51,495Total 276,784 270,300Impairment testing for cash-generating units containing goodwillThe recoverable amounts of the cash-generating units have been determined based on value in use calculations. Value in use was determined by discounting the expected future cash flows from the continuing use of the CGUs. It should be noted that key assumptions applied for the purpose of value in use calculations, such as revenue growth rates and long-term EBIT margins, are inherently conservative to account for potential market volatility and economic uncertainties. \u25a0Cash flows in the first year of the forecast are based on management\u2019s approved financial budget. For all CGUs, the 2025 projections factor in, amongst others, already signed contracts, expected win rates on contracts out for bid, expected crew and vessel utilisation rates and/or industry developments. Cash flows for the CGUs beyond one year are extrapolated using an estimated revenue growth rate based on current and expected market developments. \u25a0Cash flows for the CGUs beyond five years are extrapolated using an estimated long-term revenue growth rate of 2.0% (2023: 2.0%). For the CGUs the revenue growth rates are based on an analysis of the long-term market price trends in relevant industries adjusted for actual experience. \u25a0Any estimated future cash inflows/outflows expected to arise from future restructuring, if any, are excluded from the calculations, unless already committed to. This also applies to a large extent to transformation capital expenditures and the resulting impact on cash inflows. \u25a0The pre-tax discount rate used to discount the pre-tax cash flows for impairment testing purposes is determined through an iterative calculation using the projected post-tax cash flows, expected tax rate for the respective cash generating units and a post-tax discount rate for the Group. Rising interest rates were reflected in a higher risk-free rate (thirty-year German government bonds were used as proxy). This was offset by a lower market risk premium.The key assumptions used in the annual goodwill impairment test at the 30 September measurement date were as follows:Revenue Average Revenue growth rate % revenue growth growth rate % Pre-tax Long-term (EUR x 1,000)year 1rate % year 2-5long-termdiscount rate % EBIT margin %2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Europe-Africa 7.3 8.6 5.2 7.3 2.0 2.0 10.8 11.7 13.5 10.9Americas 6.0 8.9 5.4 8.7 2.0 2.0 10.9 11.7 7.7 10.1Asia Pacific 3.8 21.6 3.7 4.7 2.0 2.0 10.6 11.6 7.6 8.0Middle East & India 21.5 11.2 2.6 6.8 2.0 2.0 12.0 13.7 9.0 10.2Climate-related matters were reflected in these assumptions as follows: \u25a0Assumptions on market developments for the market segments in which Fugro operates, including high growth in the renewables market segment compared to in particular oil and gas. \u25a0Capital expenditures to decarbonise the vessel fleet emissions by 2035, however only insofar these qualify for inclusion in the value in use calculation. Capital expenditures that improve the vessel\u2019s performance are excluded in value in use calculations. \u25a0Terminal value revenue growth rates are capped at the risk-free rate. No further adjustment in long term growth rates for the energy transition from the fossil fuel sector to the renewable energy sector was deemed necessary and therefore not considered to have a material impact.The goodwill sensitivity analysis of each CGU as at the measurement date was as follows:(EUR x 1,000) Absolute change required in each key assumption for headroom to equal zeroAverage Revenue Revenue revenue growth Pre-tax Long-term growth rate growth rate rate % discount EBITHeadroom% year 1% year 2-5long-termratemargin %Europe-Africa 1,215,399 (40.1) (13.0) (23.9) 13.5 (9.9)Americas 197,442 (18.3) (5.2) (5.8) 5.5 (3.3)Asia Pacific 227,106 (24.5) (7.5) (10.9) 9.0 (4.4)Middle East & India 54,046 (14.9) (5.1) (2.9) 2.9 (2.3)Total 1,693,993Total headroom increased from EUR 1,440 million in 2023 to EUR 1,694 million in 2024. The changes beyond those in the above table to assumptions used in the goodwill impairment test would, in isolation, lead to an impairment loss being recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__92-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.19. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__91-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.17. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure directly attributable to acquisition, materials, direct labour, dismantling, removal, site restoration and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.Assets under construction are classified as such until completion, at which time the item is reclassified to the respective category within property, plant and equipment. Property, plant and equipment are recognised from the point in time when the Group obtains control. Pre-payments made before that point in time are classified as other long-term assets. Parts of an item of property, plant and equipment with different useful lives, are accounted for separately as major components of property, plant and equipment. Gains or losses on disposal are recognised within \u2018other income\u2019 or \u2018other expenses\u2019 in profit or loss.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset if future economic benefits are probable and can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced, such as in the case of major overhaul. Repairs and maintenance are charged to profit and loss when incurred.Depreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 5(EUR x 1,000) 2024 2023Fixed assets Fixed assets Land and Plant and under Land and Plant and under BuildingsEquipment Vesselsconstruction Other TotalBuildingsEquipment Vesselsconstruction Other TotalBalance at 1 January Cost 147,913 820,490 907,869 132,926 113,061 2,122,259 167,180 858,575 834,642 54,144 130,924 2,045,465Accumulated depreciation and impairment (79,712) (693,302) (538,915) - (101,065) (1,412,994) (89,596) (758,092) (516,696) - (121,085) (1,485,469) Carrying amount 68,201 127,188 368,954 132,926 11,996 709,265 77,584 100,483 317,946 54,144 9,839 559,996Change in carrying amount:Additions 3,090 17,418 7,838 232,097 4,286 264,729 1,396 39,588 85,148 128,488 5,639 260,259Acquisitions through business combinations - - - - - - - 29 - 3,857 19 3,905Transfers from fixed assets under construction 595 41,592 77,706 (124,452) 4,559 - 1,315 39,010 8,913 (50,779) 1,541 -Depreciation (5,528) (51,916) (45,880) - (6,132) (109,456) (4,997) (48,394) (40,663) - (4,778) (98,832)Impairment (loss)/reversal - - (2,111) - - (2,111) (1,760) - 4,600 - - 2,840Disposals (1,391) (530) (483) - (29) (2,433) (662) (335) - (11) (58) (1,066)Effects of movements in foreign exchange rates 1,634 1,847 5,595 3,621 503 13,200 (1,118) (2,138) (4,881) (2,773) (206) (11,116)Reclassification adjustment - - (707) (594) - (1,301) - (1,055) (2,109) - - (3,164)Transfers from/(to) assets classified as held for sale (3,549) (103) - - - (3,652) (3,557) - - - - (3,557)Total changes (5,149) 8,308 41,958 110,672 3,187 158,976 (9,383) 26,705 51,008 78,782 2,157 149,269Balance at 31 December Cost 132,568 860,516 1,002,374 243,598 116,880 2,355,936 147,913 820,490 907,869 132,926 113,061 2,122,259Accumulated depreciation and impairment (69,516) (725,020) (591,462) - (101,697) (1,487,695) (79,712) (693,302) (538,915) - (101,065) (1,412,994)Carrying amount 63,052 135,496 410,912 243,598 15,183 868,241 68,201 127,188 368,954 132,926 11,996 709,265In 2021, Fugro announced its net zero carbon emissions commitment by 2035 (note 34). The maritime sector will face more challenging customer needs and tighter regulations with respect to vessel emissions and maritime fuels in the foreseeable future. The EU Emission Trading System will become effective for offshore vessels from 2027 for vessels above 5,000 gross tonnage, which currently only impacts one vessel in Fugro\u2019s fleet (Fugro Synergy). Vessels are the most exposed to the inherent risk of impairment from climate-related matters relative to the other categories. Levers to decarbonise Fugro\u2019s own fleet include efficiency measures, battery hybrid conversions, methanol conversions and transition to uncrewed surface vessels (USVs) and remote operations. There are inherent uncertainties related to a successful transition which amongst others depends on the development of technology and infrastructure in the entire shipping industry and the future worldwide availability of low carbon maritime fuels including green methanol. The Group assessed whether these developments shorten the current estimates of vessel useful lives, reduce the estimated residual values and trigger so-called stranded assets. No material impact on useful lives, estimated residual values or triggering events for impairment were identified. For each investment decision, the Group carefully considers the economics. For vessels with a useful life beyond 2035, apart from conversion to green methanol, alternative solutions such as biofuels are available. It is furthermore noted that Fugro\u2019s vessels are used globally across all sectors, and that timely capital expenditures will be made within the next decade.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__90-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.Impairment charges and reversal per asset category are stated as follows:(EUR x 1,000) 2024 2023Impairment Impairment Impairment Impairment chargereversal Netchargereversal NetProperty, plant and equipment 2,111 - 2,111 1,760 (4,600) (2,840)Intangible assets - - - 319 - 319Net impairment loss/(reversal) 2,111 - 2,111 2,079 (4,600) (2,521)Impairment on property, plant and equipment of EUR 2.1 million relates to a vessel in the Americas region that was disposed of.17. Property, plant and equipment(EUR x 1,000) 2024 2023Fixed assets Fixed assets Land and Plant and under Land and Plant and under BuildingsEquipment Vesselsconstruction Other TotalBuildingsEquipment Vesselsconstruction Other TotalBalance at 1 January Cost 147,913 820,490 907,869 132,926 113,061 2,122,259 167,180 858,575 834,642 54,144 130,924 2,045,465Accumulated depreciation and impairment (79,712) (693,302) (538,915) - (101,065) (1,412,994) (89,596) (758,092) (516,696) - (121,085) (1,485,469) Carrying amount 68,201 127,188 368,954 132,926 11,996 709,265 77,584 100,483 317,946 54,144 9,839 559,996Change in carrying amount:Additions 3,090 17,418 7,838 232,097 4,286 264,729 1,396 39,588 85,148 128,488 5,639 260,259Acquisitions through business combinations - - - - - - - 29 - 3,857 19 3,905Transfers from fixed assets under construction 595 41,592 77,706 (124,452) 4,559 - 1,315 39,010 8,913 (50,779) 1,541 -Depreciation (5,528) (51,916) (45,880) - (6,132) (109,456) (4,997) (48,394) (40,663) - (4,778) (98,832)Impairment (loss)/reversal - - (2,111) - - (2,111) (1,760) - 4,600 - - 2,840Disposals (1,391) (530) (483) - (29) (2,433) (662) (335) - (11) (58) (1,066)Effects of movements in foreign exchange rates 1,634 1,847 5,595 3,621 503 13,200 (1,118) (2,138) (4,881) (2,773) (206) (11,116)Reclassification adjustment - - (707) (594) - (1,301) - (1,055) (2,109) - - (3,164)Transfers from/(to) assets classified as held for sale (3,549) (103) - - - (3,652) (3,557) - - - - (3,557)Total changes (5,149) 8,308 41,958 110,672 3,187 158,976 (9,383) 26,705 51,008 78,782 2,157 149,269Balance at 31 December Cost 132,568 860,516 1,002,374 243,598 116,880 2,355,936 147,913 820,490 907,869 132,926 113,061 2,122,259Accumulated depreciation and impairment (69,516) (725,020) (591,462) - (101,697) (1,487,695) (79,712) (693,302) (538,915) - (101,065) (1,412,994)Carrying amount 63,052 135,496 410,912 243,598 15,183 868,241 68,201 127,188 368,954 132,926 11,996 709,26519. Intangible assets including goodwillFor goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595GoodwillThe capitalised goodwill was allocated to the following CGUs as at 31 December:(EUR x 1,000) 2024 2023Europe-Africa 122,188 119,326Americas 71,656 69,978Asia Pacific 30,208 29,501Middle East & India 52,732 51,495Total 276,784 270,300Impairment testing for cash-generating units containing goodwillThe recoverable amounts of the cash-generating units have been determined based on value in use calculations. Value in use was determined by discounting the expected future cash flows from the continuing use of the CGUs. It should be noted that key assumptions applied for the purpose of value in use calculations, such as revenue growth rates and long-term EBIT margins, are inherently conservative to account for potential market volatility and economic uncertainties. \u25a0Cash flows in the first year of the forecast are based on management\u2019s approved financial budget. For all CGUs, the 2025 projections factor in, amongst others, already signed contracts, expected win rates on contracts out for bid, expected crew and vessel utilisation rates and/or industry developments. Cash flows for the CGUs beyond one year are extrapolated using an estimated revenue growth rate based on current and expected market developments. \u25a0Cash flows for the CGUs beyond five years are extrapolated using an estimated long-term revenue growth rate of 2.0% (2023: 2.0%). For the CGUs the revenue growth rates are based on an analysis of the long-term market price trends in relevant industries adjusted for actual experience. \u25a0Any estimated future cash inflows/outflows expected to arise from future restructuring, if any, are excluded from the calculations, unless already committed to. This also applies to a large extent to transformation capital expenditures and the resulting impact on cash inflows. \u25a0The pre-tax discount rate used to discount the pre-tax cash flows for impairment testing purposes is determined through an iterative calculation using the projected post-tax cash flows, expected tax rate for the respective cash generating units and a post-tax discount rate for the Group. Rising interest rates were reflected in a higher risk-free rate (thirty-year German government bonds were used as proxy). This was offset by a lower market risk premium.The key assumptions used in the annual goodwill impairment test at the 30 September measurement date were as follows:Revenue Average Revenue growth rate % revenue growth growth rate % Pre-tax Long-term (EUR x 1,000)year 1rate % year 2-5long-termdiscount rate % EBIT margin %2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Europe-Africa 7.3 8.6 5.2 7.3 2.0 2.0 10.8 11.7 13.5 10.9Americas 6.0 8.9 5.4 8.7 2.0 2.0 10.9 11.7 7.7 10.1Asia Pacific 3.8 21.6 3.7 4.7 2.0 2.0 10.6 11.6 7.6 8.0Middle East & India 21.5 11.2 2.6 6.8 2.0 2.0 12.0 13.7 9.0 10.2Climate-related matters were reflected in these assumptions as follows: \u25a0Assumptions on market developments for the market segments in which Fugro operates, including high growth in the renewables market segment compared to in particular oil and gas. \u25a0Capital expenditures to decarbonise the vessel fleet emissions by 2035, however only insofar these qualify for inclusion in the value in use calculation. Capital expenditures that improve the vessel\u2019s performance are excluded in value in use calculations. \u25a0Terminal value revenue growth rates are capped at the risk-free rate. No further adjustment in long term growth rates for the energy transition from the fossil fuel sector to the renewable energy sector was deemed necessary and therefore not considered to have a material impact.The goodwill sensitivity analysis of each CGU as at the measurement date was as follows:(EUR x 1,000) Absolute change required in each key assumption for headroom to equal zeroAverage Revenue Revenue revenue growth Pre-tax Long-term growth rate growth rate rate % discount EBITHeadroom% year 1% year 2-5long-termratemargin %Europe-Africa 1,215,399 (40.1) (13.0) (23.9) 13.5 (9.9)Americas 197,442 (18.3) (5.2) (5.8) 5.5 (3.3)Asia Pacific 227,106 (24.5) (7.5) (10.9) 9.0 (4.4)Middle East & India 54,046 (14.9) (5.1) (2.9) 2.9 (2.3)Total 1,693,993Total headroom increased from EUR 1,440 million in 2023 to EUR 1,694 million in 2024. The changes beyond those in the above table to assumptions used in the goodwill impairment test would, in isolation, lead to an impairment loss being recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__86-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.17. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure directly attributable to acquisition, materials, direct labour, dismantling, removal, site restoration and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.Assets under construction are classified as such until completion, at which time the item is reclassified to the respective category within property, plant and equipment. Property, plant and equipment are recognised from the point in time when the Group obtains control. Pre-payments made before that point in time are classified as other long-term assets. Parts of an item of property, plant and equipment with different useful lives, are accounted for separately as major components of property, plant and equipment. Gains or losses on disposal are recognised within \u2018other income\u2019 or \u2018other expenses\u2019 in profit or loss.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset if future economic benefits are probable and can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced, such as in the case of major overhaul. Repairs and maintenance are charged to profit and loss when incurred.Depreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 5",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__85-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.19. Intangible assets including goodwillFor goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__84-1": {
"value": "13. Impairments of non-financial assetsIntangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Other non-financial assets that are subject to depreciation and amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amounts of the Group\u2019s non-financial assets other than assets arising from employee benefits and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit (CGU) is the higher of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating unit. The Group\u2019s corporate assets do not generate separate cash inflows and are utilised by more than one cash-generating unit. Corporate assets are allocated to cash-generating units on a reasonable and consistent basis and tested for impairment as part of the testing of the cash generating units to which the corporate asset is allocated.Impairment losses recognised in prior periods are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. This review also considers macro-economic and geopolitical uncertainty and climate-related matters. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.19. Intangible assets including goodwillFor goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.21. Other investmentsThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"value": "14. Other expenses(EUR x 1,000) 2024 2023IT applications and services 56,038 53,229Indirect operating expenses 42,585 37,270Occupancy costs 19,174 20,054Professional services fee 24,329 20,354Communication and office equipment 11,098 11,727Legal, audit & tax advisory fees 12,415 10,174Training 10,013 8,425Impairment of financial assets 3,011 8,157Property lease expense 3,680 6,834Marketing and advertising costs 5,181 5,450Loss on disposal of subsidiaries and other interests - 4,260Loss on disposal of property, plant and equipment 141 62General maintenance and supplies 3,374 3,282Restructuring costs 4,554 1,016Other 14,672 26,827Total 210,265 217,121Comparative numbers have been reclassified to conform to the current year presentation which was updated to further split expenses.Impairment of financial assets in 2024 mainly relates to impairment charges on trade receivables, unbilled revenue on (completed) projects and other receivables, see note 23 Trade and other receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__114-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__111-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366The table set below summarises the net finance cost recognised in other comprehensive income and how they are categorised in the statement of changes in equity.(EUR x 1,000) 2024 2023Recognised in other comprehensive incomeForeign currency translation differences of foreign operations 24,819 (2,815)Foreign currency translation differences recycled to profit and loss - (1,077)Foreign currency translation differences recycled to profit and loss of equity-accounted investees - (7,249)Foreign currency translation differences of equity-accounted investees 2,371 (2,199)Total 27,190 (13,340)Recognised in:Translation reserve 26,518 (12,715)Non-controlling interests 672 (625)Total 27,190 (13,340)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__110-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366The table set below summarises the net finance cost recognised in other comprehensive income and how they are categorised in the statement of changes in equity.(EUR x 1,000) 2024 2023Recognised in other comprehensive incomeForeign currency translation differences of foreign operations 24,819 (2,815)Foreign currency translation differences recycled to profit and loss - (1,077)Foreign currency translation differences recycled to profit and loss of equity-accounted investees - (7,249)Foreign currency translation differences of equity-accounted investees 2,371 (2,199)Total 27,190 (13,340)Recognised in:Translation reserve 26,518 (12,715)Non-controlling interests 672 (625)Total 27,190 (13,340)Amounts recognised in profit and loss(EUR x 1,000) 2024 2023Interest on lease liabilities 9,881 8,359Variable lease payments not included in the measurement of lease liabilities 37,448 30,036Low-value asset expense 125 533Expenses relating to short-term leases 143,924 141,920",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__109-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__107": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366The table set below summarises the net finance cost recognised in other comprehensive income and how they are categorised in the statement of changes in equity.(EUR x 1,000) 2024 2023Recognised in other comprehensive incomeForeign currency translation differences of foreign operations 24,819 (2,815)Foreign currency translation differences recycled to profit and loss - (1,077)Foreign currency translation differences recycled to profit and loss of equity-accounted investees - (7,249)Foreign currency translation differences of equity-accounted investees 2,371 (2,199)Total 27,190 (13,340)Recognised in:Translation reserve 26,518 (12,715)Non-controlling interests 672 (625)Total 27,190 (13,340)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__106": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__105-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__104-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method.32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss.32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__101-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses. Finance expenses comprise interest expense on borrowings and lease liabilities, unwinding of the discount on provisions, losses on disposal of equity securities, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), and losses on hedging instruments that are recognised in profit or loss.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__100-1": {
"value": "15. Net finance (income)/expensesNet finance income and expenses consist of finance expenses, finance income and foreign currency gains and losses.Finance income comprises interest income on funds invested, dividend income, gains on the disposal of equity securities, fair value gains on financial assets at fair value through profit or loss, gains on the re-measurement to fair value of any pre-existing interest in an acquiree, and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in profit or loss on the date the Group\u2019s right to receive payment is established, which in the case of quoted shares is normally the ex-dividend date. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.(EUR x 1,000) 2024 2023Interest income on loans and receivables (6,680) (9,827)Net foreign exchange gain (16,832) -Finance income (23,512) (9,827)Interest expense on financial liabilities measured at amortised cost 32,898 33,871Net foreign exchange loss - 30,322Net loss on derivatives at fair value through profit and loss 1,368 -Finance expense 34,266 64,193Net finance (income)/expenses recognised in profit or loss 10,754 54,366",
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"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__98-1": {
"value": "15. Net finance (income)/expensesBorrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__129-1": {
"value": "16. Income taxIncome tax expense includes current and deferred tax. Both are recognised in profit or loss, except when related to business combinations or items recognised directly in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss, using tax rates (substantively) enacted at the reporting date, as well as (any adjustments to) tax payables and receivables with respect to previous years. Additional income taxes from dividends are recognised when the dividend liability is recognised.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured based on enacted or substantially enacted tax rates that are expected to apply in the years in which temporary differences are expected to reverse. Deferred tax assets and liabilities are offset if there is a legal right to do so and they relate to the same tax authority or when tax entities intend to net settle or realise tax assets and liabilities simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.Fugro has applied the temporary exception for recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.16.2 Deferred tax assets and liabilitiesRecognised deferred tax assets and liabilitiesThe table below provides a reconciliation of the total deferred tax amounts for each of the originating items to the deferred tax asset and liability positions as included in the balance sheet.(EUR x 1,000) 2024 2023Assets Liabilities Net Assets Liabilities NetProperty, plant and equipment 14,973 (9,952) 5,021 20,915 (12,125) 8,790Intangible assets - (2,923) (2,923) - (2,437) (2,437)Subordinated unsecured convertible bonds - - - - (650) (650)Loans and borrowings 227 (3,721) (3,494) - (2,751) (2,751)Leases 18,565 (17,089) 1,476 19,513 (18,425) 1,088Employee benefits 2,083 (7,903) (5,820) 2,735 (4,971) (2,236)Provisions 5,508 (5,918) (410) 6,728 (7,530) (802)Liquidation losses 70,493 - 70,493 58,367 - 58,367Tax loss carry-forwards 68,171 - 68,171 70,180 - 70,180Other items 7,027 (4.791) 2,236 6,674 (5,672) 1,002Deferred tax assets/(liabilities) 187,047 (52,297) 134,750 185,112 (54,561) 130,551Set-off of tax components (43,047) 43,047 - (46,477) 46,477 -Reflected in the statement of financial position as follows 144,000 (9,250) 134,750 138,635 (8,084) 130,551The recognised deferred tax assets are dependent on future taxable profits in excess of profits arising from the reversal of existing taxable temporary differences. The recognised amounts relate to tax groups that are profitable or are expected to be profitable in the foreseeable future. Management\u2019s projections support the assumption that it is probable that the results of future operations will generate enough taxable income to utilise these deferred tax assets. Consistent with other areas such as annual goodwill impairment testing, climate-related matters were considered in these projections. These include risks as well as opportunities, including the anticipated growth in activities in the renewables market segment. The movements in deferred tax balances during 2024 and 2023 were as follows: Movement in temporary differences during the yearRecognised Balance Recognised in other Balance 31 1 January in profit or comprehen-December (EUR x 1,000)2024losssive income2024Property, plant and equipment 8,790 (3,769) - 5,021Intangible assets (2,437) (486) - (2,923)Subordinated unsecured convertible bonds (650) 650 - -Loans and borrowings (2,751) (743) - (3,494)Leases 1,088 388 - 1,476Employee benefits (2,236) (4,292) 708 (5,820)Provisions (802) 392 - (410)Liquidation losses 58,367 12,126 - 70,493Tax loss carry-forward 70,180 (2,009) - 68,171Other items 1,002 1,827 (593) 2,236Exchange differences - (3,430) 3,430 -Total 130,551 654 3,545 134,750Acquired in Recognised Balance business Recognised in other Balance 31 1 January combina-in profit or comprehen-December (EUR x 1,000)2023tionslosssive income2023Property, plant and equipment 13,313 (21) (4,502) - 8,790Intangible assets (2,346) - (91) - (2,437)Subordinated unsecured convertible bonds (1,276) - 626 - (650)Loans and borrowings (1,713) - (1,038) - (2,751)Leases 1,534 - (446) - 1,088Employee benefits (2,755) - (2,755) 3,274 (2,236)Provisions 1,504 (80) (2,226) - (802)Liquidation losses 15,254 - 43,113 - 58,367Tax loss carry-forward 32,443 296 37,441 - 70,180Other items 1,200 38 (829) 593 1,002Exchange differences - - 229 (229) -Total 57,158 233 69,522 3,638 130,551Tax loss carry-forwardTax loss carry-forward mainly consists of recognised deferred tax assets in the United States, United Kingdom and Singapore.Liquidation lossesThe deferred tax asset on liquidation losses of EUR 70.5 million relates to the upcoming liquidations of the Seabed Group (EUR 62.5 million) and an Irish subsidiary (EUR 8.0 million).In addition to these liquidation losses and subject to various technical considerations, a maximum additional amount of EUR 100 million (gross Seabed related losses) could in future materialise as liquidation losses at Group level. Accordingly, an additional deferred tax asset (valued against the applicable rate) could potentially arise in future, if the probability meets the recognition criteria. This position is reviewed on an annual basis.16.3 Unrecognised deferred tax assets and liabilitiesUnrecognised deferred tax assets relate to tax units previously suffering losses for which it is currently not probable that future taxable profit will be available to offset these losses, taking into account fiscal restrictions on the utilisation of loss compensation.The deductible temporary differences and capital allowances do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items, because it is not probable that future taxable profit will be available against which the Group can utilise these benefits. Unrecognised tax assets changed over the period as follows:Unrecognised deferred tax assets(EUR x 1,000) 2024 2023As of 1 January 228,478 289,068Movements during the period: Additional unrecognised losses and temporary differences 6,412 8,276Recognition of previously unrecognised tax losses and temporary differences (profit or loss) (18,889) (52,341)Recognition of previously unrecognised tax losses (profit or loss, discontinued) (1,910) -Effect of change in tax rates (195) (4,602)Exchange rate differences (279) (13,568)Expiration of tax losses (197) (3,413)Change from reassessment (157) 5,058As of 31 December and specified as follows: 213,263 228,478Tax credits 7,685 7,038Deductible temporary differences 21,885 20,891Tax loss carry-forward 183,693 200,549213,263 228,478Tax loss carry-forwardThis item mainly consists of unrecognised deferred tax assets in Australia, Singapore and Brazil. The reduction is mainly the effect of the recognition and utilisation of deferred tax assets in Singapore, Australia, Brazil and Angola. The balance also includes an amount of EUR 69 million related to the remaining legal entities in the Seabed group, which business was divested in 2021, therefore effectively limiting the utilisation of these losses to nil.(EUR x 1,000) 2024 2023Expiry of recognised and unrecognised deferred tax assets in respect of tax losses carried forwardBetween 1 \u2013 5 years 5,614 6,017Between 6 \u2013 10 years 30,114 29,739Between 11 \u2013 20 years 27,682 36,249Indefinite 188,454 198,724251,864 270,729Temporary differences relating to investments in subsidiariesAt 31 December 2024, a deferred tax liability of EUR 5 million relating to investments in subsidiaries has been recognised (2023: EUR 4.8 million). No deferred tax liability is recognised in case Fugro controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future due to permanent reinvestments. The aggregate amount of temporary differences for which these deferred tax liabilities have been recognised is EUR 91.4 million (2023: 85.6 million).",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__128": {
"value": "16. Income taxIncome tax expense includes current and deferred tax. Both are recognised in profit or loss, except when related to business combinations or items recognised directly in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss, using tax rates (substantively) enacted at the reporting date, as well as (any adjustments to) tax payables and receivables with respect to previous years. Additional income taxes from dividends are recognised when the dividend liability is recognised.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured based on enacted or substantially enacted tax rates that are expected to apply in the years in which temporary differences are expected to reverse. Deferred tax assets and liabilities are offset if there is a legal right to do so and they relate to the same tax authority or when tax entities intend to net settle or realise tax assets and liabilities simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.Fugro has applied the temporary exception for recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__127": {
"value": "16. Income taxIncome tax expense includes current and deferred tax. Both are recognised in profit or loss, except when related to business combinations or items recognised directly in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss, using tax rates (substantively) enacted at the reporting date, as well as (any adjustments to) tax payables and receivables with respect to previous years. Additional income taxes from dividends are recognised when the dividend liability is recognised.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured based on enacted or substantially enacted tax rates that are expected to apply in the years in which temporary differences are expected to reverse. Deferred tax assets and liabilities are offset if there is a legal right to do so and they relate to the same tax authority or when tax entities intend to net settle or realise tax assets and liabilities simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.Fugro has applied the temporary exception for recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__126": {
"value": "16. Income taxIncome tax expense includes current and deferred tax. Both are recognised in profit or loss, except when related to business combinations or items recognised directly in equity or other comprehensive income.Current tax is the expected tax payable or receivable on the taxable income or loss, using tax rates (substantively) enacted at the reporting date, as well as (any adjustments to) tax payables and receivables with respect to previous years. Additional income taxes from dividends are recognised when the dividend liability is recognised.Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured based on enacted or substantially enacted tax rates that are expected to apply in the years in which temporary differences are expected to reverse. Deferred tax assets and liabilities are offset if there is a legal right to do so and they relate to the same tax authority or when tax entities intend to net settle or realise tax assets and liabilities simultaneously.A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, if probable future taxable profits are available. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.Fugro has applied the temporary exception for recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.The Group considers uncertain tax positions and potential additional taxes and interest when determining current and deferred tax amounts. It believes its tax liability accruals are adequate, based on various factors and judgements. New information may change these judgements, affecting tax expense in the period of the change.16.1 Income tax expense/(gain)The table below provides a breakdown of the current and deferred tax expense into the main categories. The table presents the income tax expense excluding the impact from discontinued operations.Recognised in profit or loss(EUR x 1,000) 2024 2023Current income tax expense/(gain)Current year 36,213 29,734Adjustments for prior years (223) 964Pillar Two Top-up tax 8,000 -43,990 30,698Deferred income tax expense/(gain)Origination and reversal of tax losses and temporary differences 41,706 31,832Change in tax rate (718) 1,474Recognition of previously unrecognised tax losses and temporary differences (18,889) (52,341)Recognition of liquidation losses (12,126) (43,113)Impairment of deferred of tax asset 1,156 645Liability for undistributed foreign earnings (deferred) 155 -Adjustments for prior years (11,938) (8,019)(654) (69,522)Total income tax expense/(gain) on continuing operations 43,336 (38,824)Reconciliation of effective tax rate(EUR x 1,000) 2024 2023% %Profit/(loss) before income tax 311,176 218,572Income tax using the weighted domestic average tax rates 27.5 85,502 26.6 58,223Change in tax rate (0.2) (718) 0.7 1,474Recognition of previously unrecognised tax losses and temporary differences (6.1) (18,889) (23.9) (52,341)Recognition of liquidation losses (3.9) (12,126) (19.7) (43,113)Impairment deferred of tax asset 0.4 1,156 - -Current year tax losses, temporary differences and tax credits not recognised 1.7 5,256 3.8 8,276Non-deductible expenses 3.0 9,331 3.6 7,972Tax exempt income: vessel incentives and Innovation box (5.2) (16,035) (2.1) (4,613)Tax exempt income: other (1.9) (5,921) (3.1) (6,711)Liability for undistributed foreign earnings (deferred) 0.0 155 0.3 645Adjustments for prior years (deferred) (3.8) (11,938) (3.7) (8,019)Adjustments for prior years (current) (0.1) (223) 0.4 964Dividend and other income taxes (0.1) (214) (0.7) (1,581)Pillar Two Top-up tax 2.6 8,000 - -Income tax expense recognised in consolidated statement of comprehensive income 13.9 43,336 (17.8) (38,824)Income tax using the weighted average tax ratesThe weighted average tax rate is computed by multiplying the result before tax of each tax group with the applicable domestic corporate income tax rates, varying from 0% to 35%. The minor increase of the weighted tax rate compared to prior year is caused by a different mix of results in the various tax groups.Recognition of previously unrecognised tax lossesThis is mainly the effect of recognition and utilisation of previously unrecognised tax losses in Singapore (EUR 9.2 million), Brazil (EUR 2.1 million) and Australia (EUR 2.4 million) due to profitability and improved business outlook. The utilisation in Angola (EUR 4.0 million) relates to a debt-forgiveness on non-recoverable intercompany positions. In 2023, the main recognition and utilisation of previously unrecognised tax losses was in the United States (EUR 38.6 million) and Singapore (EUR 12.0 million). Recognition of liquidation lossesThe recognition of liquidation losses of EUR 12.1 million relates to the additional valuation of expected tax losses from the upcoming formal liquidation of the remaining legal entities of the Seabed group, which business was divested in 2021. The 2024 movement relates to an update on the valuation of the potential liquidation loss of the Seabed group. Finalisation of the 2020 Dutch corporate income tax return of the Seabed group resulted in an additional liquidation loss at the level of Fugro NV that was part of the EUR 150 million of losses that did not meet the recognition criteria at December 31, 2023.The movement in 2023 included a valuation of liquidation losses for the Seabed Group of EUR 37.9 million and EUR 5.2 million in relation to the liquidation of an Irish subsidiary.Tax exempt income: vessel incentives and Innovation boxThe company partially applies the Dutch tonnage tax regime on the results from its vessel operations. The regime allows for a deemed tax rate, based on tonnage rather than actual profits or losses. Same as for other EU jurisdictions, the Dutch regime is approved under the scope of EU guidelines relating to Maritime Transport. The regime was originally applied on the company\u2019s geophysical vessel operations only but has been extended to also cover geotechnical vessel operations following broadening of the scope of the regulations.The Dutch Innovation box is an incentive that allows companies to effectively apply a reduced effective corporate tax rate on profits derived from innovative products or processes that are self-developed in the Netherlands. This applies to qualifying intellectual property like patents, software, and R&D activities that received an R&D declaration.The broadened scope of the tonnage tax regime explains the increase of the tax-exempt income from EUR 4.6 million in 2023 to EUR 16.0 million in 2024.Adjustments for prior years (deferred)This is mainly the prior year effect (EUR 13 million) of the tonnage tax arrangement as explained above. Pillar Two Top-up taxAs from 31 December 2023 the Dutch Minimum Tax Rate Act 2024 applies, which implements EU Council Directive 2022/2523, also known as the EU Pillar Two Directive. The aim of this regulation is that groups with a total worldwide revenue exceeding EUR 750 million are subject to an effective tax rate (ETR) of at least 15% per jurisdiction in which they operate. Extensive rules, some of which are still in discussion on an OECD level, dictate how income and tax are calculated to arrive at the ETR. If the ETR in a certain jurisdiction is below the 15% threshold, a Top-up tax is levied, which effectively increases the ETR to the expected levels.Fugro believes there are inconsistencies between the EU Pillar Two Directive and the existing EU Maritime State Aid Guidelines as well as EU approved tonnage tax regimes. These inconsistencies lead to unequal taxation of Dutch and European vessels owners. Fugro has requested the EU\u2019s General Court to review some of the inconsistencies of the Directive and provide direction on future application of it.Following these inconsistencies, in 2024 Fugro has a lower ETR, due to the vessel incentive. Pending the outcome of request to the EU General Court, a Top-up tax liability of EUR 8.0 million has been included in the accounts. 16.2 Deferred tax assets and liabilitiesRecognised deferred tax assets and liabilitiesThe table below provides a reconciliation of the total deferred tax amounts for each of the originating items to the deferred tax asset and liability positions as included in the balance sheet.(EUR x 1,000) 2024 2023Assets Liabilities Net Assets Liabilities NetProperty, plant and equipment 14,973 (9,952) 5,021 20,915 (12,125) 8,790Intangible assets - (2,923) (2,923) - (2,437) (2,437)Subordinated unsecured convertible bonds - - - - (650) (650)Loans and borrowings 227 (3,721) (3,494) - (2,751) (2,751)Leases 18,565 (17,089) 1,476 19,513 (18,425) 1,088Employee benefits 2,083 (7,903) (5,820) 2,735 (4,971) (2,236)Provisions 5,508 (5,918) (410) 6,728 (7,530) (802)Liquidation losses 70,493 - 70,493 58,367 - 58,367Tax loss carry-forwards 68,171 - 68,171 70,180 - 70,180Other items 7,027 (4.791) 2,236 6,674 (5,672) 1,002Deferred tax assets/(liabilities) 187,047 (52,297) 134,750 185,112 (54,561) 130,551Set-off of tax components (43,047) 43,047 - (46,477) 46,477 -Reflected in the statement of financial position as follows 144,000 (9,250) 134,750 138,635 (8,084) 130,551The recognised deferred tax assets are dependent on future taxable profits in excess of profits arising from the reversal of existing taxable temporary differences. The recognised amounts relate to tax groups that are profitable or are expected to be profitable in the foreseeable future. Management\u2019s projections support the assumption that it is probable that the results of future operations will generate enough taxable income to utilise these deferred tax assets. Consistent with other areas such as annual goodwill impairment testing, climate-related matters were considered in these projections. These include risks as well as opportunities, including the anticipated growth in activities in the renewables market segment. The movements in deferred tax balances during 2024 and 2023 were as follows: Movement in temporary differences during the yearRecognised Balance Recognised in other Balance 31 1 January in profit or comprehen-December (EUR x 1,000)2024losssive income2024Property, plant and equipment 8,790 (3,769) - 5,021Intangible assets (2,437) (486) - (2,923)Subordinated unsecured convertible bonds (650) 650 - -Loans and borrowings (2,751) (743) - (3,494)Leases 1,088 388 - 1,476Employee benefits (2,236) (4,292) 708 (5,820)Provisions (802) 392 - (410)Liquidation losses 58,367 12,126 - 70,493Tax loss carry-forward 70,180 (2,009) - 68,171Other items 1,002 1,827 (593) 2,236Exchange differences - (3,430) 3,430 -Total 130,551 654 3,545 134,750Acquired in Recognised Balance business Recognised in other Balance 31 1 January combina-in profit or comprehen-December (EUR x 1,000)2023tionslosssive income2023Property, plant and equipment 13,313 (21) (4,502) - 8,790Intangible assets (2,346) - (91) - (2,437)Subordinated unsecured convertible bonds (1,276) - 626 - (650)Loans and borrowings (1,713) - (1,038) - (2,751)Leases 1,534 - (446) - 1,088Employee benefits (2,755) - (2,755) 3,274 (2,236)Provisions 1,504 (80) (2,226) - (802)Liquidation losses 15,254 - 43,113 - 58,367Tax loss carry-forward 32,443 296 37,441 - 70,180Other items 1,200 38 (829) 593 1,002Exchange differences - - 229 (229) -Total 57,158 233 69,522 3,638 130,551Tax loss carry-forwardTax loss carry-forward mainly consists of recognised deferred tax assets in the United States, United Kingdom and Singapore.Liquidation lossesThe deferred tax asset on liquidation losses of EUR 70.5 million relates to the upcoming liquidations of the Seabed Group (EUR 62.5 million) and an Irish subsidiary (EUR 8.0 million).In addition to these liquidation losses and subject to various technical considerations, a maximum additional amount of EUR 100 million (gross Seabed related losses) could in future materialise as liquidation losses at Group level. Accordingly, an additional deferred tax asset (valued against the applicable rate) could potentially arise in future, if the probability meets the recognition criteria. This position is reviewed on an annual basis.16.3 Unrecognised deferred tax assets and liabilitiesUnrecognised deferred tax assets relate to tax units previously suffering losses for which it is currently not probable that future taxable profit will be available to offset these losses, taking into account fiscal restrictions on the utilisation of loss compensation.The deductible temporary differences and capital allowances do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of these items, because it is not probable that future taxable profit will be available against which the Group can utilise these benefits. Unrecognised tax assets changed over the period as follows:Unrecognised deferred tax assets(EUR x 1,000) 2024 2023As of 1 January 228,478 289,068Movements during the period: Additional unrecognised losses and temporary differences 6,412 8,276Recognition of previously unrecognised tax losses and temporary differences (profit or loss) (18,889) (52,341)Recognition of previously unrecognised tax losses (profit or loss, discontinued) (1,910) -Effect of change in tax rates (195) (4,602)Exchange rate differences (279) (13,568)Expiration of tax losses (197) (3,413)Change from reassessment (157) 5,058As of 31 December and specified as follows: 213,263 228,478Tax credits 7,685 7,038Deductible temporary differences 21,885 20,891Tax loss carry-forward 183,693 200,549213,263 228,478Tax loss carry-forwardThis item mainly consists of unrecognised deferred tax assets in Australia, Singapore and Brazil. The reduction is mainly the effect of the recognition and utilisation of deferred tax assets in Singapore, Australia, Brazil and Angola. The balance also includes an amount of EUR 69 million related to the remaining legal entities in the Seabed group, which business was divested in 2021, therefore effectively limiting the utilisation of these losses to nil.(EUR x 1,000) 2024 2023Expiry of recognised and unrecognised deferred tax assets in respect of tax losses carried forwardBetween 1 \u2013 5 years 5,614 6,017Between 6 \u2013 10 years 30,114 29,739Between 11 \u2013 20 years 27,682 36,249Indefinite 188,454 198,724251,864 270,729Temporary differences relating to investments in subsidiariesAt 31 December 2024, a deferred tax liability of EUR 5 million relating to investments in subsidiaries has been recognised (2023: EUR 4.8 million). No deferred tax liability is recognised in case Fugro controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future due to permanent reinvestments. The aggregate amount of temporary differences for which these deferred tax liabilities have been recognised is EUR 91.4 million (2023: 85.6 million).",
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"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__150-1": {
"value": "17. Property, plant and equipmentDepreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 5(EUR x 1,000) 2024 2023Fixed assets Fixed assets Land and Plant and under Land and Plant and under BuildingsEquipment Vesselsconstruction Other TotalBuildingsEquipment Vesselsconstruction Other TotalBalance at 1 January Cost 147,913 820,490 907,869 132,926 113,061 2,122,259 167,180 858,575 834,642 54,144 130,924 2,045,465Accumulated depreciation and impairment (79,712) (693,302) (538,915) - (101,065) (1,412,994) (89,596) (758,092) (516,696) - (121,085) (1,485,469) Carrying amount 68,201 127,188 368,954 132,926 11,996 709,265 77,584 100,483 317,946 54,144 9,839 559,996Change in carrying amount:Additions 3,090 17,418 7,838 232,097 4,286 264,729 1,396 39,588 85,148 128,488 5,639 260,259Acquisitions through business combinations - - - - - - - 29 - 3,857 19 3,905Transfers from fixed assets under construction 595 41,592 77,706 (124,452) 4,559 - 1,315 39,010 8,913 (50,779) 1,541 -Depreciation (5,528) (51,916) (45,880) - (6,132) (109,456) (4,997) (48,394) (40,663) - (4,778) (98,832)Impairment (loss)/reversal - - (2,111) - - (2,111) (1,760) - 4,600 - - 2,840Disposals (1,391) (530) (483) - (29) (2,433) (662) (335) - (11) (58) (1,066)Effects of movements in foreign exchange rates 1,634 1,847 5,595 3,621 503 13,200 (1,118) (2,138) (4,881) (2,773) (206) (11,116)Reclassification adjustment - - (707) (594) - (1,301) - (1,055) (2,109) - - (3,164)Transfers from/(to) assets classified as held for sale (3,549) (103) - - - (3,652) (3,557) - - - - (3,557)Total changes (5,149) 8,308 41,958 110,672 3,187 158,976 (9,383) 26,705 51,008 78,782 2,157 149,269Balance at 31 December Cost 132,568 860,516 1,002,374 243,598 116,880 2,355,936 147,913 820,490 907,869 132,926 113,061 2,122,259Accumulated depreciation and impairment (69,516) (725,020) (591,462) - (101,697) (1,487,695) (79,712) (693,302) (538,915) - (101,065) (1,412,994)Carrying amount 63,052 135,496 410,912 243,598 15,183 868,241 68,201 127,188 368,954 132,926 11,996 709,26518. LeasesThe right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.Right-of-use assets(EUR x 1,000) Vessels Property Equipment TotalBalance at 1 January 2023 94,906 94,681 7,317 196,904Balance at 1 January 2024 69,719 92,826 11,918 174,463Balance at 31 December 2024 76,974 100,946 8,966 186,886Depreciation Additions Depreciation Additions (EUR x 1,000)2024202420232023Vessels 36,808 10,906 28,481 66,974Property 16,058 15,560 12,551 4,417Equipment 5,737 5,700 4,848 7,969Total 58,603 32,166 45,880 79,36019. Intangible assets including goodwillAmortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__148-1": {
"value": "17. Property, plant and equipmentDepreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 518. LeasesThe right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__147-1": {
"value": "17. Property, plant and equipmentDepreciation is based on the cost of an asset less its residual value. Significant components of individual with useful life that is different from the remainder of that asset, are depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. The estimated useful lives for the current and comparative period of significant items of property, plant and equipment are as follows:Category YearsLand InfiniteBuildings 20 \u2013 40Plant and equipment including ROVs, USVs, aerial vehicles, etc. 3 \u2013 10Vessels including jack-up platforms 2 \u2013 25Other 1 \u2013 518. LeasesThe right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.19. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__169": {
"value": "18. LeasesDefinition of a leaseA contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone selling prices. However, for leases of property and equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. Recognition and measurementThe Group recognises a right-of-use asset and lease liability at the lease commencement date. The Group applies the short-term lease recognition exemption to its short-term leases of vessels, property 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). The Group also applies the lease of low-value assets recognition exemption. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.The right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is measured at the net present value of the lease payments that are not paid at the commencement date. The lease liability is subsequently increased to reflect the accretion of interest and reduced for the lease payments made. The line-item interest paid in the statement of cash flows includes cash payments for the interest portion of lease liabilities. The discount rate is the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. 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 lease payments include (in-substance) fixed payments (less any lease incentives), 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 under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and payments of penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The carrying amount of lease liabilities is remeasured if there is a modification and the lease modification is not accounted for as a separate lease, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or when there is a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero.",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__161-1": {
"value": "18. LeasesDefinition of a leaseA contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone selling prices. However, for leases of property and equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. Recognition and measurementThe Group recognises a right-of-use asset and lease liability at the lease commencement date. The Group applies the short-term lease recognition exemption to its short-term leases of vessels, property 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). The Group also applies the lease of low-value assets recognition exemption. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.The right-of-use asset is initially measured at cost. Cost comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the value of the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is measured at the net present value of the lease payments that are not paid at the commencement date. The lease liability is subsequently increased to reflect the accretion of interest and reduced for the lease payments made. The line-item interest paid in the statement of cash flows includes cash payments for the interest portion of lease liabilities. The discount rate is the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. 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 lease payments include (in-substance) fixed payments (less any lease incentives), 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 under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and payments of penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.The carrying amount of lease liabilities is remeasured if there is a modification and the lease modification is not accounted for as a separate lease, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or when there is a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group\u2019s lease portfolio consists of vessels, property and equipment.VesselsThe non-cancellable periods of vessel leases vary from 2 to 6 years. The Group has options to extend, terminate or purchase certain vessel leases. These options facilitate the Group\u2019s asset portfolio management to market conditions. Periods covered by extension options and termination options are generally not reflected in the lease term unless these options are assessed as reasonably certain to be exercised. Purchase options are not reasonably certain to be exercised. Lease payments generally include a fixed component (e.g. a fixed day rate). In addition, lease payments based on the utilisation of vessels are applied in the industry. The Group typically guarantees a minimum utilisation rate (e.g. a minimum number of charter days per annum at a predetermined day rate), which is reflected in the lease liability. The sensitivity of reported information to the aforementioned variables (e.g. future variable lease payments) is low.PropertyThe Group has 172 property leases, which consist of land and buildings (e.g. offices, laboratory facilities, warehouses and housing). The non-cancellable periods of property leases vary from 1 to 43 years. Land leases have longer durations than buildings. The operational and financial effects of extension or termination options are not significant. In particular, some leases of office buildings contain extension options exercisable by the Group which provide operational flexibility. The Group assesses at lease commencement whether it is reasonably certain to exercise the options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. Fixed lease payments are generally subject to periodic adjustment to market rentals by means of a retail price index and/or in-substance fixed annual rent escalations. The relative magnitude of rent escalations and retail price index adjustments compared to the fixed lease payments is not significant.EquipmentThe Group has 702 equipment leases, comprising vehicles, IT equipment (data storage, copiers, printers, scanners, servers etc.), telecom (telecom, radio and satellite devices), aerial vehicles, drilling equipment, compressors, subsea equipment and cranes. The lease terms vary from 1 to 10 years. The lease payments are generally fixed in nature.Right-of-use assets(EUR x 1,000) Vessels Property Equipment TotalBalance at 1 January 2023 94,906 94,681 7,317 196,904Balance at 1 January 2024 69,719 92,826 11,918 174,463Balance at 31 December 2024 76,974 100,946 8,966 186,886Depreciation Additions Depreciation Additions (EUR x 1,000)2024202420232023Vessels 36,808 10,906 28,481 66,974Property 16,058 15,560 12,551 4,417Equipment 5,737 5,700 4,848 7,969Total 58,603 32,166 45,880 79,360Refer to note 32 Financial risk management for the maturities of lease liabilities.Amounts recognised in profit and loss(EUR x 1,000) 2024 2023Interest on lease liabilities 9,881 8,359Variable lease payments not included in the measurement of lease liabilities 37,448 30,036Low-value asset expense 125 533Expenses relating to short-term leases 143,924 141,920Amounts recognised in the statement of cash flows(EUR x 1,000) 2024 2023Total cash outflow for leases 60,428 89,961The same additional climate-related impairment trigger assessment as explained in note 17 was performed for leased vessels. Fugro considers the availability of \u2018green\u2019 leases. No triggering events were identified.32. Financial risk management32.3 Liquidity riskThe following are the contractual maturities of financial liabilities including interest payments:(EUR x 1,000) 2024Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsTerm loan EUR 100 million (issued 2024) 99,564 122,902 2,283 2,295 4,603 113,721 -Revolving credit facility EUR 300 million (issued 2024) 100,147 120,669 2,105 2,139 4,143 112,282 -Lease liabilities 207,171 319,669 30,899 33,096 57,128 96,333 102,213Other loans and long-term borrowings 8,425 8,425 8,425 - - - -Trade and other payables 533,215 533,215 533,215 - - - -Bank overdraft 317 317 317 - - - -Balance at 31 December 948,839 1,105,197 577,244 37,530 65,874 322,336 102,213(EUR x 1,000) 2023Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsSenior term loan EUR 200 million 200,575 239,532 7,195 7,274 14,587 210,476 -Subordinated unsecured convertible bonds in EUR 100,000 41,640 44,412 956 43,456 - - -Lease liabilities 186,174 267,452 26,181 28,548 41,708 70,368 100,647Other loans and long-term borrowings 7,924 7,924 7,924 - - - -Trade and other payables 485,829 485,829 485,829 - - - -Bank overdraft 496 496 496 - - - -Balance at 31 December 922,638 1,045,645 528,581 79,278 56,295 280,844 100,647The interest included in the above table is based on the current amounts borrowed with current interest rates against the current exchange rate (if applicable). No assumptions are included for possible future changes in borrowings and interest payments. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__193-1": {
"value": "19. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595",
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"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__192-1": {
"value": "19. Intangible assets including goodwillResearch expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__191-1": {
"value": "19. Intangible assets including goodwillResearch expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__188-1": {
"value": "19. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.Research expenditure is recognised in profit or loss. Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. The capitalised expenditure includes materials, direct labour, overhead costs and capitalised borrowing costs. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.Software and other intangible assets acquired or developed by the Group and that have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits of the asset. All other expenditure is recognised in profit or loss as incurred.Amortisation is based on the cost of an asset less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Goodwill and intangible assets with an indefinite life are tested for impairment annually or when there is an indication for impairment. Other intangible assets and software are amortised from the date they are available for their intended use. The estimated useful life of software and other capitalised development costs is typically five years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__187-1": {
"value": "19. Intangible assets including goodwillGoodwill that arises upon the acquisition of subsidiaries is presented with intangible assets. After initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to cash generating units and is not amortised but is tested for impairment annually and when there is an indication for impairment.For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. The measurement date of the annual goodwill impairment test is 30 September. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the (groups of) cash-generating unit(s) and then to reduce the carrying amount of the other assets in the cash-generating unit (or group of cash-generating units) on a pro rata basis.An impairment loss in respect of goodwill is not reversed. For other intangible assets, an impairment loss is reversed if the indications for that loss no longer exist. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.(EUR x 1,000) 2024 2023E&E (Finder/E&E (Finder/Goodwill Theia) Software Other Total Goodwill Theia) Software Other TotalBalance at 1 January Cost 587,882 37,010 10,735 6,996 642,623 595,172 38,198 9,663 12,048 655,081Accumulated amortisation and impairment (317,582) (20,852) (8,676) (4,918) (352,028) (322,694) (21,191) (8,788) (9,659) (362,332)Carrying amount 270,300 16,158 2,059 2,078 290,595 272,478 17,007 875 2,389 292,749Change in carrying amount:Acquisitions through business combinations - - - - - 2,108 - 1,380 - 3,488Purchase of intangible assets - - 27 46 73 - - 48 41 89Other additions - 57 - - 57 - 7 - - 7Amortisation - - (664) (306) (970) - - (191) (273) (464)Impairment - - - - - - (319) - - (319)Disposals - - - - - - - - - -Effect of movements in foreign exchange rates 6,484 (522) 28 (54) 5,936 (4,286) (537) (53) (79) (4,955)Total changes 6,484 (465) (609) (314) 5,096 (2,178) (849) 1,184 (311) (2,154)Balance at 31 December Cost 600,759 35,873 11,042 6,608 654,282 587,882 37,010 10,735 6,996 642,623Accumulated amortisation and impairment (323,975) (20,180) (9,592) (4,844) (358,591) (317,582) (20,852) (8,676) (4,918) (352,028)Carrying amount 276,784 15,693 1,450 1,764 295,691 270,300 16,158 2,059 2,078 290,595GoodwillThe capitalised goodwill was allocated to the following CGUs as at 31 December:(EUR x 1,000) 2024 2023Europe-Africa 122,188 119,326Americas 71,656 69,978Asia Pacific 30,208 29,501Middle East & India 52,732 51,495Total 276,784 270,300Impairment testing for cash-generating units containing goodwillThe recoverable amounts of the cash-generating units have been determined based on value in use calculations. Value in use was determined by discounting the expected future cash flows from the continuing use of the CGUs. It should be noted that key assumptions applied for the purpose of value in use calculations, such as revenue growth rates and long-term EBIT margins, are inherently conservative to account for potential market volatility and economic uncertainties. \u25a0Cash flows in the first year of the forecast are based on management\u2019s approved financial budget. For all CGUs, the 2025 projections factor in, amongst others, already signed contracts, expected win rates on contracts out for bid, expected crew and vessel utilisation rates and/or industry developments. Cash flows for the CGUs beyond one year are extrapolated using an estimated revenue growth rate based on current and expected market developments. \u25a0Cash flows for the CGUs beyond five years are extrapolated using an estimated long-term revenue growth rate of 2.0% (2023: 2.0%). For the CGUs the revenue growth rates are based on an analysis of the long-term market price trends in relevant industries adjusted for actual experience. \u25a0Any estimated future cash inflows/outflows expected to arise from future restructuring, if any, are excluded from the calculations, unless already committed to. This also applies to a large extent to transformation capital expenditures and the resulting impact on cash inflows. \u25a0The pre-tax discount rate used to discount the pre-tax cash flows for impairment testing purposes is determined through an iterative calculation using the projected post-tax cash flows, expected tax rate for the respective cash generating units and a post-tax discount rate for the Group. Rising interest rates were reflected in a higher risk-free rate (thirty-year German government bonds were used as proxy). This was offset by a lower market risk premium.The key assumptions used in the annual goodwill impairment test at the 30 September measurement date were as follows:Revenue Average Revenue growth rate % revenue growth growth rate % Pre-tax Long-term (EUR x 1,000)year 1rate % year 2-5long-termdiscount rate % EBIT margin %2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Europe-Africa 7.3 8.6 5.2 7.3 2.0 2.0 10.8 11.7 13.5 10.9Americas 6.0 8.9 5.4 8.7 2.0 2.0 10.9 11.7 7.7 10.1Asia Pacific 3.8 21.6 3.7 4.7 2.0 2.0 10.6 11.6 7.6 8.0Middle East & India 21.5 11.2 2.6 6.8 2.0 2.0 12.0 13.7 9.0 10.2Climate-related matters were reflected in these assumptions as follows: \u25a0Assumptions on market developments for the market segments in which Fugro operates, including high growth in the renewables market segment compared to in particular oil and gas. \u25a0Capital expenditures to decarbonise the vessel fleet emissions by 2035, however only insofar these qualify for inclusion in the value in use calculation. Capital expenditures that improve the vessel\u2019s performance are excluded in value in use calculations. \u25a0Terminal value revenue growth rates are capped at the risk-free rate. No further adjustment in long term growth rates for the energy transition from the fossil fuel sector to the renewable energy sector was deemed necessary and therefore not considered to have a material impact.The goodwill sensitivity analysis of each CGU as at the measurement date was as follows:(EUR x 1,000) Absolute change required in each key assumption for headroom to equal zeroAverage Revenue Revenue revenue growth Pre-tax Long-term growth rate growth rate rate % discount EBITHeadroom% year 1% year 2-5long-termratemargin %Europe-Africa 1,215,399 (40.1) (13.0) (23.9) 13.5 (9.9)Americas 197,442 (18.3) (5.2) (5.8) 5.5 (3.3)Asia Pacific 227,106 (24.5) (7.5) (10.9) 9.0 (4.4)Middle East & India 54,046 (14.9) (5.1) (2.9) 2.9 (2.3)Total 1,693,993Total headroom increased from EUR 1,440 million in 2023 to EUR 1,694 million in 2024. The changes beyond those in the above table to assumptions used in the goodwill impairment test would, in isolation, lead to an impairment loss being recognised.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__184-1": {
"value": "19. Intangible assets including goodwillFugro incurs exploration and evaluation (E&E) costs in Australian areas of interest in cooperation with Finder Exploration Pty Ltd (Finder), Theia Energy Pty Ltd (Theia) and Finder related parties. These assets are considered non-core business. E&E expenditure are capitalised as intangible asset for an area of interest where it is considered likely to be recoverable. This requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established by the parties involved. These estimates and assumptions include the relevant regulatory environment and may change as new information becomes available. Capitalised costs are only carried forward to the extent that they are expected to be recovered. Accordingly, E&E assets are not amortised, but assessed for impairment indications. If recovery of the expenditure is no longer likely, the relevant capitalised amount will be written off.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__229-1": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.The movement in the carrying amounts of associates and joint ventures are presented as follows:(EUR x 1,000) Joint ventures Associates 2024 2023 2024 2023At 1 January 46,050 43,164 - 3,385Share of profit/(loss) 14,000 11,165 - 128Capital increase/(decrease) 138 - - -Other comprehensive income/(loss) 2,371 (2,259) - 60Dividends received (5,825) (6,020) - -Step-acquisition - - - (3,573)At 31 December 56,734 46,050 - -None of the group\u2019s equity-accounted investees are publicly listed entities and consequently they do not have published price quotations. The group has no significant commitments to its joint ventures and associates.37. Subsidiaries and investments accounted for using the equity method of Fugro N.V. Unless stated otherwise, the direct or indirect interest of Fugro in the subsidiaries listed below is 100%. Insignificant, but consolidated, subsidiaries have not been included. For entities where the direct or indirect interest of Fugro is less than 50%, the Group consolidates financial information of such entities based on the definition of control.The subsidiaries listed below have been fully incorporated into the consolidated financial statements of Fugro, unless indicated otherwise. The information as required by sections 2:379 and 2:414 of the Dutch Civil Code has been filed at the trade registry of the Chamber of Commerce in The Hague.Company % Office, CountryFugro Angola Limitada 49% Luanda, AngolaFugro Holdings (Australia) Pty Ltd. Perth, AustraliaFugro Exploration Pty Ltd. Perth, AustraliaFugro Australia Pty Ltd. Perth, Australia1SOCAR-Fugro LLC 49%Baku, AzerbaijanFugro Holding Belgium N.V. Louvain la Neuve, BelgiumFugro Belgium SRL Louvain la Neuve, BelgiumFugro Brasil Servi\u00e7os Submarinos e Rio de Janeiro, BrazilLevantamentos Ltda.Sudeste Servi\u00e7os Ltda Rio de Janeiro, BrazilFugro In Situ Geotecnia Ltda. Pinhais, BrazilFugro Canada, Corp. St. John\u2019s, CanadaFugro Chile S.A. Santiago, ChileFugro Technical Services (Guangzhou) Ltd. Guangzhou, ChinaFugro Pacifica Qinhuangdao Co. Ltd. Qinhuangdao, China1China Offshore Fugro GeoSolutions (Shenzhen) 50%Shekou, Shenzhen, ChinaCo. Ltd.Fugro Offshore Survey (Shenzhen) Co. Ltd. Shenzhen, ChinaFugro Consultants International N.V. Willemstad, Cura\u00e7aoFugro Financial International N.V. Willemstad, Cura\u00e7aoFugro Marine Survey Int. Ltd. Egypt Cairo, EgyptFugro S.A.E. Cairo, EgyptCompany % Office, CountryFugro Holding France S.A.S. Nanterre, FranceFugro Germany Land GmbH Berlin, GermanyFugro Germany Marine GmbH Bremen, GermanyFugro Geosciences International Ltd. Wanchai, Hong KongFugro (Hong Kong) Ltd. Wanchai, Hong KongFugro Geotechnical Services Ltd. Fo Tan, Hong KongFugro Technical Services Ltd. Tuen Mun, Hong KongFugro Holdings (Hong Kong) Ltd. Wanchai, Hong KongPT Fugro Indonesia 80% Jakarta, IndonesiaFugro Survey (India) Private Limited Navi Mumbai, IndiaFugro Japan Co., Ltd. Tokyo, JapanFugro Mauritius Ltd. Quatre Bornes, MauritiusFugro Malaysia Marine Sdn Bhd 30% Kuala Lumpur, MalaysiaBulan Selatan Sdn Bhd 49% Kuala Lumpur, MalaysiaFugro Mexico S.A. de C.V. Ciudad Del Carmen, Campeche, MexicoFugro New Zealand Ltd. New Plymouth, New ZealandFugro Holdings (NZ) Ltd. New Plymouth, New ZealandFugro Norway AS Oslo, NorwayFugro Philippines Inc. Manila, PhilippinesFugro-Suhaimi Ltd. 50% Dammam, Saudi ArabiaFugro Satellite Positioning Pte Ltd. Singapore, SingaporeFugro Holding Singapore Pte Ltd. Singapore, SingaporeFugro Subsea Technologies Pte Ltd. Singapore, SingaporeFugro Properties Pte Ltd. Singapore, SingaporeFugro Singapore Land Pte Ltd. Singapore, SingaporeFugro Marine Personnel Pte Ltd. Singapore, SingaporeSouthern Evolution Pte Ltd. Singapore, SingaporeFugro Singapore Marine Pte Ltd Singapore, SingaporeEastern Mariner Pte Ltd. Singapore, SingaporeEastern Equator Pte Ltd. Singapore, Singapore1Fugro UTS21 Co. Ltd. 49%Incheon, South KoreaFugro Geodetic AG Zug, Switzerland1Fugro IOVTEC Co. Ltd. 49%Taipei City, TaiwanFugro Nederland B.V. Leidschendam, The NetherlandsFugro NL Land B.V. Leidschendam, The NetherlandsFugro NL Services B.V. Leidschendam, The NetherlandsFugro Innovation & Technology B.V. Leidschendam, The NetherlandsFugro Survey B.V. Leidschendam, The NetherlandsEcodemka B.V. Leidschendam, The NetherlandsFugro Caspian B.V. Leidschendam, The NetherlandsCompany % Office, CountryFugro Vastgoed B.V. Leidschendam, The NetherlandsFugro Marine Services B.V. Leidschendam, The NetherlandsFugro South America B.V. Leidschendam, The NetherlandsFugro Middle East B.V. Leidschendam, The NetherlandsFugro Technology B.V. Leidschendam, The Netherlands1Wavewalker B.V. 50%Leidschendam, The NetherlandsFugro Financial Resources B.V. Leidschendam, The NetherlandsKatla Shipping B.V. Leidschendam, The NetherlandsAgung Shipping B.V. Leidschendam, The NetherlandsAlutan Shipping B.V. Leidschendam, The NetherlandsErebus Shipping B.V. Leidschendam, The NetherlandsFoster Shipping B.V. Leidschendam, The NetherlandsKika Shipping B.V. Leidschendam, The NetherlandsMayon Shipping B.V. Leidschendam, The NetherlandsScenery Shipping B.V. Leidschendam, The NetherlandsSemeru Shipping B.V. Leidschendam, The NetherlandsTaranaki Shipping B.V. Leidschendam, The NetherlandsTongariro Shipping B.V. Leidschendam, The NetherlandsArjuna Shipping B.V. Leidschendam, The NetherlandsStromboli Shipping B.V. Leidschendam, The NetherlandsKilimanjaro Shipping B.V. Leidschendam, The NetherlandsNgauruhoe Administrations B.V. Leidschendam, The NetherlandsNyiragongo Shipping B.V. Leidschendam, The NetherlandsPilanesberg Shipping B.V. Leidschendam, The NetherlandsFugro Property I B.V. Leidschendam, The NetherlandsBisoke Shipping B.V. Leidschendam, The NetherlandsSabyinyo Shipping B.V. Leidschendam, The NetherlandsDubbi Shipping B.V. Leidschendam, The NetherlandsLongonot Shipping B.V. Leidschendam, The NetherlandsFugro Netherlands Marine B.V. Nootdorp, The NetherlandsHastveda Shipping B.V. Nootdorp, The NetherlandsBosavi Shipping B.V. Nootdorp, The NetherlandsFugro Trinidad Ltd. Port of Spain, TrinidadFugro Sial Ltd. Ankara, TurkeyFugro Survey (Middle East) Ltd. Abu Dhabi, United Arab EmiratesFugro Middle East 49% Dubai, United Arab EmiratesFugro Middle East FZE Dubai, United Arab EmiratesFugro GB (North) Marine Limited Aberdeen, United KingdomHush Craft Ltd Haugley Green, United KingdomSea-Kit International Ltd Maldon, United KingdomCompany % Office, CountryFugro GeoServices Limited Falmouth, United KingdomFugro Holdings Limited Wallingford, United KingdomFugro GB Marine Limited Wallingford, United KingdomFugro Properties Limited Wallingford, United KingdomFugro USA Marine, Inc. Lafayette, United StatesFugro USA Land, Inc. Houston, United StatesFugro Synergy, Inc. Houston, United StatesFugro Brasilis, Inc. Houston, United StatesFugro Enterprise, Inc. Houston, United StatesFugro Gulf, Inc. Houston, United StatesFugro (USA) Holdings, Inc. Houston, United StatesSeabed Geosolutions B.V. Leidschendam, The Netherlands1 Joint arrangements classified as joint ventures or associates that are equity-accounted.",
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"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__228-1": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.The movement in the carrying amounts of associates and joint ventures are presented as follows:(EUR x 1,000) Joint ventures Associates 2024 2023 2024 2023At 1 January 46,050 43,164 - 3,385Share of profit/(loss) 14,000 11,165 - 128Capital increase/(decrease) 138 - - -Other comprehensive income/(loss) 2,371 (2,259) - 60Dividends received (5,825) (6,020) - -Step-acquisition - - - (3,573)At 31 December 56,734 46,050 - -None of the group\u2019s equity-accounted investees are publicly listed entities and consequently they do not have published price quotations. The group has no significant commitments to its joint ventures and associates.37. Subsidiaries and investments accounted for using the equity method of Fugro N.V. Unless stated otherwise, the direct or indirect interest of Fugro in the subsidiaries listed below is 100%. Insignificant, but consolidated, subsidiaries have not been included. For entities where the direct or indirect interest of Fugro is less than 50%, the Group consolidates financial information of such entities based on the definition of control.The subsidiaries listed below have been fully incorporated into the consolidated financial statements of Fugro, unless indicated otherwise. The information as required by sections 2:379 and 2:414 of the Dutch Civil Code has been filed at the trade registry of the Chamber of Commerce in The Hague.Company % Office, CountryFugro Angola Limitada 49% Luanda, AngolaFugro Holdings (Australia) Pty Ltd. Perth, AustraliaFugro Exploration Pty Ltd. Perth, AustraliaFugro Australia Pty Ltd. Perth, Australia1SOCAR-Fugro LLC 49%Baku, AzerbaijanFugro Holding Belgium N.V. Louvain la Neuve, BelgiumFugro Belgium SRL Louvain la Neuve, BelgiumFugro Brasil Servi\u00e7os Submarinos e Rio de Janeiro, BrazilLevantamentos Ltda.Sudeste Servi\u00e7os Ltda Rio de Janeiro, BrazilFugro In Situ Geotecnia Ltda. Pinhais, BrazilFugro Canada, Corp. St. John\u2019s, CanadaFugro Chile S.A. Santiago, ChileFugro Technical Services (Guangzhou) Ltd. Guangzhou, ChinaFugro Pacifica Qinhuangdao Co. Ltd. Qinhuangdao, China1China Offshore Fugro GeoSolutions (Shenzhen) 50%Shekou, Shenzhen, ChinaCo. Ltd.Fugro Offshore Survey (Shenzhen) Co. Ltd. Shenzhen, ChinaFugro Consultants International N.V. Willemstad, Cura\u00e7aoFugro Financial International N.V. Willemstad, Cura\u00e7aoFugro Marine Survey Int. Ltd. Egypt Cairo, EgyptFugro S.A.E. Cairo, EgyptCompany % Office, CountryFugro Holding France S.A.S. Nanterre, FranceFugro Germany Land GmbH Berlin, GermanyFugro Germany Marine GmbH Bremen, GermanyFugro Geosciences International Ltd. Wanchai, Hong KongFugro (Hong Kong) Ltd. Wanchai, Hong KongFugro Geotechnical Services Ltd. Fo Tan, Hong KongFugro Technical Services Ltd. Tuen Mun, Hong KongFugro Holdings (Hong Kong) Ltd. Wanchai, Hong KongPT Fugro Indonesia 80% Jakarta, IndonesiaFugro Survey (India) Private Limited Navi Mumbai, IndiaFugro Japan Co., Ltd. Tokyo, JapanFugro Mauritius Ltd. Quatre Bornes, MauritiusFugro Malaysia Marine Sdn Bhd 30% Kuala Lumpur, MalaysiaBulan Selatan Sdn Bhd 49% Kuala Lumpur, MalaysiaFugro Mexico S.A. de C.V. Ciudad Del Carmen, Campeche, MexicoFugro New Zealand Ltd. New Plymouth, New ZealandFugro Holdings (NZ) Ltd. New Plymouth, New ZealandFugro Norway AS Oslo, NorwayFugro Philippines Inc. Manila, PhilippinesFugro-Suhaimi Ltd. 50% Dammam, Saudi ArabiaFugro Satellite Positioning Pte Ltd. Singapore, SingaporeFugro Holding Singapore Pte Ltd. Singapore, SingaporeFugro Subsea Technologies Pte Ltd. Singapore, SingaporeFugro Properties Pte Ltd. Singapore, SingaporeFugro Singapore Land Pte Ltd. Singapore, SingaporeFugro Marine Personnel Pte Ltd. Singapore, SingaporeSouthern Evolution Pte Ltd. Singapore, SingaporeFugro Singapore Marine Pte Ltd Singapore, SingaporeEastern Mariner Pte Ltd. Singapore, SingaporeEastern Equator Pte Ltd. Singapore, Singapore1Fugro UTS21 Co. Ltd. 49%Incheon, South KoreaFugro Geodetic AG Zug, Switzerland1Fugro IOVTEC Co. Ltd. 49%Taipei City, TaiwanFugro Nederland B.V. Leidschendam, The NetherlandsFugro NL Land B.V. Leidschendam, The NetherlandsFugro NL Services B.V. Leidschendam, The NetherlandsFugro Innovation & Technology B.V. Leidschendam, The NetherlandsFugro Survey B.V. Leidschendam, The NetherlandsEcodemka B.V. Leidschendam, The NetherlandsFugro Caspian B.V. Leidschendam, The NetherlandsCompany % Office, CountryFugro Vastgoed B.V. Leidschendam, The NetherlandsFugro Marine Services B.V. Leidschendam, The NetherlandsFugro South America B.V. Leidschendam, The NetherlandsFugro Middle East B.V. Leidschendam, The NetherlandsFugro Technology B.V. Leidschendam, The Netherlands1Wavewalker B.V. 50%Leidschendam, The NetherlandsFugro Financial Resources B.V. Leidschendam, The NetherlandsKatla Shipping B.V. Leidschendam, The NetherlandsAgung Shipping B.V. Leidschendam, The NetherlandsAlutan Shipping B.V. Leidschendam, The NetherlandsErebus Shipping B.V. Leidschendam, The NetherlandsFoster Shipping B.V. Leidschendam, The NetherlandsKika Shipping B.V. Leidschendam, The NetherlandsMayon Shipping B.V. Leidschendam, The NetherlandsScenery Shipping B.V. Leidschendam, The NetherlandsSemeru Shipping B.V. Leidschendam, The NetherlandsTaranaki Shipping B.V. Leidschendam, The NetherlandsTongariro Shipping B.V. Leidschendam, The NetherlandsArjuna Shipping B.V. Leidschendam, The NetherlandsStromboli Shipping B.V. Leidschendam, The NetherlandsKilimanjaro Shipping B.V. Leidschendam, The NetherlandsNgauruhoe Administrations B.V. Leidschendam, The NetherlandsNyiragongo Shipping B.V. Leidschendam, The NetherlandsPilanesberg Shipping B.V. Leidschendam, The NetherlandsFugro Property I B.V. Leidschendam, The NetherlandsBisoke Shipping B.V. Leidschendam, The NetherlandsSabyinyo Shipping B.V. Leidschendam, The NetherlandsDubbi Shipping B.V. Leidschendam, The NetherlandsLongonot Shipping B.V. Leidschendam, The NetherlandsFugro Netherlands Marine B.V. Nootdorp, The NetherlandsHastveda Shipping B.V. Nootdorp, The NetherlandsBosavi Shipping B.V. Nootdorp, The NetherlandsFugro Trinidad Ltd. Port of Spain, TrinidadFugro Sial Ltd. Ankara, TurkeyFugro Survey (Middle East) Ltd. Abu Dhabi, United Arab EmiratesFugro Middle East 49% Dubai, United Arab EmiratesFugro Middle East FZE Dubai, United Arab EmiratesFugro GB (North) Marine Limited Aberdeen, United KingdomHush Craft Ltd Haugley Green, United KingdomSea-Kit International Ltd Maldon, United KingdomCompany % Office, CountryFugro GeoServices Limited Falmouth, United KingdomFugro Holdings Limited Wallingford, United KingdomFugro GB Marine Limited Wallingford, United KingdomFugro Properties Limited Wallingford, United KingdomFugro USA Marine, Inc. Lafayette, United StatesFugro USA Land, Inc. Houston, United StatesFugro Synergy, Inc. Houston, United StatesFugro Brasilis, Inc. Houston, United StatesFugro Enterprise, Inc. Houston, United StatesFugro Gulf, Inc. Houston, United StatesFugro (USA) Holdings, Inc. Houston, United StatesSeabed Geosolutions B.V. Leidschendam, The Netherlands1 Joint arrangements classified as joint ventures or associates that are equity-accounted.",
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"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
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},
"f0__s7__6__227-1": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.The movement in the carrying amounts of associates and joint ventures are presented as follows:(EUR x 1,000) Joint ventures Associates 2024 2023 2024 2023At 1 January 46,050 43,164 - 3,385Share of profit/(loss) 14,000 11,165 - 128Capital increase/(decrease) 138 - - -Other comprehensive income/(loss) 2,371 (2,259) - 60Dividends received (5,825) (6,020) - -Step-acquisition - - - (3,573)At 31 December 56,734 46,050 - -None of the group\u2019s equity-accounted investees are publicly listed entities and consequently they do not have published price quotations. The group has no significant commitments to its joint ventures and associates.27. Non-controlling interestsDetails of total non-controlling interests (NCI) and dividends paid to non-controlling interest shareholders for the group and the most significant NCI is shown below.(EUR x 1,000) 2024 2023Of which: Of which: Non-control-Fugro-Non-control-Fugro-ling interestsSuhaimi Ltd.ling interestsSuhaimi Ltd.Carrying amount 17,357 16,656 12,630 11,914Dividends paid 993 900 3,410 3,275Summarised financial information on subsidiaries with material non-controlling interestsSet out below is the summarised financial information of Fugro-Suhaimi Ltd. (Suhaimi) that has a material non-controlling interest to the Group. Suhaimi provides a range of engineering, testing and consultancy services to the oil and gas, energy, mining and construction industries. The non-controlling interest in Suhaimi is 50%, which also represents 50% of the companies\u2019 voting rights in the general meeting of shareholders.Fugro unilaterally determines the strategy, policies, budget and day-to-day activities of Suhaimi. Suhaimi depends on the special relationship with Fugro for critical services, know-how, technology and assets. As a result, Fugro controls Suhaimi. This subsidiary, with a significant non-controlling interest, is therefore fully consolidated into the Group\u2019s financial statements. The shareholders of Suhaimi have certain customary rights on certain key decisions, such as decisions on the declaration and payment of dividend and any significant change to the scope of the business. These rights are considered as protective in nature and normally go beyond the normal scope of business. Such decisions do not affect Fugro\u2019s ability to control the activities of Suhaimi.Summarised balance sheet(EUR x 1,000) Fugro-Suhaimi Ltd.As at 31 December2024 2023Current assets 92,032 73,939Non-current assets 12,842 12,672Current liabilities (43,462) (54,987)Non-current liabilities (28,100) (7,797)Net assets 33,312 23,827NCI percentage 50% 50%Carrying amount of NCI 16,656 11,914Summarised income statement(EUR x 1,000) Fugro-Suhaimi Ltd. For period ended 31 December2024 2023Revenue 60,501 60,628Profit/(loss) before income tax 11,508 11,753Income tax (expense)/income (1,672) (1,043)Post-tax profit/(loss) from continuing operations 9,836 10,710Other comprehensive income 1,332 (1,242)Total comprehensive income/(loss) 11,168 9,468Total comprehensive income/(loss) allocated to non-controlling interests 5,584 4,734Dividends paid to non-controlling interests 900 3,275Summarised cash flows(EUR x 1,000) Fugro-Suhaimi Ltd.For period ended 31 December 2024 2023Net cash generated from operating activities (19,428) 9,922Net cash used in investing activities (1,230) (131)Net cash from/(used in) financing activities 17,944 (3,812)Net increase in cash and cash equivalents and bank overdrafts (2,714) 5,979Cash, cash equivalents and bank overdrafts at beginning of year 15,186 9,276Exchange gains/(losses) on cash and cash equivalents 1,304 (70)Cash and cash equivalents at end of year 13,776 15,186The amounts above are before intercompany eliminations.37. Subsidiaries and investments accounted for using the equity method of Fugro N.V. Unless stated otherwise, the direct or indirect interest of Fugro in the subsidiaries listed below is 100%. Insignificant, but consolidated, subsidiaries have not been included. For entities where the direct or indirect interest of Fugro is less than 50%, the Group consolidates financial information of such entities based on the definition of control.The subsidiaries listed below have been fully incorporated into the consolidated financial statements of Fugro, unless indicated otherwise. The information as required by sections 2:379 and 2:414 of the Dutch Civil Code has been filed at the trade registry of the Chamber of Commerce in The Hague.Company % Office, CountryFugro Angola Limitada 49% Luanda, AngolaFugro Holdings (Australia) Pty Ltd. Perth, AustraliaFugro Exploration Pty Ltd. Perth, AustraliaFugro Australia Pty Ltd. Perth, Australia1SOCAR-Fugro LLC 49%Baku, AzerbaijanFugro Holding Belgium N.V. Louvain la Neuve, BelgiumFugro Belgium SRL Louvain la Neuve, BelgiumFugro Brasil Servi\u00e7os Submarinos e Rio de Janeiro, BrazilLevantamentos Ltda.Sudeste Servi\u00e7os Ltda Rio de Janeiro, BrazilFugro In Situ Geotecnia Ltda. Pinhais, BrazilFugro Canada, Corp. St. John\u2019s, CanadaFugro Chile S.A. Santiago, ChileFugro Technical Services (Guangzhou) Ltd. Guangzhou, ChinaFugro Pacifica Qinhuangdao Co. Ltd. Qinhuangdao, China1China Offshore Fugro GeoSolutions (Shenzhen) 50%Shekou, Shenzhen, ChinaCo. Ltd.Fugro Offshore Survey (Shenzhen) Co. Ltd. Shenzhen, ChinaFugro Consultants International N.V. Willemstad, Cura\u00e7aoFugro Financial International N.V. Willemstad, Cura\u00e7aoFugro Marine Survey Int. Ltd. Egypt Cairo, EgyptFugro S.A.E. Cairo, EgyptCompany % Office, CountryFugro Holding France S.A.S. Nanterre, FranceFugro Germany Land GmbH Berlin, GermanyFugro Germany Marine GmbH Bremen, GermanyFugro Geosciences International Ltd. Wanchai, Hong KongFugro (Hong Kong) Ltd. Wanchai, Hong KongFugro Geotechnical Services Ltd. Fo Tan, Hong KongFugro Technical Services Ltd. Tuen Mun, Hong KongFugro Holdings (Hong Kong) Ltd. Wanchai, Hong KongPT Fugro Indonesia 80% Jakarta, IndonesiaFugro Survey (India) Private Limited Navi Mumbai, IndiaFugro Japan Co., Ltd. Tokyo, JapanFugro Mauritius Ltd. Quatre Bornes, MauritiusFugro Malaysia Marine Sdn Bhd 30% Kuala Lumpur, MalaysiaBulan Selatan Sdn Bhd 49% Kuala Lumpur, MalaysiaFugro Mexico S.A. de C.V. Ciudad Del Carmen, Campeche, MexicoFugro New Zealand Ltd. New Plymouth, New ZealandFugro Holdings (NZ) Ltd. New Plymouth, New ZealandFugro Norway AS Oslo, NorwayFugro Philippines Inc. Manila, PhilippinesFugro-Suhaimi Ltd. 50% Dammam, Saudi ArabiaFugro Satellite Positioning Pte Ltd. Singapore, SingaporeFugro Holding Singapore Pte Ltd. Singapore, SingaporeFugro Subsea Technologies Pte Ltd. Singapore, SingaporeFugro Properties Pte Ltd. Singapore, SingaporeFugro Singapore Land Pte Ltd. Singapore, SingaporeFugro Marine Personnel Pte Ltd. Singapore, SingaporeSouthern Evolution Pte Ltd. Singapore, SingaporeFugro Singapore Marine Pte Ltd Singapore, SingaporeEastern Mariner Pte Ltd. Singapore, SingaporeEastern Equator Pte Ltd. Singapore, Singapore1Fugro UTS21 Co. Ltd. 49%Incheon, South KoreaFugro Geodetic AG Zug, Switzerland1Fugro IOVTEC Co. Ltd. 49%Taipei City, TaiwanFugro Nederland B.V. Leidschendam, The NetherlandsFugro NL Land B.V. Leidschendam, The NetherlandsFugro NL Services B.V. Leidschendam, The NetherlandsFugro Innovation & Technology B.V. Leidschendam, The NetherlandsFugro Survey B.V. Leidschendam, The NetherlandsEcodemka B.V. Leidschendam, The NetherlandsFugro Caspian B.V. Leidschendam, The NetherlandsCompany % Office, CountryFugro Vastgoed B.V. Leidschendam, The NetherlandsFugro Marine Services B.V. Leidschendam, The NetherlandsFugro South America B.V. Leidschendam, The NetherlandsFugro Middle East B.V. Leidschendam, The NetherlandsFugro Technology B.V. Leidschendam, The Netherlands1Wavewalker B.V. 50%Leidschendam, The NetherlandsFugro Financial Resources B.V. Leidschendam, The NetherlandsKatla Shipping B.V. Leidschendam, The NetherlandsAgung Shipping B.V. Leidschendam, The NetherlandsAlutan Shipping B.V. Leidschendam, The NetherlandsErebus Shipping B.V. Leidschendam, The NetherlandsFoster Shipping B.V. Leidschendam, The NetherlandsKika Shipping B.V. Leidschendam, The NetherlandsMayon Shipping B.V. Leidschendam, The NetherlandsScenery Shipping B.V. Leidschendam, The NetherlandsSemeru Shipping B.V. Leidschendam, The NetherlandsTaranaki Shipping B.V. Leidschendam, The NetherlandsTongariro Shipping B.V. Leidschendam, The NetherlandsArjuna Shipping B.V. Leidschendam, The NetherlandsStromboli Shipping B.V. Leidschendam, The NetherlandsKilimanjaro Shipping B.V. Leidschendam, The NetherlandsNgauruhoe Administrations B.V. Leidschendam, The NetherlandsNyiragongo Shipping B.V. Leidschendam, The NetherlandsPilanesberg Shipping B.V. Leidschendam, The NetherlandsFugro Property I B.V. Leidschendam, The NetherlandsBisoke Shipping B.V. Leidschendam, The NetherlandsSabyinyo Shipping B.V. Leidschendam, The NetherlandsDubbi Shipping B.V. Leidschendam, The NetherlandsLongonot Shipping B.V. Leidschendam, The NetherlandsFugro Netherlands Marine B.V. Nootdorp, The NetherlandsHastveda Shipping B.V. Nootdorp, The NetherlandsBosavi Shipping B.V. Nootdorp, The NetherlandsFugro Trinidad Ltd. Port of Spain, TrinidadFugro Sial Ltd. Ankara, TurkeyFugro Survey (Middle East) Ltd. Abu Dhabi, United Arab EmiratesFugro Middle East 49% Dubai, United Arab EmiratesFugro Middle East FZE Dubai, United Arab EmiratesFugro GB (North) Marine Limited Aberdeen, United KingdomHush Craft Ltd Haugley Green, United KingdomSea-Kit International Ltd Maldon, United KingdomCompany % Office, CountryFugro GeoServices Limited Falmouth, United KingdomFugro Holdings Limited Wallingford, United KingdomFugro GB Marine Limited Wallingford, United KingdomFugro Properties Limited Wallingford, United KingdomFugro USA Marine, Inc. Lafayette, United StatesFugro USA Land, Inc. Houston, United StatesFugro Synergy, Inc. Houston, United StatesFugro Brasilis, Inc. Houston, United StatesFugro Enterprise, Inc. Houston, United StatesFugro Gulf, Inc. Houston, United StatesFugro (USA) Holdings, Inc. Houston, United StatesSeabed Geosolutions B.V. Leidschendam, The Netherlands1 Joint arrangements classified as joint ventures or associates that are equity-accounted.",
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"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__226": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.The movement in the carrying amounts of associates and joint ventures are presented as follows:(EUR x 1,000) Joint ventures Associates 2024 2023 2024 2023At 1 January 46,050 43,164 - 3,385Share of profit/(loss) 14,000 11,165 - 128Capital increase/(decrease) 138 - - -Other comprehensive income/(loss) 2,371 (2,259) - 60Dividends received (5,825) (6,020) - -Step-acquisition - - - (3,573)At 31 December 56,734 46,050 - -None of the group\u2019s equity-accounted investees are publicly listed entities and consequently they do not have published price quotations. The group has no significant commitments to its joint ventures and associates.",
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
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},
"f0__s7__6__225": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__224": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__223": {
"value": "20. Investments in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in joint ventures and associates. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in equity-accounted investees are accounted for using the equity method. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. When the Group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables that form part of the entity\u2019s net investment, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__248-1": {
"value": "21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.(EUR x 1,000) Measurement Category 2024 2023Equity securities Fair value through profit and loss 1,096 1,096Long-term loans Amortised cost 2,100 2,100Deposits Amortised cost 3,973 3,355Net defined benefit asset Present value 31,614 19,882Other long-term assets Nominal value 1,126 982Balance at 31 December 39,909 27,415Equity securities are investments in third party entities in whose activities the Group holds a non-controlling interest and has no control, joint control or significant influence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__246-1": {
"value": "21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.(EUR x 1,000) Measurement Category 2024 2023Equity securities Fair value through profit and loss 1,096 1,096Long-term loans Amortised cost 2,100 2,100Deposits Amortised cost 3,973 3,355Net defined benefit asset Present value 31,614 19,882Other long-term assets Nominal value 1,126 982Balance at 31 December 39,909 27,415Equity securities are investments in third party entities in whose activities the Group holds a non-controlling interest and has no control, joint control or significant influence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__239-1": {
"value": "21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__238-1": {
"value": "21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__236": {
"value": "21. Other investmentsEquity securities, long-term loans, deposits and other long-term assets are financial assets. The Group does not have material derivative financial assets. The aforementioned financial assets are classified at initial recognition, and subsequently measured at amortised cost or fair value through profit and loss. The classification at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u25a0The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Subsequent measurement is at amortised cost using the effective interest method and is subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of comprehensive income. Dividends on equity investments are also recognised as net finance income in the statement of comprehensive income when the right of payment has been established. The Group derecognises a financial asset when the rights to receive cash flows from the asset have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__234-1": {
"value": "21. Other investmentsThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__233-1": {
"value": "21. Other investmentsThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.32.2 Credit riskCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the group\u2019s receivables from customers and unbilled revenue on (completed) contracts.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction costs.The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.Some of the Group\u2019s orders are awarded on the basis of long-term preferred supplier agreements. In the course of a year Fugro often carries out multiple projects for the same client. Fugro typically has no single client that generates more than 5% of its revenue in the year. On occasion one client may generate more than 5%, which can happen in case of exceptionally large contracts where most of the revenue falls in the accounting year. Having a large number of clients and short project time spans mitigates Fugro\u2019s credit risk as the individual amounts receivable from the same client are limited.New customers are analysed individually for creditworthiness before payment and delivery terms and conditions are offered. The Group\u2019s review may include external ratings, where available, and in some cases bank references. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis or have to provide a bank guarantee.The majority of the Group\u2019s clients has done business with the Group for many years and significant losses have only occurred incidentally in prior years. Clients that are known to have negative credit characteristics are individually monitored. If clients fail to pay timely the Group re-assesses the creditworthiness and stronger debt collection is started if deemed necessary. The Group closely monitors certain clients that need extra attention before a contract is closed. For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.Credit risk exposureThe maximum exposure to credit risk at the reporting date is the carrying amount of each class of financial assets (such as loans, deposits, receivables and unbilled revenue on completed projects). The group holds no collateral as security on the long-term loans, deposits, other long-term receivables, trade and other receivables and unbilled revenue on (completed) contracts. As such, the Group does not have financial assets for which no loss allowance is recognised because of collateral. The maximum exposure for trade receivables and unbilled revenue on (completed) contracts at the reporting date by geographic region is disclosed in the segment reporting note and equals the carrying amount. There was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.Refer to note 23 Trade and other receivables for details on the ageing and recoverability of trade receivables and unbilled revenues. Cash and cash equivalents are generally held with large well-known banks with adequate credit ratings only.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__232-1": {
"value": "21. Other investmentsThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.24. Cash and cash equivalentsThe cash and cash equivalents include foreign currency cash balances not freely available for general use within the Group. These include EUR 5.8 million (31 December 2023: EUR 5.6 million) of Angolan Kwanza\u2019s where exchange controls apply.32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss. 32.1 OverviewThe company\u2019s risk management policy includes the long-term sustainable management of its business activities and where possible, the mitigation of the associated business risks. Based on the nature and relative significance of the risks related to the Group\u2019s wide diversity of markets, clients and regions and its broad portfolio of activities the risks have been quantified to the extent possible.The Group has exposure to the following financial risks from its operations: \u25a0Credit risk \u25a0Liquidity risk \u25a0Market riskThis note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital.The Group does not engage in material hedging transactions with derivatives. Accordingly, consistent with prior year, there are no qualifying fair value hedge or cash flow hedge relationships as of 31 December 2024. The Group does not have separately accounted embedded derivative financial liabilities. The Group does not have derivatives embedded within a hybrid contract containing a financial asset host.The Board of Management has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their role and obligations.The audit committee oversees how management monitors compliance with the group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the group. The audit committee is assisted in its oversight role by internal audit. Both regular and ad hoc reviews of risk management controls and procedures are performed, the results of which are reported directly to the Board of Management. A summary of important observations is reported to the audit committee.32.2 Credit riskCredit risk is the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the group\u2019s receivables from customers and unbilled revenue on (completed) contracts.With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction costs.The Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.Some of the Group\u2019s orders are awarded on the basis of long-term preferred supplier agreements. In the course of a year Fugro often carries out multiple projects for the same client. Fugro typically has no single client that generates more than 5% of its revenue in the year. On occasion one client may generate more than 5%, which can happen in case of exceptionally large contracts where most of the revenue falls in the accounting year. Having a large number of clients and short project time spans mitigates Fugro\u2019s credit risk as the individual amounts receivable from the same client are limited.New customers are analysed individually for creditworthiness before payment and delivery terms and conditions are offered. The Group\u2019s review may include external ratings, where available, and in some cases bank references. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis or have to provide a bank guarantee.The majority of the Group\u2019s clients has done business with the Group for many years and significant losses have only occurred incidentally in prior years. Clients that are known to have negative credit characteristics are individually monitored. If clients fail to pay timely the Group re-assesses the creditworthiness and stronger debt collection is started if deemed necessary. The Group closely monitors certain clients that need extra attention before a contract is closed. For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.Credit risk exposureThe maximum exposure to credit risk at the reporting date is the carrying amount of each class of financial assets (such as loans, deposits, receivables and unbilled revenue on completed projects). The group holds no collateral as security on the long-term loans, deposits, other long-term receivables, trade and other receivables and unbilled revenue on (completed) contracts. As such, the Group does not have financial assets for which no loss allowance is recognised because of collateral. The maximum exposure for trade receivables and unbilled revenue on (completed) contracts at the reporting date by geographic region is disclosed in the segment reporting note and equals the carrying amount. There was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.Refer to note 23 Trade and other receivables for details on the ageing and recoverability of trade receivables and unbilled revenues. Cash and cash equivalents are generally held with large well-known banks with adequate credit ratings only. 32.3 Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The global cash pool makes it possible for the company to use the cash surplus within the group to reduce the overdrafts at its main uncommitted facilities.As at 31 December 2024, Fugro holds cash balances in Angola (as quantified in note 24 Cash and cash equivalents), where exchange controls apply. The company expects that these exchange controls will become less when the oil and gas market conditions are expected to improve and when Angola and Nigeria will have increased inflow of USD in relation to their oil business. In addition, several actions have been explored to further lower this amount.The Group monitors cash flow on a regular basis and operates with a global cash pool. Consolidated cash flow information, including a projection for the year, is reported on a monthly basis to the Board of Management, ensuring that the Group has sufficient cash on demand (or available lines of credit) to meet expected near term operational expenditures. Cash flow projections exclude the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Group maintains the following lines of credit: \u25a0A Term and Revolving Credit Facility Agreement of EUR 400 million, consisting of a Term Loan of EUR 100 million and RCF of EUR 300 million (including an ancillary facility of EUR 60 million) following the refinancing in December 2024. As at 31 December 2024, a Term Loan in the amount of EUR 100 million (nominal amount) was drawn (31 December 2023: EUR 200 million was drawn under the super senior term loan facility). As at 31 December 2024, a nominal amount of EUR 100 million was drawn under the RCF (31 December 2023: EUR nil). \u25a0A variety of unsecured overdraft facilities in various currencies totalling around EUR 92.1 million of which EUR 8.0 million have been drawn at 31 December 2024 (31 December 2023: EUR 69.5 million with EUR 0.5 million drawn). The amount of such facilities that the Group may have outstanding is limited to EUR 75,000,000 in aggregate together with any other financial indebtedness of the Group that is not otherwise permitted under the term and revolving credit facility.The following are the contractual maturities of financial liabilities including interest payments:(EUR x 1,000) 2024Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsTerm loan EUR 100 million (issued 2024) 99,564 122,902 2,283 2,295 4,603 113,721 -Revolving credit facility EUR 300 million (issued 2024) 100,147 120,669 2,105 2,139 4,143 112,282 -Lease liabilities 207,171 319,669 30,899 33,096 57,128 96,333 102,213Other loans and long-term borrowings 8,425 8,425 8,425 - - - -Trade and other payables 533,215 533,215 533,215 - - - -Bank overdraft 317 317 317 - - - -Balance at 31 December 948,839 1,105,197 577,244 37,530 65,874 322,336 102,213(EUR x 1,000) 2023Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsSenior term loan EUR 200 million 200,575 239,532 7,195 7,274 14,587 210,476 -Subordinated unsecured convertible bonds in EUR 100,000 41,640 44,412 956 43,456 - - -Lease liabilities 186,174 267,452 26,181 28,548 41,708 70,368 100,647Other loans and long-term borrowings 7,924 7,924 7,924 - - - -Trade and other payables 485,829 485,829 485,829 - - - -Bank overdraft 496 496 496 - - - -Balance at 31 December 922,638 1,045,645 528,581 79,278 56,295 280,844 100,647The interest included in the above table is based on the current amounts borrowed with current interest rates against the current exchange rate (if applicable). No assumptions are included for possible future changes in borrowings and interest payments. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.The Group does not have material supplier financing arrangements.32.4 Market riskMarket risk includes changes in market prices, such as foreign exchange rates, interest rates and equity prices which will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. 32.4.1 Currency riskThe global nature of the business of the Group exposes the operations and reported financial results and cash flows to the risks arising from fluctuations in exchange rates. Currency risk is the risk that reported financial performance, or the fair value or future cash flows of a financial instrument, will fluctuate because of changes in foreign exchange rates. Fugro operates in many countries and currencies and therefore currency fluctuations may inevitably impact its financial results. Fugro is exposed to currency risk in the following areas: \u25a0Transaction exposures related to anticipated sales and purchases and on-balance-sheet receivables/payables resulting from such transactions. \u25a0Translation exposure resulting from translation of its operations in non-Euro currencies to Euros. \u25a0Translation exposure to equity interests in non-functional-currency investments in associates and financial assets at fair value.The magnitude of net exposures and currency volatility determine the need to mitigate the impact of currency exposures. The Group continually assesses the net exposure to currency risks and if deemed necessary a portion of those risks may be hedged by using derivative financial instruments. The derivative financial instruments that may be used to cover foreign currency exposure are foreign currency forward contracts, spots, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year). It is noted that the RCF of EUR 300 million may also be drawn in US dollar and other optional currencies.For foreign exchange exposure arising from intercompany loans, where the Group enters into such arrangements the financing is generally provided in the functional currency of the subsidiary. Interest on external borrowings is denominated in the currency of the borrowing. Generally, the Group\u2019s borrowings are denominated in Euro, consistent with the presentation currency of the group. Borrowing facilities in other currencies, including the US dollar, are also available to the Group. In addition, lease liabilities are generally denominated in currencies that match the cash flows generated by the underlying operations of the Group. Sensitivity analysisA 10 percent strengthening of the Euro against the mentioned currencies at 31 December would have increased (decreased) total year-end equity and profit or loss for the year by the amounts shown below. This analysis of major non-Euro currencies is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the reporting date. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasted sales and purchases.(Effect in EUR x 1,000) 31 December 2024 31 December 2023Total Profit or (loss) Total Profit or (loss) equity at after tax for equity at after tax for year-endthe yearyear-endthe yearAUD (4,199) (739) (3,535) (77)GBP (19,522) (2,725) (16,089) (2,176)HKD (8,499) (921) (14,220) (999)NOK (4,067) (2,213) (4,726) (1,835)SGD (4,602) (563) (3,863) (576)USD (16,229) (3,909) (9,072) (7,198)The following table outlines the estimated nominal value exposure arising from translating on-balance-sheet receivables/payables from major non-Euro denominated functional currencies to the Group\u2019s presentation currency Euro:2024Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 9,327 17,335 11,651 3,487 15,401GBP 55,037 45,682 10,964 17,343 27,927HKD 8,534 10,485 3,060 1,967 2,625NOK 9,388 6,383 3,141 7,465 3,525SGD 1,849 7,483 1,117 1,337 1,360USD 72,088 94,218 28,298 18,660 59,307156,223 181,587 58,232 50,258 110,145Sensitivity+10% 14,202 16,508 5,294 4,569 10,013+15% 20,377 23,685 7,595 6,555 14,3672023Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 11,167 22,306 5,347 2,712 21,548GBP 65,659 33,899 17,871 17,369 16,322HKD 11,418 4,909 2,375 4,736 1,999NOK 10,472 4,115 3,409 5,761 2,642SGD 3,525 356 1,362 1,349 1,930USD 95,980 91,186 27,906 18,519 68,664198,221 156,771 58,270 50,446 113,105Sensitivity+10% 18,020 14,252 5,297 4,586 10,282 +15% 25,855 20,448 7,600 6,580 14,753 32.4.2 Interest rate riskThe Group\u2019s liabilities bear both fixed and variable interest. The current macro-economic environment shows interest rate rises in response to persistent inflation. The Group\u2019s objective is to limit the effect of interest rate volatility on the results by matching long term investment with long term (fixed or variable interest) financing as much as possible. The Group considers the difference between variable interest rate loans and borrowings and total equity and liabilities and the headroom under the interest coverage ratio. The Group may decide to hedge interest rate risk by means of derivative financial instruments such as forwards, caps, floors, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year).ProfileAt the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:(EUR x 1,000) Carrying amount2024 2023Fixed rate instrumentsFinancial assets - 2,100Financial liabilities (215,626) (235,714)Variable rate instrumentsFinancial assets 319,465 326,294Financial liabilities (200,028) (201,071)Balance at 31 December (96,189) (108,391)Fair value sensitivity analysis for fixed rate instrumentsThe Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.Cash flow sensitivity analysis for variable rate instrumentsInterest rate sensitivity and debt covenant compliance is actively monitored by the Group also considering the volatile macro-economic environment. A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. At 31 December 2024, it is estimated that a general increase (decrease) of 100 basis points in interest rates would decrease (increase) the Group\u2019s profit before income tax by approximately: (EUR x 1,000) Equity and profit or loss100 bp 100 bp increasedecrease31 December 2024Variable rate instruments 1,194 (1,194)Cash flow sensitivity (net) 1,194 (1,194)31 December 2023Variable rate instruments 1,252 (1,252)Cash flow sensitivity (net) 1,252 (1,252)",
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"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__231-1": {
"value": "21. Other investmentsThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. Refer to note 32.2 Credit risk for details on how the Group applies ECL model.23. Trade and other receivablesThe Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.Credit risk exposureThere was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.",
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"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__253": {
"value": "22. InventoriesInventories are measured at the lower of cost and net realisable value. The cost of inventories is determined using the first-in first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Net realisable value of inventories is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.In 2024, EUR 36.0 million (2023: EUR 35.1 million) of inventories was recognised as an expense.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__251": {
"value": "22. InventoriesInventories are measured at the lower of cost and net realisable value. The cost of inventories is determined using the first-in first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Net realisable value of inventories is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__259-1": {
"value": "23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses. Unbilled revenue on (completed) projects represents the gross amount expected to be collected from customers for contract work performed to date (a contract asset). It is measured at costs incurred plus profits recognised to date less progress billings and recognised losses. Generally, unbilled revenue on (completed) projects is invoiced to customers in the period following the execution of work. Subsequently, trade receivables are paid by customers in accordance with their respective payment term. The contracts in progress for which this amount exceeds progress billings are presented as unbilled revenue on (completed) projects. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model. (EUR x 1,000) 2024 2023Trade receivables 284,656 301,329Unbilled revenue on (completed) projects 271,971 237,815Prepayments 38,260 24,186VAT and other tax receivables 28,315 29,752Other receivables 41,465 50,841Balance at 31 December 664,667 643,923Trade and other receivables are shown net of impairment losses (see below) arising from identified doubtful receivables from customers as well as expected credit losses. Other receivables mainly include short-term deposits, damages and claims recoverable.Impairment lossesTrade and other receivables were impaired taking into account the financial position of the debtors, the days outstanding, the expected outcome of negotiations and legal proceedings against debtors and probabilities of default. The ageing of trade receivables and unbilled revenue on (completed) contracts at the reporting date is as follows:(EUR x 1,000) 2024Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 177,654 61 0.03Past due for 1 to 30 days 169,522 57 0.03Past due for 31 to 60 days 78,284 95 0.12Past due for 61 to 90 days 29,560 140 0.47Past due for over 90 days 99,925 12,520 12.53Retentions and special items 15,099 544 3.60Balance at 31 December 570,044 13,417(EUR x 1,000) 2023Estimated total gross carrying Expected amount at Expectedcredit loss defaultcredit lossrate %Current 155,781 26 0.02Past due for 1 to 30 days 175,247 12 0.01Past due for 31 to 60 days 72,721 350 0.48Past due for 61 to 90 days 39,529 259 0.66Past due for over 90 days 96,263 17,635 18.32Retentions and special items 18,425 540 2.93Balance at 31 December 557,966 18,822The breakdown of impairment allowance on trade and other receivables is as follows: (EUR x 1,000) 2024 2023Trade receivables 10,483 16,500Unbilled revenue on (completed) projects 2,934 2,322Other receivables 1,566 -Balance at 31 December 14,982 18,822Impairment allowance on other receivables relates to a partial loss incurred during the year on a balance outstanding with Heritage Bank in Nigeria whose licence was revoked by local banking authorities. The bank balance was immediately reclassified to other receivables in 2024 as it no longer meets the definition of cash and cash equivalents. The movement in impairment allowance in respect of trade and other receivables during the year was as follows:(EUR x 1,000) 2024 2023Balance at 1 January 18,822 14,991Impairment loss recognised 6,043 9,357Impairment loss reversed (3,032) (3,597)Write-off (7,386) (1,267)Effect of movements in exchange rates 535 (662)Balance at 31 December 14,982 18,822The allowance account with respect to trade and other receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point the amount considered irrecoverable is written off directly against the allowance. The changes in the aforementioned balances contributed to changes in the loss allowance. Consistent with prior year, there are no material trade receivables which were written off during 2024 and which are still subject to enforcement activity.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.For other financial assets, ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements (insofar applicable) held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.The Group\u2019s carrying amount of cash and cash equivalents represents its maximum credit exposure on these assets. The cash and cash equivalents are held with bank and financial institution counterparties, which have \u2018investment grade\u2019 credit ratings.Credit risk exposureThere was no material impact of climate-related matters and macroeconomic events arising in 2024 on the Group\u2019s credit risk exposure. Furthermore, no material change to ECLs on trade receivables outstanding with customers and unbilled revenue on (completed) projects was deemed necessary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__256-1": {
"value": "23. Trade and other receivablesTrade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient when it is expected, at contract inception, that the period between when the Group transfers the promised goods or services and when the customers pays for this good or service is one year or less, are measured at the transaction price determined under IFRS 15. Other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less, any impairment losses. Unbilled revenue on (completed) projects represents the gross amount expected to be collected from customers for contract work performed to date (a contract asset). It is measured at costs incurred plus profits recognised to date less progress billings and recognised losses. Generally, unbilled revenue on (completed) projects is invoiced to customers in the period following the execution of work. Subsequently, trade receivables are paid by customers in accordance with their respective payment term. The contracts in progress for which this amount exceeds progress billings are presented as unbilled revenue on (completed) projects. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.The Group applies the Expected Credit Loss (ECL) model. For trade receivables and unbilled revenue on (completed) contracts, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Refer to note 32.2 Credit risk for details on how the Group applies the ECL model.32. Financial risk management32.2 Credit riskThe Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. The Group applies the low credit risk simplification to long-term loans, deposits and other long-term receivables and recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (insofar applicable). The Board of Management reviews the outstanding trade receivables and unbilled revenue on (completed) contracts on an ongoing basis. Local management is requested to take additional precaution in working with certain clients. For trade receivables and unbilled revenue on (completed) contracts, the Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Generally, trade receivables are fully impaired if past due more than 1 year and are not subject to enforcement activity. The provision rates are based on days past due for customers. The Group considered various customer segments that have similar loss patterns (i.e., by geography, service/product type, industry, customer type and rating, and coverage from credit insurance where applicable). The ageing is based on invoice due date. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information considering current market conditions at the reporting date. A trade receivable is written off when there is no reasonable expectation of recovering the contractual cash flows. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is an estimate. The sensitivity of the amount of ECLs to changes in circumstances and of forecast economic conditions is not significant. The Group\u2019s historical credit loss experience and forecast of economic conditions may not be representative of customer\u2019s actual default in the future. The Group does not provide detailed information on (a) the estimation techniques and inputs used, (b) how the forecast economic conditions have been incorporated in the determination of ECL and (c) changes in estimation techniques and inputs used, because the impact is not significant.",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__290": {
"value": "24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s7__6__288-1": {
"value": "24. Cash and cash equivalentsThe cash and cash equivalents include foreign currency cash balances not freely available for general use within the Group. These include EUR 5.8 million (31 December 2023: EUR 5.6 million) of Angolan Kwanza\u2019s where exchange controls apply.32.3 Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The global cash pool makes it possible for the company to use the cash surplus within the group to reduce the overdrafts at its main uncommitted facilities.As at 31 December 2024, Fugro holds cash balances in Angola (as quantified in note 24 Cash and cash equivalents), where exchange controls apply. The company expects that these exchange controls will become less when the oil and gas market conditions are expected to improve and when Angola and Nigeria will have increased inflow of USD in relation to their oil business. In addition, several actions have been explored to further lower this amount.The Group monitors cash flow on a regular basis and operates with a global cash pool. Consolidated cash flow information, including a projection for the year, is reported on a monthly basis to the Board of Management, ensuring that the Group has sufficient cash on demand (or available lines of credit) to meet expected near term operational expenditures. Cash flow projections exclude the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. The Group maintains the following lines of credit: \u25a0A Term and Revolving Credit Facility Agreement of EUR 400 million, consisting of a Term Loan of EUR 100 million and RCF of EUR 300 million (including an ancillary facility of EUR 60 million) following the refinancing in December 2024. As at 31 December 2024, a Term Loan in the amount of EUR 100 million (nominal amount) was drawn (31 December 2023: EUR 200 million was drawn under the super senior term loan facility). As at 31 December 2024, a nominal amount of EUR 100 million was drawn under the RCF (31 December 2023: EUR nil). \u25a0A variety of unsecured overdraft facilities in various currencies totalling around EUR 92.1 million of which EUR 8.0 million have been drawn at 31 December 2024 (31 December 2023: EUR 69.5 million with EUR 0.5 million drawn). The amount of such facilities that the Group may have outstanding is limited to EUR 75,000,000 in aggregate together with any other financial indebtedness of the Group that is not otherwise permitted under the term and revolving credit facility.The following are the contractual maturities of financial liabilities including interest payments:(EUR x 1,000) 2024Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsTerm loan EUR 100 million (issued 2024) 99,564 122,902 2,283 2,295 4,603 113,721 -Revolving credit facility EUR 300 million (issued 2024) 100,147 120,669 2,105 2,139 4,143 112,282 -Lease liabilities 207,171 319,669 30,899 33,096 57,128 96,333 102,213Other loans and long-term borrowings 8,425 8,425 8,425 - - - -Trade and other payables 533,215 533,215 533,215 - - - -Bank overdraft 317 317 317 - - - -Balance at 31 December 948,839 1,105,197 577,244 37,530 65,874 322,336 102,213(EUR x 1,000) 2023Carrying Contractual 6 months >6months >1 year >2 years More than amountcash flowsor less<=12 months<=2 years<= 5 years5 yearsSenior term loan EUR 200 million 200,575 239,532 7,195 7,274 14,587 210,476 -Subordinated unsecured convertible bonds in EUR 100,000 41,640 44,412 956 43,456 - - -Lease liabilities 186,174 267,452 26,181 28,548 41,708 70,368 100,647Other loans and long-term borrowings 7,924 7,924 7,924 - - - -Trade and other payables 485,829 485,829 485,829 - - - -Bank overdraft 496 496 496 - - - -Balance at 31 December 922,638 1,045,645 528,581 79,278 56,295 280,844 100,647The interest included in the above table is based on the current amounts borrowed with current interest rates against the current exchange rate (if applicable). No assumptions are included for possible future changes in borrowings and interest payments. It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.The Group does not have material supplier financing arrangements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__286-1": {
"value": "24. Cash and cash equivalentsThe cash and cash equivalents include foreign currency cash balances not freely available for general use within the Group. These include EUR 5.8 million (31 December 2023: EUR 5.6 million) of Angolan Kwanza\u2019s where exchange controls apply.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__285-1": {
"value": "24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.(EUR x 1,000) 2024 2023Cash and cash equivalents 319,465 326,294Bank overdraft (317) (496)Cash and cash equivalents in the consolidated statement of cash flows 319,148 325,79828.5 Changes in liabilities arising from financing activitiesThe table below sets out an analysis of the changes in liabilities arising from financing activities in 2024.Subordinated unsecured RCF Term Loan convertible Other EUR 300 EUR 100 Senior bonds Lease long-term Other (EUR x 1,000)1millionmillion Senior RCFterm loanEUR 100,000LiabilitiesloansliabilitiesTotalBalance at 1 January 2024 - - - 200,575 41,640 186,174 7,924 - 436,313Initial recognition share buy-back obligation (non-cash) - - - - - - - 50,000 50,000Cash flow from financing activities provided by (used for) continued operations 100,000 100,000 - (200,000) (400) (50,547) (39) (36,746) (87,732)Sub-total 100,000 100,000 - 575 41,240 135,627 7,885 13,254 398,581Effect of movement in foreign exchange rates - - - - - 5,064 591 - 5,6552Other changes147 (436) - (575) (41,240) 66,480 (51) - 24,326Balance at 31 December 2024 100,147 99,564 - - - 207,171 8,425 13,254 428,5621 Other liabilities are presented in trade and other payables.2 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, conversion of bonds into shares, amortisation and new/modification of leases.The cash outflow from financing activities of EUR 181.8 million in 2024 (less dividends paid of EUR 45.9 million, repurchase of shares of EUR 47.8 million, transaction costs incurred on the refinancing of EUR 2.4 million plus proceeds from the exercise of share-options of 2.0 million) represents the total net cash from financing activities in the consolidated statement of cash flows of which EUR 87.7 million relating to financial liabilities. Subordinated unsecured Transaction convertible with bonds Lease Other long-discontinued (EUR x 1,000)Senior RCF Term loanEUR 100,000Liabilitiesterm loansoperations TotalBalance at 1 January 2023 - 200,234 40,348 168,974 4,886 - 414,442Cash flow from financing activities provided by (used for) continued operations - - - (81,602) 3,285 (16,910) (95,227)Cash flow from financing activities provided by (used for) discontinued operations - - - - - 16,910 16,910Sub-total - - - (81,602) 3,285 - (78,317)Effect of movement in foreign exchange rates - - - (4,092) (295) - (4,387)1Other changes- 341 1,292 102,894 48 - 104,575Balance at 31 December 2023 - 200,575 41,640 186,174 7,924 - 436,3131 Other changes include interest payments, accrued interest, transaction costs capitalised against term loan, amortisation, and new/modification of leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__284": {
"value": "24. Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents include cash in hand and call deposits. Bank overdrafts are repayable on demand and form an integral part of the Group\u2019s cash management. As a result, bank overdrafts are presented as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows. Bank overdrafts are shown within the current liabilities in the consolidated statement of financial position. Currency exchange differences on cash held are presented separately in the statement of cash flows.(EUR x 1,000) 2024 2023Cash and cash equivalents 319,465 326,294Bank overdraft (317) (496)Cash and cash equivalents in the consolidated statement of cash flows 319,148 325,798The cash and cash equivalents include foreign currency cash balances not freely available for general use within the Group. These include EUR 5.8 million (31 December 2023: EUR 5.6 million) of Angolan Kwanza\u2019s where exchange controls apply.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s7__6__304-1": {
"value": "25. Total equityDividends are recognised as a liability when the dividend is appropriately authorised and is no longer at the discretion of the company.25.4 Unappropriated resultRefer to note 28.1 Loans and borrowings for dividend restrictions. Fugro will propose to the annual general meeting on 24 April 2025 to declare a cash dividend pay-out of EUR 0.75 per qualifying share for 2024 to shareholders (2023: EUR 0.40). In May 2024, EUR 38.5 million cash dividend relating to 2023 was paid to shareholders. The dividend payment was subject to a 15% Dutch withholding tax. As a result, EUR 6.4 million dividend withholding tax was paid. The total cash outflow of EUR 44.9 million was presented in the dividends paid line item within financing activities in the consolidated statement of cash flows.Dividend declarations and payments are subject to the condition that the aggregate amount available for distribution to Fugro\u2019s shareholders in respect of the then most recently ended financial year has been determined first. Covenants apply, amongst others, regarding the solvency ratio, net leverage and interest coverage.32. Financial risk management32.5 Capital managementThe Board of Management\u2019s policy is to maintain a strong capital base in order to retain investor, creditor and market confidence and to sustain future development of the business. Capital consists of share capital, retained earnings and non-controlling interests of the Group. Important key performance indicators for the Board of Management are free cash flow, the return on capital as well as the level of dividends. The Board strives for a dividend pay-out ratio of 25 to 45% of net result, subject to the term and revolving credit facility agreement dividend restrictions as disclosed in note 28.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__303-1": {
"value": "25. Total equityFugro purchases and sells own shares in relation to the long-term incentive plans. Own shares which have been repurchased are held in treasury and are deducted from and presented within equity in a separate \u2018reserve for own shares\u2019 on a cost basis. Own shares are recorded at cost, representing the market price paid on the acquisition date. When reissued under the long-term incentive plan, shares are removed from the reserve for own shares on a first-in, first-out (FIFO) basis. The difference between the cost and the cash received is recorded in retained earnings. Costs including dividend withholding tax in connection with the Group\u2019s purchase of own shares for capital reduction purposes are recorded in retained earnings.25.3 Reserve for own sharesOn 20 March 2024, Fugro announced the start of a buyback programme of its own shares. The objective of this programme was to meet the obligations under its employee share-based payment arrangements. The buyback was completed on 31 May 2024. In total, Fugro repurchased 2 million shares for an amount of EUR 46.4 million (excluding transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares (these shares were not cancelled).On 18 November 2024, Fugro announced the start of a EUR 50 million buyback programme of its own shares. The objective of the buyback was the reduction of the company\u2019s share capital by cancelling all shares acquired through the programme, also offsetting dilution from the matured convertible bonds. Fugro engaged a broker to execute the buyback. The contract with the broker contained an obligation to purchase Fugro\u2019s shares in exchange for cash and this gave rise to a financial liability. At inception, the full share buyback was debited in equity (reserve for own shares) and credited to other (financial) liabilities at the present value of the redemption amount. As at 31 December 2024, the carrying amount of the other liability was EUR 13.3 million (2023: EUR nil). Refer to note 31. The other liability was settled in January 2025 and the buyback was completed on 16 January 2025. In total, Fugro repurchased 2,968,649 shares for an amount of EUR 50 million (excluding EUR 15 thousand transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares. The repurchased shares will be cancelled after the annual general meeting on 24 April 2025. The withholding tax in connection with the share buyback amounted to EUR 4.8 million and was debited in retained earnings and credited to current tax liabilities. An amount of EUR 1.4 million of this withholding tax liability was paid in December 2024. (EUR x 1,000) 2024 2023Number of PriceValueNumber of PriceValueshares (EUR)(EUR)shares (EUR)(EUR)At 1 January 1,117,685 98,297 1,586,549 - 139,923Purchased in the 16.05 - year 4,183,38924.68 83,097 - -Utilised in the year (877,737) 88.78 (77,925) (468,864) 88.78 (41,626)At 31 December 4,423,337 103,469 1,117,685 98,297% of issued share capital 3.82% 0.98%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__302-1": {
"value": "25. Total equityFugro purchases and sells own shares in relation to the long-term incentive plans. Own shares which have been repurchased are held in treasury and are deducted from and presented within equity in a separate \u2018reserve for own shares\u2019 on a cost basis. Own shares are recorded at cost, representing the market price paid on the acquisition date. When reissued under the long-term incentive plan, shares are removed from the reserve for own shares on a first-in, first-out (FIFO) basis. The difference between the cost and the cash received is recorded in retained earnings. Costs including dividend withholding tax in connection with the Group\u2019s purchase of own shares for capital reduction purposes are recorded in retained earnings.25.2 Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. The translation reserve also includes the translation of liabilities that hedge the company\u2019s net investment in a foreign subsidiary (prior to the discontinuance of net investment hedging in December 2020).25.3 Reserve for own sharesOn 20 March 2024, Fugro announced the start of a buyback programme of its own shares. The objective of this programme was to meet the obligations under its employee share-based payment arrangements. The buyback was completed on 31 May 2024. In total, Fugro repurchased 2 million shares for an amount of EUR 46.4 million (excluding transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares (these shares were not cancelled).On 18 November 2024, Fugro announced the start of a EUR 50 million buyback programme of its own shares. The objective of the buyback was the reduction of the company\u2019s share capital by cancelling all shares acquired through the programme, also offsetting dilution from the matured convertible bonds. Fugro engaged a broker to execute the buyback. The contract with the broker contained an obligation to purchase Fugro\u2019s shares in exchange for cash and this gave rise to a financial liability. At inception, the full share buyback was debited in equity (reserve for own shares) and credited to other (financial) liabilities at the present value of the redemption amount. As at 31 December 2024, the carrying amount of the other liability was EUR 13.3 million (2023: EUR nil). Refer to note 31. The other liability was settled in January 2025 and the buyback was completed on 16 January 2025. In total, Fugro repurchased 2,968,649 shares for an amount of EUR 50 million (excluding EUR 15 thousand transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares. The repurchased shares will be cancelled after the annual general meeting on 24 April 2025. The withholding tax in connection with the share buyback amounted to EUR 4.8 million and was debited in retained earnings and credited to current tax liabilities. An amount of EUR 1.4 million of this withholding tax liability was paid in December 2024. (EUR x 1,000) 2024 2023Number of PriceValueNumber of PriceValueshares (EUR)(EUR)shares (EUR)(EUR)At 1 January 1,117,685 98,297 1,586,549 - 139,923Purchased in the 16.05 - year 4,183,38924.68 83,097 - -Utilised in the year (877,737) 88.78 (77,925) (468,864) 88.78 (41,626)At 31 December 4,423,337 103,469 1,117,685 98,297% of issued share capital 3.82% 0.98%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__301-1": {
"value": "25. Total equityFugro purchases and sells own shares in relation to the long-term incentive plans. Own shares which have been repurchased are held in treasury and are deducted from and presented within equity in a separate \u2018reserve for own shares\u2019 on a cost basis. Own shares are recorded at cost, representing the market price paid on the acquisition date. When reissued under the long-term incentive plan, shares are removed from the reserve for own shares on a first-in, first-out (FIFO) basis. The difference between the cost and the cash received is recorded in retained earnings. Costs including dividend withholding tax in connection with the Group\u2019s purchase of own shares for capital reduction purposes are recorded in retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__300-1": {
"value": "25. Total equityDividends are recognised as a liability when the dividend is appropriately authorised and is no longer at the discretion of the company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__299-1": {
"value": "25. Total equityShare capital is classified as equity. The term \u2018shares\u2019 as used in the financial statements pertain to ordinary shares and preference shares of Fugro N.V. Ordinary shares of Fugro N.V. are listed and traded on the Euronext Amsterdam stock exchange. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.25.1 Share capital and share premium(Numbers of shares) Ordinary shares Preference shares2024 2023 2024 2023In issue at 1 January 113,509,402 113,509,402 - -Issued for cash - - - -Effects of conversion of convertible bonds 2,190,214 - - -In issue at 31 December \u2013 fully paid 115,699,616 113,509,402 - -Authorised at 31 December \u2013 nominal value ordinary shares EUR 0.05 and nominal value preference shares EUR 0.05 in 2024 180,000,000 180,000,000 220,000,000 220,000,000Consistent with last year, there are no shares issued which are not fully paid. On 31 December 2024, the authorised share capital amounts to EUR 20 million (2023: EUR 20 million), consisting of ordinary shares and various types of preference shares. On 31 December 2024, the issued share capital amounted to EUR 5.8 million (2023: 5.7 million).Ordinary sharesHolders of ordinary shares are entitled to dividends as appropriately authorised from time to time and are entitled to one vote per share at general meetings of the company. All rights attached to the company\u2019s shares held by the Group are suspended until those shares are transferred to a party outside the Group.Preference sharesNo preference shares have been issued. Fugro\u2019s articles of association as at 31 December 2024 provide the foundation Stichting Beschermingspreferente aandelen Fugro with a right to exercise a call option on protective preference shares.",
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"f0__s7__6__298": {
"value": "25. Total equityShare capital is classified as equity. The term \u2018shares\u2019 as used in the financial statements pertain to ordinary shares and preference shares of Fugro N.V. Ordinary shares of Fugro N.V. are listed and traded on the Euronext Amsterdam stock exchange. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.",
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"f0__s7__6__297": {
"value": "25. Total equityShare capital is classified as equity. The term \u2018shares\u2019 as used in the financial statements pertain to ordinary shares and preference shares of Fugro N.V. Ordinary shares of Fugro N.V. are listed and traded on the Euronext Amsterdam stock exchange. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.Fugro purchases and sells own shares in relation to the long-term incentive plans. Own shares which have been repurchased are held in treasury and are deducted from and presented within equity in a separate \u2018reserve for own shares\u2019 on a cost basis. Own shares are recorded at cost, representing the market price paid on the acquisition date. When reissued under the long-term incentive plan, shares are removed from the reserve for own shares on a first-in, first-out (FIFO) basis. The difference between the cost and the cash received is recorded in retained earnings. Costs including dividend withholding tax in connection with the Group\u2019s purchase of own shares for capital reduction purposes are recorded in retained earnings.Dividends are recognised as a liability when the dividend is appropriately authorised and is no longer at the discretion of the company.25.1 Share capital and share premium(Numbers of shares) Ordinary shares Preference shares2024 2023 2024 2023In issue at 1 January 113,509,402 113,509,402 - -Issued for cash - - - -Effects of conversion of convertible bonds 2,190,214 - - -In issue at 31 December \u2013 fully paid 115,699,616 113,509,402 - -Authorised at 31 December \u2013 nominal value ordinary shares EUR 0.05 and nominal value preference shares EUR 0.05 in 2024 180,000,000 180,000,000 220,000,000 220,000,000Consistent with last year, there are no shares issued which are not fully paid. On 31 December 2024, the authorised share capital amounts to EUR 20 million (2023: EUR 20 million), consisting of ordinary shares and various types of preference shares. On 31 December 2024, the issued share capital amounted to EUR 5.8 million (2023: 5.7 million).Ordinary sharesHolders of ordinary shares are entitled to dividends as appropriately authorised from time to time and are entitled to one vote per share at general meetings of the company. All rights attached to the company\u2019s shares held by the Group are suspended until those shares are transferred to a party outside the Group.Preference sharesNo preference shares have been issued. Fugro\u2019s articles of association as at 31 December 2024 provide the foundation Stichting Beschermingspreferente aandelen Fugro with a right to exercise a call option on protective preference shares. 25.2 Translation reserveThe translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. The translation reserve also includes the translation of liabilities that hedge the company\u2019s net investment in a foreign subsidiary (prior to the discontinuance of net investment hedging in December 2020).25.3 Reserve for own sharesOn 20 March 2024, Fugro announced the start of a buyback programme of its own shares. The objective of this programme was to meet the obligations under its employee share-based payment arrangements. The buyback was completed on 31 May 2024. In total, Fugro repurchased 2 million shares for an amount of EUR 46.4 million (excluding transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares (these shares were not cancelled).On 18 November 2024, Fugro announced the start of a EUR 50 million buyback programme of its own shares. The objective of the buyback was the reduction of the company\u2019s share capital by cancelling all shares acquired through the programme, also offsetting dilution from the matured convertible bonds. Fugro engaged a broker to execute the buyback. The contract with the broker contained an obligation to purchase Fugro\u2019s shares in exchange for cash and this gave rise to a financial liability. At inception, the full share buyback was debited in equity (reserve for own shares) and credited to other (financial) liabilities at the present value of the redemption amount. As at 31 December 2024, the carrying amount of the other liability was EUR 13.3 million (2023: EUR nil). Refer to note 31. The other liability was settled in January 2025 and the buyback was completed on 16 January 2025. In total, Fugro repurchased 2,968,649 shares for an amount of EUR 50 million (excluding EUR 15 thousand transaction costs). The total cash outflow was presented in the statement of cash flows under financing activities. Repurchased shares were added to the reserve for own shares. The repurchased shares will be cancelled after the annual general meeting on 24 April 2025. The withholding tax in connection with the share buyback amounted to EUR 4.8 million and was debited in retained earnings and credited to current tax liabilities. An amount of EUR 1.4 million of this withholding tax liability was paid in December 2024. (EUR x 1,000) 2024 2023Number of PriceValueNumber of PriceValueshares (EUR)(EUR)shares (EUR)(EUR)At 1 January 1,117,685 98,297 1,586,549 - 139,923Purchased in the 16.05 - year 4,183,38924.68 83,097 - -Utilised in the year (877,737) 88.78 (77,925) (468,864) 88.78 (41,626)At 31 December 4,423,337 103,469 1,117,685 98,297% of issued share capital 3.82% 0.98%25.4 Unappropriated resultRefer to note 28.1 Loans and borrowings for dividend restrictions. Fugro will propose to the annual general meeting on 24 April 2025 to declare a cash dividend pay-out of EUR 0.75 per qualifying share for 2024 to shareholders (2023: EUR 0.40). In May 2024, EUR 38.5 million cash dividend relating to 2023 was paid to shareholders. The dividend payment was subject to a 15% Dutch withholding tax. As a result, EUR 6.4 million dividend withholding tax was paid. The total cash outflow of EUR 44.9 million was presented in the dividends paid line item within financing activities in the consolidated statement of cash flows.",
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"value": "0.75",
"decimals": 2,
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"f0__s7__6__318": {
"value": "26. Basic and diluted earnings per shareBasic EPS is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the parent adjusted for the effect of dilutive potential ordinary shares by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Fugro considers the following four categories of potential ordinary shares: convertible bonds, share options, restricted share units and performance shares.The calculation of basic and diluted EPS has been based on the following profit (loss) attributable to ordinary shareholders and weighted average number of ordinary shares outstanding. For diluted EPS, adjustments for the effects of dilutive potential ordinary shares are made.(EUR x 1,000) 2024 2023Continuing Discontinued Continuing Discontinued operationsoperations Totaloperationsoperations TotalNet income (loss) attributable to equity holders of the parent (Euro) 262,792 11,195 273,987 252,000 2,843 254,843Reconciling items numerator basic EPS - - - - - -Profit (loss) attributable to ordinary shareholders (basic) 262,792 11,195 273,987 252,000 2,843 254,843Effects of dilutive potential ordinary shares 1,999 - 1,999 2,378 - 2,378Profit (loss) attributable to ordinary shareholders (diluted) 264,791 11,195 275,986 254,378 2,843 257,221Number of shares 2024 2023Outstanding number of ordinary shares at 1 January 112,391,717 111,922,853Effects of conversion of convertible bonds 555,988 -Effect of delivery of treasury shares for share-based payment plans 835,819 344,322Effects of share buybacks (1,686,508) -Effect of shares issued during the year - -Weighted average number of ordinary shares at 31 December (basic) 112,097,016 112,267,175Effects of conversion of convertible bonds 1,805,230 2,053,415Effects of share options on issue 59,531 -Effects of restricted shares on issue 545,440 385,797Effects of performance shares on issue 857,525 799,447Weighted average number of ordinary shares at 31 December (diluted) 115,364,742 115,505,834The convertible bonds, the share options, restricted shares and performance share on issue, could have an impact on the weighted average number of (diluted) ordinary shares.To calculate the EPS for discontinued operations, the weighted average of ordinary shares for both basic and diluted EPS is per the tables above.",
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"value": "26. Basic and diluted earnings per shareBasic EPS is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit or loss attributable to ordinary equity holders of the parent adjusted for the effect of dilutive potential ordinary shares by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Fugro considers the following four categories of potential ordinary shares: convertible bonds, share options, restricted share units and performance shares.",
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"value": "27. Non-controlling interestsDetails of total non-controlling interests (NCI) and dividends paid to non-controlling interest shareholders for the group and the most significant NCI is shown below.(EUR x 1,000) 2024 2023Of which: Of which: Non-control-Fugro-Non-control-Fugro-ling interestsSuhaimi Ltd.ling interestsSuhaimi Ltd.Carrying amount 17,357 16,656 12,630 11,914Dividends paid 993 900 3,410 3,275Summarised financial information on subsidiaries with material non-controlling interestsSet out below is the summarised financial information of Fugro-Suhaimi Ltd. (Suhaimi) that has a material non-controlling interest to the Group. Suhaimi provides a range of engineering, testing and consultancy services to the oil and gas, energy, mining and construction industries. The non-controlling interest in Suhaimi is 50%, which also represents 50% of the companies\u2019 voting rights in the general meeting of shareholders.Fugro unilaterally determines the strategy, policies, budget and day-to-day activities of Suhaimi. Suhaimi depends on the special relationship with Fugro for critical services, know-how, technology and assets. As a result, Fugro controls Suhaimi. This subsidiary, with a significant non-controlling interest, is therefore fully consolidated into the Group\u2019s financial statements. The shareholders of Suhaimi have certain customary rights on certain key decisions, such as decisions on the declaration and payment of dividend and any significant change to the scope of the business. These rights are considered as protective in nature and normally go beyond the normal scope of business. Such decisions do not affect Fugro\u2019s ability to control the activities of Suhaimi.Summarised balance sheet(EUR x 1,000) Fugro-Suhaimi Ltd.As at 31 December2024 2023Current assets 92,032 73,939Non-current assets 12,842 12,672Current liabilities (43,462) (54,987)Non-current liabilities (28,100) (7,797)Net assets 33,312 23,827NCI percentage 50% 50%Carrying amount of NCI 16,656 11,914Summarised income statement(EUR x 1,000) Fugro-Suhaimi Ltd. For period ended 31 December2024 2023Revenue 60,501 60,628Profit/(loss) before income tax 11,508 11,753Income tax (expense)/income (1,672) (1,043)Post-tax profit/(loss) from continuing operations 9,836 10,710Other comprehensive income 1,332 (1,242)Total comprehensive income/(loss) 11,168 9,468Total comprehensive income/(loss) allocated to non-controlling interests 5,584 4,734Dividends paid to non-controlling interests 900 3,275Summarised cash flows(EUR x 1,000) Fugro-Suhaimi Ltd.For period ended 31 December 2024 2023Net cash generated from operating activities (19,428) 9,922Net cash used in investing activities (1,230) (131)Net cash from/(used in) financing activities 17,944 (3,812)Net increase in cash and cash equivalents and bank overdrafts (2,714) 5,979Cash, cash equivalents and bank overdrafts at beginning of year 15,186 9,276Exchange gains/(losses) on cash and cash equivalents 1,304 (70)Cash and cash equivalents at end of year 13,776 15,186The amounts above are before intercompany eliminations.37. Subsidiaries and investments accounted for using the equity method of Fugro N.V. Unless stated otherwise, the direct or indirect interest of Fugro in the subsidiaries listed below is 100%. Insignificant, but consolidated, subsidiaries have not been included. For entities where the direct or indirect interest of Fugro is less than 50%, the Group consolidates financial information of such entities based on the definition of control.The subsidiaries listed below have been fully incorporated into the consolidated financial statements of Fugro, unless indicated otherwise. The information as required by sections 2:379 and 2:414 of the Dutch Civil Code has been filed at the trade registry of the Chamber of Commerce in The Hague.Company % Office, CountryFugro Angola Limitada 49% Luanda, AngolaFugro Holdings (Australia) Pty Ltd. Perth, AustraliaFugro Exploration Pty Ltd. Perth, AustraliaFugro Australia Pty Ltd. Perth, Australia1SOCAR-Fugro LLC 49%Baku, AzerbaijanFugro Holding Belgium N.V. Louvain la Neuve, BelgiumFugro Belgium SRL Louvain la Neuve, BelgiumFugro Brasil Servi\u00e7os Submarinos e Rio de Janeiro, BrazilLevantamentos Ltda.Sudeste Servi\u00e7os Ltda Rio de Janeiro, BrazilFugro In Situ Geotecnia Ltda. Pinhais, BrazilFugro Canada, Corp. St. John\u2019s, CanadaFugro Chile S.A. Santiago, ChileFugro Technical Services (Guangzhou) Ltd. Guangzhou, ChinaFugro Pacifica Qinhuangdao Co. Ltd. Qinhuangdao, China1China Offshore Fugro GeoSolutions (Shenzhen) 50%Shekou, Shenzhen, ChinaCo. Ltd.Fugro Offshore Survey (Shenzhen) Co. Ltd. Shenzhen, ChinaFugro Consultants International N.V. Willemstad, Cura\u00e7aoFugro Financial International N.V. Willemstad, Cura\u00e7aoFugro Marine Survey Int. Ltd. Egypt Cairo, EgyptFugro S.A.E. Cairo, EgyptCompany % Office, CountryFugro Holding France S.A.S. Nanterre, FranceFugro Germany Land GmbH Berlin, GermanyFugro Germany Marine GmbH Bremen, GermanyFugro Geosciences International Ltd. Wanchai, Hong KongFugro (Hong Kong) Ltd. Wanchai, Hong KongFugro Geotechnical Services Ltd. Fo Tan, Hong KongFugro Technical Services Ltd. Tuen Mun, Hong KongFugro Holdings (Hong Kong) Ltd. Wanchai, Hong KongPT Fugro Indonesia 80% Jakarta, IndonesiaFugro Survey (India) Private Limited Navi Mumbai, IndiaFugro Japan Co., Ltd. Tokyo, JapanFugro Mauritius Ltd. Quatre Bornes, MauritiusFugro Malaysia Marine Sdn Bhd 30% Kuala Lumpur, MalaysiaBulan Selatan Sdn Bhd 49% Kuala Lumpur, MalaysiaFugro Mexico S.A. de C.V. Ciudad Del Carmen, Campeche, MexicoFugro New Zealand Ltd. New Plymouth, New ZealandFugro Holdings (NZ) Ltd. New Plymouth, New ZealandFugro Norway AS Oslo, NorwayFugro Philippines Inc. Manila, PhilippinesFugro-Suhaimi Ltd. 50% Dammam, Saudi ArabiaFugro Satellite Positioning Pte Ltd. Singapore, SingaporeFugro Holding Singapore Pte Ltd. Singapore, SingaporeFugro Subsea Technologies Pte Ltd. Singapore, SingaporeFugro Properties Pte Ltd. Singapore, SingaporeFugro Singapore Land Pte Ltd. Singapore, SingaporeFugro Marine Personnel Pte Ltd. Singapore, SingaporeSouthern Evolution Pte Ltd. Singapore, SingaporeFugro Singapore Marine Pte Ltd Singapore, SingaporeEastern Mariner Pte Ltd. Singapore, SingaporeEastern Equator Pte Ltd. Singapore, Singapore1Fugro UTS21 Co. Ltd. 49%Incheon, South KoreaFugro Geodetic AG Zug, Switzerland1Fugro IOVTEC Co. Ltd. 49%Taipei City, TaiwanFugro Nederland B.V. Leidschendam, The NetherlandsFugro NL Land B.V. Leidschendam, The NetherlandsFugro NL Services B.V. Leidschendam, The NetherlandsFugro Innovation & Technology B.V. Leidschendam, The NetherlandsFugro Survey B.V. Leidschendam, The NetherlandsEcodemka B.V. Leidschendam, The NetherlandsFugro Caspian B.V. Leidschendam, The NetherlandsCompany % Office, CountryFugro Vastgoed B.V. Leidschendam, The NetherlandsFugro Marine Services B.V. Leidschendam, The NetherlandsFugro South America B.V. Leidschendam, The NetherlandsFugro Middle East B.V. Leidschendam, The NetherlandsFugro Technology B.V. Leidschendam, The Netherlands1Wavewalker B.V. 50%Leidschendam, The NetherlandsFugro Financial Resources B.V. Leidschendam, The NetherlandsKatla Shipping B.V. Leidschendam, The NetherlandsAgung Shipping B.V. Leidschendam, The NetherlandsAlutan Shipping B.V. Leidschendam, The NetherlandsErebus Shipping B.V. Leidschendam, The NetherlandsFoster Shipping B.V. Leidschendam, The NetherlandsKika Shipping B.V. Leidschendam, The NetherlandsMayon Shipping B.V. Leidschendam, The NetherlandsScenery Shipping B.V. Leidschendam, The NetherlandsSemeru Shipping B.V. Leidschendam, The NetherlandsTaranaki Shipping B.V. Leidschendam, The NetherlandsTongariro Shipping B.V. Leidschendam, The NetherlandsArjuna Shipping B.V. Leidschendam, The NetherlandsStromboli Shipping B.V. Leidschendam, The NetherlandsKilimanjaro Shipping B.V. Leidschendam, The NetherlandsNgauruhoe Administrations B.V. Leidschendam, The NetherlandsNyiragongo Shipping B.V. Leidschendam, The NetherlandsPilanesberg Shipping B.V. Leidschendam, The NetherlandsFugro Property I B.V. Leidschendam, The NetherlandsBisoke Shipping B.V. Leidschendam, The NetherlandsSabyinyo Shipping B.V. Leidschendam, The NetherlandsDubbi Shipping B.V. Leidschendam, The NetherlandsLongonot Shipping B.V. Leidschendam, The NetherlandsFugro Netherlands Marine B.V. Nootdorp, The NetherlandsHastveda Shipping B.V. Nootdorp, The NetherlandsBosavi Shipping B.V. Nootdorp, The NetherlandsFugro Trinidad Ltd. Port of Spain, TrinidadFugro Sial Ltd. Ankara, TurkeyFugro Survey (Middle East) Ltd. Abu Dhabi, United Arab EmiratesFugro Middle East 49% Dubai, United Arab EmiratesFugro Middle East FZE Dubai, United Arab EmiratesFugro GB (North) Marine Limited Aberdeen, United KingdomHush Craft Ltd Haugley Green, United KingdomSea-Kit International Ltd Maldon, United KingdomCompany % Office, CountryFugro GeoServices Limited Falmouth, United KingdomFugro Holdings Limited Wallingford, United KingdomFugro GB Marine Limited Wallingford, United KingdomFugro Properties Limited Wallingford, United KingdomFugro USA Marine, Inc. Lafayette, United StatesFugro USA Land, Inc. Houston, United StatesFugro Synergy, Inc. Houston, United StatesFugro Brasilis, Inc. Houston, United StatesFugro Enterprise, Inc. Houston, United StatesFugro Gulf, Inc. Houston, United StatesFugro (USA) Holdings, Inc. Houston, United StatesSeabed Geosolutions B.V. Leidschendam, The Netherlands1 Joint arrangements classified as joint ventures or associates that are equity-accounted.",
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"f0__s7__6__319": {
"value": "27. Non-controlling interestsDetails of total non-controlling interests (NCI) and dividends paid to non-controlling interest shareholders for the group and the most significant NCI is shown below.(EUR x 1,000) 2024 2023Of which: Of which: Non-control-Fugro-Non-control-Fugro-ling interestsSuhaimi Ltd.ling interestsSuhaimi Ltd.Carrying amount 17,357 16,656 12,630 11,914Dividends paid 993 900 3,410 3,275Summarised financial information on subsidiaries with material non-controlling interestsSet out below is the summarised financial information of Fugro-Suhaimi Ltd. (Suhaimi) that has a material non-controlling interest to the Group. Suhaimi provides a range of engineering, testing and consultancy services to the oil and gas, energy, mining and construction industries. The non-controlling interest in Suhaimi is 50%, which also represents 50% of the companies\u2019 voting rights in the general meeting of shareholders.Fugro unilaterally determines the strategy, policies, budget and day-to-day activities of Suhaimi. Suhaimi depends on the special relationship with Fugro for critical services, know-how, technology and assets. As a result, Fugro controls Suhaimi. This subsidiary, with a significant non-controlling interest, is therefore fully consolidated into the Group\u2019s financial statements. The shareholders of Suhaimi have certain customary rights on certain key decisions, such as decisions on the declaration and payment of dividend and any significant change to the scope of the business. These rights are considered as protective in nature and normally go beyond the normal scope of business. Such decisions do not affect Fugro\u2019s ability to control the activities of Suhaimi.Summarised balance sheet(EUR x 1,000) Fugro-Suhaimi Ltd.As at 31 December2024 2023Current assets 92,032 73,939Non-current assets 12,842 12,672Current liabilities (43,462) (54,987)Non-current liabilities (28,100) (7,797)Net assets 33,312 23,827NCI percentage 50% 50%Carrying amount of NCI 16,656 11,914Summarised income statement(EUR x 1,000) Fugro-Suhaimi Ltd. For period ended 31 December2024 2023Revenue 60,501 60,628Profit/(loss) before income tax 11,508 11,753Income tax (expense)/income (1,672) (1,043)Post-tax profit/(loss) from continuing operations 9,836 10,710Other comprehensive income 1,332 (1,242)Total comprehensive income/(loss) 11,168 9,468Total comprehensive income/(loss) allocated to non-controlling interests 5,584 4,734Dividends paid to non-controlling interests 900 3,275Summarised cash flows(EUR x 1,000) Fugro-Suhaimi Ltd.For period ended 31 December 2024 2023Net cash generated from operating activities (19,428) 9,922Net cash used in investing activities (1,230) (131)Net cash from/(used in) financing activities 17,944 (3,812)Net increase in cash and cash equivalents and bank overdrafts (2,714) 5,979Cash, cash equivalents and bank overdrafts at beginning of year 15,186 9,276Exchange gains/(losses) on cash and cash equivalents 1,304 (70)Cash and cash equivalents at end of year 13,776 15,186The amounts above are before intercompany eliminations.",
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"f0__s7__6__332-1": {
"value": "28. Financial liabilitiesThe Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.",
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"value": "28. Financial liabilitiesDividend declarations and payments are subject to the condition that the aggregate amount available for distribution to Fugro\u2019s shareholders in respect of the then most recently ended financial year has been determined first. Covenants apply, amongst others, regarding the solvency ratio, net leverage and interest coverage.28.6 Covenant requirementsThe term and revolving credit facility agreement contains various affirmative and negative covenants and events of default. The principal covenants requirements are defined as follows (all including the impact of IFRS 16): \u25a0Solvency ratio: shareholders\u2019 equity as a percentage of the balance sheet total. \u25a0Net leverage for purpose of covenant calculations: net debt divided by adjusted consolidated EBITDA for purpose of covenant calculations. The look-back period is twelve months. \u25a0Interest coverage: adjusted consolidated EBITDA for purpose of covenant calculations divided by consolidated interest expense. The look-back period is twelve months.2024 2023Principal covenants Target Actual Headroom Target Actual HeadroomSolvency ratio >=33.33% 56.9% 23.57% >=33.33% 53.8% 20.47%Net leverage =<3.25:1 0.20 3.05 =<3.25:1 0.28 2.97Interest coverage >=2.50:1 17.5 15.0 >=2.50:1 16.8 14.3Fugro\u2019s right to defer settlement of non-current liabilities for at least twelve months after the reporting period is subject to compliance with specified conditions within twelve months after the reporting period. The covenant testing dates are 31 December, 31 March, 30 June and 30 September. The Term Loan and RCF shall become immediately due and payable when there is a change of control event. Events of default on the debt include non-payment, non-compliance, misrepresentation, cessation of business, cross-default, insolvency events, creditors\u2019 process, enforcement of security, illegality, material adverse change \u2013 including any event or circumstance which in the majority lenders\u2019 reasonable opinion has a material adverse effect on the ability to perform or otherwise comply with the payment obligations under the agreements or on the business, operations, property, condition or prospects of the Group taken as a whole. In the event that the Group breaches any of the covenants or an event of default becomes applicable, lenders may require Fugro to immediately and fully prepay the relevant liabilities including related liabilities subject to cross-default clauses. The carrying amount of such relevant liabilities subject to covenants within twelve months after the reporting period is therefore EUR 199.7 million (2023: EUR 200.6 million). Fugro complied with the covenant requirements in the term and revolving credit facility agreement as of 31 December 2024. Fugro expects to comply with its covenants in the twelve months after the reporting period, with adequate headroom.28.7 Other KPIsYear initial Actual Annual target Other KPIs Initial scorescore Target scorescoremet (Yes/No)2023 2024 2025 2024 2024Reduction CO emission intensity vessels 15.8 tonnes CO/operational day 2020 -10% -15% -20% -10% No22Growth in revenue from renewables market segment EUR 350 million 2021 28% 50% 60% 147% YesPercentage women in senior management positions 15.2% 2021 18% 20% 25% 24% YesThe other key performance indicators are defined in the term and revolving credit facility agreement. The reporting criteria used for the preparation of these KPI\u2019s are the reporting criteria developed by Fugro NV and are disclosed in section 2.2 (selection of key performance indicators) of the Group\u2019s financing framework. The initial scores in the table above are based on the performance of the Group in respect of each KPI. There is no requirement from the lenders that obliges Fugro to use the borrowing for \u2018green\u2019 projects. Failure to meet these KPIs does not trigger a default event or an early repayment.An interest discount or penalty of between 3 basis points and 5 basis points will be applied on the margin payable on the revolving credit facility and the term loan based on the performance of Fugro against specified targets for three key performance indicators:Number of targets met Term loan and RCF0 +/+ 5 bps1 No adjustment2 -/- 3 bps3 -/- 5 bps32.5 Capital managementThe Board of Management\u2019s policy is to maintain a strong capital base in order to retain investor, creditor and market confidence and to sustain future development of the business. Capital consists of share capital, retained earnings and non-controlling interests of the Group. Important key performance indicators for the Board of Management are free cash flow, the return on capital as well as the level of dividends. The Board strives for a dividend pay-out ratio of 25 to 45% of net result, subject to the term and revolving credit facility agreement dividend restrictions as disclosed in note 28.1.Targeted solvency is set at, at least 33.3%. The targeted solvency includes the impact of IFRS 16. The solvency at the end of 2024 was 56.9% (2023: 53.8%). The Group\u2019s objective is to achieve a healthy return on shareholders\u2019 equity. As a result, the return, calculated as profit (loss) for the period attributable to owners of the company, divided by the total equity attributable to owners of the company for the year, is 18.3% (positive) in 2024 (2023: 19.7% positive). From time-to-time Fugro purchases its own shares. These shares are used to cover the long-term incentives granted by Fugro. Shares may also be repurchased and cancelled to reduce the share capital. Purchase and sale decisions are made on a specific transaction basis by the Board of Management.",
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"value": "28. Financial liabilitiesFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.",
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"value": "28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.",
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"value": "28. Financial liabilitiesThe Group\u2019s financial liabilities consist of loans and borrowings, lease liabilities, bank overdrafts, trade and other payables, other taxes and social security contributions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the statement of comprehensive income. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group considered the bonds as a compound financial instrument containing a debt host (including closely related embedded liability derivatives) and an embedded equity derivative (conversion option). The subordinated convertible bonds were publicity traded on the Frankfurt stock exchange through to November 2024. The conversion price of the bonds was subject to standard anti-dilution adjustments such as in the event of share consolidations, share splits, capital distributions, rights issues and bonus issues and in the event of a change in control, a merger, or other events. The fair value of the liability portion of the convertible bond was initially determined using a market interest rate for an equivalent non-convertible bond at the issue date. This amount was recorded as a liability on an amortised cost basis. The remainder of the proceeds was allocated to the conversion option. This was recognised and included in shareholders\u2019 equity (in a separate category \u2018equity component of convertible bonds\u2019), net of income tax effects and is not subsequently remeasured. This remaining equity component was transferred to retained earnings upon conversion and repayment of the convertible bonds.The Group has not designated any financial liability as at fair value through profit or loss. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of comprehensive income.Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently enforceable legal right to offset the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method.",
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"value": "29. Employee benefitsDefined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset.",
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"value": "29. Employee benefitsDefined benefit plansA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is the yield at the reporting date on AA credit-rated (high quality) corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed by qualified independent actuaries using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities.Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss. Employee contributions for which the amount is independent of the number of years of service are recognised as a reduction of the service costs in the period in which the related services are rendered.When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any assets is deducted. At the reporting date, the discount rate is determined by reference to the yield on AA credit-rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The actuarial calculations are performed using the projected unit credit method. Any actuarial gains or losses are recognised in other comprehensive income in the period in which they arise.(EUR x 1,000) 2024 2023Net defined benefit asset (31,614) (19,882)Total employee benefit asset (31,614) (19,882)Net defined benefit obligation 5,756 7,008Liability for long-service leave 32,956 30,551Total employee benefit liabilities 38,712 37,559The Group makes contributions to a number of pension plans, both defined benefit plans as well as defined contribution plans, that provide pension benefits for employees upon retirement in a number of countries. The retirement age is in line with the provisions in the different plans. The most important plans relate to plans in the Netherlands and United Kingdom. Details of these plans are as follows: \u25a0In the Netherlands, the Group provided a pension plan based on average salary. This plan qualified as a defined benefit scheme. The pension entitlements from this plan are insured with an insurance company that guarantees the accrued pension entitlements. Since 2018, this pension plan has been terminated and has been replaced by a new plan pension plan, qualified as a defined contribution scheme, that is applicable as of 2019. The accrued pension entitlements up to 2018 remained at the insurer and indexation is provided to these accrued pension entitlements for active participants. \u25a0In the United Kingdom (UK) the Group operates two defined benefit pension schemes. For Fugro Holdings (FH), the company operates a final salary defined benefit pension scheme. The scheme is an HMRC registered pension scheme and is subject to standard UK pensions and tax law. The Robertson Research International Group Pension Scheme (RRI) is a funded, defined benefit pension plan. The pension schemes have been closed in previous years for new participants but include the on-going obligations to their members (both former and present employees). The pension schemes assets are held in separate Trustee-administered funds. The schemes include indexation in line with RPI. In 2023 the Trustees agreed a buy-in of most of the RRI scheme with an insurance company. Longevity, inflation and investment risk were transferred to the insurer. The Trustees remain responsible for the administration and payment of pensions to the participants. The insurance policy matches the amount and timing of the benefits payable under the RRI scheme, with the exception of GMP equalisation. In accordance with IAS 19, the balance sheet asset related to the buy-in policy has been set equal to the value of the bought-in benefits. Therefore, there has been an asset loss broadly equivalent to the liability gain over the period. Expenses paid by the RRI scheme relating to the management of scheme assets are deducted from the return on plan assets included in the asset remeasurement in other comprehensive income. The valuation of both the FH and the RRI scheme resulted in a net defined benefit asset as per 31 December 2024.The defined benefit obligation and fair value of plan assets are specified as follows:(EUR x 1,000) 2024 2023UK Netherlands Total UK Netherlands TotalPresent value of funded obligations 156,110 159,102 315,212 164,265 163,236 327,501Fair value of plan assets (187,724) (153,346) (341,070) (184,147) (156,229) (340,376)Net defined benefit obligation (asset) (31,614) 5,756 (25,858) (19,882) 7,007 (12,875)The movements in the present value of the funded obligations and fair value of plan assets consist of the following:2024 2023(EUR x 1,000)Net liability Net liability Obligation Plan assets(asset) Obligation Plan assets(asset)Balance at 1 January 327,503 (340,378) (12,875) 312,017 (325,094) (13,077)Plan amendments and curtailments (past service cost) - - - (1,033) 1,411 378Interest expense/(income) 12,735 (13,738) (1,003) 13,119 (14,133) (1,014)Included in profit or loss (personnel expense) 12,735 (13,738) (1,003) 12,086 (12,722) (636)Actuarial losses/(gains): (22,166) 25,042 2,876 12,040 1,071 13,111 \u25a0(Gain)/loss from change in demographic assumptions (559) - (559) (1,590) - (1,590) \u25a0(Gain)/loss from change in financial assumptions (21,981) 25,042 3,061 11,469 1,071 12,540 \u25a0Experience (gains)/losses 374 - 374 2,161 - 2,161Exchange rate differences 8,430 (9,622) (1,192) 2,767 (3,146) (379)Included in other comprehensive income (13,736) 15,420 1,684 14,807 (2,075) 12,732Paid by the employer - (13,664) (13,664) - (11,894) (11,894)Benefits paid by the plan (11,290) 11,290 - (11,407) 11,407 -Other (11,290) (2,374) (13,664) (11,407) (487) (11,894)Present value of the funded obligation at 31 December 315,212 (341,070) (25,858) 327,503 (340,378) (12,875)The following remeasurements were recognised directly in other comprehensive income:(EUR x 1,000) 2024 2023Cumulative amount at 1 January (44,187) (30,420)Remeasurements: (5,134) (13,767) \u25a0Recognised during the year (2,876) (13,111) \u25a0Effect of movement in exchange rates (2,258) (656)Cumulative amount at 31 December (49,321) (44,187)The actuarial gain net of tax recognised in other comprehensive income amounts to EUR 2.2 million (2023: EUR 9.8 million), after income tax recognised of EUR 0.7 million (2023: EUR 3.3 million). Actuarial assumptionsPrincipal actuarial assumptions at the reporting date (expressed as a range of weighted averages): 2024 2023UK Netherlands UK NetherlandsDiscount rate at 31 December 5.47% 3.50% 4.51% 3.30%Future salary increases 0.0% 0.0% 0.0% 0.0%Future pension increases 1.51% 0.0% 1.44% 0.0%The financial effects of differences between the actuarial assumptions and actuals for the pension liability and plan assets are included in the remeasurements. For the Netherlands, life expectancy assumptions are derived from the Projections Life Table AG2024 from the Royal Dutch Actuarial Association. The mortality table is adjusted to tailor the mortality figures to the insured population by applying the experience factors from the \u2018Centrum voor Verzekeringsstatistiek\u2019: the so-called ES-P2 factors. For the United Kingdom, the mortality basis adopted is the standard table S3PxA with future improvements in line with the Continuous Mortality Investigation\u2019s 2023 projection model with a long-term improvement rate of 1.25% per annum for all members.The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:Impact on defined benefit obligationChange in Increase in Decrease in assumptionassumptionassumptionDiscount rate 0.50% Decrease by 6.4% Increase by 7.3%Salary growth rate 0.50% Increase by 0.0% Decrease by 0.0%Pension growth rate 0.50% Increase by 1.9% Decrease by 1.8%Life expectancy 1 year Increase by 3.2% Decrease by 3.2%The sensitivity analyses are based on a change in one assumption while holding all other assumptions constant, so that interdependencies between the assumptions are excluded.Risk exposureThrough its defined benefit pension plans, the Group is exposed to various demographic and economic risks. Most of these risks come with the nature of a defined benefit plan and are therefore not country specific. The most significant risks relate to life expectancy, investment risk, interest rates and inflation. The Group is actively managing risk related to its defined benefit plans to reduce these risks as much as possible. In most cases, caps on the level of inflationary increases are in place to protect the plan against extreme inflation. The majority of the plan\u2019s assets are either unaffected by (fixed interest bonds) or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. Life expectancy risk is particularly significant in the UK plan, where inflationary increases result in higher sensitivity to changes in life expectancy. In the Netherlands this risk is limited as the insurer guarantees the payment of the accrued benefits.Local risks are considered to be limited for the Netherlands as in the Netherlands the company terminated its defined benefit scheme in 2018 and the accrued pension entitlements were insured, limiting the risk for the Group to the indexation of the accrued entitlements. The insurance company guarantees all accrued entitlements. The insurance contract includes an account in which 80% of the investments are used to match the liability on a funding basis and 20% of the investments are used to invest in equity. The insurance company ultimately decides on investment policies and governance since they run the downside risk. In the UK, the Trustees set the Scheme\u2019s investment strategy, in consultation with the employer. The UK Holdings plan include return seeking assets and bonds. For the Roberson plan, the Trustees during 2023 agreed a buy-in of most of the RRI scheme with an insurance company. The buy-in policy currently covers benefits without equalisation of GMP. The employer ultimately remains responsible for funding the accrued pensions and the pension increases.Major categories of plan assetsPlan assets are comprised as follows:(EUR x 1,000) 2024 2023Quoted Unquoted Total % Quoted Unquoted Total %Equity instruments - - - 0% - - - 0%Debt instruments 136,433 - 136,433 40% 122,912 - 122,912 36%Government 30,807 - 30,807 9% 35,189 - 35,189 10%Corporate bonds (Investment grade) 63,631 - 63,631 19% 52,629 - 52,629 16%Corporate bonds (non-investment grade) 41,995 - 41,995 12% 35,094 - 35,094 10%Insurance policies - 198,885 198,885 58% - 206,408 206,408 61%Property 1,989 - 1,989 1% 7,593 - 7,593 2%Cash and cash equivalents - 3,763 3,763 1% - 3,464 3,464 1%Balance at 31 December 138,422 202,648 341,070 100% 130,504 209,872 340,376 100%The expected 2025 contributions amount to EUR 9.9 million (2024: EUR 12.9 million).The weighted average duration of the defined benefit obligation is 14.3 years (2023: 15.9 years).United Total As at 31 December 2024NetherlandsKingdomweighted Duration of plan 16.6 12.0 14.330. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset. (EUR x 1,000) 2024 Asset Onerous retirement contracts Legal claims Restructuringobligations TotalBalance at 1 January 2,162 13,262 736 6,127 22,287Provisions made during the year 1,134 5,472 4,553 121 11,280Provisions used during the year (345) (1,462) (4,135) - (5,942)Provisions reversed during the year (318) (4,303) - - (4,621)Unwinding of discount - - - 221 221Effect of movements in foreign exchange rates 108 (4) 6 285 395Balance at 31 December 2,741 12,965 1,160 6,754 23,620Non-current - 4,763 - 5,076 9,839Current 2,741 8,202 1,160 1,678 13,781",
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"value": "30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset.",
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},
"f0__s7__6__359-1": {
"value": "30. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognized at net present value. The unwinding of the discount is expensed as incurred and recognised in the statement of comprehensive income as a finance expense.A provision for onerous contracts is recognised when it becomes probable that the unavoidable costs of meeting the obligation under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The costs of fulfilling a contract comprises the costs that relate directly to the contract, i.e. both incremental costs and an allocation of costs directly related to contract activities.A provision for restructuring cost is recognised when the Group has a detailed and formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. Asset retirement obligations are recognised in connection with lease contracts (vessels and property). These obligations are measured at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the costs of the relevant asset. (EUR x 1,000) 2024 Asset Onerous retirement contracts Legal claims Restructuringobligations TotalBalance at 1 January 2,162 13,262 736 6,127 22,287Provisions made during the year 1,134 5,472 4,553 121 11,280Provisions used during the year (345) (1,462) (4,135) - (5,942)Provisions reversed during the year (318) (4,303) - - (4,621)Unwinding of discount - - - 221 221Effect of movements in foreign exchange rates 108 (4) 6 285 395Balance at 31 December 2,741 12,965 1,160 6,754 23,620Non-current - 4,763 - 5,076 9,839Current 2,741 8,202 1,160 1,678 13,78134. Commitments not included in the statement of financial positionContingenciesSome Group companies are, as a result of their normal business activities, involved either as plaintiffs or defendants in claims. Based on information presently available and management\u2019s best estimate, it is not probable that the financial position of the Group will be significantly influenced by any of these matters. Should the actual outcome differ from the assumptions and estimates, the financial position of the Group would be impacted. Fugro N.V. and its Dutch operating companies form a fiscal unity for corporate tax. Each of the operating companies is severally liable for corporate tax to be paid by the fiscal unity.Parent company guaranteesIn principle, Fugro does not provide parent company guarantees to its subsidiaries, unless commercial reasons exist. Fugro has filed declarations of joint and several liabilities for a number of subsidiaries at the Chamber of Commerce. Fugro has filed a list with the Chamber of Commerce which includes all financial interests of Fugro as well as a reference to each subsidiary for which such a declaration of liability has been provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__379": {
"value": "31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__369-1": {
"value": "31. Trade and other payables(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Accrued expenses primarily represent project cost accruals for goods and services received but which are yet to be invoiced.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__367": {
"value": "31. Trade and other payablesTrade and other payables represent liabilities for services and goods provided to the group prior to the end of financial year which are unpaid. Trade and other payables are recognised initially at fair value net of any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest rate method. The contracts in progress for which progress billing exceeds costs incurred plus profits recognised to date less progress billings and recognised losses are presented as advance instalments to work in progress.(EUR x 1,000) 2024 2023Trade payables 110,510 97,072Accrued expenses 197,059 193,188Advance instalments to work in progress 81,623 77,599Employee related accruals 97,329 87,447Other liabilities 46,694 30,523Balance at 31 December 533,215 485,829Accrued expenses primarily represent project cost accruals for goods and services received but which are yet to be invoiced. Advance instalments to work in progress primarily represent advances received from customers for which revenue is recognised as services are performed to customers. From the advance instalments to work in progress, an amount of EUR 67.8 million has been recognised as revenue that was included in the closing balance as at 31 December 2023 (2022: EUR 66.7 million). Other liabilities as at 31 December 2024 include a financial liability in the amount of EUR 13.3 million in connection with the share buyback (2023: nil). Refer to note 25.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__392": {
"value": "32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__391": {
"value": "32. Financial risk managementDerivative financial instruments and hedge accountingWhen a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__388-1": {
"value": "32. Financial risk management32.4 Market riskMarket risk includes changes in market prices, such as foreign exchange rates, interest rates and equity prices which will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. 32.4.1 Currency riskThe global nature of the business of the Group exposes the operations and reported financial results and cash flows to the risks arising from fluctuations in exchange rates. Currency risk is the risk that reported financial performance, or the fair value or future cash flows of a financial instrument, will fluctuate because of changes in foreign exchange rates. Fugro operates in many countries and currencies and therefore currency fluctuations may inevitably impact its financial results. Fugro is exposed to currency risk in the following areas: \u25a0Transaction exposures related to anticipated sales and purchases and on-balance-sheet receivables/payables resulting from such transactions. \u25a0Translation exposure resulting from translation of its operations in non-Euro currencies to Euros. \u25a0Translation exposure to equity interests in non-functional-currency investments in associates and financial assets at fair value.The magnitude of net exposures and currency volatility determine the need to mitigate the impact of currency exposures. The Group continually assesses the net exposure to currency risks and if deemed necessary a portion of those risks may be hedged by using derivative financial instruments. The derivative financial instruments that may be used to cover foreign currency exposure are foreign currency forward contracts, spots, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year). It is noted that the RCF of EUR 300 million may also be drawn in US dollar and other optional currencies.For foreign exchange exposure arising from intercompany loans, where the Group enters into such arrangements the financing is generally provided in the functional currency of the subsidiary. Interest on external borrowings is denominated in the currency of the borrowing. Generally, the Group\u2019s borrowings are denominated in Euro, consistent with the presentation currency of the group. Borrowing facilities in other currencies, including the US dollar, are also available to the Group. In addition, lease liabilities are generally denominated in currencies that match the cash flows generated by the underlying operations of the Group. Sensitivity analysisA 10 percent strengthening of the Euro against the mentioned currencies at 31 December would have increased (decreased) total year-end equity and profit or loss for the year by the amounts shown below. This analysis of major non-Euro currencies is based on foreign currency exchange rate variances that the Group considered to be reasonably possible at the reporting date. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasted sales and purchases.(Effect in EUR x 1,000) 31 December 2024 31 December 2023Total Profit or (loss) Total Profit or (loss) equity at after tax for equity at after tax for year-endthe yearyear-endthe yearAUD (4,199) (739) (3,535) (77)GBP (19,522) (2,725) (16,089) (2,176)HKD (8,499) (921) (14,220) (999)NOK (4,067) (2,213) (4,726) (1,835)SGD (4,602) (563) (3,863) (576)USD (16,229) (3,909) (9,072) (7,198)The following table outlines the estimated nominal value exposure arising from translating on-balance-sheet receivables/payables from major non-Euro denominated functional currencies to the Group\u2019s presentation currency Euro:2024Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 9,327 17,335 11,651 3,487 15,401GBP 55,037 45,682 10,964 17,343 27,927HKD 8,534 10,485 3,060 1,967 2,625NOK 9,388 6,383 3,141 7,465 3,525SGD 1,849 7,483 1,117 1,337 1,360USD 72,088 94,218 28,298 18,660 59,307156,223 181,587 58,232 50,258 110,145Sensitivity+10% 14,202 16,508 5,294 4,569 10,013+15% 20,377 23,685 7,595 6,555 14,3672023Trade Unbilled Trade WIPProject (Exposure in EUR x 1,000)receivablesrevenuespayablesAdvancesaccrualsAUD 11,167 22,306 5,347 2,712 21,548GBP 65,659 33,899 17,871 17,369 16,322HKD 11,418 4,909 2,375 4,736 1,999NOK 10,472 4,115 3,409 5,761 2,642SGD 3,525 356 1,362 1,349 1,930USD 95,980 91,186 27,906 18,519 68,664198,221 156,771 58,270 50,446 113,105Sensitivity+10% 18,020 14,252 5,297 4,586 10,282 +15% 25,855 20,448 7,600 6,580 14,753 32.4.2 Interest rate riskThe Group\u2019s liabilities bear both fixed and variable interest. The current macro-economic environment shows interest rate rises in response to persistent inflation. The Group\u2019s objective is to limit the effect of interest rate volatility on the results by matching long term investment with long term (fixed or variable interest) financing as much as possible. The Group considers the difference between variable interest rate loans and borrowings and total equity and liabilities and the headroom under the interest coverage ratio. The Group may decide to hedge interest rate risk by means of derivative financial instruments such as forwards, caps, floors, swaps and other derivatives. As of 31 December 2024, there are no material derivative financial instruments outstanding (consistent with prior year).ProfileAt the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:(EUR x 1,000) Carrying amount2024 2023Fixed rate instrumentsFinancial assets - 2,100Financial liabilities (215,626) (235,714)Variable rate instrumentsFinancial assets 319,465 326,294Financial liabilities (200,028) (201,071)Balance at 31 December (96,189) (108,391)Fair value sensitivity analysis for fixed rate instrumentsThe Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.Cash flow sensitivity analysis for variable rate instrumentsInterest rate sensitivity and debt covenant compliance is actively monitored by the Group also considering the volatile macro-economic environment. A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. At 31 December 2024, it is estimated that a general increase (decrease) of 100 basis points in interest rates would decrease (increase) the Group\u2019s profit before income tax by approximately: (EUR x 1,000) Equity and profit or loss100 bp 100 bp increasedecrease31 December 2024Variable rate instruments 1,194 (1,194)Cash flow sensitivity (net) 1,194 (1,194)31 December 2023Variable rate instruments 1,252 (1,252)Cash flow sensitivity (net) 1,252 (1,252)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__445": {
"value": "33. Fair valuesDetermination of fair valuesThe fair value of equity and debt securities is determined by reference to their quoted closing bid price at the reporting date, or if unquoted, determined using a valuation technique. Valuation techniques employed include market multiples and discounted cash flow analysis using expected future cash flows and a market-related discount rate. The fair value of receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the reporting date. This fair value is determined for disclosure purposes.The fair value of forward exchange contracts is based on quoted market prices, if available. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date, taking into consideration the Group\u2019s own non-performance risk.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__444": {
"value": "33. Fair valuesDetermination of fair valuesThe fair value of equity and debt securities is determined by reference to their quoted closing bid price at the reporting date, or if unquoted, determined using a valuation technique. Valuation techniques employed include market multiples and discounted cash flow analysis using expected future cash flows and a market-related discount rate. The fair value of receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the reporting date. This fair value is determined for disclosure purposes.The fair value of forward exchange contracts is based on quoted market prices, if available. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date, taking into consideration the Group\u2019s own non-performance risk.Financial assets and liabilitiesThe carrying values of financial assets and liabilities shown in the statement of financial position reasonably approximate their fair values. Due to the short-term nature of trade receivables (payables) and other receivables (payables), their carrying amounts are considered to be the same as their fair value.Fair value hierarchyThe different fair value hierarchy levels have been defined as follows: \u25a0Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25a0Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u25a0Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).Fugro has equity securities of EUR 1,096 thousand as at 31 December 2024 (2023: EUR 1,096 thousand), which are categorised within Level 3. Fugro\u2019s valuation processesThe group\u2019s finance department performs the valuations of financial assets required for financial reporting purposes, including Level 3 fair values. The valuations are directly reported to the Chief Financial Officer. Changes in Level 2 and Level 3 values are analysed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__443": {
"value": "33. Fair valuesDetermination of fair valuesThe fair value of equity and debt securities is determined by reference to their quoted closing bid price at the reporting date, or if unquoted, determined using a valuation technique. Valuation techniques employed include market multiples and discounted cash flow analysis using expected future cash flows and a market-related discount rate. The fair value of receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the reporting date. This fair value is determined for disclosure purposes.The fair value of forward exchange contracts is based on quoted market prices, if available. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date, taking into consideration the Group\u2019s own non-performance risk.Financial assets and liabilitiesThe carrying values of financial assets and liabilities shown in the statement of financial position reasonably approximate their fair values. Due to the short-term nature of trade receivables (payables) and other receivables (payables), their carrying amounts are considered to be the same as their fair value.Fair value hierarchyThe different fair value hierarchy levels have been defined as follows: \u25a0Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25a0Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u25a0Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).Fugro has equity securities of EUR 1,096 thousand as at 31 December 2024 (2023: EUR 1,096 thousand), which are categorised within Level 3. Fugro\u2019s valuation processesThe group\u2019s finance department performs the valuations of financial assets required for financial reporting purposes, including Level 3 fair values. The valuations are directly reported to the Chief Financial Officer. Changes in Level 2 and Level 3 values are analysed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__453": {
"value": "34. Commitments not included in the statement of financial positionBank guaranteesPer 31 December 2024, Fugro\u2019s banks have issued bank guarantees to clients for an amount of EUR 132.3 million (2023: EUR 109.8 million). Capital commitmentsAt 31 December 2024, the Group has EUR 62.3 million contractual obligations to purchase property, plant and equipment (2023: EUR 106.4 million), which includes the new headquarters and a platform vessel. The group has various lease contracts that have not yet commenced as at 31 December 2024. The future lease payments for the non-cancellable lease contracts are approximately EUR 38.8 million (2023 EUR 33.9 million).Climate commitmentsOn 19 February 2021, Fugro announced a target of net zero carbon emissions scope 1 and scope 2 by 2035. In addition, Fugro\u2019s near- and long-term science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). Fugro\u2019s net-zero target spans all three emission scopes. Fugro is a service provider and therefore its client value chain scope 3 emissions are negligible; scope 3 primarily consists of emissions from its supply chain. Carbon emissions from vessels, both owned and leased, account for approximately 80% of Fugro\u2019s combined scope 1 and 2 emissions. Therefore, Fugro\u2019s carbon reduction plan is for a large part a multi-year fleet transition plan (methanol and hybrid technology and uncrewed surface vessel fleet), requiring significant multi-year investments. ContingenciesSome Group companies are, as a result of their normal business activities, involved either as plaintiffs or defendants in claims. Based on information presently available and management\u2019s best estimate, it is not probable that the financial position of the Group will be significantly influenced by any of these matters. Should the actual outcome differ from the assumptions and estimates, the financial position of the Group would be impacted. Fugro N.V. and its Dutch operating companies form a fiscal unity for corporate tax. Each of the operating companies is severally liable for corporate tax to be paid by the fiscal unity. Parent company guaranteesIn principle, Fugro does not provide parent company guarantees to its subsidiaries, unless commercial reasons exist. Fugro has filed declarations of joint and several liabilities for a number of subsidiaries at the Chamber of Commerce. Fugro has filed a list with the Chamber of Commerce which includes all financial interests of Fugro as well as a reference to each subsidiary for which such a declaration of liability has been provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__452": {
"value": "34. Commitments not included in the statement of financial positionBank guaranteesPer 31 December 2024, Fugro\u2019s banks have issued bank guarantees to clients for an amount of EUR 132.3 million (2023: EUR 109.8 million). Capital commitmentsAt 31 December 2024, the Group has EUR 62.3 million contractual obligations to purchase property, plant and equipment (2023: EUR 106.4 million), which includes the new headquarters and a platform vessel. The group has various lease contracts that have not yet commenced as at 31 December 2024. The future lease payments for the non-cancellable lease contracts are approximately EUR 38.8 million (2023 EUR 33.9 million).Climate commitmentsOn 19 February 2021, Fugro announced a target of net zero carbon emissions scope 1 and scope 2 by 2035. In addition, Fugro\u2019s near- and long-term science-based emissions reduction targets have been approved by the Science Based Targets initiative (SBTi). Fugro\u2019s net-zero target spans all three emission scopes. Fugro is a service provider and therefore its client value chain scope 3 emissions are negligible; scope 3 primarily consists of emissions from its supply chain. Carbon emissions from vessels, both owned and leased, account for approximately 80% of Fugro\u2019s combined scope 1 and 2 emissions. Therefore, Fugro\u2019s carbon reduction plan is for a large part a multi-year fleet transition plan (methanol and hybrid technology and uncrewed surface vessel fleet), requiring significant multi-year investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__449-1": {
"value": "34. Commitments not included in the statement of financial positionContingenciesSome Group companies are, as a result of their normal business activities, involved either as plaintiffs or defendants in claims. Based on information presently available and management\u2019s best estimate, it is not probable that the financial position of the Group will be significantly influenced by any of these matters. Should the actual outcome differ from the assumptions and estimates, the financial position of the Group would be impacted. Fugro N.V. and its Dutch operating companies form a fiscal unity for corporate tax. Each of the operating companies is severally liable for corporate tax to be paid by the fiscal unity.Parent company guaranteesIn principle, Fugro does not provide parent company guarantees to its subsidiaries, unless commercial reasons exist. Fugro has filed declarations of joint and several liabilities for a number of subsidiaries at the Chamber of Commerce. Fugro has filed a list with the Chamber of Commerce which includes all financial interests of Fugro as well as a reference to each subsidiary for which such a declaration of liability has been provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000R8GNBSDTSZ396",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__460-1": {
"value": "35. Related partiesThe Group has a related party relationship with its subsidiaries, equity-accounted investees and key management personnel. Balances and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.Transactions with key management personnelFugro\u2019s key management personnel (as defined in IAS 24) consists of the people in the Board of Management, Executive Leadership Team and Supervisory Board. The Executive Leadership Team consists of the two members of Board of Management and seven senior managers. The Board of Management controls the Executive Leadership Team. The key management compensation, based on amounts recognised in the statement of comprehensive income, is as follows:Share-based 2024 Short-term Post-payment employee employment expense (in EUR)benefits benefits Severance (IFRS 2) Total Board of Management 2,454,510 59,397 - 1,747,053 4,260,960 Senior managers 3,911,301 178,384 - 1,938,215 6,027,900Executive Leadership Team (subtotal) 6,365,811 237,781 - 3,685,268 10,288,860Supervisory Board 552,500 - - - 552,500Total 6,918,311 237,781 - 3,685,268 10,841,360Share-based 2023 Short-term Post-payment employee employment expense (in EUR)benefits benefits Severance (IFRS 2) Total Board of Management 2,644,824 51,172 - 2,169,738 4,865,734 Senior managers 4,211,338 176,578 - 2,112,175 6,500,091 Executive Leadership Team (subtotal) 6,856,162 227,750 - 4,281,913 11,365,825 Supervisory Board 543,821 - - - 543,821 Total 7,399,983 227,750 - 4,281,913 11,909,646 The Dutch Civil Code disclosures with respect to remuneration of individual members of the Board of Management and Supervisory Board are included in the Remuneration report.Other transactions with key management personnelThe Board of Management, certain senior managers and certain Supervisory Board members can acquire shares in Fugro on an arm\u2019s length basis. These transactions are not compensation and as such no expense was recorded during the period. 2024 2023Number of Number of Number of Number of shares shares shares shares acquired disposed of acquired disposed of during the Issue price during the during the Issue price during the yearpaid yearyearpaid yearEUR 12.28 - Board of Management 7,500 EUR 16.55 - 17,500EUR 12.58 -EUR 12.00 - Senior managers - - - 4,650EUR 15.90 -Executive Leadership Team (subtotal) 7,500 - - 22,150 - -EUR 20.32 - EUR 12.30 - Supervisory Board 10,160EUR 22.54 - 25,250EUR 16.76 -Total 17,660 - - 47,400 - -The individual shareholdings are less than 5%.Other related partiesThe Group has not entered into any material transaction with other related parties.37. Subsidiaries and investments accounted for using the equity method of Fugro N.V. Unless stated otherwise, the direct or indirect interest of Fugro in the subsidiaries listed below is 100%. Insignificant, but consolidated, subsidiaries have not been included. For entities where the direct or indirect interest of Fugro is less than 50%, the Group consolidates financial information of such entities based on the definition of control.The subsidiaries listed below have been fully incorporated into the consolidated financial statements of Fugro, unless indicated otherwise. The information as required by sections 2:379 and 2:414 of the Dutch Civil Code has been filed at the trade registry of the Chamber of Commerce in The Hague.Company % Office, CountryFugro Angola Limitada 49% Luanda, AngolaFugro Holdings (Australia) Pty Ltd. Perth, AustraliaFugro Exploration Pty Ltd. Perth, AustraliaFugro Australia Pty Ltd. Perth, Australia1SOCAR-Fugro LLC 49%Baku, AzerbaijanFugro Holding Belgium N.V. Louvain la Neuve, BelgiumFugro Belgium SRL Louvain la Neuve, BelgiumFugro Brasil Servi\u00e7os Submarinos e Rio de Janeiro, BrazilLevantamentos Ltda.Sudeste Servi\u00e7os Ltda Rio de Janeiro, BrazilFugro In Situ Geotecnia Ltda. Pinhais, BrazilFugro Canada, Corp. St. John\u2019s, CanadaFugro Chile S.A. Santiago, ChileFugro Technical Services (Guangzhou) Ltd. Guangzhou, ChinaFugro Pacifica Qinhuangdao Co. Ltd. Qinhuangdao, China1China Offshore Fugro GeoSolutions (Shenzhen) 50%Shekou, Shenzhen, ChinaCo. Ltd.Fugro Offshore Survey (Shenzhen) Co. Ltd. Shenzhen, ChinaFugro Consultants International N.V. Willemstad, Cura\u00e7aoFugro Financial International N.V. Willemstad, Cura\u00e7aoFugro Marine Survey Int. Ltd. Egypt Cairo, EgyptFugro S.A.E. Cairo, EgyptCompany % Office, CountryFugro Holding France S.A.S. Nanterre, FranceFugro Germany Land GmbH Berlin, GermanyFugro Germany Marine GmbH Bremen, GermanyFugro Geosciences International Ltd. Wanchai, Hong KongFugro (Hong Kong) Ltd. Wanchai, Hong KongFugro Geotechnical Services Ltd. Fo Tan, Hong KongFugro Technical Services Ltd. Tuen Mun, Hong KongFugro Holdings (Hong Kong) Ltd. Wanchai, Hong KongPT Fugro Indonesia 80% Jakarta, IndonesiaFugro Survey (India) Private Limited Navi Mumbai, IndiaFugro Japan Co., Ltd. Tokyo, JapanFugro Mauritius Ltd. Quatre Bornes, MauritiusFugro Malaysia Marine Sdn Bhd 30% Kuala Lumpur, MalaysiaBulan Selatan Sdn Bhd 49% Kuala Lumpur, MalaysiaFugro Mexico S.A. de C.V. Ciudad Del Carmen, Campeche, MexicoFugro New Zealand Ltd. New Plymouth, New ZealandFugro Holdings (NZ) Ltd. New Plymouth, New ZealandFugro Norway AS Oslo, NorwayFugro Philippines Inc. Manila, PhilippinesFugro-Suhaimi Ltd. 50% Dammam, Saudi ArabiaFugro Satellite Positioning Pte Ltd. Singapore, SingaporeFugro Holding Singapore Pte Ltd. Singapore, SingaporeFugro Subsea Technologies Pte Ltd. Singapore, SingaporeFugro Properties Pte Ltd. Singapore, SingaporeFugro Singapore Land Pte Ltd. Singapore, SingaporeFugro Marine Personnel Pte Ltd. Singapore, SingaporeSouthern Evolution Pte Ltd. Singapore, SingaporeFugro Singapore Marine Pte Ltd Singapore, SingaporeEastern Mariner Pte Ltd. Singapore, SingaporeEastern Equator Pte Ltd. Singapore, Singapore1Fugro UTS21 Co. Ltd. 49%Incheon, South KoreaFugro Geodetic AG Zug, Switzerland1Fugro IOVTEC Co. Ltd. 49%Taipei City, TaiwanFugro Nederland B.V. Leidschendam, The NetherlandsFugro NL Land B.V. Leidschendam, The NetherlandsFugro NL Services B.V. Leidschendam, The NetherlandsFugro Innovation & Technology B.V. Leidschendam, The NetherlandsFugro Survey B.V. Leidschendam, The NetherlandsEcodemka B.V. Leidschendam, The NetherlandsFugro Caspian B.V. Leidschendam, The NetherlandsCompany % Office, CountryFugro Vastgoed B.V. Leidschendam, The NetherlandsFugro Marine Services B.V. Leidschendam, The NetherlandsFugro South America B.V. Leidschendam, The NetherlandsFugro Middle East B.V. Leidschendam, The NetherlandsFugro Technology B.V. Leidschendam, The Netherlands1Wavewalker B.V. 50%Leidschendam, The NetherlandsFugro Financial Resources B.V. Leidschendam, The NetherlandsKatla Shipping B.V. Leidschendam, The NetherlandsAgung Shipping B.V. Leidschendam, The NetherlandsAlutan Shipping B.V. Leidschendam, The NetherlandsErebus Shipping B.V. Leidschendam, The NetherlandsFoster Shipping B.V. Leidschendam, The NetherlandsKika Shipping B.V. Leidschendam, The NetherlandsMayon Shipping B.V. Leidschendam, The NetherlandsScenery Shipping B.V. Leidschendam, The NetherlandsSemeru Shipping B.V. Leidschendam, The NetherlandsTaranaki Shipping B.V. Leidschendam, The NetherlandsTongariro Shipping B.V. Leidschendam, The NetherlandsArjuna Shipping B.V. Leidschendam, The NetherlandsStromboli Shipping B.V. Leidschendam, The NetherlandsKilimanjaro Shipping B.V. Leidschendam, The NetherlandsNgauruhoe Administrations B.V. Leidschendam, The NetherlandsNyiragongo Shipping B.V. Leidschendam, The NetherlandsPilanesberg Shipping B.V. Leidschendam, The NetherlandsFugro Property I B.V. Leidschendam, The NetherlandsBisoke Shipping B.V. Leidschendam, The NetherlandsSabyinyo Shipping B.V. Leidschendam, The NetherlandsDubbi Shipping B.V. Leidschendam, The NetherlandsLongonot Shipping B.V. Leidschendam, The NetherlandsFugro Netherlands Marine B.V. Nootdorp, The NetherlandsHastveda Shipping B.V. Nootdorp, The NetherlandsBosavi Shipping B.V. Nootdorp, The NetherlandsFugro Trinidad Ltd. Port of Spain, TrinidadFugro Sial Ltd. Ankara, TurkeyFugro Survey (Middle East) Ltd. Abu Dhabi, United Arab EmiratesFugro Middle East 49% Dubai, United Arab EmiratesFugro Middle East FZE Dubai, United Arab EmiratesFugro GB (North) Marine Limited Aberdeen, United KingdomHush Craft Ltd Haugley Green, United KingdomSea-Kit International Ltd Maldon, United KingdomCompany % Office, CountryFugro GeoServices Limited Falmouth, United KingdomFugro Holdings Limited Wallingford, United KingdomFugro GB Marine Limited Wallingford, United KingdomFugro Properties Limited Wallingford, United KingdomFugro USA Marine, Inc. Lafayette, United StatesFugro USA Land, Inc. Houston, United StatesFugro Synergy, Inc. Houston, United StatesFugro Brasilis, Inc. Houston, United StatesFugro Enterprise, Inc. Houston, United StatesFugro Gulf, Inc. Houston, United StatesFugro (USA) Holdings, Inc. Houston, United StatesSeabed Geosolutions B.V. Leidschendam, The Netherlands1 Joint arrangements classified as joint ventures or associates that are equity-accounted.",
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"value": "Transactions with key management personnelFugro\u2019s key management personnel (as defined in IAS 24) consists of the people in the Board of Management, Executive Leadership Team and Supervisory Board. The Executive Leadership Team consists of the two members of Board of Management and seven senior managers. The Board of Management controls the Executive Leadership Team. The key management compensation, based on amounts recognised in the statement of comprehensive income, is as follows:Share-based 2024 Short-term Post-payment employee employment expense (in EUR)benefits benefits Severance (IFRS 2) Total Board of Management 2,454,510 59,397 - 1,747,053 4,260,960 Senior managers 3,911,301 178,384 - 1,938,215 6,027,900Executive Leadership Team (subtotal) 6,365,811 237,781 - 3,685,268 10,288,860Supervisory Board 552,500 - - - 552,500Total 6,918,311 237,781 - 3,685,268 10,841,360Share-based 2023 Short-term Post-payment employee employment expense (in EUR)benefits benefits Severance (IFRS 2) Total Board of Management 2,644,824 51,172 - 2,169,738 4,865,734 Senior managers 4,211,338 176,578 - 2,112,175 6,500,091 Executive Leadership Team (subtotal) 6,856,162 227,750 - 4,281,913 11,365,825 Supervisory Board 543,821 - - - 543,821 Total 7,399,983 227,750 - 4,281,913 11,909,646 The Dutch Civil Code disclosures with respect to remuneration of individual members of the Board of Management and Supervisory Board are included in the Remuneration report.Other transactions with key management personnelThe Board of Management, certain senior managers and certain Supervisory Board members can acquire shares in Fugro on an arm\u2019s length basis. These transactions are not compensation and as such no expense was recorded during the period. 2024 2023Number of Number of Number of Number of shares shares shares shares acquired disposed of acquired disposed of during the Issue price during the during the Issue price during the yearpaid yearyearpaid yearEUR 12.28 - Board of Management 7,500 EUR 16.55 - 17,500EUR 12.58 -EUR 12.00 - Senior managers - - - 4,650EUR 15.90 -Executive Leadership Team (subtotal) 7,500 - - 22,150 - -EUR 20.32 - EUR 12.30 - Supervisory Board 10,160EUR 22.54 - 25,250EUR 16.76 -Total 17,660 - - 47,400 - -The individual shareholdings are less than 5%.",
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"value": "36. Subsequent eventsOn 20 December 2023, the Fugro reached agreement to acquire two platform supply vessels. One vessel (Fugro Zephyr, formerly named Sea Goldcrest) was delivered in the course of 2024 and the other vessel (Fugro Zenith, formerly named Sea Gull), which was under charter in 2024 was delivered on 6 January 2025.On 16 January 2025, Fugro announced the completion of a EUR 50 million buyback programme of its own shares. The total number of shares repurchased between 18 November 2024 and 16 January 2025 was 2,968,649 for a total consideration of EUR 50 million. The repurchased shares will be cancelled, subject to approval of the general of shareholders on 24 April 2025. On 21 January 2025, Fugro repaid EUR 50 million of the RCF from its own funds.On 5 February 2025, Fugro acquired EOMAP GmbH & Co. KG, a market leader in mapping and monitoring of marine and freshwater environments through satellite earth observation.",
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