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"value": "1 General information Arcadis NV is a public company organized under Dutch law. Its statutory seat is Amsterdam and its principal office is located at: Gustav Mahlerplein 97 1082 MS Amsterdam The Netherlands Arcadis NV and its consolidated subsidiaries (\u2018Arcadis\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) is a leading global Design & Consultancy firm for natural and built assets. Applying deep market sector insights and collective design, consultancy, engineering, project and management services, the Group works in partnership with clients to deliver exceptional and sustainable outcomes throughout the lifecycle of their natural and built assets. In accordance with Articles 2:379 and 414 of the Dutch Civil Code, the list of subsidiaries and investments accounted for using the equity method is filed with the Chamber of Commerce in Amsterdam, the Netherlands. ",
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"value": "2 Basis of preparationBasis of measurement The Consolidated financial statements have been prepared on historical cost basis, except for the following items, which are measured at a different basis on each reporting date: \u2022 derivative financial instruments and share-based compensation arrangements, which are measured at fair value; \u2022 net defined benefit (asset)/liability, which is measured at the fair value of plan assets less the present value of the defined benefit obligation; \u2022 contingent consideration assumed in a business combination, which is measured at fair value; and \u2022 financial assets at fair value through profit or loss, which are measured at fair value. For more detailed information on the measurement basis, reference is made to the significant accounting policies as included in the relevant notes to the Consolidated financial statements. ",
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"value": "Statement of compliance The Consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and in conformity with Part 9 of Book 2 of the Dutch Civil Code. In accordance with sub 8 of article 362, Book 2 of the Dutch Civil Code, the Company financial statements are prepared based on the accounting principles of recognition, measurement and determination of profit, as applied in the Consolidated financial statements. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. ",
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"value": "the Consolidated financial statements. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities. The Consolidated financial statements were authorized for issue by the Executive Board and Supervisory Board on 5 March 2024. The Consolidated financial statements as presented in this Annual Integrated Report are subject to adoption by the General Meeting of Shareholders, to be held on 8 May 2024. ",
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"value": "Basis of consolidation The Consolidated financial statements include the accounts of Arcadis NV and its subsidiaries, and the Company\u2019s interests in jointly controlled entities and associates. Intra-group balances and transactions, any unrealized gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the Consolidated financial statements. Unrealized gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of the Company\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. ",
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"value": "Foreign currencies Functional and reporting currency The Consolidated financial statements are presented in euros, which is the Company\u2019s functional and reporting currency. All amounts shown in the financial statements are in thousands of euros unless otherwise stated. Items included in the financial information of each of Arcadis\u2019 entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). If the functional currency of a (foreign) subsidiary, joint venture or associate is not the euro, foreign currency exchange differences arising from translation are recognized as translation differences in Other comprehensive income and presented in the Translation reserve in equity. Foreign currency transactions Transactions in foreign currencies are translated into the functional currency of entities using the foreign exchange rate at transaction date. The functional currency of the foreign entities is in general the local currency. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency of the entity using the exchange rates at the balance sheet date. Exchange rate differences are included in profit or loss. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign operations The assets and liabilities of foreign operations, including Goodwill and fair value adjustments arising on acquisitions, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros using average exchange rates, approximating the foreign exchange rates at transaction date. Translation differences are recognized in Other comprehensive income and presented in the Translation reserve in Equity. For subsidiaries not wholly owned, the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, in part or in full, the relevant amount in the Translation reserve is transferred to profit or loss as part of the gain or loss on disposal. (C1) Currency risk The key objective of the Group foreign exchange transaction exposure management is aimed at the active management of foreign exchange exposures by Group Treasury to reduce and limit the adverse effects of exchange rate changes on the Group\u2019s profitability. Trade and financing transactions in non-functional currencies The subsidiaries of Arcadis mainly operate in local markets, and as such both sales invoices and purchase invoices are mainly denominated in local currencies. In some instances, however, invoices are in the functional currency of the counterparty, which results in a currency exposure for the subsidiary. The exposure to foreign exchange risk on sales and costs denominated in another currency than the respective functional currencies of the subsidiaries is very limited. Only in limited cases, e.g., for material transactions, the subsidiaries of Arcadis enter into forward foreign exchange contracts with Group Treasury in order to hedge these transaction risks. Borrowings are denominated in currencies that partly match the cash flows generated by the underlying operations of the Group, primarily Euro and US dollar. Arcadis group companies can have positions in foreign currencies which are different than their respective functional currencies. For the main currencies the following positions per currency (translated in euros) are the cumulative gross exposures of non-functional currencies of all Arcadis group companies combined. In \u20ac thousands in EUR in USD in GBP in CNY in BRL in AED in CAD in AUD At 31 December 2023 Trade receivables 1,117 56,139 23,225 10,337 20,067 3,893 5,171 3,847 Cash and cash equivalents 4,497 7,795 341 435 - 23 1,069 904 Derivatives - 73,207 29,875 (8,809) (75) (15,863) (84,164) 120,516 Loans and borrowings - (64,891) (53,904) (638) - 8,913 81,228 (120,734) Accounts payable (943) (65,298) (3,204) (199) (19,759) (252) (3,097) (525) Balance exposure 4,671 6,952 (3,667) 1,126 233 (3,286) 207 4,008 At 31 December 2022 Trade receivables 4,722 29,513 24,504 36,335 21,229 5,000 4,983 4,200 Cash and cash equivalents 3,080 13,854 2,111 592 - 205 1,593 1,044 Derivatives - 71,752 117,356 (8,523) (2,539) (15,098) (75,403) 89,865 Loans and borrowings - (70,281) (116,890) - (674) 11,653 75,382 (93,600) Accounts payable (5,801) (24,191) (26,413) (1,189) (18,663) (982) (3,419) (200) Balance exposure 2,001 20,647 668 27,215 (647) 778 3,136 1,309 The below exchange rates were applied in the year. 2023 2022 In \u20ac Average Year-end Average Year-end US Dollar (USD) 0.92 0.91 0.95 0.93 Pound Sterling (GBP) 1.15 1.15 1.17 0.13 Australian Dollar (AUD) 0.61 0.62 0.66 0.63 Chinese Yuan Renminbi (CNY) 0.13 0.13 0.14 0.13 Canadian Dollar (CAD) 0.69 0.68 0.73 0.69 Brazilian Real (BRL) 0.19 0.19 0.18 0.18 United Arab Emirates Dirham (AED) 0.25 0.25 0.26 0.25 Arcadis uses derivative financial instruments in order to manage market risks associated with changes in foreign exchange rates as well as interest rates. All transactions are carried out in accordance with the Group Treasury policy. The Group seeks to apply hedge accounting where possible to manage volatility in profit or loss. All foreign exchange forward transactions outstanding at year-end are due to mature in 2024 and Q1 2025. Sensitivity analysis currency risks Foreign currency sensitivity analyses are performed by applying an expected possible volatility of a currency, assuming all other variables, in particular interest rates, remain constant. All monetary assets and liabilities of the Group at year-end are revalued, which results in a hypothetical impact on net income and equity as summarized below. 2023 2022 In \u20ac Impact on net income Impact on equity Impact on net income Impact on equity 10% change euro against the US dollar 19.1 60.5 6.9 66.8 10% change euro against the Pound Sterling 10.6 43.0 3.1 48.9 10% change euro against the Australian Dollar 4.0 17.9 - 14.3 10% change euro against the Canadian Dollar 0.6 6.9 0.1 7.2 All material balance sheet positions have been hedged with foreign exchange contracts. The translation risk relating to subsidiaries with a functional currency other than the Group reporting currency of Euro are not hedged, in accordance with the Group Treasury policy. ",
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"value": "Foreign currencies Functional and reporting currency The Consolidated financial statements are presented in euros, which is the Company\u2019s functional and reporting currency. All amounts shown in the financial statements are in thousands of euros unless otherwise stated. Items included in the financial information of each of Arcadis\u2019 entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). If the functional currency of a (foreign) subsidiary, joint venture or associate is not the euro, foreign currency exchange differences arising from translation are recognized as translation differences in Other comprehensive income and presented in the Translation reserve in equity. Foreign currency transactions Transactions in foreign currencies are translated into the functional currency of entities using the foreign exchange rate at transaction date. The functional currency of the foreign entities is in general the local currency. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency of the entity using the exchange rates at the balance sheet date. Exchange rate differences are included in profit or loss. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign operations The assets and liabilities of foreign operations, including Goodwill and fair value adjustments arising on acquisitions, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros using average exchange rates, approximating the foreign exchange rates at transaction date. Translation differences are recognized in Other comprehensive income and presented in the Translation reserve in Equity. For subsidiaries not wholly owned, the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, in part or in full, the relevant amount in the Translation reserve is transferred to profit or loss as part of the gain or loss on disposal. Impairment The carrying amounts of the assets of Arcadis, other than Contract assets and liabilities, Deferred tax assets and Financial instruments, are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, then the assets recoverable amount is estimated. Goodwill and other assets that have an indefinite useful life are tested annually for impairment, and when an impairment trigger is identified. For impairment testing, assets 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 units (CGUs). Goodwill arising from a business combination is allocated to Groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount is the greater of the fair value less costs to sell and value in use. In assessing the value in use, estimated future cash flows are discounted to present values using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in the income statement. Impairment losses recognized regarding CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis. An impairment loss of goodwill is not reversed. Regarding other assets, an impairment loss can be 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 amortization, if no impairment loss had been recognized. Financial instruments Non-derivative financial assets Financial assets include trade receivables, other receivables and loans and borrowings. Loans, receivables, and deposits are recognized on the date they are originated. All other financial assets are recognized initially on trade date when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset not at fair value through profit or loss, transaction costs. The Group classifies its financial assets as those to be measured subsequently at fair value (either through Other comprehensive income or through profit or loss) or those to be measured at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at initial recognition, based on the business model for managing the assets and the contractual terms of the cash flows, and assesses the designation at each reporting date. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and reported as a net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. Cash flow statement The Cash flow statement has been prepared using the indirect method. Cash flows in foreign currencies have been translated into euros using average exchange rates, approximating the foreign exchange rate at transaction date. Exchange rate differences on cash items are shown separately in the Cash flow statement. Receipts and payments with respect to income tax and interest are included in the Cash flows from operating activities. The cost of acquisition of subsidiaries, associates and joint ventures, and other investments, insofar as it was paid for in cash, is included in Cash flows from investing activities. Acquisitions or divestments of subsidiaries are presented net of cash balances acquired or disposed of, respectively. Cash flows from derivatives are recognized in the Cash flow statement in the same category as those of the hedged item. An operating segment is a component of the Company that engages in business activities that can result in revenue and expenses, including revenues and expenses related to transactions with other components of the same Company. The operating segment reporting follows the internal reporting used by the Executive Board of the Company, to manage the business, assess the performance based on the available financial information and to allocate the resources. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Subsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Business combinations The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. IFRS 3 establishes the following principles in relation to the recognition and measurement of items arising in a business combination: \u2022 Recognition principle: Identi\ufb01able assets acquired, liabilities assumed, and non-controlling interests in the acquiree are recognized separately from goodwill. Acquired intangible assets must be recognized and measured at fair value in accordance with the principles if it is separable or arises from other contractual rights, irrespective of whether the acquiree had recognized the asset prior to the business combination occurring. The Group does not recognize contingent assets acquired in a business combination. \u2022 Measurement principle: All assets acquired and liabilities assumed in a business combination are measured at acquisition-date fair value. Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Lease liabilities of acquired leases are measured at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. Right-of-use asset is measured at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms. Right-of-use assets and lease liabilities for leases for which the lease term ends within 12 months of the acquisition date and the underlying asset is of low value are not recognized. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are recognized in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities incurred in connection with the business combination, are expensed. Contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss. If the Company obtains control of a business that is a joint operation, it remeasures previously held interests in that business. Revenue is recognized by the Group following the five-step model in IFRS 15, consisting of: 1. identi\ufb01cation of the contract; 2. identi\ufb01cation of the performance obligations in the contract; 3. determination of the transaction price; 4. allocation of the transaction price to performance obligations in the contract, and 5. recognition of revenue. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties (e.g. VAT). It includes initial amounts agreed in the contract plus any variations in contract work and variable consideration, to the extent that it is highly probably that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group recognizes revenue when it transfers control over a product or service to a customer. For performance obligations that are transferred over time, revenue is recognized in profit or loss in proportion to the percentage of completion of the transaction at reporting date. The percentage of completion is measured by actual (labor) costs incurred in relation to total estimated (labor) costs (input method). In the Group\u2019s view this best reflects the value delivered to the customer in a business that mainly uses human and intellectual capital (of its employees) for completion of the performance obligations towards the customer. Additional costs because of COVID-19 (e.g. additional labor cost, cost incurred to comply with ongoing health & safety requirements) are included in the percentage of completion only if they are needed to contribute to the measure of progress of a performance obligation. For performance obligations that are transferred at a point in time, revenues and costs are recognized in profit or loss when the customer receives the ability to direct the use of the asset and substantially obtains all the benefits of it. Licenses and Software as a Service Revenue from (software) licenses is recognized over time, based on time elapsed, in case of a \u2018right to access\u2019. It is recognized at a point in time in case of a \u2018right to use\u2019, but not before the beginning of the license period. Revenue from Software as a Service (SaaS) is treated as a right to access and is recognized over time, based on time elapsed. Contract costs and contract cost assets Contract costs include the costs to fulfil a contract, such as direct labor, costs of materials, services of third parties and subcontractors, and costs that are explicitly chargeable to the customer under the contract. They are recognized as an asset in Contract assets and liabilities, if they are expected to be recovered. Costs to obtain a contract are only recognized as a contract cost asset in Contract assets and liabilities if they are incremental and expected to be recovered. They are recognized on a systemic basis consistent with the recognition of costs to fulfill a contract. Provisions for onerous contracts Estimates of project management are used to assess the progress and estimated outcome of a performance obligation. When it becomes probable that the total expected costs to complete all performance obligations in a contract exceed the total transaction price (consideration) of these performance obligations, a provision for onerous contracts is recognized for the lower of the unavoidable costs and the costs of termination. Financing component Arcadis generally does not have any significant contracts where the period between the transfer of the promised goods or services to customer and the payment by the customer, as contractually agreed, exceeds one year. If applicable, the transaction price is adjusted for the time value of money. Payments of customers after the agreed payment term are covered by the accounting policy on Trade receivables, see note 21. Agent versus principal For each performance obligation the Group assesses whether the nature of Arcadis\u2019 commitment is to provide the goods and/or services itself, or to arrange for those good(s) and/or service(s) to be provided by another party. Arcadis assesses whether it controls the specified good(s) and/or service(s) before it is transferred to the customer. Arcadis is typically a principal in case of subcontracted work, as Arcadis is primarily responsible for fulfilling the promise to provide the specified good(s) and/or service(s) and bears primary responsibility for it meeting customer specifications and has discretion in establishing the price towards the customer. When Arcadis acts as an agent, only the fee/commission is recognized on a net basis in Gross revenues. Gross versus net revenues Gross revenues consist of external revenues net of value-added tax, rebates and discounts and after eliminating sales within the Group. Net revenue is a non-GAAP performance measure, which represents revenue generated by own staff. It is a sub-total calculated as Gross revenue minus Materials, services of third parties and subcontractors, which are project-related costs of materials and services charged by third parties, including cost of subcontractors. Other income (expense) includes results that arise from events or transactions that are clearly distinct from the ordinary activities of the Company. Gains on the sale of assets are recognized as part of Other income (expense). All employee-related costs as well as non-project-related out-of-pocket expenses and related restructuring costs, are recognized as operational cost as incurred. Operational costs include, amongst others, the costs of licenses, testing, data conversation and training costs relating to Cloud computing arrangements that do not provide control over an intangible asset. Part of these costs could be personnel costs if the activities are performed by Arcadis\u2019 personnel. The Company operates share-based incentive plans. The fair value of equity-settled compensations at grant date under the Arcadis long-term incentive plan is recognized as an employee expense (in Salaries and wages), with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. The fair value of granted shares subject to a market condition is measured using a Monte Carlo simulation model. Measurement inputs include the share price on measurement date, the expected volatility, weighted average expected life of the instrument and the risk-free interest rate. As the fair value is amortized over the vesting period, the costs are recognized in the Income Statement. The amortization costs are adjusted for effects of cancelled and forfeited grants. The vesting and exercise of rights to acquire shares may be conditional to performance conditions and other conditions, as set by the Supervisory Board. Net finance expenses comprise finance income, finance expenses and the fair value change of derivatives at fair value through profit or loss. Finance income comprises interest income on funds invested and finance expenses comprise interest expense on borrowings, and the unwinding of discount on provisions and contingent consideration. Finance income and finance expenses are recognized in profit or loss, using the effective interest method. The fair value changes of derivatives comprise the fair value changes on financial assets at fair value through profit or loss, as far as these relate to financing items in the Company. These fair value changes are partially offset by the foreign currency gains and losses. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense if it concerns exchange rate results on financing items. Exchange rate results on operating items are included in Other operational costs (see note 9). Income taxes comprise current and deferred tax. Income tax is recognized in profit or loss, except to the extent that the tax arises from items recognized in other comprehensive income, directly in equity or from a business combination. When the Group considers it probable that tax authorities accept a tax treatment it will be treated as such in the income tax filings. When it is not considered probable that a tax treatment is accepted, the Group uses the most likely amount or the expected value of the tax treatment Current tax Current tax is the expected tax payable on taxable income for the year and adjustments to tax payable related to previous years. It is measured using the tax rates enacted or substantively enacted at the reporting date. The difference between income tax recognized in profit or loss and income tax paid in the cash flow statement differs primarily due to deferred tax recognized on temporary differences and payment of income tax occurring after the reporting date. Deferred tax Deferred tax is recognized using the balance sheet method and it is not recognized for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t or loss; and \u2022 investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Measurement of deferred tax is based upon tax rates enacted or substantially enacted expected to be applied in the years in which the temporary differences are expected to reverse. Deferred taxes are not discounted. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future profits will be available against which they can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Basic earnings per share is calculated by dividing the profit or loss attributable to the equity holders of the Company by the weighted average number of shares outstanding during the period, excluding ordinary shares purchased by the Company and held as treasury shares (i.e. shares purchased to cover share/option plans). Diluted earnings per share is calculated based on the basic earnings per share and using the weighted average number of shares and options outstanding during the period as far as these have a potential dilutive effect, i.e. when the exercise price of these options is lower than the share price. The average number of potentially diluted shares is based on the average share price in the period on the Euronext Amsterdam Stock Exchange and the options that were in the money. Goodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets mainly consist of customer relationships, trade names and expected profits in the backlog of acquired companies at the acquisition date. Measurement of Other intangible assets acquired in a business combination involves the use of estimates for determining the fair value at acquisition date. This mainly relates to expected profits in the backlog of the acquired companies, the customer lists at the acquisition date and the trade name value. The fair value is based on discounted cash flows expected to be received from these identifiable intangible assets. Subsequently, the assets are amortized over the estimated useful life. The amortization is recognized in profit or loss on a straight-line basis, except for the backlog which is calculated based on the expected pattern of consumption of future economic benefits embodied in the backlog. The amortization methods and useful lives, as well as residual values, are reassessed annually. Software Software is measured at cost less accumulated amortization and impairment losses. Software has a finite life and is amortized on a straight-line basis over the estimated useful life. The amortization methods and useful lives, as well as residual values, are reassessed annually. Subsequent costs are recognized in the carrying amount of Software only when it increases the future economic benefits. All other expenditures are recognized in profit or loss as incurred. Configuration and customization costs relating to cloud computing arrangements, whereby the Company does not obtain an intangible asset, are expensed when incurred. In such case, prepaid licenses are recognized as prepaid expenses (as part of Other current assets) and testing, training and data conversion costs are recognized as Personnel costs and/or Other operational costs as incurred. Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) Property, plant & equipment is measured at cost less accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition of the assets. Subsequent costs are recognized in the carrying amount of Property, plant & equipment if it is probable that future economic benefits will be obtained. The costs of day-to-day servicing of property, plant & equipment are expensed as incurred. Depreciation is calculated using the straight-line method to allocate the cost of an asset net of its residual value, over its estimated useful life or, in the case of leasehold improvements, the shorter of the asset's useful life and the lease term. The estimated useful life of Property, plant & equipment vary according to their respective categories, as shown in the table hereafter. Category Years Land Not depreciated Buildings Not exceeding 30 Furnitures and fixtures Not exceeding 5 (IT) equipment Not exceeding 5 Property, plant and equipment under development Not depreciated (yet) Depreciation methods and useful life, as well as residual values, are reassessed annually. When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (major components) of Property, plant & equipment. Gains on the sale of an item of Property, plant & equipment are determined by comparing the proceeds from disposal with the carrying amount of Property, plant & equipment and are recognized within Other income in the Consolidated income statement. Losses on the sale of an item of Property, plant & equipment are recognized within Other operational costs in the Consolidated income statement. The determination of impairment of Property, plant & equipment involves the use of estimates. The recoverable amount is determined by discounting the estimated future cash flows to present value using a discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. The identification of impairment indicators, as well as the estimation of future cash flows, discount rates and the determination of the fair value for the assets requires management to make significant judgements A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed when the Group has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. Contracts may contain both lease and non-lease components. The Group allocates the consideration to these components based on its relative stand-alone prices. Non-lease components are not included in the right-of-use asset and lease liability but accounted for separately. Right-of-use assets At commencement of a lease, the Group measures right-of-use assets initially at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The cost of the right-of-use assets comprise the following: \u2022 Amount of the initial measurement of the lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received at or after the commencement date; \u2022 Any initial direct costs; and \u2022 Restoration costs i.e estimate of the costs to be incurred for dismantling, removal and/ or restoration to the conditions required by the terms of the lease. See note 28 for the accounting policy on provisions for right-of-use assets (restoration provisions). Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Lease liabilities Lease liabilities are initially measured at the present value of the future lease payments that are not paid at the commencement date discounted using an implicit rate of interest, unless this cannot readily be determined, in which case an incremental borrowing rate is used. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate or the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Judgment is applied to determine the lease term for some lease contracts in which it is a lessee that include renewal and termination options. The assessment of whether the Group is reasonably certain to exercise such option impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. At reporting date all facts and circumstances are considered that create an economic incentive in determining whether it is reasonably certain that an extension or termination option will be recognized. Changes in the estimate are recognized prospectively. Incremental Borrowing Rate The Incremental Borrowing Rate (IBR) is determined based on a build-up approach, whereby each category of leases has an IBR based on the country (and currency) of the lessee and the lease term. Lease incentives Lease incentives are deducted from the right of use assets if received before the commencement date of the lease; they are deducted from the lease liability if received at or after the commencement date of the lease. Amounts received for leasehold improvements are depreciated over a period not longer than the lease term. Short-term and low value leases Payments associated with short-term and/or low value leases are recognized on a straight-line basis as an expense in profit or loss. As a lessor The Group sub-leases some of its buildings, although not significant. The head leases are presented in the right-of-use assets and the sub-lease contracts are treated as operating leases under IFRS 16. Income from sub-leases is presented in Other income, see note 8. Rent concessions Rent concessions are accounted for as lease modifications by the Group. Joint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. Other investments relate to interests in companies over which the Group has no significant influence nor control. Other investments are accounted for at fair value through profit or loss. General The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. Other non-current assets are non-derivative financial assets and include long-term receivables (due for settlement after one year). Long-term receivables are initially recognized at fair value plus any directly attributable transaction costs. Subsequently these assets are held at amortized cost, using the effective interest method and net of any impairment losses. Trade receivables Trade receivables include amounts billed to customers for work performed but not yet paid by the clients, and which are expected to be collected within a year after reporting date. Trade receivables are initially measured at fair value, which normally represents the consideration the Company expects to receive within the payment term (invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Subsequently Trade receivables are measured at the consideration expected to be collected. The Company uses the Expected Credit Loss (ECL) model. Trade receivables are reviewed for collectability on a case-by-case basis at regular intervals. If a Trade receivable is considered credit impaired (e.g. the customer has failed to make a payment when contractually due) the expected loss is determined as the difference between the carrying amount and the recoverable amount. The recoverable amount is the present value of expected future cash flows discounted at the effective market interest rates. A simplified approach is applied that uses a lifetime expected loss allowance to recognize losses for possible impairment of Trade receivables that are not individually impaired yet. The Expected Credit Loss is recognized in Other operational costs. When revenue (cost for contract work performed to date plus recognized profits) exceeds the progress billings, the surplus is shown as a Contract asset (unbilled receivables). When progress billings exceed the revenue (cost for contract work performed to date plus recognized profits), the balance is shown as a Contract liability (billing in excess of revenue). Recognized loss provisions are separately presented as Provision for onerous contracts. Contract assets, Contract liabilities and the related Provision for onerous contracts are together generally also referred to as Work in progress. Contract assets are subject to the Expected Credit Loss (ECL) model. Arcadis applies a simplified approach that uses a lifetime expected loss allowance to recognize losses for possible impairment, in line with the accounting for Expected Credit Loss on Trade receivables. The Expected Credit Loss is recognized in Other operational costs. For further details on the recognition of Contract assets, Contract liabilities and the Provision for onerous contracts see the revenue accounting policy in note 7. Other current assets are initially recognized at fair value plus any directly attributable transaction costs. Subsequently these assets are held at amortized cost, using the effective interest method and net of any impairment losses. Cash and cash equivalents comprise cash balances and call deposits maturing within three months from the acquisition date and used by the Company in managing its short-term commitments. For cash flow reporting purposes bank overdrafts are included in Cash and cash equivalents. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and rights to acquire shares are recognized as a deduction of equity, net of any tax effects. Priority shares and preference shares are classified as equity since these are non-redeemable, or only redeemable at the Company\u2019s option. Dividends on these shares are recognized as distributions within equity. Repurchase of shares When share capital is repurchased, the consideration paid, including directly attributable costs net of any tax effects, is deducted from equity. Repurchased shares (treasury shares) are presented as a deduction from total equity. When treasury shares are sold or reissued, subsequently any amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from retained earnings. Dividends Dividends are recognized as a liability in the period in which they are declared. Non-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. Most of the pension plans of the Group qualify as defined contribution pension plans. However, the Group also operates a few defined benefit pension plans. Defined contribution pension plans For defined contribution pension plans, the Group pays fixed contributions into a separate entity, which are charged to profit or loss in the period during which services are provided by employees. The Group\u2019s legal or constructive obligation is limited to the contributions paid into the plans. Prepaid contributions are recognized as an asset to the extent that Arcadis has the unconditional right to cash refunds or reduction in future payments. Defined benefit pension plans Some of the pension plans qualify as defined benefit pension plans. For these plans, the costs are recognized as personnel costs and financing costs in profit or loss. The amount charged to personnel costs is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognized immediately in profit or loss). The amount charged to financing costs is the net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognized immediately in profit or loss. The majority of the defined benefit pension plans are funded with plan assets that have been segregated in a trust or foundation. These plans are subject to regular actuarial review by external actuaries, using the projected unit credit method. The defined benefit pension plan on the balance sheet comprises the present value of the defined benefit pension obligation and the fair value of plan assets. The present value of the obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds (or suitable alternative where there is no active corporate bond market) that are denominated in the currency in which the benefits will be paid, and with maturity dates approximating to the terms of the related pension obligations. Remeasurements 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 recognized immediately in profit or loss. Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, a reliable estimate can be made of the amount of the obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at net present value, taking into account the timing of the cash outflows. The discount rate used reflects the current market assessments of the time value of money and the risks specific to the liability. Unwinding of the discount is recognized as a finance expense (see note 11). The amounts recognized as provisions reflect management\u2019s best estimate of the expenditures required to settle the present obligations at the balance sheet date or to transfer it to a third party at that time. Interest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. Other current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Committed lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. A related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g. key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRSs, take into account the substance as well as the legal form, and made on terms equivalent to those that prevail in arm\u2019s length transactions. A subsequent event is a favorable or unfavorable event, that occurs between the reporting date and the date that the financial statements are authorized for issue. Events after the reporting date that provide evidence of conditions that existed at the reporting date are adjusted within the financial statements. Events that are indicative of a condition that arose after the reporting date of a material size or nature are disclosed below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15974": {
"value": "Foreign currencies Functional and reporting currency The Consolidated financial statements are presented in euros, which is the Company\u2019s functional and reporting currency. All amounts shown in the financial statements are in thousands of euros unless otherwise stated. Items included in the financial information of each of Arcadis\u2019 entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). If the functional currency of a (foreign) subsidiary, joint venture or associate is not the euro, foreign currency exchange differences arising from translation are recognized as translation differences in Other comprehensive income and presented in the Translation reserve in equity. Foreign currency transactions Transactions in foreign currencies are translated into the functional currency of entities using the foreign exchange rate at transaction date. The functional currency of the foreign entities is in general the local currency. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency of the entity using the exchange rates at the balance sheet date. Exchange rate differences are included in profit or loss. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign operations The assets and liabilities of foreign operations, including Goodwill and fair value adjustments arising on acquisitions, are translated to euros at exchange rates at the reporting date. The income and expenses of foreign operations are translated into euros using average exchange rates, approximating the foreign exchange rates at transaction date. Translation differences are recognized in Other comprehensive income and presented in the Translation reserve in Equity. For subsidiaries not wholly owned, the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, in part or in full, the relevant amount in the Translation reserve is transferred to profit or loss as part of the gain or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15975": {
"value": "Foreign currencies Functional and reporting currency The Consolidated financial statements are presented in euros, which is the Company\u2019s functional and reporting currency. All amounts shown in the financial statements are in thousands of euros unless otherwise stated. Items included in the financial information of each of Arcadis\u2019 entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). If the functional currency of a (foreign) subsidiary, joint venture or associate is not the euro, foreign currency exchange differences arising from translation are recognized as translation differences in Other comprehensive income and presented in the Translation reserve in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16004": {
"value": "Accounting estimates and management judgements The preparation of the Consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses as well as the information disclosed. The most significant accounting estimates and management judgments are related to: \u2022 Segment reporting \u2013 see note 5; \u2022 Purchase price allocation \u2013 see note 6; \u2022 Revenue recognition (\u2018cost to complete\u2019) and estimate of the variable consideration \u2013 see note 7; \u2022 Deferred tax recognition and uncertain tax treatments \u2013 see note 12; \u2022 Goodwill impairment testing and assumptions underlying recoverable amount \u2013 see note 14; \u2022 Leases- estimating the incremental borrowing rate \u2013 see note 16; \u2022 Recoverability of trade receivables \u2013 see note 21; \u2022 Contract assets (unbilled receivables), contract liabilities (billing in excess of revenue) and provisions for onerous contracts \u2013 see note 22; \u2022 Provisions for defined benefit pension obligations \u2013 see note 27; \u2022 Recognition and measurement of provisions: key assumptions about the likelihood and magnitude of an outflow of resources \u2013 see note 28. The accounting estimates and judgements in preparing the Consolidated financial statements are explained in the relevant notes to the Consolidated financial statements. In general, the judgements, estimates and assumptions are based on market information, knowledge, historical experience and other factors that management believes to be reasonable under the circumstances. Actual results may differ from these estimates. Judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16040": {
"value": "Going concern Management has assessed the going concern assumption and exercised judgment in making reasonable estimates. Based on the latest available financial (cash flow) forecasts and sensitivity analysis performed, management concluded that there is no material uncertainty related to events and conditions that may cast significant doubt on the Group ability to continue as a going concern. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16065": {
"value": "Impairment The carrying amounts of the assets of Arcadis, other than Contract assets and liabilities, Deferred tax assets and Financial instruments, are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, then the assets recoverable amount is estimated. Goodwill and other assets that have an indefinite useful life are tested annually for impairment, and when an impairment trigger is identified. For impairment testing, assets 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 units (CGUs). Goodwill arising from a business combination is allocated to Groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount is the greater of the fair value less costs to sell and value in use. In assessing the value in use, estimated future cash flows are discounted to present values using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognized in the income statement. Impairment losses recognized regarding CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis. An impairment loss of goodwill is not reversed. Regarding other assets, an impairment loss can be 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 amortization, if no impairment loss had been recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16088": {
"value": "Financial instruments Non-derivative financial assets Financial assets include trade receivables, other receivables and loans and borrowings. Loans, receivables, and deposits are recognized on the date they are originated. All other financial assets are recognized initially on trade date when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset not at fair value through profit or loss, transaction costs. The Group classifies its financial assets as those to be measured subsequently at fair value (either through Other comprehensive income or through profit or loss) or those to be measured at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at initial recognition, based on the business model for managing the assets and the contractual terms of the cash flows, and assesses the designation at each reporting date. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and reported as a net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. 4 Significant events in the current reporting period The financial position and performance of the Group has been affected by the following events and transactions during the reporting period: Issuance of financing bond and long term loan In February 2023, a \u20ac500 million bond has been issued by the Group against a fixed rate of 4.875% with a 5-year maturity. The proceeds of this issuance have been used to repay portion of \u20ac750 million bridge facility with the remaining balance of \u20ac250 million loan outstanding. In July 2023, \u20ac225 million Schuldschein loan with \u20ac185 million at floating interest rate and \u20ac40 million at fixed interest rate were issued with a 3-year maturity. The remaining bridge facility outstanding balance of \u20ac250 million was repaid utilizing the proceeds from issuance of \u20ac225 million Schuldschein loan and cash at bank. See note 29 on loans and borrowings. 19 DerivativesGeneral The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. The fair value of derivatives held by the Company as at the balance sheet date is presented in the table below: Assets Liabilities Total In \u20ac thousands 2023 2022 2023 2022 2023 2022 Interest rate derivatives: Current - - - 2,401 - (2,401) Non-current - - 1,790 - (1,790) - Foreign exchange derivatives: Current 8,197 15,943 9,353 19,503 (1,156) (3,560) Non-current - - - - - - Total 8,197 15,943 11,143 21,904 (2,946) (5,961) See note 31 for the Group Treasury policy and the valuation techniques used for the derivatives. Group Treasury is consulted by entities for alignment of hedge accounting with the Group Treasury policy guidelines and assisted with documentation of the hedge relationship, derivatives valuations and effectiveness testing. As per 31 December 2023, the Group has \u20ac185.0 million (notional amount) of floating-to-fixed interest rate swaps to manage the interest rate risk on the \u20ac185.0 million Schuldschein loans issued in July 2023. The market value of these derivatives at 31 December 2023 was \u20ac1.8 million negative (2022: not applicable) and hedge accounting is applied on these derivatives. Of these interest rate swaps, \u20ac100.0 million will mature in January 2025 and \u20ac85.0 million will mature in January 2026. In October 2023, the \u20ac40.0 million fixed-to-floating cross currency interest rate swap to manage the currency and interest rate risk of a subsidiary matured. Effects of hedge accounting on the financial position and performance In \u20ac thousands 2023 2022 Cross currency interest rate swaps Notional amount - 40,000 Maturity date n/a 2023 Hedge ratio - 1:1 Change in fair value of outstanding hedging instruments - (3,777) Change in value of hedged item used to determine hedge effectiveness - 3,921 Ineffectiveness - (37) In \u20ac thousands 2023 2022 Interest rate swaps maturing in 2025 Notional amount 100,000 - Maturity date 2025 n/a Hedge ratio 1:1 n/a Change in fair value of outstanding hedging instruments (544) - Change in value of hedged item used to determine hedge effectiveness 517 - Ineffectiveness (27) - In \u20ac thousands 2023 2022 Interest rate swaps maturing in 2026 Notional amount 85,000 - Maturity date 2026 n/a Hedge ratio 1:1 n/a Change in fair value of outstanding hedging instruments (1,354) - Change in value of hedged item used to determine hedge effectiveness 1,273 - Ineffectiveness (81) - During 2023, the Group hedged currency exposures related to transactions in currencies other than the functional currency for subsidiaries by way of foreign exchange forward rate contracts in order to minimize volatility in the operating income of these subsidiaries due to changes in foreign exchange rates. In addition, foreign currency corporate balance sheet positions arising due to foreign currency receivables, payables and loan balances were hedged by way of foreign exchange forward rate contracts and foreign exchange swaps. The movements in fair value of all derivatives are shown in the table below: In \u20ac thousands 2023 2022 Balance at 1 January (5,961) 2,271 Changes in Income statement (6,773) (3,574) Changes through Other comprehensive income (1,648) 129 Cash settlement derivatives 11,746 (2,549) Exchange rate differences (310) (2,238) Balance at 31 December (2,946) (5,961) The change in fair value of derivatives recognized in profit or loss is \u20ac3.8 million positive (2022: \u20ac0.6 million negative) together with foreign exchange results of \u20ac9.5 million negative (2022: \u20ac4.3 million negative) also flowing through profit or loss. Hence the overall profit or loss effect of foreign exchange contracts and derivatives amounts to \u20ac5.7 million negative (2022: \u20ac4.9 million negative). Hedging reserve The total (after-tax) amount included in Other comprehensive income, on the line hedging reserve within equity, can be specified as follows: In \u20ac thousands 2023 2022 Interest rate derivatives (1,139) 395 Foreign exchange derivatives (classified as cash flow hedges) 269 269 Cost of hedging reserve - 114 Total (870) 778 Provision for Trade receivables The total provision for Trade receivable includes the Expected Credit Loss for individually non-impaired items (stage 1 and 2) and individually credit impaired items (stage 3). To apply the simplified approach to the \u201chealthy\u201d portfolio, Arcadis grouped the Trade receivables by country and the days past due. No specific measures were taken by the Group to extend credit terms for customers. The expected loss rate for the stage 1 and 2 losses is based on the country risk and varies from 0.0% to 1.0% for positions less than 90 days past due and up to 6.9% for items past due more than 90 days. The total provision for Trade receivables developed as follows: In \u20ac thousands 2023 2022 Opening balance 54,492 53,186 Acquisitions/ divestments - 2,359 Additions charged to profit or loss 17,031 2,885 Release of unused amounts (5,131) (2,467) Remeasurement Expected Credit Loss - 101 Utilizations (4,960) (2,631) Exchange rate differences (601) 1,059 Closing balance 60,831 54,492 Expected Credit Loss allowance The Expected Credit Loss allowance developed as follows: In \u20ac thousands 2023 2022 Balance at 1 January 83 1,459 Remeasurement Expected Credit Loss 4,783 (1,376) Balance at 31 December 4,866 83 29 Loans and borrowingsInterest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. Loans and borrowings at 31 December are as follows: In \u20ac thousands Interest rates between 2023 2022 Short-term bank loans 1.2% - 3.5% - 56,230 Long-term bank loans 1.5% - 5.8% 354,710 878,680 Debentures 6.5% 20,366 20,121 Senior unsecured notes 4.9% 495,847 - Other long-term debt 1 3.0% - 6.9% - 3,134 Total loans and borrowings 870,923 958,165 Current - 56,230 Non-current 870,923 901,935 Total 870,923 958,165 1 Including retentions and expected deferred consideration not due within one year, amounting to \u20ac0.0 million (31 December 2022: \u20ac3.1 million) The movement in non-current loans and borrowings is as follows: In \u20ac thousands 2023 2022 Balance at 1 January 901,935 187,510 New debt 718,680 747,277 Accrued interest - - Redemptions (750,000) (19,256) Acquisitions (deferred consideration) - 47,198 From long-term to current position other long-term - (56,921) Other 428 - Exchange rate differences (120) (3,873) Balance at 31 December 870,923 901,935 Aggregate maturities of non-current loans and borrowings are as follows: In \u20ac thousands 2023 2022 2024 - 749,955 2025 96,890 99,514 2026 223,392 - 2027 51,469 52,466 2028 499,172 - After 2028 - - Balance at 31 December 870,923 901,935 The movement in short-term debts and current portion of long-term debts is as follows: In \u20ac thousands 2023 2022 Balance at 1 January 56,230 76,057 New debt - 195,545 Acquisitions - 13,686 Redemptions (55,925) (284,907) Other - (731) From long-term to current position other long-term - 56,921 Exchange rate differences (305) (341) Balance at 31 December - 56,230 Fair value The fair value of the Group\u2019s loans and borrowings has been estimated at \u20ac874.5 million, based on quoted market prices for the same or similar loans or on the current rates offered to the Group for debt with similar maturities (2022: \u20ac951.9 million). Long Term loans Eurobond In February 2023, a \u20ac500.0 million Eurobond has been issued against a fixed rate of 4.875% with a 5-year maturity. The proceeds of this issuance have been used to repay a part (\u20ac500.0 million) of the \u20ac750.0 million bridge loan facility. Bridge loan facility The bridge loan facility used to acquire IBI Group and DPS Group in 2022 has been repaid in the course of 2023. Of the \u20ac750.0 million outstanding at the start of 2023, \u20ac500.0 million was repaid with the issuance of a \u20ac500.0 million Eurobond in February 2023. The remaining \u20ac250.0 million was repaid during the third quarter of 2023 using the proceeds from the \u20ac185.0 million newly issued Schuldschein loans and \u20ac65.0 million with available cash. Schuldschein loans In July 2023, \u20ac40.0 million of Schuldschein loans (2015 tranche) was repaid ahead of contractual repayment schedule (originally in October 2023). In October 2023, \u20ac17.0 million of Schuldschein loans (2020 tranche) were repaid in accordance with the contractual repayment schedule. In July 2023, \u20ac225.0 million of Schuldschein loans have been issued with a 3-year maturity. \u20ac40.0 million was issued at a fixed rate (5.1%) and \u20ac185.0 million was issued at a floating rate (6M Euribor + 1.35%). The \u20ac185.0 million floating rate Schuldschein loans have been swapped with two floating-to-fixed interest rate swaps. For more information, see note 19. At 31 December 2023, the non-current portion of long-term debt includes a total of Schuldschein debt in the amount of \u20ac358.0 million maturing in 2025, 2026 and 2027. Debentures At 31 December 2023, the non-current portion of long-term debt acquired after the acquisition of IBI Group includes \u20ac20.4 million of Debentures. The 6.5% Debentures have a maturity of 31 December 2025 and are listed on the Toronto Stock Exchange. On or after 31 December 2023, but prior to 31 December 2024, the 6.5% Debentures are redeemable, in whole or in part from time to time at the option of the Group at a price equal to 103.25% of the principal amount of the Debentures redeemed plus accrued and unpaid interest. On or after 31 December 2024 but prior to the maturity date of 31 December 2025, the Debentures are redeemable at a price equal to their principal amount plus accrued and unpaid interest. On redemption or at maturity on 31 December 2025, the Group will repay the debentures in cash. Revolving Credit Facility In Q4 2023, Arcadis used both the extension option as well as the accordion option available in the Revolving Credit Facility (RCF) to extend and increase the RCF. Following the exercise of these options, the RCF has been extended by 2 years to 2028 and increased by \u20ac100.0 million to \u20ac600.0 million, with \u20ac95.0 million maturing in October 2026 and the remaining \u20ac505.0 million maturing in October 2028. Short Term Credit facilities The total available short-term credit facilities amount to \u20ac412.3 million, which include all uncommitted credit facilities, bank guarantee facilities and surety bond lines with financial institutions of which \u20ac196.7 million has been used as per 31 December 2023 (2022: \u20ac379.7 million and \u20ac158.3 million respectively). The Group has short-term uncommitted credit facilities of \u20ac120.0 million with relationship banks and three bank guarantee facilities totaling \u20ac75.9 million (2022: \u20ac120.0 million and \u20ac76.2 million, respectively). These short-term credit facilities are used for the financing of working capital and general corporate purposes of the Group. By the end of the year 2023, the total amount of bank guarantees and letters of credit that were outstanding under the \u20ac75.9 million guarantee facilities amounted to \u20ac48.1 million (2022: \u20ac41.3 million). Additionally, there were other outstanding bank guarantees, letters of credit and surety bonds amounting to \u20ac145.6 million (2022: \u20ac107.1 million). Interest rates The interest rate ranges for the total loans and borrowings are as follows: In \u20ac thousands 2023 2022 0% - 4% 74,057 874,044 3% - 7% 796,867 84,121 Balance at 31 December 870,924 958,165 Weighted average interest rate 1 4.7% 2.8% 1 On interest-bearing debt (including the interest effect of swaps) Financial covenants The leverage covenant for the \u20ac600.0 million syndicated Revolving Credit Facility and the 2020 Schuldschein loans prescribes that the average net debt to EBITDA ratio is not to exceed the maximum of 3.5x, which is confirmed to the lenders twice a year. At 31 December 2023, the average net debt to EBITDA ratio calculated in accordance with the credit documentation of the 2020 Schuldschein loans and the \u20ac600.0 million syndicated Revolving Credit facility is 2.2x. No other financial covenants exist for these credit facilities. The leverage covenant for the 2023 Schuldschein loans prescribes that the average net debt to Operating EBITDA ratio is not to exceed the maximum of 3.5x, which is confirmed to the lenders twice a year. At 31 December 2023, the average net debt to Operating EBITDA ratio calculated in accordance with the credit documentation of the 2023 Schuldschein loans is 2.0x. No other financial covenants exist for these credit facilities. All outstanding loans and the syndicated Revolving Credit Facility do not longer contain an interest coverage ratio. Other current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. (A) Credit risks Credit risk arises from receivables from customers as well as cash balances and fair values of derivatives with financial counterparties (e.g. banks). The credit risk on customers is influenced mainly by the individual characteristics of each customer. Arcadis usually invoices clients for services according to the progress of the work. If clients refuse or are unable to meet their contractual payment obligations, the Group may not have sufficient cash to satisfy its liabilities and its growth and continued operations could be adversely impacted. The key objective of the Group\u2019s counterparty risk management is to minimize the risk of losses as a result of failure of an individual financial counterparty that could negatively impact the Group\u2019s results. Arcadis aims to centralize cash balances with banks that have also provided committed credit facilities to the Group in order to reduce this counterparty risk. The exposure to credit risk is monitored on an ongoing basis at local entity and at group level. Normally, Arcadis only deals with counterparties that have a sufficiently strong credit rating. Where possible, Arcadis uses credit ratings provided by external credit rating agencies, thus monitoring creditworthiness in order to manage the related credit risk. Furthermore, Arcadis strongly focuses on clients by strengthening the commercial relationship and being more selective to which clients services are offered. Through systematic account management we aim to build long-term relationships with selected multinational and key national/ local clients. We already have a relationship with the majority of our multinational clients for more than five years. New customers are analyzed individually for creditworthiness before services are offered and monitored regularly. The carrying amount of financial assets represents the maximum credit exposure. Per 31 December 2023, the maximum exposure to credit risk was: In \u20ac thousands Note 2023 2022 1 Financial assets: Trade receivables 21 731,035 729,614 Other receivables 23 39,058 14,182 Other non-current assets 20 20,414 20,274 Derivatives 19 8,197 15,943 Loans to associates and joint ventures 17 - - 798,704 780,013 Cash and cash equivalents less bank overdrafts 24 279,519 257,598 Balance at 31 December 1,078,223 1,037,611 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Trade receivables Trade receivables are presented net of a provision for expected credit losses. The credit risk is measured and analyzed on a local level at regular intervals, taking into consideration, amongst others, the financial situation of the debtor and ageing of receivables. Expected losses are determined in line with IFRS 9, see note 21. The ageing of Trade receivables and the provision for Trade receivables at reporting date is disclosed below and in note 21. The ageing of receivables has led to the recognition of (expected) credit losses and calibration of assumptions as included in the Goodwill impairment test. The movement schedule for the provision for Trade receivables is included in note 21. 2023 2022 In \u20ac thousands Gross Receivables Provision bad debt Provision ECL Gross Receivables 1 Provision bad debt Provision ECL Not past due 517,982 (3,420) (292) 508,983 (3,310) (329) Past due 0-30 days 95,572 (821) (19) 86,360 (953) (32) Past due 31-60 days 39,949 (780) (12) 49,840 (1,878) (10) Past due 61-120 days 35,807 (1,178) (72) 33,093 (374) (77) Past due 121-364 days 37,107 (3,851) (226) 42,601 (4,662) (224) More than 364 days due 62,969 (50,055) (105) 60,462 (42,525) (118) Total 789,386 (60,105) (726) 781,339 (53,702) (790) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 There are various reasons for delays in payments that result in past due amounts and that impact Days Sales Outstanding (DSO). Arcadis has overdue receivables which are generally considered collectible and for which the risk of impairment is remote. Amounts due at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 21. Further details on how Arcadis uses this principle to manage working capital is disclosed in the section on liquidity risk. Other receivables and non-current assets Other receivables and Other non-current assets are monitored for expected credit losses. They do not contain impaired assets and are not past due. Loans to associates and joint ventures Loans to associates and joint ventures are subject to credit risk. At 31 December 2023, no material loans to associates were outstanding. Cash and cash equivalents The credit risk of Cash and cash equivalents is the risk that counterparties are not able to repay amounts owed to Arcadis upon request of Arcadis. The objective of the Group is to minimize credit risk exposure in Cash and cash equivalents by investing in liquid securities and entering into transactions involving derivative financial instruments only with counterparties that have sound credit ratings, a good reputation and belong to the group of Core banks which also provide committed credit facilities. The related risk is monitored on an ongoing basis both at local entity and group level. The Group keeps approximately 62% (2022: 66%) of its cash reserves at our Core banks and is only allowed to invest in short-term, liquid securities with counterparties that have an investment grade rating from Standard & Poor\u2019s, Moody\u2019s or Fitch. Management monitors these ratings and does not expect any such counterparty to fail to meet its obligations in the short-term. The change in percentage of Core banks compared to previous years is mainly caused by the acquisition of IBI Group and DPS Group in 2022 that are using other banks than our own Core banks. The Group is in the process of shifting these bank accounts to our own Core banks. No Expected Credit Losses are recognized on the cash and cash equivalents. Guarantees and letters of credit On behalf of the Group and local entities, financial institutions (such as banks and insurance companies) have provided bank guarantees, surety bonds and letters of credit amounting to \u20ac150.3 million outstanding as at 31 December 2023 (2022: \u20ac151.6 million). In addition, Arcadis NV has provided financial guarantees to banks for a maximum amount of \u20ac160.2 million (2022: \u20ac177.6 million). No Expected Credit Losses are recognized from these guarantees. (B) Liquidity risks Liquidity risk is the risk that Arcadis will not be able to meet its financial obligations as they fall due. The primary objective of liquidity management is providing for sufficient committed credit facilities and cash and cash equivalents to enable Arcadis to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Arcadis. Our Group Treasury Policy supports this principle by stating that the minimal liquidity at any given point in time should always exceed \u20ac200.0 million. Neither the aged (un)billed receivables of individual customers, nor the profile of the accounts receivable portfolio, impose a significant threat to the Group\u2019s liquidity planning. Over the course of the year, fluctuations occur in the working capital needed to finance operations. The Group strives to have a good liquidity position at all times, strictly controlling working capital by optimizing billing and collection and consequently maintaining a healthy (average) net debt to (Operating) EBITDA ratio. To manage working capital, but only if legally allowed and commercially possible, Arcadis agrees with part of its sub-contractors so-called \u2018paid-when-paid\u2019 clauses. This means that Arcadis is in such instances better able to match the cash inflows from debtors with the related cash outflows to suppliers, as the timing of the payment of the supplier is dependent on the collection of the receivable from a client. This could however be impacted by contractual clauses and/or local laws and regulations that limit the maximum extension of payment terms to a moment before Arcadis gets paid by its client. In case of non-payment by the debtor, Arcadis still has to fulfil its obligations towards the supplier under a \u2018paid-when-paid\u2019 clause. Accounts payable at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 30. The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short- term liabilities. Lines of credit The Company maintains the lines of credit as summarized in the table below. In millions 31 December 2023 Type Interest/fees Available Utilized Available Utilized in \u20ac millions CAD EUR CAD EUR CAD EUR CAD EUR Bridge Loan Facility EURIBOR \u20ac0.0 \u20ac0.0 \u20ac750.0 \u20ac750.0 Revolving Credit Facility EURIBOR \u20ac600.0 \u20ac0.0 \u20ac500.0 \u20ac0.0 Debentures IBI 6.5% CA$29.8 \u20ac20.4 CA$29.8 \u20ac20.4 CA$29.3 \u20ac20.1 CA$29.3 \u20ac20.1 Senior unsecured notes 4.875% \u20ac500.0 \u20ac500.0 Committed facilities EURIBOR \u20ac0.0 \u20ac0.0 \u20ac0.0 \u20ac0.0 Uncommitted multi-currency facilities Floating \u20ac120.0 \u20ac0.0 \u20ac120.0 \u20ac0.0 Schuldschein notes Fixed/floating \u20ac358.0 \u20ac358.0 \u20ac190.0 \u20ac190.0 Guarantee facility 0.30% - 0.65% \u20ac75.9 \u20ac48.1 \u20ac76.2 \u20ac41.3 Other (loans) Various \u20ac20.3 \u20ac3.0 \u20ac33.7 \u20ac9.9 Other (bank guarantees and surety bonds) Various \u20ac196.1 \u20ac145.6 \u20ac149.8 \u20ac107.1 A description and analysis of the credit lines listed above and its movements compared to last year is provided in note 29. Contractual obligations The following tables describe our commitments and contractual obligations for the following five years and thereafter. The other long-term debt obligations are the debt service obligations. No collateral has been pledged for liabilities or contingent liabilities. In \u20ac thousands Total < 1 year 1 - 3 years 4 - 5 years > 5 years Contractual obligations at 31 December 2023 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments 3,826 3,826 - - - Foreign exchange contracts: Outflow (677,552) (677,552) - - - Inflow 682,608 682,608 - - - Interest rate swaps: Outflow (198,759) (7,068) (191,691) - - Inflow 199,363 7,343 192,020 - - Cross Currency swaps: Outflow - - Inflow - - Deferred consideration 2,400 2,400 - - - Interest 171,878 41,839 79,682 50,357 - Lease obligations 281,307 64,810 93,918 62,118 60,461 Loans and borrowings 870,923 - 371,751 499,172 - Short-term bank debt - - - - - Accounts payable 312,641 312,641 - - - Total 1,648,635 430,847 545,680 611,647 60,461 Contractual obligations at 31 December 2022 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments - - - - - Foreign exchange contracts: Outflow (542,500) (542,500) - - - Inflow 536,666 536,666 - - - Interest rate swaps: Outflow - - - - - Inflow - - - - - Cross Currency swaps: Outflow 42,618 42,618 - - - Inflow (41,024) (41,024) - - - Deferred consideration 5,309 2,176 3,133 - - Interest 38,211 22,456 13,238 2,517 - Lease obligations 1 315,117 73,005 104,579 69,189 68,344 Loans and borrowings 958,165 56,230 849,469 52,466 - Short-term bank debt - - - - - Accounts payable 1 334,110 334,110 - - - Total 1,646,672 483,737 970,419 124,172 68,344 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 (C) Market risks Market risk includes currency risk (C1) and interest rate risk (C2) and comprises the risk that changes in market prices, such as foreign exchange rates and interest rates will affect Arcadis\u2019 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 set by the Group Treasury policy. (C1) Currency risk The key objective of the Group foreign exchange transaction exposure management is aimed at the active management of foreign exchange exposures by Group Treasury to reduce and limit the adverse effects of exchange rate changes on the Group\u2019s profitability. Trade and financing transactions in non-functional currencies The subsidiaries of Arcadis mainly operate in local markets, and as such both sales invoices and purchase invoices are mainly denominated in local currencies. In some instances, however, invoices are in the functional currency of the counterparty, which results in a currency exposure for the subsidiary. The exposure to foreign exchange risk on sales and costs denominated in another currency than the respective functional currencies of the subsidiaries is very limited. Only in limited cases, e.g., for material transactions, the subsidiaries of Arcadis enter into forward foreign exchange contracts with Group Treasury in order to hedge these transaction risks. Borrowings are denominated in currencies that partly match the cash flows generated by the underlying operations of the Group, primarily Euro and US dollar. Arcadis group companies can have positions in foreign currencies which are different than their respective functional currencies. For the main currencies the following positions per currency (translated in euros) are the cumulative gross exposures of non-functional currencies of all Arcadis group companies combined. In \u20ac thousands in EUR in USD in GBP in CNY in BRL in AED in CAD in AUD At 31 December 2023 Trade receivables 1,117 56,139 23,225 10,337 20,067 3,893 5,171 3,847 Cash and cash equivalents 4,497 7,795 341 435 - 23 1,069 904 Derivatives - 73,207 29,875 (8,809) (75) (15,863) (84,164) 120,516 Loans and borrowings - (64,891) (53,904) (638) - 8,913 81,228 (120,734) Accounts payable (943) (65,298) (3,204) (199) (19,759) (252) (3,097) (525) Balance exposure 4,671 6,952 (3,667) 1,126 233 (3,286) 207 4,008 At 31 December 2022 Trade receivables 4,722 29,513 24,504 36,335 21,229 5,000 4,983 4,200 Cash and cash equivalents 3,080 13,854 2,111 592 - 205 1,593 1,044 Derivatives - 71,752 117,356 (8,523) (2,539) (15,098) (75,403) 89,865 Loans and borrowings - (70,281) (116,890) - (674) 11,653 75,382 (93,600) Accounts payable (5,801) (24,191) (26,413) (1,189) (18,663) (982) (3,419) (200) Balance exposure 2,001 20,647 668 27,215 (647) 778 3,136 1,309 The below exchange rates were applied in the year. 2023 2022 In \u20ac Average Year-end Average Year-end US Dollar (USD) 0.92 0.91 0.95 0.93 Pound Sterling (GBP) 1.15 1.15 1.17 0.13 Australian Dollar (AUD) 0.61 0.62 0.66 0.63 Chinese Yuan Renminbi (CNY) 0.13 0.13 0.14 0.13 Canadian Dollar (CAD) 0.69 0.68 0.73 0.69 Brazilian Real (BRL) 0.19 0.19 0.18 0.18 United Arab Emirates Dirham (AED) 0.25 0.25 0.26 0.25 Arcadis uses derivative financial instruments in order to manage market risks associated with changes in foreign exchange rates as well as interest rates. All transactions are carried out in accordance with the Group Treasury policy. The Group seeks to apply hedge accounting where possible to manage volatility in profit or loss. All foreign exchange forward transactions outstanding at year-end are due to mature in 2024 and Q1 2025. Sensitivity analysis currency risks Foreign currency sensitivity analyses are performed by applying an expected possible volatility of a currency, assuming all other variables, in particular interest rates, remain constant. All monetary assets and liabilities of the Group at year-end are revalued, which results in a hypothetical impact on net income and equity as summarized below. 2023 2022 In \u20ac Impact on net income Impact on equity Impact on net income Impact on equity 10% change euro against the US dollar 19.1 60.5 6.9 66.8 10% change euro against the Pound Sterling 10.6 43.0 3.1 48.9 10% change euro against the Australian Dollar 4.0 17.9 - 14.3 10% change euro against the Canadian Dollar 0.6 6.9 0.1 7.2 All material balance sheet positions have been hedged with foreign exchange contracts. The translation risk relating to subsidiaries with a functional currency other than the Group reporting currency of Euro are not hedged, in accordance with the Group Treasury policy. (C2) Interest rate risks The Group manages interest rate risks by financing fixed assets and part of current assets with shareholders\u2019 equity and long-term debt. The remainder of current assets is financed with short-term debt including revolving bank debt with variable interest rates. Based on the interest risk profile, financial instruments were outstanding during the year to cover part of the interest rate risk on long-term borrowings. This risk is applicable to long-term debt, short-term debt and bank overdrafts in the Consolidated balance sheet amounting to \u20ac881.3 million at year-end 2023 (2022: \u20ac970.2 million). The decrease versus last year is driven by repayment of loans that were issued for the acquisition of IBI Group and DPS Group in 2022. The Group arranged for two floating-to-fixed interest rate swaps for the \u20ac185.0 million floating interest rate Schuldschein loan that was issued in July 2023. One swap (\u20ac100.0 million) will mature in January 2025; the other swap (\u20ac85.0 million) will mature in January 2026. The 2015 \u20ac40.0 million fixed-to-floating cross currency swap to manage currency risk and interest rate risk matured in October 2023. Further information can be found in Note 19. The Group Treasury Policy states that the fixed portion of net debt should be at least 40% to protect against increases in interest rates as well as providing some certainty on expectations for interest expense in profit or loss. As of December 2023, this minimum fixed portion of 40% was applicable. Sensitivity analysis Interest rate risk Interest rate sensitivity analyses are performed by applying an expected possible volatility of interest rates, assuming all other variables remain constant. All interest-bearing liabilities of the Group at year-end are revalued, which results in a hypothetical impact on the pre-tax profit for the year and equity as summarized below. 2023 2022 In \u20ac Impact of pre-tax profit for the year Impact on equity Impact of pre-tax profit for the year Impact on equity Ten basis-points change to interest rate 0.1 0.1 0.3 0.3 Fair value The fair values of financial assets and liabilities together with the carrying amounts recognized in the Consolidated balance sheet, are as follows: Carrying value per IFRS 9 category In \u20ac thousands Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value At 31 December 2023 Investments in associates and joint ventures 11,381 11,381 - - - - - Other investments 4,295 - - 4,295 - 4,295 4,295 Other non-current assets 20,414 - 20,414 - - 20,414 20,414 Trade receivables 728,555 - 728,555 - - 728,555 728,555 Derivatives 8,197 - - 9,716 (1,519) 8,197 8,197 Cash and cash equivalents 289,878 - 289,878 - - 289,878 289,878 Total Financial assets 1,062,720 11,381 1,038,847 14,011 (1,519) 1,051,339 1,051,339 Loans and borrowings: Non-current 870,923 - 870,923 - - 870,923 874,534 Current - - - - - - - Derivatives 11,143 - - 11,143 - 11,143 11,143 Accounts payable 312,641 - 312,641 - - 312,641 312,641 Lease liabilities 281,307 - 281,307 - - 281,307 281,307 Deferred consideration 2,400 - - 2,400 - 2,400 2,400 Bank overdrafts and short-term bank debts 10,359 - 10,359 - - 10,359 10,359 Total Financial liabilities 1,488,773 - 1,475,230 13,543 - 1,488,773 1,492,384 Carrying value per IFRS 9 category Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value In \u20ac thousands At 31 December 2022 Investments in associates and joint ventures 11,633 11,633 - - - - - Other investments 3,609 - - 3,609 - 3,609 3,609 Other non-current assets 1 20,274 - 20,274 - - 20,274 20,274 Trade receivables 1 726,847 - 726,847 - - 726,847 726,847 Derivatives 15,943 - - 15,814 129 15,943 15,943 Cash and cash equivalents 272,754 - 272,754 - - 272,754 272,754 Total Financial assets 1,051,060 11,633 1,019,875 19,423 129 1,039,427 1,039,427 Loans and borrowings: Non-current 901,935 - 901,935 - - 901,935 895,671 Current 56,230 - 56,230 - - 56,230 56,238 Derivatives 21,904 - - 21,904 - 21,904 21,904 Accounts payable 1 334,110 - 334,110 - - 334,110 334,110 Lease liabilities 1 315,117 - 315,117 - - 315,117 315,117 Deferred consideration 5,309 - - 5,309 - 5,309 5,309 Bank overdrafts and short-term bank debts 15,156 - 15,156 - - 15,156 15,156 Total Financial liabilities 1,649,761 - 1,622,548 27,213 - 1,649,761 1,643,505 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Fair value hierarchy The financial instruments carried at fair value are analyzed by valuation method, using the following levels: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). All financial instruments carried at fair value within the Group are categorized in Level 2, except for the other investment in Techstars and the deferred consideration whereby a Level 3 valuation has been used (see note 18). The fair value of foreign exchange forward rate contracts is based on quoted market prices at the balance sheet date, being the present value of the quoted forward price. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the term and maturity of the contract, using market interest rates. The fair value of interest rate swaps is calculated by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at measurement date. These calculations are tested for reasonableness by comparing them with bank valuations. The fair value of loans and receivables is based on the present value of future principal and interest cash flows, discounted at the Group specific market rate of interest at reporting date. For financial leases the market rate of interest is determined by reference to similar lease agreements. The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at reporting date. Due to the short-term character of the receivables, the fair value equals the carrying value. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. ",
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"f16089": {
"value": "Financial instruments Non-derivative financial assets Financial assets include trade receivables, other receivables and loans and borrowings. Loans, receivables, and deposits are recognized on the date they are originated. All other financial assets are recognized initially on trade date when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset not at fair value through profit or loss, transaction costs. The Group classifies its financial assets as those to be measured subsequently at fair value (either through Other comprehensive income or through profit or loss) or those to be measured at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at initial recognition, based on the business model for managing the assets and the contractual terms of the cash flows, and assesses the designation at each reporting date. Offsetting of financial assets and liabilities Financial assets and liabilities are offset and reported as a net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. General The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. Interest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. Other current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. ",
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"f16091": {
"value": "Non-derivative financial assets Financial assets include trade receivables, other receivables and loans and borrowings. Loans, receivables, and deposits are recognized on the date they are originated. All other financial assets are recognized initially on trade date when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. All financial instruments are initially measured at fair value plus or minus, in the case of a financial asset not at fair value through profit or loss, transaction costs. The Group classifies its financial assets as those to be measured subsequently at fair value (either through Other comprehensive income or through profit or loss) or those to be measured at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of the financial assets at initial recognition, based on the business model for managing the assets and the contractual terms of the cash flows, and assesses the designation at each reporting date. ",
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"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16108": {
"value": "Offsetting of financial assets and liabilities Financial assets and liabilities are offset and reported as a net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16116": {
"value": "Cash flow statement The Cash flow statement has been prepared using the indirect method. Cash flows in foreign currencies have been translated into euros using average exchange rates, approximating the foreign exchange rate at transaction date. Exchange rate differences on cash items are shown separately in the Cash flow statement. Receipts and payments with respect to income tax and interest are included in the Cash flows from operating activities. The cost of acquisition of subsidiaries, associates and joint ventures, and other investments, insofar as it was paid for in cash, is included in Cash flows from investing activities. Acquisitions or divestments of subsidiaries are presented net of cash balances acquired or disposed of, respectively. Cash flows from derivatives are recognized in the Cash flow statement in the same category as those of the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16117": {
"value": "Cash flow statement The Cash flow statement has been prepared using the indirect method. Cash flows in foreign currencies have been translated into euros using average exchange rates, approximating the foreign exchange rate at transaction date. Exchange rate differences on cash items are shown separately in the Cash flow statement. Receipts and payments with respect to income tax and interest are included in the Cash flows from operating activities. The cost of acquisition of subsidiaries, associates and joint ventures, and other investments, insofar as it was paid for in cash, is included in Cash flows from investing activities. Acquisitions or divestments of subsidiaries are presented net of cash balances acquired or disposed of, respectively. Cash flows from derivatives are recognized in the Cash flow statement in the same category as those of the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16127": {
"value": "New standards, interpretations and amendments adopted by the Group There are no significant changes in accounting policies but several amendments to International Financial Reporting Standards and interpretations became effective for annual periods beginning on or after 1 January 2023. The new amendments do not have a material impact on the Group\u2019s financial performance and the financial position for the year ended 2023. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach). \u2022 A simplified approach (the premium allocation approach) mainly for short-duration contracts. We analysed the implication of the new standard to the Group and assessed that it had no impact on the Group\u2019s consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 \u2018Making Materiality Judgements\u2019 provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments had no impact on the Group's consolidated financial statements. Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, and changes in accounting policies and the correction of errors. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group's consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the measurement recognition and presentation of any item in the Group\u2019s consolidated financial statements. International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. For further information, see note 12 on income taxes. 3 Change in accounting policies There are no significant changes in accounting policies adopted during the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16128": {
"value": "New standards, interpretations and amendments adopted by the Group There are no significant changes in accounting policies but several amendments to International Financial Reporting Standards and interpretations became effective for annual periods beginning on or after 1 January 2023. The new amendments do not have a material impact on the Group\u2019s financial performance and the financial position for the year ended 2023. IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach). \u2022 A simplified approach (the premium allocation approach) mainly for short-duration contracts. We analysed the implication of the new standard to the Group and assessed that it had no impact on the Group\u2019s consolidated financial statements. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 \u2018Making Materiality Judgements\u2019 provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments had no impact on the Group's consolidated financial statements. Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, and changes in accounting policies and the correction of errors. The amendments also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group's consolidated financial statements. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The amendments had no impact on the measurement recognition and presentation of any item in the Group\u2019s consolidated financial statements. International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 January 2023, but not for any interim periods ending on or before 31 December 2023. For further information, see note 12 on income taxes. 3 Change in accounting policies There are no significant changes in accounting policies adopted during the year ended 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16204": {
"value": "Revision of comparative information The provisional amounts of IBI Group, DPS Group and Giftge Consult published as of 31 December 2022 has been revised due to the further fair value adjustments noted during the measurement period. IFRS 3.49 requires Arcadis to recognise adjustments to the provisional amounts as if the accounting for the business combination had been completed at the acquisition date. Thus, Arcadis has revised comparative information for prior period presented in financial statements as needed, including making any change in depreciation, amortisation or other income effects recognised in completing the initial accounting. The tables below summarize the adjustments recognized for each individual account that impacted published balance sheet and income statement for the year ended 31 December 2022. Furthermore, the 'foreign exchange differences from foreign operations' in the consolidated statement of other comprehensive income was revised for \u20ac42 million. Accounts that were not affected by the revision have not been included. As a result, the subtotals and totals disclosed cannot be recalculated from the numbers provided. Refer to Note 6 for information on PPA adjustments. Revised consolidated income statement for year ended 31 December 2022 (condensed) Published Revisions Revised Depreciation and amortization (105,769) (179) (105,948) Amortization other intangible assets (15,130) (5,054) (20,184) Total Operational costs (2,801,008) (5,233) (2,806,241) Operating income 217,669 (5,233) 212,436 Finance expenses (27,651) (29) (27,680) Net finance expense (23,558) (29) (23,587) Profit before income tax 195,699 (5,262) 190,437 Income taxes (60,702) 1,252 (59,450) Result for the period 134,997 (4,010) 130,987 Revised consolidated balance sheet as at 31 December 2022 (condensed) In \u20ac thousands Published Revisions Revised Intangible assets and goodwill 1 1,553,873 27,060 1,580,933 Property, plant and equipment 109,490 (718) 108,772 Right-of-use assets 275,613 8,822 284,435 Deferred tax assets 71,910 11,541 83,451 Other non-current assets 20,889 (615) 20,274 Trade receivables 747,392 (17,778) 729,614 Contract assets (unbilled receivables) 644,859 (21,710) 623,149 Corporate tax receivables 17,840 5,870 23,710 Other current assets 73,956 (2,161) 71,795 Total assets 3,830,443 10,311 3,840,754 Shareholders' equity 1,039,348 (46,113) 993,235 Provisions for other liabilities and charges 36,794 4,068 40,862 Deferred tax liabilities 30,271 36,862 67,133 Lease liabilities 235,947 7,033 242,980 Corporate tax liabilities 63,478 9,871 73,349 Current portion of lease liabilities 71,816 321 72,137 Accounts payable, accrued expenses and other current liabilities 792,891 (1,731) 791,160 Total equity and liabilities 3,830,443 10,311 3,840,754 1 Out of which currency translation adjustment revision of \u20ac(42.1) million Revised consolidated cash flow statement for year ended 31 December 2022 (condensed) In \u20ac thousands Published Revisions Revised Result for the period 134,997 (4,010) 130,987 Adjustments for: Depreciation and amortization 105,769 179 105,948 Amortization other identifiable intangible assets 15,130 5,054 20,184 Income taxes 60,702 (1,252) 59,450 Net finance expense 23,558 29 23,587 Net change in cash and cash equivalents less Bank overdrafts (94,576) - (94,576) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16409": {
"value": "4 Significant events in the current reporting period The financial position and performance of the Group has been affected by the following events and transactions during the reporting period: IBI and DPS Purchase Price Allocation (PPA) accounting completion The Group completed the PPA accounting for IBI Group and DPS Group during the year within the measurement period. The measurement period for IBI and DPS ended on 26 September 2023 and 30\u00a0November 2023, respectively. The main PPA adjustments related to identifiable intangibles and contract assets. The goodwill reported for IBI is \u20ac450 million and for DPS is \u20ac83 million. See note 6 on business combination. 6 Consolidated interests and business combinationsSubsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Business combinations The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. IFRS 3 establishes the following principles in relation to the recognition and measurement of items arising in a business combination: \u2022 Recognition principle: Identi\ufb01able assets acquired, liabilities assumed, and non-controlling interests in the acquiree are recognized separately from goodwill. Acquired intangible assets must be recognized and measured at fair value in accordance with the principles if it is separable or arises from other contractual rights, irrespective of whether the acquiree had recognized the asset prior to the business combination occurring. The Group does not recognize contingent assets acquired in a business combination. \u2022 Measurement principle: All assets acquired and liabilities assumed in a business combination are measured at acquisition-date fair value. Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Lease liabilities of acquired leases are measured at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. Right-of-use asset is measured at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms. Right-of-use assets and lease liabilities for leases for which the lease term ends within 12 months of the acquisition date and the underlying asset is of low value are not recognized. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are recognized in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities incurred in connection with the business combination, are expensed. Contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss. If the Company obtains control of a business that is a joint operation, it remeasures previously held interests in that business. Changes in consolidated interests Business divestments 2023 In \u20ac thousands 2023 Consideration received, satisfied in cash 7,326 Cash and cash equivalents disposed of (107) Net cash inflows 7,219 During the year ended 31 December 2023, the Company has realized: \u2022 net gain of \u20ac1.8 million from the divestment of two subsidiaries in US and Canada; and \u2022 net loss of \u20ac4.2 million from liquidation of an entity in Hong Kong. \u2022 net loss of \u20ac1.4 million from divestments and derecognition of tangible assets and Right-of-use. In addition, the Company incurred M&A costs for a total of \u20ac6 million. Business combinations 2022 Acquisition of IBI Group On 27 September 2022, the Group acquired 100% of the voting shares of IBI Group Inc., a listed company based in Canada. IBI Group is a technology-driven design firm with global architecture, engineering, planning and technology expertise. This acquisition aims to create a global leader for planning, designing and building the resilient cities of tomorrow. As at 31 December 2022, the Group had not yet completed its fair value assessment of all assets acquired and liabilities assumed in connection with the IBI Group Acquisition. The Group completed its fair value assessment of all assets acquired and liabilities assumed during the measurement period which ended on 26\u00a0September 2023. The table below presents management's preliminary assessment of the fair values of the assets acquired and the liabilities assumed and published in the annual financial statements for the year ended 31 December 2022, adjustments recognized during the subsequent measurement periods and the final determinations of the fair values for the year ended 31 December 2023. The final determination of the fair values required some adjustments to the preliminary assessments as shown on the next page. Assets acquired and liabilities assumed The fair values of the identifiable assets and liabilities of IBI Group Inc. as at the date of acquisition were: In \u20ac thousands Note Preliminary Adjustments Final Assets Intangible assets 14 55,452 73,519 128,971 Property, plant & equipment 15 16,427 - 16,427 Right-of-use assets 16 45,197 - 45,197 Other investments 18 1,603 - 1,603 Other non-current assets 20 4,127 (615) 3,512 Trade receivables 21 116,894 (17,505) 99,389 Contract assets (unbilled receivables) 22 54,814 (16,759) 38,055 Corporate tax receivables 12 4,880 (380) 4,500 Other current assets 23 19,699 - 19,699 Cash and cash equivalents 24 26,826 - 26,826 345,919 38,260 384,179 Liabilities Deferred tax liabilities 12 (10,070) (12,864) (22,934) Loans and borrowings 29 (51,770) - (51,770) Lease liabilities 16 (46,693) - (46,693) Contract liabilities (billing in excess of revenue) 22 (56,007) - (56,007) Corporate tax liabilities 12 (1,683) 388 (1,295) Provisions 28 - (4,068) (4,068) Accounts payable, accrued expenses and other current liabilities 30 (73,964) 1,055 (72,909) Bank overdrafts 24 (5,607) - (5,607) (245,794) (15,489) (261,283) Total identifiable net assets at fair value 100,125 22,771 122,896 Goodwill arising on acquisition 14 472,760 (22,771) 449,989 Cash settlement of unreplaced awards (15,770) - (15,770) Cash consideration transferred (557,115) - (557,115) The goodwill is attributable to the workforce and the synergies with the acquired business. It has been allocated to the CGUs that the group uses for impairment testing of goodwill: Places, Mobility, Resilience, and Intelligence. It will not be deductible for tax purposes. Fair values measurement and purchase price allocation accounting The Group sought an independent valuation for IBI Group\u2019s other identifiable intangible assets. Intangible assets identified during the subsequent measurement period relate primarily to customer relationships and amounted to \u20ac77 million. Management applied the Multiperiod Excess Earnings Method (MEEM) using discounted cash flow models to value customer relationships acquired. Management's significant estimates and assumptions in applying this methodology included forecast revenues and margins attributable to the customer relationships (in excess of backlog), rates of attrition and discount rates. The fair value of the trade receivables amounts to \u20ac99.4 million. The gross amount of trade receivables is \u20ac116.9 million, of which \u20ac17.5 million was estimated to be uncollectable at the date of acquisition. The fair value of contract assets amounts to \u20ac38.0 million. The gross amount of contract asset is \u20ac54.8 million, an adjustment of \u20ac16.8 million was done due to provision on unbilled receivables and correction of percentage of completion of few projects. The deferred tax liability is mainly related to identifiable intangible assets identified during the year. The Group conducted an assessment of the potential contingent liabilities which resulted in the recognition of a provision of \u20ac4.1 million. The subsequent measurement period adjustments have resulted in revision of comparative income statement, statement of financial position, statement of changes in equity and statement of cash flows as at 31 December 2022. Acquisition of DPS Group On 1 December 2022, the Group acquired 100% of the voting shares of DPS Engineering Holdings Limited, a non-listed company based in Ireland. DPS Group is a provider of project services to global leading clients in pharmaceutical, biotechnology, novel therapy, medical technologies and semiconductor manufacturing. This acquisition aims to achieve a global position in pharmaceutical and semiconductor manufacturing markets and create a further enhanced and integrated full-service offering. As at 31 December 2022, the Group had not yet completed its fair value assessment of all assets acquired and liabilities assumed in connection with the DPS Group Acquisition. The Group completed its fair value assessment of all assets acquired and liabilities assumed during the measurement period which ended on 30 November 2023. The table below presents management's preliminary assessment of the fair values of the assets acquired and the liabilities assumed and published in the annual financial statements for the year ended 31 December 2022, adjustments recognized during the subsequent measurement periods and the final determinations of the fair values for the year ended 31 December 2023. The final determination of the fair values required some adjustments to the preliminary assessments as shown below. Assets acquired and liabilities assumed The fair values of the identifiable assets and liabilities of DPS Group as at the date of acquisition were: In \u20ac thousands Note Preliminary Adjustments Final Assets Intangible assets 14 - 111,000 111,000 Property, plant & equipment 15 11,022 (699) 10,323 Right-of-use assets 16 23,804 8,982 32,786 Deferred tax assets 12 8,694 11,527 20,221 Inventories 10 - 10 Trade receivables 21 137,252 (274) 136,978 Contract assets (unbilled receivables) 22 59,531 (4,950) 54,581 Corporate tax receivables 12 344 6,250 6,594 Other current assets 23 6,503 (338) 6,165 Assets classified as held for sale 1,825 (1,825) - Cash and cash equivalents 24 27,007 - 27,007 275,992 129,673 405,665 Liabilities Deferred tax liabilities 12 (5,561) (25,021) (30,582) Loans and borrowings 29 (9,045) - (9,045) Lease liabilities 16 (25,461) (7,325) (32,786) Contract liabilities (billing in excess of revenue) 22 (235) - (235) Corporate tax liabilities 12 (1,878) (10,259) (12,137) Accounts payable, accrued expenses and other current liabilities 30 (144,395) 630 (143,765) Bank overdrafts 24 (31,193) - (31,193) (217,768) (41,975) (259,743) Total identifiable net assets at fair value 58,224 87,698 145,922 Goodwill arising on acquisition 14 170,963 (87,698) 83,265 Cash consideration transferred (229,187) - (229,187) The goodwill is attributable to the workforce and the synergies with the acquired business. It has been allocated entirely to the CGU Places. It will not be deductible for tax purposes. Fair values measurement and purchase price allocation accounting The Group sought an independent valuation for DPS Group\u2019s other identifiable intangible assets. Intangible assets identified during the subsequent measurement period relate primarily to customer relationships and order backlog which amounted to \u20ac89 million and \u20ac18 million respectively. Management applied the Multiperiod Excess Earnings Method (MEEM) using discounted cash flow models to value customer relationships acquired. Management's significant estimates and assumptions in applying this methodology included forecast revenues and margins attributable to the customer relationships (in excess of backlog), rates of attrition and discount rates. The deferred tax and corporate tax adjustments relate to purchase price allocation adjustments and establishment of tax positions for entities that did not account for the deferred tax positions before acquisition. The Group had to align the accounting principles of DPS Group with IFRS (mainly leases and property, plant and equipment) as DPS Group followed The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) for local GAAP purposes. The Group assessed the leases held by DPS Group with extension options that are probable to be exercised and adjusted right of use assets by \u20ac8.9 million and lease liabilities by \u20ac7.3 million. The subsequent measurement period adjustments has resulted in revision of comparative income statement, statement of financial position, statement of changes in equity and statement of cash flows as at 31 December 2022. Acquisition of Giftge Consult In September 2022, Arcadis acquired 100% of the voting shares in Giftge Consult GmbH, a non-listed company based in Germany. Giftge consult is a leading consulting and engineering company for energy transition solutions in Germany. Arcadis will strengthen its position in the attractive and high growth energy transition sector, complementing services within its global Resilience business area. The consideration for Giftge Consult business combination amounted to \u20ac9.0 million, including a deferred consideration of \u20ac0.6 million. An identifiable intangible of \u20ac0.7 million and deferred tax liability of \u20ac0.2m was recognized during the subsequent measurement period. The net identifiable assets acquired amounted to \u20ac4.0 million and the goodwill amounted to \u20ac5.0 million. The goodwill is allocated entirely to the CGU Resilience. The acquisition accounting has been completed during the measurement period which ended in September 2023. Due to the relatively limited size of Giftge consult, no further disclosures are provided. Acquisition of Water Platform Company (formerly HydroLogic Research B.V.) In February 2022, Arcadis acquired 70% of the voting shares in Water Platform Company B.V., a non-listed Dutch based software company that owns HydroNET. HydroNET is a platform developed by HydroLogic aimed at supporting customers with intelligent water services and digital capabilities. Arcadis will use its worldwide network to develop and accelerate the international roll-out of the HydroNET platform. The consideration for Water Platform Company business combination amounted to \u20ac3.5 million which includes a contingent consideration of \u20ac0.8 million. The net identifiable assets acquired amounted to \u20ac0.1 million and the goodwill amounted to \u20ac3.4 million. The goodwill is allocated entirely to the CGU Intelligence. The acquisition accounting was completed in 2022. Due to the relatively limited size of Water Platform Company, no further disclosures are provided. Business divestments 2022 During the year ended 31 December 2022, the Company has completed the following divestments: \u2022 A subsidiary in Czech Republic and its branch in Slovakia; \u2022 A subsidiary in Thailand; \u2022 A subsidiary in Switzerland; \u2022 A subsidiary in Singapore including its subsidiaries in Vietnam and Singapore and its Taiwan branch; \u2022 A subsidiary in Hong Kong including its subsidiary in Vietnam and its branch in Singapore; \u2022 Subsidiaries in Malaysia; \u2022 A part of business activities in resilience in France. In \u20ac thousands 2022 Consideration received, satisfied in cash 13,771 Cash and cash equivalents disposed of (12,987) Net cash inflows 784 1 Restated in accordance with IAS 8, see note 3 The total net asset values of the investments disposed are \u20ac44.6 million (mainly composed of contract assets of \u20ac31.5 million, trade receivables of \u20ac17.4 million and contract liabilities of \u20ac (14.5) million). The net proceeds from sale of investments are \u20ac13.8 million and a loss on disposal of subsidiaries amounted to \u20ac30.9 million (non-operating). Deferred consideration and earn-outs The contractual deferred consideration and earn-outs for acquisitions are disclosed below. In \u20ac thousands Initial recognition Discount effect/interest 2023 Total 2022 Total Balance at 1 January 7,121 - 7,121 479 Acquisitions - - - 7,799 Interest accrual - - - - Releases (1,856) - (1,856) - Payments and redemptions (2,808) - (2,808) (734) Exchange rate differences (57) - (57) (423) Balance at 31 December 2,400 - 2,400 7,121 There is no deferred consideration (2022: \u20ac3.1 million) reported as other long-term debt under \u2018Loans and borrowings\u2019 (see note 29). An amount of \u20ac2.4 million (2022: \u20ac4.0 million) is due within one year and reported as \u2018Other current liabilities\u2019 (see note 30). This relates to after payments associated with: \u2022 Contingent consideration liabilities assumed from acquiring IBI Group: Hotspot, RLC, Teranis, Telenium, Peter\u2019s Energy. \u2022 Water Platform Company for \u20ac0.2 million. The payments made in 2023 relate to RLC Architects (2022) for \u20ac1.3 million, Giftge Consult (2022) for \u20ac0.6 million, Hotspot (2022) for \u20ac0.3 million, Teranis (2021) for \u20ac0.3 million, Water Platform Company (2022) for \u20ac0.2 million and Telenium (2021) for 0.1 million. ",
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"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16411": {
"value": "4 Significant events in the current reporting period The financial position and performance of the Group has been affected by the following events and transactions during the reporting period: Issuance of financing bond and long term loan In February 2023, a \u20ac500 million bond has been issued by the Group against a fixed rate of 4.875% with a 5-year maturity. The proceeds of this issuance have been used to repay portion of \u20ac750 million bridge facility with the remaining balance of \u20ac250 million loan outstanding. In July 2023, \u20ac225 million Schuldschein loan with \u20ac185 million at floating interest rate and \u20ac40 million at fixed interest rate were issued with a 3-year maturity. The remaining bridge facility outstanding balance of \u20ac250 million was repaid utilizing the proceeds from issuance of \u20ac225 million Schuldschein loan and cash at bank. See note 29 on loans and borrowings. 29 Loans and borrowingsInterest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. Loans and borrowings at 31 December are as follows: In \u20ac thousands Interest rates between 2023 2022 Short-term bank loans 1.2% - 3.5% - 56,230 Long-term bank loans 1.5% - 5.8% 354,710 878,680 Debentures 6.5% 20,366 20,121 Senior unsecured notes 4.9% 495,847 - Other long-term debt 1 3.0% - 6.9% - 3,134 Total loans and borrowings 870,923 958,165 Current - 56,230 Non-current 870,923 901,935 Total 870,923 958,165 1 Including retentions and expected deferred consideration not due within one year, amounting to \u20ac0.0 million (31 December 2022: \u20ac3.1 million) The movement in non-current loans and borrowings is as follows: In \u20ac thousands 2023 2022 Balance at 1 January 901,935 187,510 New debt 718,680 747,277 Accrued interest - - Redemptions (750,000) (19,256) Acquisitions (deferred consideration) - 47,198 From long-term to current position other long-term - (56,921) Other 428 - Exchange rate differences (120) (3,873) Balance at 31 December 870,923 901,935 Aggregate maturities of non-current loans and borrowings are as follows: In \u20ac thousands 2023 2022 2024 - 749,955 2025 96,890 99,514 2026 223,392 - 2027 51,469 52,466 2028 499,172 - After 2028 - - Balance at 31 December 870,923 901,935 The movement in short-term debts and current portion of long-term debts is as follows: In \u20ac thousands 2023 2022 Balance at 1 January 56,230 76,057 New debt - 195,545 Acquisitions - 13,686 Redemptions (55,925) (284,907) Other - (731) From long-term to current position other long-term - 56,921 Exchange rate differences (305) (341) Balance at 31 December - 56,230 Fair value The fair value of the Group\u2019s loans and borrowings has been estimated at \u20ac874.5 million, based on quoted market prices for the same or similar loans or on the current rates offered to the Group for debt with similar maturities (2022: \u20ac951.9 million). Long Term loans Eurobond In February 2023, a \u20ac500.0 million Eurobond has been issued against a fixed rate of 4.875% with a 5-year maturity. The proceeds of this issuance have been used to repay a part (\u20ac500.0 million) of the \u20ac750.0 million bridge loan facility. Bridge loan facility The bridge loan facility used to acquire IBI Group and DPS Group in 2022 has been repaid in the course of 2023. Of the \u20ac750.0 million outstanding at the start of 2023, \u20ac500.0 million was repaid with the issuance of a \u20ac500.0 million Eurobond in February 2023. The remaining \u20ac250.0 million was repaid during the third quarter of 2023 using the proceeds from the \u20ac185.0 million newly issued Schuldschein loans and \u20ac65.0 million with available cash. Schuldschein loans In July 2023, \u20ac40.0 million of Schuldschein loans (2015 tranche) was repaid ahead of contractual repayment schedule (originally in October 2023). In October 2023, \u20ac17.0 million of Schuldschein loans (2020 tranche) were repaid in accordance with the contractual repayment schedule. In July 2023, \u20ac225.0 million of Schuldschein loans have been issued with a 3-year maturity. \u20ac40.0 million was issued at a fixed rate (5.1%) and \u20ac185.0 million was issued at a floating rate (6M Euribor + 1.35%). The \u20ac185.0 million floating rate Schuldschein loans have been swapped with two floating-to-fixed interest rate swaps. For more information, see note 19. At 31 December 2023, the non-current portion of long-term debt includes a total of Schuldschein debt in the amount of \u20ac358.0 million maturing in 2025, 2026 and 2027. Debentures At 31 December 2023, the non-current portion of long-term debt acquired after the acquisition of IBI Group includes \u20ac20.4 million of Debentures. The 6.5% Debentures have a maturity of 31 December 2025 and are listed on the Toronto Stock Exchange. On or after 31 December 2023, but prior to 31 December 2024, the 6.5% Debentures are redeemable, in whole or in part from time to time at the option of the Group at a price equal to 103.25% of the principal amount of the Debentures redeemed plus accrued and unpaid interest. On or after 31 December 2024 but prior to the maturity date of 31 December 2025, the Debentures are redeemable at a price equal to their principal amount plus accrued and unpaid interest. On redemption or at maturity on 31 December 2025, the Group will repay the debentures in cash. Revolving Credit Facility In Q4 2023, Arcadis used both the extension option as well as the accordion option available in the Revolving Credit Facility (RCF) to extend and increase the RCF. Following the exercise of these options, the RCF has been extended by 2 years to 2028 and increased by \u20ac100.0 million to \u20ac600.0 million, with \u20ac95.0 million maturing in October 2026 and the remaining \u20ac505.0 million maturing in October 2028. Short Term Credit facilities The total available short-term credit facilities amount to \u20ac412.3 million, which include all uncommitted credit facilities, bank guarantee facilities and surety bond lines with financial institutions of which \u20ac196.7 million has been used as per 31 December 2023 (2022: \u20ac379.7 million and \u20ac158.3 million respectively). The Group has short-term uncommitted credit facilities of \u20ac120.0 million with relationship banks and three bank guarantee facilities totaling \u20ac75.9 million (2022: \u20ac120.0 million and \u20ac76.2 million, respectively). These short-term credit facilities are used for the financing of working capital and general corporate purposes of the Group. By the end of the year 2023, the total amount of bank guarantees and letters of credit that were outstanding under the \u20ac75.9 million guarantee facilities amounted to \u20ac48.1 million (2022: \u20ac41.3 million). Additionally, there were other outstanding bank guarantees, letters of credit and surety bonds amounting to \u20ac145.6 million (2022: \u20ac107.1 million). Interest rates The interest rate ranges for the total loans and borrowings are as follows: In \u20ac thousands 2023 2022 0% - 4% 74,057 874,044 3% - 7% 796,867 84,121 Balance at 31 December 870,924 958,165 Weighted average interest rate 1 4.7% 2.8% 1 On interest-bearing debt (including the interest effect of swaps) Financial covenants The leverage covenant for the \u20ac600.0 million syndicated Revolving Credit Facility and the 2020 Schuldschein loans prescribes that the average net debt to EBITDA ratio is not to exceed the maximum of 3.5x, which is confirmed to the lenders twice a year. At 31 December 2023, the average net debt to EBITDA ratio calculated in accordance with the credit documentation of the 2020 Schuldschein loans and the \u20ac600.0 million syndicated Revolving Credit facility is 2.2x. No other financial covenants exist for these credit facilities. The leverage covenant for the 2023 Schuldschein loans prescribes that the average net debt to Operating EBITDA ratio is not to exceed the maximum of 3.5x, which is confirmed to the lenders twice a year. At 31 December 2023, the average net debt to Operating EBITDA ratio calculated in accordance with the credit documentation of the 2023 Schuldschein loans is 2.0x. No other financial covenants exist for these credit facilities. All outstanding loans and the syndicated Revolving Credit Facility do not longer contain an interest coverage ratio. ",
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"f16432": {
"value": "5 Segment reportingAn operating segment is a component of the Company that engages in business activities that can result in revenue and expenses, including revenues and expenses related to transactions with other components of the same Company. The operating segment reporting follows the internal reporting used by the Executive Board of the Company, to manage the business, assess the performance based on the available financial information and to allocate the resources. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Reportable segments The operating segment reporting follows the internal reporting used by the \u201cChief Operating Decision Maker\u201d (\u201cCODM\u201d, being the Executive Leadership Team of the Group), to manage the business, assess the performance based on the available financial information and to allocate resources. The most important performance measures are EBITA (earnings before interest, tax, amortization of identifiable intangible assets, and impairment charges) and operating EBITA, as management believes this is key in evaluating the results of the segments relative to other companies that operate within the same industry. However, the \u201cCODM\u201d also receives information about the segments\u2019 net revenue. Finance expenses, finance income, and fair value change of derivatives are not allocated to individual segments as the underlying instruments are managed on a group basis. Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments as they are also managed on a group basis. The amount of segment assets and liabilities is not disclosed. Segment assets and liabilities are not included in the measures used for allocating resources and assessing segment performance. The Group discloses the goodwill by segment (see note 14) which corresponds to the Groups of CGUs for impairment testing purpose. Hereafter, the Groups of CGU\u2019s for the purpose of testing for impairment of goodwill, defined at the level of the operating segments are referred to as the CGU or the CGU\u2019s (in case of multiple groups of CGU\u2019s). Therefore, the information used by the \u2018CODM\u2019 to monitor progress, and for decision-making about operational matters is based on the four GBAs. In accordance with IFRS 8, the Company has the following reportable segments as at 31 December 2023: Operating segment Reportable segment Places Places Mobility Mobility Resilience Resilience Intelligence Intelligence Geographical information Net revenues by origin Non-current operating assets In \u20ac millions 2023 2022 2023 2022 1 Americas 1,743 1,273 233 283 Europe & Middle East 1,673 1,350 257 309 Asia Pacific 343 396 48 52 Total 3,759 3,019 538 644 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Non-current operating assets consist of property, plant and equipment, right-of-use assets, and intangible assets (excluding Goodwill). Gross revenues generated in the Netherlands amounted to \u20ac363 million in 2023 (2022: \u20ac342 million), Net revenues to \u20ac291 million (2022: \u20ac266 million). Total assets in the Netherlands, including intercompany assets of Arcadis NV and its Dutch holdings companies, amounted to \u20ac2,808 million (2022: \u20ac2,770 million). Major customers The Company has no customers that account for more than 10% of total annual revenues. In \u20ac millions Resilience Places Mobility Intelligence Total segments Corporate and unallocated amounts Total consolidated 2023 Gross revenue 4 1,957.7 1,944.2 978.8 122.5 5,003.3 - 5,003.3 Materials, services of third parties and subcontractors (615.19) (435.4) (164.9) (28.6) (1,244.1) - (1,244.1) Net revenues 1 1,342.6 1,508.9 813.9 93.9 3,759.2 - 3,759.2 Operating costs (1,155.5) (1,361.8) (706.7) (78.0) (3,302.0) (5.6) (3,307.6) Other income 0.7 3.5 0.8 1.0 6.0 - 6.0 Depreciation and amortization (39.9) (44.3) (23.0) (7.2) (114.4) - (114.4) EBITA 1 147.9 106.3 84.9 9.7 348.8 (5.6) 343.2 Amortization of other intangible assets (5.2) (44.4) (3.7) (6.0) (59.3) (59.3) Goodwill impairment charges - - - - - - - Operating income 142.7 61.9 81.2 3.7 289.5 (5.6) 283.9 Operating EBITA 1 158.8 136.6 90.5 10.9 396.8 (5.6) 391.2 Total capital expenditure 2 14.1 15.9 8.6 1.0 39.5 - 39.5 In \u20ac millions Resilience Places Mobility Intelligence Total segments Corporate and unallocated amounts Total consolidated 2022 3 Gross revenue 4 1,793.1 1,315.1 894.5 26.2 4,028.9 - 4,028.9 Materials, services of third parties and subcontractors (554.6) (298.3) (151.9) (5.5) (1,010.3) - (1,010.3) Net revenues 1 1,238.5 1,016.8 742.6 20.7 3,018.6 - 3,018.6 Operating costs (1,074.4) (909.5) (666.2) (17.5) (2,667.6) (23.7) (2,691.3) Other income 1.9 7.2 0.6 0.2 9.9 1.4 11.3 Depreciation and amortization (42.5) (34.3) (25.0) (1.7) (103.5) (2.5) (106.0) EBITA 1 123.5 80.2 52.0 1.7 257.4 (24.8) 232.6 Amortization of other intangible assets (4.0) (11.8) (2.6) (1.8) (20.2) - (20.2) Goodwill impairment charges - - - - - - - Operating income 119.5 68.4 49.4 (0.1) 237.2 (24.8) 212.4 Operating EBITA 1 133.8 92.9 72.3 1.9 300.8 (6.3) 294.5 Total capital expenditure 2 16.0 13.2 9.6 0.3 39.1 1.0 40.1 1 Non-GAAP performance measure. Reference is made to the Glossary Financial & Non-Financial indicators on page 286 for the definition as used by Arcadis 2 Amount of investments in (in)tangible assets. 3 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 4 Intercompany revenue (2023: \u20ac87.2m) is not material and therefore only external revenue is disclosed in the table above ",
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"f16435": {
"value": "An operating segment is a component of the Company that engages in business activities that can result in revenue and expenses, including revenues and expenses related to transactions with other components of the same Company. The operating segment reporting follows the internal reporting used by the Executive Board of the Company, to manage the business, assess the performance based on the available financial information and to allocate the resources. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. ",
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"f16802": {
"value": "6 Consolidated interests and business combinationsSubsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Arcadis NV indirectly holds 100% of the ordinary shares of all these subsidiaries, and does not hold direct interests in most of them itself as a result of the intermediate holding structure within the Group. All subsidiaries are included in the financial consolidation. The proportion of the voting rights held directly by the parent company does not substantially differ from the proportion of ordinary shares held. At 31 December 2023, the total non-controlling interest amounted to \u20ac2.3 million negative (2022: \u20ac2.0 million negative) and is as such not material for the Group. Consolidated financial statements The main consolidated companies as at 31 December 2023 are listed below: Name of subsidiary Country of incorporation Americas Arcadis US, Inc. United States of America DPS Group Inc. United States of America Arcadis Professional Services (Canada) Inc. (formerly : IBI Group Professional Services (Canada) Inc.) Canada Arcadis Architects (Canada) Inc. (formerly: IBI Group Architects (Canada) Inc.) Canada Arcadis Logos S.A. Brazil CallisonRTKL, Inc. United States of America Europe & Middle East Arcadis Consulting Middle East Ltd. United Kingdom Arcadis LLP United Kingdom Arcadis Consulting (UK) Limited United Kingdom Arcadis Nederland BV The Netherlands Arcadis Germany GmbH Germany Arcadis France S.A.S. France Arcadis Belgium NV Belgium White Rock Insurance (Netherlands) Pcc Limited Malta DPS Engineering & Construction Limited Ireland Asia Pacific Arcadis Hong Kong Ltd. Hong Kong Arcadis Shanghai Ltd. China Arcadis Australia Pacific Holdings Pty Ltd. Australia 17 Investments accounted for using the equity methodJoint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. Investments in associates and joint ventures The nature of business of the Group\u2019s associates and joint ventures are similar. They provide comprehensive knowledge-based consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The most significant investments in associates and joint ventures are listed below. Name of entity Place of business/ country of incorporation Associate/ joint venture % of ownership interest 2023 % of ownership interest 2022 G\u00e9odynamique et Structure S.A. France Associate 48.68% 48.68% Asset Rail B.V. Netherlands Associate 40.00% 40.00% CARE/RTKL Ltd Saudi Arabia Joint venture 45.00% 45.00% TECHT Ltd United Kingdom Joint venture 50.00% 50.00% The movement in associates and joint ventures in the Consolidated balance sheet is as follows: In \u20ac thousands Associates 2023 Associates 2022 Joint ventures 2023 Joint ventures 2022 Total 2023 Total 2022 Balance at 1 January 9,504 17,594 2,129 1,250 11,633 18,844 Share in result by Arcadis 4,171 2,156 (118) (568) 4,053 1,588 Investments 24 - 62 1,695 86 1,695 Divestments - - - - - - Received dividends (3,910) (10,268) (416) (263) (4,326) (10,531) Exchange rate differences (18) 22 (47) 15 (65) 37 Balance at 31 December 9,771 9,504 1,610 2,129 11,381 11,633 There are no loans to associates or joint ventures outstanding as at 31 December 2023 (2022: nil). The joint ventures have share capital consisting solely of ordinary shares, which are held indirectly by the Group, and are non-listed shares. As such there is no available quoted market price for the shares. The Group has no contingent liabilities relating to interests in joint ventures at 31 December 2023 (2022: nil). The \u20ac3.9 million dividend received in 2023 was a result of share of last year net income and good cash position at the end of year while the \u20ac10.3 million dividend received in 2022 was a result of a favorable outcome of a commercial arbitration held in 2021. 18 Other investmentsOther investments relate to interests in companies over which the Group has no significant influence nor control. Other investments are accounted for at fair value through profit or loss. In \u20ac thousands 2023 2022 Balance at 1 January 3,609 2,152 Investments - 1,227 Acquisitions through business combination - 1,603 Divestments - (1,137) Fair value changes 696 (180) Exchange rate differences (10) (56) Balance at 31 December 4,295 3,609 The other investments at 31 December 2023 mainly corresponds to: \u2022 Value of the investment in the Techstars cohorts for \u20ac2.5 million (2022: \u20ac1.8 million). \u2022 Value of investment in Switch Energy for \u20ac1.1 million (2022: \u20ac1.1 million), acquired through IBI Group business combination. A level 3 valuation was used to determine the fair value. Due to the inherent uncertainty of valuation of privately held companies, the fair value may however differ from what would have been used had a readily available market existed for all companies. 26 Non-controlling interestsNon-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. The movements in non-controlling interests are specified below. In \u20ac thousands 2023 2022 Balance at 1 January (2,009) (1,148) Share in profit for the year (420) (533) Dividends to non-controlling shareholders - (217) Acquisitions/(divestments) - (26) Exchange rate differences 91 (85) Balance at 31 December (2,338) (2,009) At 31 December 2023, the non-controlling interests mainly consisted of: \u2022 Hyder & Solaiman Elkhereiji Engineering Consultants P.C. (30%) (2022: 30%) \u2022 Gerenciamento Nacala Ltda (40%) (2022: 40%) \u2022 Water Platform Company B.V. (30%) (2022: 30%) ",
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"f16803": {
"value": "6 Consolidated interests and business combinationsSubsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Arcadis NV indirectly holds 100% of the ordinary shares of all these subsidiaries, and does not hold direct interests in most of them itself as a result of the intermediate holding structure within the Group. All subsidiaries are included in the financial consolidation. The proportion of the voting rights held directly by the parent company does not substantially differ from the proportion of ordinary shares held. At 31 December 2023, the total non-controlling interest amounted to \u20ac2.3 million negative (2022: \u20ac2.0 million negative) and is as such not material for the Group. The main consolidated companies as at 31 December 2023 are listed below: Name of subsidiary Country of incorporation Americas Arcadis US, Inc. United States of America DPS Group Inc. United States of America Arcadis Professional Services (Canada) Inc. (formerly : IBI Group Professional Services (Canada) Inc.) Canada Arcadis Architects (Canada) Inc. (formerly: IBI Group Architects (Canada) Inc.) Canada Arcadis Logos S.A. Brazil CallisonRTKL, Inc. United States of America Europe & Middle East Arcadis Consulting Middle East Ltd. United Kingdom Arcadis LLP United Kingdom Arcadis Consulting (UK) Limited United Kingdom Arcadis Nederland BV The Netherlands Arcadis Germany GmbH Germany Arcadis France S.A.S. France Arcadis Belgium NV Belgium White Rock Insurance (Netherlands) Pcc Limited Malta DPS Engineering & Construction Limited Ireland Asia Pacific Arcadis Hong Kong Ltd. Hong Kong Arcadis Shanghai Ltd. China Arcadis Australia Pacific Holdings Pty Ltd. Australia 26 Non-controlling interestsNon-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. The movements in non-controlling interests are specified below. In \u20ac thousands 2023 2022 Balance at 1 January (2,009) (1,148) Share in profit for the year (420) (533) Dividends to non-controlling shareholders - (217) Acquisitions/(divestments) - (26) Exchange rate differences 91 (85) Balance at 31 December (2,338) (2,009) At 31 December 2023, the non-controlling interests mainly consisted of: \u2022 Hyder & Solaiman Elkhereiji Engineering Consultants P.C. (30%) (2022: 30%) \u2022 Gerenciamento Nacala Ltda (40%) (2022: 40%) \u2022 Water Platform Company B.V. (30%) (2022: 30%) ",
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},
"f16806": {
"value": "Subsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Business combinations The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. IFRS 3 establishes the following principles in relation to the recognition and measurement of items arising in a business combination: \u2022 Recognition principle: Identi\ufb01able assets acquired, liabilities assumed, and non-controlling interests in the acquiree are recognized separately from goodwill. Acquired intangible assets must be recognized and measured at fair value in accordance with the principles if it is separable or arises from other contractual rights, irrespective of whether the acquiree had recognized the asset prior to the business combination occurring. The Group does not recognize contingent assets acquired in a business combination. \u2022 Measurement principle: All assets acquired and liabilities assumed in a business combination are measured at acquisition-date fair value. Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Lease liabilities of acquired leases are measured at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. Right-of-use asset is measured at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms. Right-of-use assets and lease liabilities for leases for which the lease term ends within 12 months of the acquisition date and the underlying asset is of low value are not recognized. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are recognized in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities incurred in connection with the business combination, are expensed. Contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss. If the Company obtains control of a business that is a joint operation, it remeasures previously held interests in that business. Goodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. ",
"dimensions": {
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"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16808": {
"value": "Subsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Business combinations The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. IFRS 3 establishes the following principles in relation to the recognition and measurement of items arising in a business combination: \u2022 Recognition principle: Identi\ufb01able assets acquired, liabilities assumed, and non-controlling interests in the acquiree are recognized separately from goodwill. Acquired intangible assets must be recognized and measured at fair value in accordance with the principles if it is separable or arises from other contractual rights, irrespective of whether the acquiree had recognized the asset prior to the business combination occurring. The Group does not recognize contingent assets acquired in a business combination. \u2022 Measurement principle: All assets acquired and liabilities assumed in a business combination are measured at acquisition-date fair value. Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Lease liabilities of acquired leases are measured at the present value of the remaining lease payments as if the acquired lease were a new lease at the acquisition date. Right-of-use asset is measured at the same amount as the lease liability, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms. Right-of-use assets and lease liabilities for leases for which the lease term ends within 12 months of the acquisition date and the underlying asset is of low value are not recognized. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are recognized in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities incurred in connection with the business combination, are expensed. Contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss. If the Company obtains control of a business that is a joint operation, it remeasures previously held interests in that business. ",
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"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16811": {
"value": "Subsidiaries Subsidiaries are all companies over which the Company has control. Control over an entity exists when the Company is exposed to, or has right 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 commences until the date on which control ceases. Loss of control Upon the loss of control, the assets and liabilities, non-controlling interests and other components of equity related to the subsidiary are derecognized. Any profit or loss arising on the loss of control is recognized in profit or loss. If a non-controlling interest in the subsidiary is retained, such interest is measured at fair value at the date control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset, depending on the level of influence retained. Non-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. ",
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"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16840": {
"value": "Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. 14 Intangible assets and goodwillGoodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets mainly consist of customer relationships, trade names and expected profits in the backlog of acquired companies at the acquisition date. Measurement of Other intangible assets acquired in a business combination involves the use of estimates for determining the fair value at acquisition date. This mainly relates to expected profits in the backlog of the acquired companies, the customer lists at the acquisition date and the trade name value. The fair value is based on discounted cash flows expected to be received from these identifiable intangible assets. Subsequently, the assets are amortized over the estimated useful life. The amortization is recognized in profit or loss on a straight-line basis, except for the backlog which is calculated based on the expected pattern of consumption of future economic benefits embodied in the backlog. The amortization methods and useful lives, as well as residual values, are reassessed annually. Software Software is measured at cost less accumulated amortization and impairment losses. Software has a finite life and is amortized on a straight-line basis over the estimated useful life. The amortization methods and useful lives, as well as residual values, are reassessed annually. Subsequent costs are recognized in the carrying amount of Software only when it increases the future economic benefits. All other expenditures are recognized in profit or loss as incurred. Configuration and customization costs relating to cloud computing arrangements, whereby the Company does not obtain an intangible asset, are expensed when incurred. In such case, prepaid licenses are recognized as prepaid expenses (as part of Other current assets) and testing, training and data conversion costs are recognized as Personnel costs and/or Other operational costs as incurred. Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) In \u20ac thousands Goodwill 1 Other intangible assets 1 Software 1 Intangibles under development Total Cost 830,619 272,080 74,114 - 1,176,813 Accumulated amortization - (247,871) (62,736) - (310,607) Balance at 1 January 2022 830,619 24,209 11,378 - 866,206 Additions - - 6,141 1,138 7,279 Acquisitions of subsidiaries 542,055 236,911 3,907 - 782,873 Disposals (6,769) - (311) - (7,080) Amortization charges - (20,184) (6,972) - (27,156) Exchange rate differences (35,816) (4,384) (954) (35) (41,189) Movement 2022 499,470 212,343 1,811 1,103 714,727 Cost 1,330,089 504,607 82,897 1,103 1,918,696 Accumulated amortization - (268,055) (69,708) - (337,763) At 31 December 2022 1 1,330,089 236,552 13,189 1,103 1,580,933 Additions - - 8,682 632 9,314 Disposals (7,729) - (70) - (7,799) Amortization charges - (59,345) (5,749) - (65,094) Reclassifications - (212) 930 (1,034) (316) Exchange rate differences (4,544) (8,194) 414 - (12,324) Movement 2023 (12,273) (67,751) 4,207 (402) (76,219) Cost 1,317,816 426,469 64,442 701 1,809,428 Accumulated amortization - (257,668) (47,046) - (304,714) At 31 December 2023 1,317,816 168,801 17,396 701 1,504,714 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 The amortization charge for Intangible assets is recognized in the following line items in the Consolidated income statement: In \u20ac thousands 2023 2022 1 Amortization of Other intangible assets 59,345 20,184 Depreciation and amortization 5,749 6,972 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Goodwill Reflecting the new GBA reporting structure, as of 1 January 2022, the goodwill has been re-allocated following \u2018IAS 36.87\u2019 applying a two-step approach: first step allocation of 100% of CallisonRTKL goodwill to Places (CallisonRTKL is a former operating segment fully integrated into Places), second step allocation of the remaining amount to the GBAs based on the relative values. Consecutive to acquisition of IBI Group by end of September 2022, the fourth CGU Intelligence has been created and is composed of Arcadis GEN (initially allocated to Resilience and Mobility equally), IBI Group intelligence segment, and Water Platform Company acquired in 2022. DPS Group goodwill has been allocated entirely to the CGU Places, and Giftge Consult goodwill to the CGU Resilience. For annual impairment testing, goodwill is allocated to Cash-Generating Units (CGUs). The CGU is the lowest level within the Group at which Goodwill is monitored for internal management purposes. The carrying amount of the goodwill is allocated to each of the CGUs as follows: In \u20ac thousands 2023 2022 1 Places 622,597 633,433 Resilience 348,337 349,351 Mobility 262,757 263,317 Intelligence 84,125 83,988 Total Goodwill 1,317,816 1,330,089 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Impairment testing for cash-generating units containing goodwill The recoverable amount of Goodwill for impairment testing purpose has been determined based on a value in use calculation, which is complex and judgmental. The calculations use cash flow projections based on historical performance, our plan for 2024 as approved by the Executive Board and projections for 2025 - 2028, after which a terminal value was calculated using an estimated growth rate. The key assumptions used in the projections are: \u2022 (Net) revenue growth: based on experience and market analysis; \u2022 EBITDA margin development: based on historical performance, plan 2024 and management\u2019s long- term projections; and \u2022 Weighted average cost of capital (WACC): based on the market participants view on rates of return demanded for investments equivalent to those in the Company. The components of the WACC include the Cost of Equity, Cost of Debt and Cost of Lease Liabilities. The business plans include management\u2019s estimate about the level and timing of the execution of (the improvement of) operating performance and margins. The applied assumptions in the test of 2023 are included in the below table, for those CGUs with goodwill as at 31 December 2023. In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 3.5% 12.1-15.7% 10.5% 1.5% Resilience 6.5% 13.9-16.2% 10.5% 1.6% Mobility 5.8% 13.3-15.9% 10.5% 1.5% Intelligence 8.8% 20.4-21.9% 9.5% 1.5% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2028 2 EBITDA margin represents 2024 to 2028 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The applied assumptions as disclosed in the 2022 financial statements was as follows: In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 5.6% 10.4-12.7% 11.7% 1.6% Resilience 5.6% 12.5-12.6% 11.0% 1.6% Mobility 5.6% 12.4-12.6% 10.3% 1.5% Intelligence 5.6% 14.4-18.8% 10.4% 1.4% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2027 2 EBITDA margin represents 2023 to 2027 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The weighted average pre-tax discount rate was 10.5% (2022: 10.9%) and has been determined by iterative computation so that the value in use determined using pre-tax cash flows and a pre-tax discount rate equals the value in use determined using post-tax cash flows and a post-tax discount rate. The weighted average post-tax discount rate used is 8.0% (2022: 8.6%), which includes country specific premiums when applicable. Observations from impairment testing The annual impairment test at 31 December 2023 and sensitivity analysis around the key assumptions in that test have indicated sufficient headroom for all CGUs, and as such a reasonably possible change in any of the assumptions would not cause the recoverable amount to be less than the carrying value. The expected future cash flows used in the goodwill impairment analysis are based on management\u2019s estimates. Events in our end-markets as well as the financial markets and the overall economy may have an adverse impact on the estimated future cash flows of the Group. Other intangible assets The carrying amounts recognized in the Consolidated balance sheet for Other intangible assets are as follows: In \u20ac thousands 2023 2022 1 Customer Relationships 147,780 176,350 Trade names 807 8,304 Backlog 16,774 46,541 Other 3,440 5,357 Total Other intangible assets 168,801 236,552 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
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},
"f16841": {
"value": "Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Goodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets mainly consist of customer relationships, trade names and expected profits in the backlog of acquired companies at the acquisition date. Measurement of Other intangible assets acquired in a business combination involves the use of estimates for determining the fair value at acquisition date. This mainly relates to expected profits in the backlog of the acquired companies, the customer lists at the acquisition date and the trade name value. The fair value is based on discounted cash flows expected to be received from these identifiable intangible assets. Subsequently, the assets are amortized over the estimated useful life. The amortization is recognized in profit or loss on a straight-line basis, except for the backlog which is calculated based on the expected pattern of consumption of future economic benefits embodied in the backlog. The amortization methods and useful lives, as well as residual values, are reassessed annually. Software Software is measured at cost less accumulated amortization and impairment losses. Software has a finite life and is amortized on a straight-line basis over the estimated useful life. The amortization methods and useful lives, as well as residual values, are reassessed annually. Subsequent costs are recognized in the carrying amount of Software only when it increases the future economic benefits. All other expenditures are recognized in profit or loss as incurred. Configuration and customization costs relating to cloud computing arrangements, whereby the Company does not obtain an intangible asset, are expensed when incurred. In such case, prepaid licenses are recognized as prepaid expenses (as part of Other current assets) and testing, training and data conversion costs are recognized as Personnel costs and/or Other operational costs as incurred. Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) ",
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"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16842": {
"value": "Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. 14 Intangible assets and goodwillGoodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. Goodwill Reflecting the new GBA reporting structure, as of 1 January 2022, the goodwill has been re-allocated following \u2018IAS 36.87\u2019 applying a two-step approach: first step allocation of 100% of CallisonRTKL goodwill to Places (CallisonRTKL is a former operating segment fully integrated into Places), second step allocation of the remaining amount to the GBAs based on the relative values. Consecutive to acquisition of IBI Group by end of September 2022, the fourth CGU Intelligence has been created and is composed of Arcadis GEN (initially allocated to Resilience and Mobility equally), IBI Group intelligence segment, and Water Platform Company acquired in 2022. DPS Group goodwill has been allocated entirely to the CGU Places, and Giftge Consult goodwill to the CGU Resilience. For annual impairment testing, goodwill is allocated to Cash-Generating Units (CGUs). The CGU is the lowest level within the Group at which Goodwill is monitored for internal management purposes. The carrying amount of the goodwill is allocated to each of the CGUs as follows: In \u20ac thousands 2023 2022 1 Places 622,597 633,433 Resilience 348,337 349,351 Mobility 262,757 263,317 Intelligence 84,125 83,988 Total Goodwill 1,317,816 1,330,089 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. Impairment testing for cash-generating units containing goodwill The recoverable amount of Goodwill for impairment testing purpose has been determined based on a value in use calculation, which is complex and judgmental. The calculations use cash flow projections based on historical performance, our plan for 2024 as approved by the Executive Board and projections for 2025 - 2028, after which a terminal value was calculated using an estimated growth rate. The key assumptions used in the projections are: \u2022 (Net) revenue growth: based on experience and market analysis; \u2022 EBITDA margin development: based on historical performance, plan 2024 and management\u2019s long- term projections; and \u2022 Weighted average cost of capital (WACC): based on the market participants view on rates of return demanded for investments equivalent to those in the Company. The components of the WACC include the Cost of Equity, Cost of Debt and Cost of Lease Liabilities. The business plans include management\u2019s estimate about the level and timing of the execution of (the improvement of) operating performance and margins. The applied assumptions in the test of 2023 are included in the below table, for those CGUs with goodwill as at 31 December 2023. In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 3.5% 12.1-15.7% 10.5% 1.5% Resilience 6.5% 13.9-16.2% 10.5% 1.6% Mobility 5.8% 13.3-15.9% 10.5% 1.5% Intelligence 8.8% 20.4-21.9% 9.5% 1.5% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2028 2 EBITDA margin represents 2024 to 2028 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The applied assumptions as disclosed in the 2022 financial statements was as follows: In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 5.6% 10.4-12.7% 11.7% 1.6% Resilience 5.6% 12.5-12.6% 11.0% 1.6% Mobility 5.6% 12.4-12.6% 10.3% 1.5% Intelligence 5.6% 14.4-18.8% 10.4% 1.4% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2027 2 EBITDA margin represents 2023 to 2027 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The weighted average pre-tax discount rate was 10.5% (2022: 10.9%) and has been determined by iterative computation so that the value in use determined using pre-tax cash flows and a pre-tax discount rate equals the value in use determined using post-tax cash flows and a post-tax discount rate. The weighted average post-tax discount rate used is 8.0% (2022: 8.6%), which includes country specific premiums when applicable. Observations from impairment testing The annual impairment test at 31 December 2023 and sensitivity analysis around the key assumptions in that test have indicated sufficient headroom for all CGUs, and as such a reasonably possible change in any of the assumptions would not cause the recoverable amount to be less than the carrying value. The expected future cash flows used in the goodwill impairment analysis are based on management\u2019s estimates. Events in our end-markets as well as the financial markets and the overall economy may have an adverse impact on the estimated future cash flows of the Group. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16843": {
"value": "Goodwill at acquisition date is measured as the fair value of the consideration transferred plus the recognized amount of any non-controlling interest in the acquiree less the net recognized amount (fair value) of the identifiable assets acquired and liabilities assumed. Goodwill Goodwill arises from business combinations and represents the excess of the cost of the acquisition over the Company\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. Goodwill in respect of equity accounted investees is included in the carrying amount of the investment. Goodwill is measured at cost less accumulated impairment losses. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17467": {
"value": "7 RevenueRevenue is recognized by the Group following the five-step model in IFRS 15, consisting of: 1. identi\ufb01cation of the contract; 2. identi\ufb01cation of the performance obligations in the contract; 3. determination of the transaction price; 4. allocation of the transaction price to performance obligations in the contract, and 5. recognition of revenue. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties (e.g. VAT). It includes initial amounts agreed in the contract plus any variations in contract work and variable consideration, to the extent that it is highly probably that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group recognizes revenue when it transfers control over a product or service to a customer. For performance obligations that are transferred over time, revenue is recognized in profit or loss in proportion to the percentage of completion of the transaction at reporting date. The percentage of completion is measured by actual (labor) costs incurred in relation to total estimated (labor) costs (input method). In the Group\u2019s view this best reflects the value delivered to the customer in a business that mainly uses human and intellectual capital (of its employees) for completion of the performance obligations towards the customer. Additional costs because of COVID-19 (e.g. additional labor cost, cost incurred to comply with ongoing health & safety requirements) are included in the percentage of completion only if they are needed to contribute to the measure of progress of a performance obligation. For performance obligations that are transferred at a point in time, revenues and costs are recognized in profit or loss when the customer receives the ability to direct the use of the asset and substantially obtains all the benefits of it. Licenses and Software as a Service Revenue from (software) licenses is recognized over time, based on time elapsed, in case of a \u2018right to access\u2019. It is recognized at a point in time in case of a \u2018right to use\u2019, but not before the beginning of the license period. Revenue from Software as a Service (SaaS) is treated as a right to access and is recognized over time, based on time elapsed. Contract costs and contract cost assets Contract costs include the costs to fulfil a contract, such as direct labor, costs of materials, services of third parties and subcontractors, and costs that are explicitly chargeable to the customer under the contract. They are recognized as an asset in Contract assets and liabilities, if they are expected to be recovered. Costs to obtain a contract are only recognized as a contract cost asset in Contract assets and liabilities if they are incremental and expected to be recovered. They are recognized on a systemic basis consistent with the recognition of costs to fulfill a contract. Provisions for onerous contracts Estimates of project management are used to assess the progress and estimated outcome of a performance obligation. When it becomes probable that the total expected costs to complete all performance obligations in a contract exceed the total transaction price (consideration) of these performance obligations, a provision for onerous contracts is recognized for the lower of the unavoidable costs and the costs of termination. Financing component Arcadis generally does not have any significant contracts where the period between the transfer of the promised goods or services to customer and the payment by the customer, as contractually agreed, exceeds one year. If applicable, the transaction price is adjusted for the time value of money. Payments of customers after the agreed payment term are covered by the accounting policy on Trade receivables, see note 21. Agent versus principal For each performance obligation the Group assesses whether the nature of Arcadis\u2019 commitment is to provide the goods and/or services itself, or to arrange for those good(s) and/or service(s) to be provided by another party. Arcadis assesses whether it controls the specified good(s) and/or service(s) before it is transferred to the customer. Arcadis is typically a principal in case of subcontracted work, as Arcadis is primarily responsible for fulfilling the promise to provide the specified good(s) and/or service(s) and bears primary responsibility for it meeting customer specifications and has discretion in establishing the price towards the customer. When Arcadis acts as an agent, only the fee/commission is recognized on a net basis in Gross revenues. Gross versus net revenues Gross revenues consist of external revenues net of value-added tax, rebates and discounts and after eliminating sales within the Group. Net revenue is a non-GAAP performance measure, which represents revenue generated by own staff. It is a sub-total calculated as Gross revenue minus Materials, services of third parties and subcontractors, which are project-related costs of materials and services charged by third parties, including cost of subcontractors. Disaggregation of revenues Gross revenues arise from the following major categories: In \u20ac thousands 2023 2022 Revenue from services 4,402,752 3,509,389 Construction contract revenue 577,956 513,580 Revenue from licenses 22,614 5,966 Total Gross Revenue 5,003,322 4,028,935 Revenues from services rendered represent fee income receivable in respect of services provided during the period. Construction contracts include the rendering of services, which are directly related to the construction of assets, contracts for the destruction or restoration of assets, and the restoration of the environment following the demolition of assets. Revenues from licenses represent fee income receivable in respect of allowing customers using Arcadis developed software, and mainly relate to the operating segment Intelligence. Timing of revenue recognition The timing of revenue recognition in 2023 was as follows: In \u20ac thousands 2023 2022 At a point in time 225,579 120,998 Over time 4,777,743 3,907,937 Total Gross Revenue 5,003,322 4,028,935 Contract balances The Group has recognized the following assets and liabilities related to contracts with customers: In \u20ac thousands 2023 2022 1 Other non-current assets 1,327 1,633 Trade receivables 731,035 729,614 Contract assets (Unbilled receivables) 579,728 623,149 Contract liabilities (Billing in excess of costs) (503,271) (481,872) Provision for onerous contracts (loss provisions) (12,732) (24,228) Total 796,087 848,296 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 The Other non-current assets relate to long-term retentions. The Expected Credit Loss allowance is included in the Contract assets (unbilled receivables) balance, see note 22. Contract costs The incremental costs to obtain a contract amounted to nil in 2023 and 2022. The practical expedient of paragraph 94 of IFRS 15, stating that those costs can be expensed when incurred if the amortization period is one year or less, is not applied. Transaction price remaining performance obligations The table below includes revenue expected to be recognized in the future related to performance obligations that are (partially) unsatisfied at the reporting date. The practical expedient of paragraph 121 of IFRS 15 is applied, and the table therefore does not disclose information about remaining performance obligations that have original expected duration of one year or less. The amounts therefore differ from the contracted backlog. In \u20ac thousands 2024 2025 2026 After 2026 Total Expected Gross revenue from (partially) unsatisfied performance obligations 1,702,174 546,323 238,992 210,262 2,697,751 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17468": {
"value": "7 RevenueDisaggregation of revenues Gross revenues arise from the following major categories: In \u20ac thousands 2023 2022 Revenue from services 4,402,752 3,509,389 Construction contract revenue 577,956 513,580 Revenue from licenses 22,614 5,966 Total Gross Revenue 5,003,322 4,028,935 Revenues from services rendered represent fee income receivable in respect of services provided during the period. Construction contracts include the rendering of services, which are directly related to the construction of assets, contracts for the destruction or restoration of assets, and the restoration of the environment following the demolition of assets. Revenues from licenses represent fee income receivable in respect of allowing customers using Arcadis developed software, and mainly relate to the operating segment Intelligence. Timing of revenue recognition The timing of revenue recognition in 2023 was as follows: In \u20ac thousands 2023 2022 At a point in time 225,579 120,998 Over time 4,777,743 3,907,937 Total Gross Revenue 5,003,322 4,028,935 Contract balances The Group has recognized the following assets and liabilities related to contracts with customers: In \u20ac thousands 2023 2022 1 Other non-current assets 1,327 1,633 Trade receivables 731,035 729,614 Contract assets (Unbilled receivables) 579,728 623,149 Contract liabilities (Billing in excess of costs) (503,271) (481,872) Provision for onerous contracts (loss provisions) (12,732) (24,228) Total 796,087 848,296 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 The Other non-current assets relate to long-term retentions. The Expected Credit Loss allowance is included in the Contract assets (unbilled receivables) balance, see note 22. Contract costs The incremental costs to obtain a contract amounted to nil in 2023 and 2022. The practical expedient of paragraph 94 of IFRS 15, stating that those costs can be expensed when incurred if the amortization period is one year or less, is not applied. Transaction price remaining performance obligations The table below includes revenue expected to be recognized in the future related to performance obligations that are (partially) unsatisfied at the reporting date. The practical expedient of paragraph 121 of IFRS 15 is applied, and the table therefore does not disclose information about remaining performance obligations that have original expected duration of one year or less. The amounts therefore differ from the contracted backlog. In \u20ac thousands 2024 2025 2026 After 2026 Total Expected Gross revenue from (partially) unsatisfied performance obligations 1,702,174 546,323 238,992 210,262 2,697,751 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17471": {
"value": "Revenue is recognized by the Group following the five-step model in IFRS 15, consisting of: 1. identi\ufb01cation of the contract; 2. identi\ufb01cation of the performance obligations in the contract; 3. determination of the transaction price; 4. allocation of the transaction price to performance obligations in the contract, and 5. recognition of revenue. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties (e.g. VAT). It includes initial amounts agreed in the contract plus any variations in contract work and variable consideration, to the extent that it is highly probably that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. The Group recognizes revenue when it transfers control over a product or service to a customer. For performance obligations that are transferred over time, revenue is recognized in profit or loss in proportion to the percentage of completion of the transaction at reporting date. The percentage of completion is measured by actual (labor) costs incurred in relation to total estimated (labor) costs (input method). In the Group\u2019s view this best reflects the value delivered to the customer in a business that mainly uses human and intellectual capital (of its employees) for completion of the performance obligations towards the customer. Additional costs because of COVID-19 (e.g. additional labor cost, cost incurred to comply with ongoing health & safety requirements) are included in the percentage of completion only if they are needed to contribute to the measure of progress of a performance obligation. For performance obligations that are transferred at a point in time, revenues and costs are recognized in profit or loss when the customer receives the ability to direct the use of the asset and substantially obtains all the benefits of it. Licenses and Software as a Service Revenue from (software) licenses is recognized over time, based on time elapsed, in case of a \u2018right to access\u2019. It is recognized at a point in time in case of a \u2018right to use\u2019, but not before the beginning of the license period. Revenue from Software as a Service (SaaS) is treated as a right to access and is recognized over time, based on time elapsed. Contract costs and contract cost assets Contract costs include the costs to fulfil a contract, such as direct labor, costs of materials, services of third parties and subcontractors, and costs that are explicitly chargeable to the customer under the contract. They are recognized as an asset in Contract assets and liabilities, if they are expected to be recovered. Costs to obtain a contract are only recognized as a contract cost asset in Contract assets and liabilities if they are incremental and expected to be recovered. They are recognized on a systemic basis consistent with the recognition of costs to fulfill a contract. Provisions for onerous contracts Estimates of project management are used to assess the progress and estimated outcome of a performance obligation. When it becomes probable that the total expected costs to complete all performance obligations in a contract exceed the total transaction price (consideration) of these performance obligations, a provision for onerous contracts is recognized for the lower of the unavoidable costs and the costs of termination. Financing component Arcadis generally does not have any significant contracts where the period between the transfer of the promised goods or services to customer and the payment by the customer, as contractually agreed, exceeds one year. If applicable, the transaction price is adjusted for the time value of money. Payments of customers after the agreed payment term are covered by the accounting policy on Trade receivables, see note 21. Agent versus principal For each performance obligation the Group assesses whether the nature of Arcadis\u2019 commitment is to provide the goods and/or services itself, or to arrange for those good(s) and/or service(s) to be provided by another party. Arcadis assesses whether it controls the specified good(s) and/or service(s) before it is transferred to the customer. Arcadis is typically a principal in case of subcontracted work, as Arcadis is primarily responsible for fulfilling the promise to provide the specified good(s) and/or service(s) and bears primary responsibility for it meeting customer specifications and has discretion in establishing the price towards the customer. When Arcadis acts as an agent, only the fee/commission is recognized on a net basis in Gross revenues. Gross versus net revenues Gross revenues consist of external revenues net of value-added tax, rebates and discounts and after eliminating sales within the Group. Net revenue is a non-GAAP performance measure, which represents revenue generated by own staff. It is a sub-total calculated as Gross revenue minus Materials, services of third parties and subcontractors, which are project-related costs of materials and services charged by third parties, including cost of subcontractors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17527": {
"value": "Gross versus net revenues Gross revenues consist of external revenues net of value-added tax, rebates and discounts and after eliminating sales within the Group. Net revenue is a non-GAAP performance measure, which represents revenue generated by own staff. It is a sub-total calculated as Gross revenue minus Materials, services of third parties and subcontractors, which are project-related costs of materials and services charged by third parties, including cost of subcontractors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17660": {
"value": "8 Other income (expense)In \u20ac thousands 2023 2022 Gain / (loss) on divestments (2,418) (30,894) Gain on derecognition of leases 120 301 Gain on sale of assets 182 268 Results from investments 696 (180) Sub-leasing income 256 139 Other 7,209 11,063 Total Other income/ (expense) 6,045 (19,303) The net loss on divestments of \u20ac2.4 million and \u20ac30.9 million is related to the gains and losses recognized on the disposal of consolidated entities in 2023 and 2022, respectively (see note 6). The category \u2018Other\u2019 in 2023 included amongst others government grants mainly in China of \u20ac2.4 million (2022: \u20ac2.7 million) and several other individually non-significant items. The 2022 result was impacted by amongst others settlement agreements relating to transfer of staff to a competitor of \u20ac3.6 million and several other individually non-significant items. 9 Personnel and other operational costsIn \u20ac thousands 2023 2022 Salaries and wages 2,196,893 1,854,014 Social charges 243,120 203,478 Pension and early retirement charges 95,659 86,857 Other personnel costs (including temporary labor) 408,126 218,780 Total Personnel costs 2,943,798 2,363,129 1 Restated in accordance with IAS 8, see note 3 In \u20ac thousands 2023 2022 Computer related 121,702 97,114 Audit and consultancy services 44,995 61,033 Occupancy 40,001 30,317 Travel 35,251 23,478 Insurances 20,667 17,327 Office related 18,175 14,195 Marketing and advertising 14,752 9,477 Other 68,283 44,736 Total Other operational costs 363,826 297,677 The increase of \u201ccomputer related\u201d, \u201coccupancy\u201d, \u201ctravel\u201d and \u201cother\u201d is mainly attributable to acquisitions of IBI and DPS. The category \u201cAudit and consultancy services\u201d amounts to \u20ac45.0 million, expense (2022: \u20ac61.0 million, expense). The lower cost in current year was due to less M&A related incurred costs. The category \u201cOther\u201d included in 2023, amongst others: \u2022 the impact of changes in provisions for trade receivables (expected credit loss) of \u20ac11.9 million, expense (2022: \u20ac0.4 million, expense) (see note 21); \u2022 restructuring provision of \u20ac6.3 million, expense (2022: \u20ac3.0 million, expense); \u2022 Net litigation expense of \u20ac11.4 million (2022: \u20ac5.8 million, expense) (see note 28); \u2022 membership and licenses renewals of \u20ac9.1 million, expense (2022: \u20ac6.7 million, expense); \u2022 cost of equipment of \u20ac5.0 million, expense (2022: \u20ac5.3 million, expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17661": {
"value": "8 Other income (expense)In \u20ac thousands 2023 2022 Gain / (loss) on divestments (2,418) (30,894) Gain on derecognition of leases 120 301 Gain on sale of assets 182 268 Results from investments 696 (180) Sub-leasing income 256 139 Other 7,209 11,063 Total Other income/ (expense) 6,045 (19,303) The net loss on divestments of \u20ac2.4 million and \u20ac30.9 million is related to the gains and losses recognized on the disposal of consolidated entities in 2023 and 2022, respectively (see note 6). The category \u2018Other\u2019 in 2023 included amongst others government grants mainly in China of \u20ac2.4 million (2022: \u20ac2.7 million) and several other individually non-significant items. The 2022 result was impacted by amongst others settlement agreements relating to transfer of staff to a competitor of \u20ac3.6 million and several other individually non-significant items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17667": {
"value": "In \u20ac thousands 2023 2022 Gain / (loss) on divestments (2,418) (30,894) Gain on derecognition of leases 120 301 Gain on sale of assets 182 268 Results from investments 696 (180) Sub-leasing income 256 139 Other 7,209 11,063 Total Other income/ (expense) 6,045 (19,303) The category \u2018Other\u2019 in 2023 included amongst others government grants mainly in China of \u20ac2.4 million (2022: \u20ac2.7 million) and several other individually non-significant items. The 2022 result was impacted by amongst others settlement agreements relating to transfer of staff to a competitor of \u20ac3.6 million and several other individually non-significant items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17700": {
"value": "9 Personnel and other operational costsIn \u20ac thousands 2023 2022 Salaries and wages 2,196,893 1,854,014 Social charges 243,120 203,478 Pension and early retirement charges 95,659 86,857 Other personnel costs (including temporary labor) 408,126 218,780 Total Personnel costs 2,943,798 2,363,129 1 Restated in accordance with IAS 8, see note 3 In \u20ac thousands 2023 2022 Computer related 121,702 97,114 Audit and consultancy services 44,995 61,033 Occupancy 40,001 30,317 Travel 35,251 23,478 Insurances 20,667 17,327 Office related 18,175 14,195 Marketing and advertising 14,752 9,477 Other 68,283 44,736 Total Other operational costs 363,826 297,677 The increase of \u201ccomputer related\u201d, \u201coccupancy\u201d, \u201ctravel\u201d and \u201cother\u201d is mainly attributable to acquisitions of IBI and DPS. The category \u201cAudit and consultancy services\u201d amounts to \u20ac45.0 million, expense (2022: \u20ac61.0 million, expense). The lower cost in current year was due to less M&A related incurred costs. The category \u201cOther\u201d included in 2023, amongst others: \u2022 the impact of changes in provisions for trade receivables (expected credit loss) of \u20ac11.9 million, expense (2022: \u20ac0.4 million, expense) (see note 21); \u2022 restructuring provision of \u20ac6.3 million, expense (2022: \u20ac3.0 million, expense); \u2022 Net litigation expense of \u20ac11.4 million (2022: \u20ac5.8 million, expense) (see note 28); \u2022 membership and licenses renewals of \u20ac9.1 million, expense (2022: \u20ac6.7 million, expense); \u2022 cost of equipment of \u20ac5.0 million, expense (2022: \u20ac5.3 million, expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17702": {
"value": "9 Personnel and other operational costsIn \u20ac thousands 2023 2022 Salaries and wages 2,196,893 1,854,014 Social charges 243,120 203,478 Pension and early retirement charges 95,659 86,857 Other personnel costs (including temporary labor) 408,126 218,780 Total Personnel costs 2,943,798 2,363,129 1 Restated in accordance with IAS 8, see note 3 In \u20ac thousands 2023 2022 Computer related 121,702 97,114 Audit and consultancy services 44,995 61,033 Occupancy 40,001 30,317 Travel 35,251 23,478 Insurances 20,667 17,327 Office related 18,175 14,195 Marketing and advertising 14,752 9,477 Other 68,283 44,736 Total Other operational costs 363,826 297,677 The increase of \u201ccomputer related\u201d, \u201coccupancy\u201d, \u201ctravel\u201d and \u201cother\u201d is mainly attributable to acquisitions of IBI and DPS. The category \u201cAudit and consultancy services\u201d amounts to \u20ac45.0 million, expense (2022: \u20ac61.0 million, expense). The lower cost in current year was due to less M&A related incurred costs. The category \u201cOther\u201d included in 2023, amongst others: \u2022 the impact of changes in provisions for trade receivables (expected credit loss) of \u20ac11.9 million, expense (2022: \u20ac0.4 million, expense) (see note 21); \u2022 restructuring provision of \u20ac6.3 million, expense (2022: \u20ac3.0 million, expense); \u2022 Net litigation expense of \u20ac11.4 million (2022: \u20ac5.8 million, expense) (see note 28); \u2022 membership and licenses renewals of \u20ac9.1 million, expense (2022: \u20ac6.7 million, expense); \u2022 cost of equipment of \u20ac5.0 million, expense (2022: \u20ac5.3 million, expense). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17704": {
"value": "All employee-related costs as well as non-project-related out-of-pocket expenses and related restructuring costs, are recognized as operational cost as incurred. Operational costs include, amongst others, the costs of licenses, testing, data conversation and training costs relating to Cloud computing arrangements that do not provide control over an intangible asset. Part of these costs could be personnel costs if the activities are performed by Arcadis\u2019 personnel. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17705": {
"value": "All employee-related costs as well as non-project-related out-of-pocket expenses and related restructuring costs, are recognized as operational cost as incurred. Operational costs include, amongst others, the costs of licenses, testing, data conversation and training costs relating to Cloud computing arrangements that do not provide control over an intangible asset. Part of these costs could be personnel costs if the activities are performed by Arcadis\u2019 personnel. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17799": {
"value": "10 Share-based compensationThe Company operates share-based incentive plans. The fair value of equity-settled compensations at grant date under the Arcadis long-term incentive plan is recognized as an employee expense (in Salaries and wages), with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. The fair value of granted shares subject to a market condition is measured using a Monte Carlo simulation model. Measurement inputs include the share price on measurement date, the expected volatility, weighted average expected life of the instrument and the risk-free interest rate. As the fair value is amortized over the vesting period, the costs are recognized in the Income Statement. The amortization costs are adjusted for effects of cancelled and forfeited grants. The vesting and exercise of rights to acquire shares may be conditional to performance conditions and other conditions, as set by the Supervisory Board. Long-Term Incentive Plans To stimulate the realization of long-term Company goals and objectives, Arcadis NV uses Long-Term Incentive Plans (LTIPs). Since 2014, securities under LTIPs are solely granted in the form of Restricted Share Units (RSUs) and represent an equal number of ordinary shares, subject to meeting the applicable vesting conditions. The RSUs will be converted into ordinary shares on the vesting date and are delivered as soon as practical thereafter. RSUs are granted conditionally and depend on achieving/meeting certain conditions during the vesting period. To prevent dilution, (a portion of) the shares required to meet the obligations from exercising LTIPs can be purchased by the Company (instead of issuing new shares), with due consideration to the Company\u2019s balance sheet, in particular available freely distributable reserves and available cash. Alternatively, shares may be issued, whereby it is intended to limit this to 1% of the number of issued shares. Arcadis NV 2010 Long-Term Incentive Plans Options and RSUs annually granted to members of the Executive Board and selected senior executives were conditional and had a vesting period of three years. Vesting was dependent on performance criteria set forth in advance. The granting of such options and RSUs took place each year on or about the second day after the Annual General Meeting of Shareholders, whereby the exercise price for the options matched the closing price of Arcadis NV shares on the day of the grant. As of 31 December 2023, the share option program has expired and there are no more share options outstanding. Arcadis NV 2019 Long-Term Incentive Plan In April 2019, the Arcadis NV 2019 Long-Term Incentive Plan (2019 LTIP) was approved by the Annual General Meeting. Based on this plan the Company can grant equity-settled and cash-settled awards to eligible employees. Conditional performance shares granted to Executive Board members must be held for two more years after vesting. In summary the following applies to these grants: \u2022 Annual grant to Executive Board (EB) and Executive Leadership Team (ELT) members: subject to continued employment during the vesting period of three years, and achieving performance conditions (1/3 Total Shareholder Return, 1/3 Earnings per share and 1/3 sustainability); \u2022 Annual grant to other employees: subject to continued employment during the vesting period of three years; no performance conditions. For EB and ELT members, the position of Arcadis within the peer group, after three years, determines the final number of shares subject to meeting a Total Shareholder Return condition (1/3) that vest and become unconditional, in accordance with the following performance incentive zones: RSUs that vest for EB/ELT Ranking 14-8 7 6 5 4 3 2 1 Vesting 0% 50% 75% 100% 125% 150% 175% 200% Arcadis NV 2023 Long-Term Incentive Plan In 2023, the Supervisory Board approved the continuation of the Arcadis NV 2019 Long-Term Incentive Plan in the form of the Arcadis NV 2023 Long-Term Incentive Plan (2023 LTIP). The Plan was approved by the General Meeting of Shareholders in May 2023. Similar to 2019 LTIP terms, the Company can grant equity-settled and cash-settled awards to eligible employees. Conditional shares based on continued employment and achievement of performance conditions are granted to EB and ELT members. Grants to other employees are only subject to continued employment during the vesting period. The performance incentive zones for meeting the Total Shareholder Return condition presented in the 2019 LTIP applies to 2023 LTIP. Outstanding options The number and weighted average exercise price of the share options under the 2010 Arcadis LTIPs are as follows: Number of options Weighted average exercise price (in \u20ac) Balance at 1 January 2022 104,046 18.50 Exercised (49,385) 17.41 Expired (13,959) 15.18 Balance at 31 December 2022 40,702 20.96 Exercised (25,200) 20.96 Expired (15,502) 20.96 Balance at 31 December 2023 - - The weighted average share price at exercise date was \u20ac38.03 (2022: \u20ac38.74). Part of the exercised options have been settled in cash instead of shares and resulted in a cash inflow of \u20ac0.5 million. The number of outstanding options at 31 December 2023 is as follows: Year of issue Share price at grant date Outstanding 1 January 2023 Exercised in 2023 Expired in 2023 Outstanding 31 December 2023 2013 \u20ac20.96 40,702 (25,200) (15,502) - Balance at 31 December 2023 40,702 (25,200) (15,502) - Outstanding Restricted Share Unit (RSUs) In 2023, the following number of RSUs have been granted under the 2023 LTIP: Number of RSUs Grant date Vesting date 1 Share price at grant date Fair value at grant date Annual grant EB/ELT 65,395 16 May 2023 2026 \u20ac39.52 \u20ac30.51/ \u20ac 37.18 Annual grant other employees 176,596 16 May 2023 2026 \u20ac39.52 \u20ac37.18 1 Vesting is on the 5th business day after ex-dividend date in the third year after the grant. The fair value (\u20ac37.18) of the RSUs granted to other employees as part of the annual grant and the RSUs granted to the EB and ELT members subject to meeting Earnings per share (1/3) and sustainability (1/3) conditions were determined by adjusting the share price at the grant date with the present value of dividends expected to be paid during the vesting period. The fair value (\u20ac30.51) of RSUs granted to EB and ELT members subject to meeting a Total Shareholder Return condition (1/3) was determined using a Monte Carlo simulation model, which considers the market conditions expected to impact Arcadis\u2019 TSR performance in relation to the peer group, and the following assumptions: 2023 2022 Expected dividend yield (in %) 2.3 1.7 Risk-free interest rate (in %) 3.22 1.22 Expected volatility (in %) 30.07 36.24 The expected volatility is calculated based on the share price movements of the 36 months prior to grant date. The total outstanding RSUs at 31 December 2023 is as follows: Year of issue Granted Unconditional in Total amount to be expensed over the vesting period (in \u20ac) Fair value at grant date Outstanding 1 January 2023 Granted in 2023 De/(In)crease by performance measure 2023 Vested in 2023 Cancelled/ forfeited in 2023 Outstanding 31 December 2023 2020 (8 May) 114,210 2023 1,732,565 \u20ac12.12/ \u20ac9.15 171,315 - - (163,924) (7,391) - 2020 (8 May) 244,710 2023 2,965,885 \u20ac12.12 173,056 - - (173,056) - - 2020 (14 September) 5,859 2023 139,991 \u20ac18.22/ \u20ac17.82 8,789 - - (8,789) - - 2021 (3 May) 253,371 2024 8,762,776 \u20ac33.14 / \u20ac38.40 231,949 - 10,269 - (69,561) 172,657 2021 (3 May) 25,150 2023 845,543 \u20ac33.62 25,150 - - (25,150) - - 2021 (4 August) 6,394 2024 242,077 \u20ac37.86 6,394 - - - - 6,394 2021 (3 November) 1,032 2024 42,456 \u20ac41.14 1,032 - - - - 1,032 2022 (16 May) 73,387 2025 2,582,489 \u20ac35.29/ \u20ac35.14 73,387 - - - (44,187) 29,200 2022 (16 May) 196,759 2025 6,914,111 \u20ac35.14 190,453 - - - (18,774) 171,679 2022 (3 August) 563 2025 18,026 \u20ac32.02 563 - - - - 563 2023 (16 May) 65,395 2026 2,285,991 \u20ac30.51/ \u20ac37.18 - 65,395 - - - 65,395 2023 (16 May) 176,596 2026 6,565,839 \u20ac37.18 - 176,596 - - (5,272) 171,324 Total 882,088 241,991 10,269 (370,919) (145,185) 618,244 LTIP costs recognized in 2023 The total amount to be expensed over the vesting period is calculated by taking the granted RSUs within a calendar year multiplied by the fair value of the RSUs at grant date and the expected vesting date. This amount is expensed over the vesting period, whereby the costs recognized in a year also consider cancellations and forfeitures. The expected vesting for RSUs with a Total Shareholder Return performance condition is already taken into account in the fair value. The expected vesting for the RSUs granted in 2021 to the Executive Board and Executive Leadership Team subject to the performance conditions \u2018Earnings per share\u2019 and \u2018Sustainability\u2019 are estimated at 31\u00a0December\u00a02023 at 116%. Costs for the LTIP are spread over the vesting period and included in \u2018Salaries and wages\u2019 (see note 9). An\u00a0amount of \u20ac6.2 million (2022: \u20ac8.6 million) is included in the results of 2023 for the share-based compensation granted in the period 2020 - 2023. Lower cost for the year as compared to prior year is mainly due to the additional vesting of 2019 and 2020 annual grants in the prior year and increase in the number of forfeited shares in the current year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17802": {
"value": "The Company operates share-based incentive plans. The fair value of equity-settled compensations at grant date under the Arcadis long-term incentive plan is recognized as an employee expense (in Salaries and wages), with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. The fair value of granted shares subject to a market condition is measured using a Monte Carlo simulation model. Measurement inputs include the share price on measurement date, the expected volatility, weighted average expected life of the instrument and the risk-free interest rate. As the fair value is amortized over the vesting period, the costs are recognized in the Income Statement. The amortization costs are adjusted for effects of cancelled and forfeited grants. The vesting and exercise of rights to acquire shares may be conditional to performance conditions and other conditions, as set by the Supervisory Board. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18216": {
"value": "11 Net finance expensesNet finance expenses comprise finance income, finance expenses and the fair value change of derivatives at fair value through profit or loss. Finance income comprises interest income on funds invested and finance expenses comprise interest expense on borrowings, and the unwinding of discount on provisions and contingent consideration. Finance income and finance expenses are recognized in profit or loss, using the effective interest method. The fair value changes of derivatives comprise the fair value changes on financial assets at fair value through profit or loss, as far as these relate to financing items in the Company. These fair value changes are partially offset by the foreign currency gains and losses. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense if it concerns exchange rate results on financing items. Exchange rate results on operating items are included in Other operational costs (see note 9). In \u20ac thousands 2023 2022 1 Interest income on notional cash pools 18,969 6,261 Other interest income 4,613 1,627 Finance income 23,582 7,888 Interest expense on loans and borrowings (57,160) (13,556) Interest expense on notional cash pools (18,390) (5,731) Other interest expense (1,183) (1,754) Interest expense on leases (9,017) (7,292) Foreign exchange differences 6,336 653 Finance expense (79,414) (27,680) Fair value change of derivatives (9,477) (3,795) Total (65,309) (23,587) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Arcadis utilizes notional cash pools, in which debit and credit balances both attract interest income and interest expense, respectively. Finance income increased to \u20ac23.6 million (2022: \u20ac7.9 million) due to higher interest rates within notional cash pools. Finance expense, including the interest expense on leases, increased to \u20ac79.4 million due to higher interest rates within notional cash pools (\u20ac18.4 million), which is offset by higher interest income within the cash pools, and a higher average debt position throughout 2023 than last year. The interest expense on loans and borrowings of \u20ac57.2 million (2022: \u20ac13.6 million) was higher than last year due to higher average gross debt over the year (after refinancing the \u20ac750.0 million bridge loan with \u20ac500.0 million Eurobond and \u20ac225.0 million Schuldschein loans) to finance the acquisition of IBI Group and DPS Group in the final quarter of 2022 and higher interest rates on loans. The net result from foreign exchange differences and fair value change of derivatives for the year arrived at \u20ac3.1 million negative which is the same as last year (\u20ac3.1 million negative), mainly from the interest rate swaps on the 2023 Schuldschein loans. The carrying amount of the financing transaction fees taken into account in the valuation of the underlying loans and borrowings, at 31 December 2023 amounts to \u20ac7.3 million (2022: \u20ac4.4 million) on the balance sheet. The increase in this amount mainly relates to the transaction fees related to the Eurobond financing. The amortized cost booked in 2023 amounts to \u20ac1.0 million (2022: \u20ac0.8 million) and is booked under Other interest expense. The interest on lease liabilities of \u20ac9.0 million (2022: \u20ac7.3 million) is based on the Incremental Borrowing Rate, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18217": {
"value": "11 Net finance expensesIn \u20ac thousands 2023 2022 1 Interest income on notional cash pools 18,969 6,261 Other interest income 4,613 1,627 Finance income 23,582 7,888 Interest expense on loans and borrowings (57,160) (13,556) Interest expense on notional cash pools (18,390) (5,731) Other interest expense (1,183) (1,754) Interest expense on leases (9,017) (7,292) Foreign exchange differences 6,336 653 Finance expense (79,414) (27,680) Fair value change of derivatives (9,477) (3,795) Total (65,309) (23,587) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Arcadis utilizes notional cash pools, in which debit and credit balances both attract interest income and interest expense, respectively. Finance income increased to \u20ac23.6 million (2022: \u20ac7.9 million) due to higher interest rates within notional cash pools. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18218": {
"value": "11 Net finance expensesNet finance expenses comprise finance income, finance expenses and the fair value change of derivatives at fair value through profit or loss. Finance income comprises interest income on funds invested and finance expenses comprise interest expense on borrowings, and the unwinding of discount on provisions and contingent consideration. Finance income and finance expenses are recognized in profit or loss, using the effective interest method. The fair value changes of derivatives comprise the fair value changes on financial assets at fair value through profit or loss, as far as these relate to financing items in the Company. These fair value changes are partially offset by the foreign currency gains and losses. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense if it concerns exchange rate results on financing items. Exchange rate results on operating items are included in Other operational costs (see note 9). In \u20ac thousands 2023 2022 1 Interest income on notional cash pools 18,969 6,261 Other interest income 4,613 1,627 Finance income 23,582 7,888 Interest expense on loans and borrowings (57,160) (13,556) Interest expense on notional cash pools (18,390) (5,731) Other interest expense (1,183) (1,754) Interest expense on leases (9,017) (7,292) Foreign exchange differences 6,336 653 Finance expense (79,414) (27,680) Fair value change of derivatives (9,477) (3,795) Total (65,309) (23,587) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Finance expense, including the interest expense on leases, increased to \u20ac79.4 million due to higher interest rates within notional cash pools (\u20ac18.4 million), which is offset by higher interest income within the cash pools, and a higher average debt position throughout 2023 than last year. The interest expense on loans and borrowings of \u20ac57.2 million (2022: \u20ac13.6 million) was higher than last year due to higher average gross debt over the year (after refinancing the \u20ac750.0 million bridge loan with \u20ac500.0 million Eurobond and \u20ac225.0 million Schuldschein loans) to finance the acquisition of IBI Group and DPS Group in the final quarter of 2022 and higher interest rates on loans. The net result from foreign exchange differences and fair value change of derivatives for the year arrived at \u20ac3.1 million negative which is the same as last year (\u20ac3.1 million negative), mainly from the interest rate swaps on the 2023 Schuldschein loans. The carrying amount of the financing transaction fees taken into account in the valuation of the underlying loans and borrowings, at 31 December 2023 amounts to \u20ac7.3 million (2022: \u20ac4.4 million) on the balance sheet. The increase in this amount mainly relates to the transaction fees related to the Eurobond financing. The amortized cost booked in 2023 amounts to \u20ac1.0 million (2022: \u20ac0.8 million) and is booked under Other interest expense. The interest on lease liabilities of \u20ac9.0 million (2022: \u20ac7.3 million) is based on the Incremental Borrowing Rate, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18221": {
"value": "Net finance expenses comprise finance income, finance expenses and the fair value change of derivatives at fair value through profit or loss. Finance income comprises interest income on funds invested and finance expenses comprise interest expense on borrowings, and the unwinding of discount on provisions and contingent consideration. Finance income and finance expenses are recognized in profit or loss, using the effective interest method. The fair value changes of derivatives comprise the fair value changes on financial assets at fair value through profit or loss, as far as these relate to financing items in the Company. These fair value changes are partially offset by the foreign currency gains and losses. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense if it concerns exchange rate results on financing items. Exchange rate results on operating items are included in Other operational costs (see note 9). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18223": {
"value": "Net finance expenses comprise finance income, finance expenses and the fair value change of derivatives at fair value through profit or loss. Finance income comprises interest income on funds invested and finance expenses comprise interest expense on borrowings, and the unwinding of discount on provisions and contingent consideration. Finance income and finance expenses are recognized in profit or loss, using the effective interest method. The fair value changes of derivatives comprise the fair value changes on financial assets at fair value through profit or loss, as far as these relate to financing items in the Company. These fair value changes are partially offset by the foreign currency gains and losses. Foreign currency gains and losses are reported on a net basis as either finance income or finance expense if it concerns exchange rate results on financing items. Exchange rate results on operating items are included in Other operational costs (see note 9). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18314": {
"value": "12 Income taxesIncome taxes comprise current and deferred tax. Income tax is recognized in profit or loss, except to the extent that the tax arises from items recognized in other comprehensive income, directly in equity or from a business combination. When the Group considers it probable that tax authorities accept a tax treatment it will be treated as such in the income tax filings. When it is not considered probable that a tax treatment is accepted, the Group uses the most likely amount or the expected value of the tax treatment Current tax Current tax is the expected tax payable on taxable income for the year and adjustments to tax payable related to previous years. It is measured using the tax rates enacted or substantively enacted at the reporting date. The difference between income tax recognized in profit or loss and income tax paid in the cash flow statement differs primarily due to deferred tax recognized on temporary differences and payment of income tax occurring after the reporting date. Deferred tax Deferred tax is recognized using the balance sheet method and it is not recognized for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t or loss; and \u2022 investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Measurement of deferred tax is based upon tax rates enacted or substantially enacted expected to be applied in the years in which the temporary differences are expected to reverse. Deferred taxes are not discounted. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future profits will be available against which they can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. In reference to chapter 2 Basis of preparation, the Organisation for Economic Co-operation and Development (OECD) released the Pillar Two model rules (the Global Anti-Base Erosion Proposal, or \u2018GloBE\u2019) to reform international corporate taxation. The Arcadis group is within the scope of the OECD Pillar Two model rules. The Arcadis Group operates in multiple countries around the globe, which have enacted or planned to enact new legislation to implement the global minimum top-up tax (Pillar Two or GloBe rules). Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. The Arcadis group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Arcadis group will apply the transitional safe harbor Pillar Two rules, and based on an initial high level assessment of these rules using 2022 country-by-country data, the vast majority of entities within the group has an effective tax rate that exceeds 15%. The group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. This initial assessment indicates that there may be an immaterial impact for a small minority of entities within the group. This is also dependent on the impact of specific adjustments to be made envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there may still be Pillar Two tax implications. Income tax recognized in profit or loss for the period: In \u20ac thousands 2023 2022 1 Current tax expense Current year 102,390 118,555 Adjustments for previous years (28,245) 9,057 Total current tax expense 74,145 127,612 Deferred tax expense Origination and reversal of temporary differences (39,518) (54,298) Adjustments for previous years 22,155 (12,309) Changes in tax rates 285 339 (De)recognition of deferred tax assets 6,011 (1,894) Total deferred tax expense (11,067) (68,162) Total 63,078 59,450 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 In 2022, the US Tax Cuts and Jobs Act of 2017 ('Section 174') eliminated the option to deduct research and development expenditures immediately in the year incurred and requires taxpayers to amortize such expenditures over five years for tax purposes. Similar to the previous year, this provision has led to a deferred tax asset and a current tax payable ending in a net zero impact. A change in estimate of the impact during the year was the main driver of the adjustments for previous years in deferred tax as well as in current tax. At 31 December 2023, the corporate income tax receivable amounted to \u20ac82.8 million (2022: \u20ac17.8 million) and the corporate income tax liability amounted to \u20ac66.5 million (2022: \u20ac63.5 million). During 2023, the Group paid corporate income taxes for a total amount of \u20ac130.9 million (2022: \u20ac70.4 million). The effective corporate income tax rate (income taxes divided by profit before income tax, mainly excluding total result from investments) is 28.9% (2022: excluding total result from investments: 31.5%). The effective tax rate differs from the corporate income tax rate in the Netherlands, primarily due to the net negative impact of non-deductible items and statutory tax rates in jurisdictions in which we operate that are different than the Dutch statutory income tax rate and non-deductible items. The net negative impact was partially offset by changes in de-recognition of deferred tax assets, prior year adjustments and other. In % and \u20ac thousands 2023 (%) 2023 2022 (%) 2022 2 Corporate tax rate in the Netherlands 25.8 56,395 25.8 48,723 Adjustment corporate income tax rates other countries 2.7 5,956 1.8 3,479 Weighted average corporate income tax rate 28.5 62,351 27.6 52,202 Non-deductible expenses/ (income) 0.6 1,356 9.2 17,398 (De)recognition of deferred tax assets 2.8 6,011 (1.4) (2,636) Adjustments for previous years (2.8) (6,089) (1.7) (3,252) Other (0.2) (551) (2.2) (4,262) Effective tax rate 1 2 28.9 63,078 31.5 59,450 1 Taxes on income divided by Income before taxes, excluding result from Investments accounted for using the equity method. 2 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Deferred tax The movement in deferred tax balances during the year 2023 was as follows: In \u20ac thousands Net balance at 1 January 2023 1 Recognized in profit or loss Recognized in Other comprehensive income and Equity Acquisitions Other Exchange rate differences Net balance at 31 December 2023 Assets Liabilities Intangible assets and goodwill (99,236) 13,049 (8,552) - (7,748) 862 (101,625) 25,344 (126,969) Property, plant and equipment (1,095) (102) - - 585 19 (593) 4,242 (4,835) Right-of-use assets and lease liabilities 6,958 682 - - (561) (140) 6,939 96,189 (89,250) Trade and other receivable, including contract assets (1,214) 3,848 - - 23,124 (45) 25,713 29,316 (3,603) Loans and borrowings - 4,237 - - - - 4,237 4,237 - Accrued expenses 32,582 (3,772) - - 21,291 (333) 49,768 66,491 (16,723) Share-based compensation 2,816 - - - (2,816) - - - - Deferred compensation 2,536 - - - (2,536) - - - - Net operating losses 21,389 (3,593) 94 - (3,752) (71) 14,067 14,067 - Provisions 6,615 1,759 444 - 8,841 (230) 17,429 22,839 (5,410) Others 44,967 (5,041) 8,230 - (35,339) (1,562) 11,255 19,604 (8,349) Deferred tax assets/liabilities 16,318 11,067 216 - 1,089 (1,500) 27,190 282,329 (255,139) Offsetting - - - - - - (202,521) 202,521 Net deferred taxes 16,318 11,067 216 - 1,089 (1,500) 27,190 79,808 (52,618) The movement in deferred tax balances during the year 2022 was as follows: In \u20ac thousands Net balance at 1 January 2022 Recognized in profit or loss Recognized in Other comprehensive income and Equity Acquisitions Other Exchange rate differences Net balance at 31 December 2022 1 Assets 1 Liabilities 1 Intangible assets and goodwill (59,861) 5,489 - (43,723) - (1,141) (99,236) 838 (100,074) Property, plant and equipment 1,916 (983) - (2,724) 546 150 (1,095) 1,927 (3,022) Right-of-use assets and lease liabilities 6,351 (189) - 533 (21) 284 6,958 6,958 - Contract assets and liabilities (2,682) 2,323 - (1,999) - 1,144 (1,214) 19,056 (20,270) Derivatives (23) 22 - - - 1 - - - Accrued expenses 23,649 2,558 - 7,828 (2,640) 1,187 32,582 32,631 (49) Share-based compensation 3,078 (457) - - - 195 2,816 2,816 - Deferred compensation (3,336) (1,009) 4,896 - 1,898 87 2,536 2,536 - Net operating losses 8,684 8,924 - 4,447 - (666) 21,389 21,389 - Provisions 5,082 2,342 - 149 (1,125) 167 6,615 7,843 (1,228) Others (3,053) 49,142 - 83 109 (1,314) 44,967 50,429 (5,462) Deferred tax assets/liabilities (20,195) 68,162 4,896 (35,406) (1,233) 94 16,318 146,423 (130,105) Offsetting - - - - - - (62,972) 62,972 Net deferred taxes (20,195) 68,162 4,896 (35,406) (1,233) 94 16,318 83,451 (67,133) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set of current tax against current tax liabilities and when the deferred tax assets and liabilities relate to the same taxation authority and the same taxable entity. At 31 December 2023, the Gross amount of net operating losses, amounting to \u20ac53.5 million (2022: \u20ac88.4 million, for which a deferred tax asset has been recognized expires as follows: Total net operating losses Net operating losses not recognized Net operating losses recognized Deferred tax asset recognized in \u20ac thousands 2024 19 19 - - 2025 208 208 - - 2026 6,741 6,639 103 26 2027 12,176 11,675 500 103 2028 14,748 12,175 2,573 539 >2028 5,248 698 4,550 1,365 Unlimited 119,833 74,102 45,731 12,034 Total 158,973 105,516 53,457 14,067 The majority of the above-mentioned deferred tax assets relate to tax jurisdictions in which Arcadis has suffered a tax loss in the current of a preceding period. Significant judgement is required in determining whether deferred tax assets are realizable. Arcadis determines this on the basis of expected taxable profits arising from the reversal of recognized deferred tax liabilities and on the basis of budgets, cash flow forecasts and impairment models. Where utilization is not considered probable, deferred tax assets are not recognized. At 31 December 2023, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognized was \u20ac231.0 million (2022:\u00a0\u20ac164.4 million). No liability has been recognized in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18317": {
"value": "Income taxes comprise current and deferred tax. Income tax is recognized in profit or loss, except to the extent that the tax arises from items recognized in other comprehensive income, directly in equity or from a business combination. When the Group considers it probable that tax authorities accept a tax treatment it will be treated as such in the income tax filings. When it is not considered probable that a tax treatment is accepted, the Group uses the most likely amount or the expected value of the tax treatment Current tax Current tax is the expected tax payable on taxable income for the year and adjustments to tax payable related to previous years. It is measured using the tax rates enacted or substantively enacted at the reporting date. The difference between income tax recognized in profit or loss and income tax paid in the cash flow statement differs primarily due to deferred tax recognized on temporary differences and payment of income tax occurring after the reporting date. Deferred tax Deferred tax is recognized using the balance sheet method and it is not recognized for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t or loss; and \u2022 investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Measurement of deferred tax is based upon tax rates enacted or substantially enacted expected to be applied in the years in which the temporary differences are expected to reverse. Deferred taxes are not discounted. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future profits will be available against which they can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18318": {
"value": "Income taxes comprise current and deferred tax. Income tax is recognized in profit or loss, except to the extent that the tax arises from items recognized in other comprehensive income, directly in equity or from a business combination. When the Group considers it probable that tax authorities accept a tax treatment it will be treated as such in the income tax filings. When it is not considered probable that a tax treatment is accepted, the Group uses the most likely amount or the expected value of the tax treatment Current tax Current tax is the expected tax payable on taxable income for the year and adjustments to tax payable related to previous years. It is measured using the tax rates enacted or substantively enacted at the reporting date. The difference between income tax recognized in profit or loss and income tax paid in the cash flow statement differs primarily due to deferred tax recognized on temporary differences and payment of income tax occurring after the reporting date. Deferred tax Deferred tax is recognized using the balance sheet method and it is not recognized for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t or loss; and \u2022 investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Measurement of deferred tax is based upon tax rates enacted or substantially enacted expected to be applied in the years in which the temporary differences are expected to reverse. Deferred taxes are not discounted. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future profits will be available against which they can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax The movement in deferred tax balances during the year 2023 was as follows: In \u20ac thousands Net balance at 1 January 2023 1 Recognized in profit or loss Recognized in Other comprehensive income and Equity Acquisitions Other Exchange rate differences Net balance at 31 December 2023 Assets Liabilities Intangible assets and goodwill (99,236) 13,049 (8,552) - (7,748) 862 (101,625) 25,344 (126,969) Property, plant and equipment (1,095) (102) - - 585 19 (593) 4,242 (4,835) Right-of-use assets and lease liabilities 6,958 682 - - (561) (140) 6,939 96,189 (89,250) Trade and other receivable, including contract assets (1,214) 3,848 - - 23,124 (45) 25,713 29,316 (3,603) Loans and borrowings - 4,237 - - - - 4,237 4,237 - Accrued expenses 32,582 (3,772) - - 21,291 (333) 49,768 66,491 (16,723) Share-based compensation 2,816 - - - (2,816) - - - - Deferred compensation 2,536 - - - (2,536) - - - - Net operating losses 21,389 (3,593) 94 - (3,752) (71) 14,067 14,067 - Provisions 6,615 1,759 444 - 8,841 (230) 17,429 22,839 (5,410) Others 44,967 (5,041) 8,230 - (35,339) (1,562) 11,255 19,604 (8,349) Deferred tax assets/liabilities 16,318 11,067 216 - 1,089 (1,500) 27,190 282,329 (255,139) Offsetting - - - - - - (202,521) 202,521 Net deferred taxes 16,318 11,067 216 - 1,089 (1,500) 27,190 79,808 (52,618) The movement in deferred tax balances during the year 2022 was as follows: In \u20ac thousands Net balance at 1 January 2022 Recognized in profit or loss Recognized in Other comprehensive income and Equity Acquisitions Other Exchange rate differences Net balance at 31 December 2022 1 Assets 1 Liabilities 1 Intangible assets and goodwill (59,861) 5,489 - (43,723) - (1,141) (99,236) 838 (100,074) Property, plant and equipment 1,916 (983) - (2,724) 546 150 (1,095) 1,927 (3,022) Right-of-use assets and lease liabilities 6,351 (189) - 533 (21) 284 6,958 6,958 - Contract assets and liabilities (2,682) 2,323 - (1,999) - 1,144 (1,214) 19,056 (20,270) Derivatives (23) 22 - - - 1 - - - Accrued expenses 23,649 2,558 - 7,828 (2,640) 1,187 32,582 32,631 (49) Share-based compensation 3,078 (457) - - - 195 2,816 2,816 - Deferred compensation (3,336) (1,009) 4,896 - 1,898 87 2,536 2,536 - Net operating losses 8,684 8,924 - 4,447 - (666) 21,389 21,389 - Provisions 5,082 2,342 - 149 (1,125) 167 6,615 7,843 (1,228) Others (3,053) 49,142 - 83 109 (1,314) 44,967 50,429 (5,462) Deferred tax assets/liabilities (20,195) 68,162 4,896 (35,406) (1,233) 94 16,318 146,423 (130,105) Offsetting - - - - - - (62,972) 62,972 Net deferred taxes (20,195) 68,162 4,896 (35,406) (1,233) 94 16,318 83,451 (67,133) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set of current tax against current tax liabilities and when the deferred tax assets and liabilities relate to the same taxation authority and the same taxable entity. At 31 December 2023, the Gross amount of net operating losses, amounting to \u20ac53.5 million (2022: \u20ac88.4 million, for which a deferred tax asset has been recognized expires as follows: Total net operating losses Net operating losses not recognized Net operating losses recognized Deferred tax asset recognized in \u20ac thousands 2024 19 19 - - 2025 208 208 - - 2026 6,741 6,639 103 26 2027 12,176 11,675 500 103 2028 14,748 12,175 2,573 539 >2028 5,248 698 4,550 1,365 Unlimited 119,833 74,102 45,731 12,034 Total 158,973 105,516 53,457 14,067 The majority of the above-mentioned deferred tax assets relate to tax jurisdictions in which Arcadis has suffered a tax loss in the current of a preceding period. Significant judgement is required in determining whether deferred tax assets are realizable. Arcadis determines this on the basis of expected taxable profits arising from the reversal of recognized deferred tax liabilities and on the basis of budgets, cash flow forecasts and impairment models. Where utilization is not considered probable, deferred tax assets are not recognized. At 31 December 2023, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognized was \u20ac231.0 million (2022:\u00a0\u20ac164.4 million). No liability has been recognized in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18319": {
"value": "Income taxes comprise current and deferred tax. Income tax is recognized in profit or loss, except to the extent that the tax arises from items recognized in other comprehensive income, directly in equity or from a business combination. When the Group considers it probable that tax authorities accept a tax treatment it will be treated as such in the income tax filings. When it is not considered probable that a tax treatment is accepted, the Group uses the most likely amount or the expected value of the tax treatment Current tax Current tax is the expected tax payable on taxable income for the year and adjustments to tax payable related to previous years. It is measured using the tax rates enacted or substantively enacted at the reporting date. The difference between income tax recognized in profit or loss and income tax paid in the cash flow statement differs primarily due to deferred tax recognized on temporary differences and payment of income tax occurring after the reporting date. Deferred tax Deferred tax is recognized using the balance sheet method and it is not recognized for: \u2022 the initial recognition of goodwill; \u2022 the initial recognition of assets or liabilities that a\ufb00ect neither accounting nor taxable pro\ufb01t or loss; and \u2022 investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. Measurement of deferred tax is based upon tax rates enacted or substantially enacted expected to be applied in the years in which the temporary differences are expected to reverse. Deferred taxes are not discounted. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future profits will be available against which they can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18426": {
"value": "At 31 December 2023, the corporate income tax receivable amounted to \u20ac82.8 million (2022: \u20ac17.8 million) and the corporate income tax liability amounted to \u20ac66.5 million (2022: \u20ac63.5 million). During 2023, the Group paid corporate income taxes for a total amount of \u20ac130.9 million (2022: \u20ac70.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18849": {
"value": "At 31 December 2023, the Gross amount of net operating losses, amounting to \u20ac53.5 million (2022: \u20ac88.4 million, for which a deferred tax asset has been recognized expires as follows: Total net operating losses Net operating losses not recognized Net operating losses recognized Deferred tax asset recognized in \u20ac thousands 2024 19 19 - - 2025 208 208 - - 2026 6,741 6,639 103 26 2027 12,176 11,675 500 103 2028 14,748 12,175 2,573 539 >2028 5,248 698 4,550 1,365 Unlimited 119,833 74,102 45,731 12,034 Total 158,973 105,516 53,457 14,067 The majority of the above-mentioned deferred tax assets relate to tax jurisdictions in which Arcadis has suffered a tax loss in the current of a preceding period. Significant judgement is required in determining whether deferred tax assets are realizable. Arcadis determines this on the basis of expected taxable profits arising from the reversal of recognized deferred tax liabilities and on the basis of budgets, cash flow forecasts and impairment models. Where utilization is not considered probable, deferred tax assets are not recognized. At 31 December 2023, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognized was \u20ac231.0 million (2022:\u00a0\u20ac164.4 million). No liability has been recognized in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18914": {
"value": "13 Earnings per shareBasic earnings per share is calculated by dividing the profit or loss attributable to the equity holders of the Company by the weighted average number of shares outstanding during the period, excluding ordinary shares purchased by the Company and held as treasury shares (i.e. shares purchased to cover share/option plans). Diluted earnings per share is calculated based on the basic earnings per share and using the weighted average number of shares and options outstanding during the period as far as these have a potential dilutive effect, i.e. when the exercise price of these options is lower than the share price. The average number of potentially diluted shares is based on the average share price in the period on the Euronext Amsterdam Stock Exchange and the options that were in the money. For calculating the earnings per share, the following numbers of average shares are used: Number of shares 2023 2022 Average number of issued shares 90,442,091 90,442,091 Average number of treasury shares (618,845) (1,072,627) Total average number of ordinary outstanding shares 89,823,246 89,369,464 Average number of potentially dilutive shares 13,567 62,296 Total average number of diluted shares 89,836,813 89,431,760 The average number of potentially dilutive shares is based on the average share price of 2023 on the Euronext Amsterdam Stock Exchange and the outstanding exercisable options that were in the money. As of 31 December 2023, the share option program has expired and there are no more share options outstanding (2022: 40,702 in the money and exercisable). For the calculation of earnings per share, no distinction is made between the different classes of shares (see\u00a0note 25). The total earnings of the Group and the earnings per share are as follows: In \u20ac thousands 2023 2022 2 Net income 159,982 131,520 Net income from Operations 1 225,832 201,935 1 Non-GAAP performance measure. Reference is made to the Glossary Financial & Non-Financial indicators on page 286 for the definition as used by Arcadis 2 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 In \u20ac 2023 2022 2 Earnings per share/Diluted earnings per share Net income 1.78/ 1.78 1.47/ 1.47 Net income from Operations 1 2.51/ 2.51 2.26/ 2.26 1 Non-GAAP performance measure. Reference is made to the Glossary Financial & Non-Financial indicators on page 286 for the definition as used by Arcadis 2 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18917": {
"value": "Basic earnings per share is calculated by dividing the profit or loss attributable to the equity holders of the Company by the weighted average number of shares outstanding during the period, excluding ordinary shares purchased by the Company and held as treasury shares (i.e. shares purchased to cover share/option plans). Diluted earnings per share is calculated based on the basic earnings per share and using the weighted average number of shares and options outstanding during the period as far as these have a potential dilutive effect, i.e. when the exercise price of these options is lower than the share price. The average number of potentially diluted shares is based on the average share price in the period on the Euronext Amsterdam Stock Exchange and the options that were in the money. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19008": {
"value": "14 Intangible assets and goodwillOther intangible assets Other intangible assets mainly consist of customer relationships, trade names and expected profits in the backlog of acquired companies at the acquisition date. Measurement of Other intangible assets acquired in a business combination involves the use of estimates for determining the fair value at acquisition date. This mainly relates to expected profits in the backlog of the acquired companies, the customer lists at the acquisition date and the trade name value. The fair value is based on discounted cash flows expected to be received from these identifiable intangible assets. Subsequently, the assets are amortized over the estimated useful life. The amortization is recognized in profit or loss on a straight-line basis, except for the backlog which is calculated based on the expected pattern of consumption of future economic benefits embodied in the backlog. The amortization methods and useful lives, as well as residual values, are reassessed annually. Software Software is measured at cost less accumulated amortization and impairment losses. Software has a finite life and is amortized on a straight-line basis over the estimated useful life. The amortization methods and useful lives, as well as residual values, are reassessed annually. Subsequent costs are recognized in the carrying amount of Software only when it increases the future economic benefits. All other expenditures are recognized in profit or loss as incurred. Configuration and customization costs relating to cloud computing arrangements, whereby the Company does not obtain an intangible asset, are expensed when incurred. In such case, prepaid licenses are recognized as prepaid expenses (as part of Other current assets) and testing, training and data conversion costs are recognized as Personnel costs and/or Other operational costs as incurred. Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) In \u20ac thousands Goodwill 1 Other intangible assets 1 Software 1 Intangibles under development Total Cost 830,619 272,080 74,114 - 1,176,813 Accumulated amortization - (247,871) (62,736) - (310,607) Balance at 1 January 2022 830,619 24,209 11,378 - 866,206 Additions - - 6,141 1,138 7,279 Acquisitions of subsidiaries 542,055 236,911 3,907 - 782,873 Disposals (6,769) - (311) - (7,080) Amortization charges - (20,184) (6,972) - (27,156) Exchange rate differences (35,816) (4,384) (954) (35) (41,189) Movement 2022 499,470 212,343 1,811 1,103 714,727 Cost 1,330,089 504,607 82,897 1,103 1,918,696 Accumulated amortization - (268,055) (69,708) - (337,763) At 31 December 2022 1 1,330,089 236,552 13,189 1,103 1,580,933 Additions - - 8,682 632 9,314 Disposals (7,729) - (70) - (7,799) Amortization charges - (59,345) (5,749) - (65,094) Reclassifications - (212) 930 (1,034) (316) Exchange rate differences (4,544) (8,194) 414 - (12,324) Movement 2023 (12,273) (67,751) 4,207 (402) (76,219) Cost 1,317,816 426,469 64,442 701 1,809,428 Accumulated amortization - (257,668) (47,046) - (304,714) At 31 December 2023 1,317,816 168,801 17,396 701 1,504,714 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 The amortization charge for Intangible assets is recognized in the following line items in the Consolidated income statement: In \u20ac thousands 2023 2022 1 Amortization of Other intangible assets 59,345 20,184 Depreciation and amortization 5,749 6,972 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other intangible assets The carrying amounts recognized in the Consolidated balance sheet for Other intangible assets are as follows: In \u20ac thousands 2023 2022 1 Customer Relationships 147,780 176,350 Trade names 807 8,304 Backlog 16,774 46,541 Other 3,440 5,357 Total Other intangible assets 168,801 236,552 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19021": {
"value": "Other intangible assets Other intangible assets mainly consist of customer relationships, trade names and expected profits in the backlog of acquired companies at the acquisition date. Measurement of Other intangible assets acquired in a business combination involves the use of estimates for determining the fair value at acquisition date. This mainly relates to expected profits in the backlog of the acquired companies, the customer lists at the acquisition date and the trade name value. The fair value is based on discounted cash flows expected to be received from these identifiable intangible assets. Subsequently, the assets are amortized over the estimated useful life. The amortization is recognized in profit or loss on a straight-line basis, except for the backlog which is calculated based on the expected pattern of consumption of future economic benefits embodied in the backlog. The amortization methods and useful lives, as well as residual values, are reassessed annually. Software Software is measured at cost less accumulated amortization and impairment losses. Software has a finite life and is amortized on a straight-line basis over the estimated useful life. The amortization methods and useful lives, as well as residual values, are reassessed annually. Subsequent costs are recognized in the carrying amount of Software only when it increases the future economic benefits. All other expenditures are recognized in profit or loss as incurred. Configuration and customization costs relating to cloud computing arrangements, whereby the Company does not obtain an intangible asset, are expensed when incurred. In such case, prepaid licenses are recognized as prepaid expenses (as part of Other current assets) and testing, training and data conversion costs are recognized as Personnel costs and/or Other operational costs as incurred. Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19041": {
"value": "Estimated useful lives The estimated useful lives of Goodwill and Intangible assets varies according to their respective categories, as shown below. Category Years Goodwill Not amortized Software 0.5 \u2013 10 Other intangible assets 1 \u2013 13 Intangibles under development Not amortized (yet) The amortization charge for Intangible assets is recognized in the following line items in the Consolidated income statement: In \u20ac thousands 2023 2022 1 Amortization of Other intangible assets 59,345 20,184 Depreciation and amortization 5,749 6,972 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Depreciation is calculated using the straight-line method to allocate the cost of an asset net of its residual value, over its estimated useful life or, in the case of leasehold improvements, the shorter of the asset's useful life and the lease term. The estimated useful life of Property, plant & equipment vary according to their respective categories, as shown in the table hereafter. Category Years Land Not depreciated Buildings Not exceeding 30 Furnitures and fixtures Not exceeding 5 (IT) equipment Not exceeding 5 Property, plant and equipment under development Not depreciated (yet) Depreciation methods and useful life, as well as residual values, are reassessed annually. When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (major components) of Property, plant & equipment. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Amounts recognized in the Consolidated income statement In \u20ac thousands Note 2023 2022 1 Depreciation 72,775 67,654 Interest expense 11 9,017 7,292 Other operational costs for short-term leases 9 5,047 4,128 Other operational costs for low-value leases 9 4,102 301 Other income for gain on derecognition lease 8 (120) (301) Other income from sub-leasing 8 (256) (139) Total 90,565 78,935 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19245": {
"value": "For annual impairment testing, goodwill is allocated to Cash-Generating Units (CGUs). The CGU is the lowest level within the Group at which Goodwill is monitored for internal management purposes. The carrying amount of the goodwill is allocated to each of the CGUs as follows: In \u20ac thousands 2023 2022 1 Places 622,597 633,433 Resilience 348,337 349,351 Mobility 262,757 263,317 Intelligence 84,125 83,988 Total Goodwill 1,317,816 1,330,089 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Impairment testing for cash-generating units containing goodwill The recoverable amount of Goodwill for impairment testing purpose has been determined based on a value in use calculation, which is complex and judgmental. The calculations use cash flow projections based on historical performance, our plan for 2024 as approved by the Executive Board and projections for 2025 - 2028, after which a terminal value was calculated using an estimated growth rate. The key assumptions used in the projections are: \u2022 (Net) revenue growth: based on experience and market analysis; \u2022 EBITDA margin development: based on historical performance, plan 2024 and management\u2019s long- term projections; and \u2022 Weighted average cost of capital (WACC): based on the market participants view on rates of return demanded for investments equivalent to those in the Company. The components of the WACC include the Cost of Equity, Cost of Debt and Cost of Lease Liabilities. The business plans include management\u2019s estimate about the level and timing of the execution of (the improvement of) operating performance and margins. The applied assumptions in the test of 2023 are included in the below table, for those CGUs with goodwill as at 31 December 2023. In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 3.5% 12.1-15.7% 10.5% 1.5% Resilience 6.5% 13.9-16.2% 10.5% 1.6% Mobility 5.8% 13.3-15.9% 10.5% 1.5% Intelligence 8.8% 20.4-21.9% 9.5% 1.5% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2028 2 EBITDA margin represents 2024 to 2028 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The applied assumptions as disclosed in the 2022 financial statements was as follows: In \u20ac thousands Average annual (net) revenues growth 1 EBITDA margin 2 Pre-tax discount rate Terminal growth rate 3 Places 5.6% 10.4-12.7% 11.7% 1.6% Resilience 5.6% 12.5-12.6% 11.0% 1.6% Mobility 5.6% 12.4-12.6% 10.3% 1.5% Intelligence 5.6% 14.4-18.8% 10.4% 1.4% 1 The average annual (net) revenues growth represents average for the period from 2024 to 2027 2 EBITDA margin represents 2023 to 2027 range as % of (net) revenues 3 On a long-term basis the service demand growth rate is expected to be almost similar from one GBA to another The weighted average pre-tax discount rate was 10.5% (2022: 10.9%) and has been determined by iterative computation so that the value in use determined using pre-tax cash flows and a pre-tax discount rate equals the value in use determined using post-tax cash flows and a post-tax discount rate. The weighted average post-tax discount rate used is 8.0% (2022: 8.6%), which includes country specific premiums when applicable. Observations from impairment testing The annual impairment test at 31 December 2023 and sensitivity analysis around the key assumptions in that test have indicated sufficient headroom for all CGUs, and as such a reasonably possible change in any of the assumptions would not cause the recoverable amount to be less than the carrying value. The expected future cash flows used in the goodwill impairment analysis are based on management\u2019s estimates. Events in our end-markets as well as the financial markets and the overall economy may have an adverse impact on the estimated future cash flows of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19443": {
"value": "15 Property, plant & equipmentProperty, plant & equipment is measured at cost less accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition of the assets. Subsequent costs are recognized in the carrying amount of Property, plant & equipment if it is probable that future economic benefits will be obtained. The costs of day-to-day servicing of property, plant & equipment are expensed as incurred. Depreciation is calculated using the straight-line method to allocate the cost of an asset net of its residual value, over its estimated useful life or, in the case of leasehold improvements, the shorter of the asset's useful life and the lease term. The estimated useful life of Property, plant & equipment vary according to their respective categories, as shown in the table hereafter. Category Years Land Not depreciated Buildings Not exceeding 30 Furnitures and fixtures Not exceeding 5 (IT) equipment Not exceeding 5 Property, plant and equipment under development Not depreciated (yet) Depreciation methods and useful life, as well as residual values, are reassessed annually. When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (major components) of Property, plant & equipment. Gains on the sale of an item of Property, plant & equipment are determined by comparing the proceeds from disposal with the carrying amount of Property, plant & equipment and are recognized within Other income in the Consolidated income statement. Losses on the sale of an item of Property, plant & equipment are recognized within Other operational costs in the Consolidated income statement. The determination of impairment of Property, plant & equipment involves the use of estimates. The recoverable amount is determined by discounting the estimated future cash flows to present value using a discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. The identification of impairment indicators, as well as the estimation of future cash flows, discount rates and the determination of the fair value for the assets requires management to make significant judgements In 2023 and 2022, no changes were made in the useful lives, depreciation methods and the residual values of Property, plant & equipment elements that materially impacted the Company. No properties were registered as security for bank loans. In \u20ac thousands Land and Buildings 1 Furniture and fixtures 1 IT equipment Property, plant and equipment under development Total Cost 56,203 113,219 119,815 5,240 294,477 Accumulated depreciation (42,872) (76,581) (92,473) - (211,926) Balance at 1 January 2022 13,331 36,638 27,342 5,240 82,551 Additions 7,150 10,126 17,086 2,551 36,913 Acquisitions/ divestments 15,832 5,969 3,596 (39) 25,358 Disposals (32) (3,543) (681) (186) (4,442) Reclassifications 383 (1,166) 4,550 (3,521) 246 Depreciation charges (4,863) (11,392) (15,226) - (31,481) Exchange rate differences (613) 6 (30) 264 (373) Movement 2022 17,857 - 9,295 (931) 26,221 Cost 78,923 124,611 144,336 4,309 352,179 Accumulated depreciation (47,735) (87,973) (107,699) - (243,407) At 31 December 2022 1 31,188 36,638 36,637 4,309 108,772 Additions 5,680 7,597 18,426 (446) 31,257 Disposals (35) (880) (33) (40) (988) Reclassifications 2,473 (3,760) 295 1,308 316 Depreciation charges (5,636) (11,178) (19,091) - (35,905) Exchange rate differences (758) (79) (295) (83) (1,215) Movement 2023 1,724 (8,300) (698) 739 (6,535) Cost 71,936 81,030 128,735 5,048 286,749 Accumulated depreciation (39,024) (52,692) (92,796) - (184,512) At 31 December 2023 32,912 28,338 35,939 5,048 102,237 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 For more details on acquisitions and divestments, see note 6. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19446": {
"value": "Property, plant & equipment is measured at cost less accumulated depreciation and impairment losses. Costs include expenditures that are directly attributable to the acquisition of the assets. Subsequent costs are recognized in the carrying amount of Property, plant & equipment if it is probable that future economic benefits will be obtained. The costs of day-to-day servicing of property, plant & equipment are expensed as incurred. Depreciation is calculated using the straight-line method to allocate the cost of an asset net of its residual value, over its estimated useful life or, in the case of leasehold improvements, the shorter of the asset's useful life and the lease term. The estimated useful life of Property, plant & equipment vary according to their respective categories, as shown in the table hereafter. Category Years Land Not depreciated Buildings Not exceeding 30 Furnitures and fixtures Not exceeding 5 (IT) equipment Not exceeding 5 Property, plant and equipment under development Not depreciated (yet) Depreciation methods and useful life, as well as residual values, are reassessed annually. When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (major components) of Property, plant & equipment. Gains on the sale of an item of Property, plant & equipment are determined by comparing the proceeds from disposal with the carrying amount of Property, plant & equipment and are recognized within Other income in the Consolidated income statement. Losses on the sale of an item of Property, plant & equipment are recognized within Other operational costs in the Consolidated income statement. The determination of impairment of Property, plant & equipment involves the use of estimates. The recoverable amount is determined by discounting the estimated future cash flows to present value using a discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. The identification of impairment indicators, as well as the estimation of future cash flows, discount rates and the determination of the fair value for the assets requires management to make significant judgements ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19453": {
"value": "Depreciation is calculated using the straight-line method to allocate the cost of an asset net of its residual value, over its estimated useful life or, in the case of leasehold improvements, the shorter of the asset's useful life and the lease term. The estimated useful life of Property, plant & equipment vary according to their respective categories, as shown in the table hereafter. Category Years Land Not depreciated Buildings Not exceeding 30 Furnitures and fixtures Not exceeding 5 (IT) equipment Not exceeding 5 Property, plant and equipment under development Not depreciated (yet) Depreciation methods and useful life, as well as residual values, are reassessed annually. When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (major components) of Property, plant & equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19657": {
"value": "16 Right-of-use assets and lease liabilitiesA contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed when the Group has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. Contracts may contain both lease and non-lease components. The Group allocates the consideration to these components based on its relative stand-alone prices. Non-lease components are not included in the right-of-use asset and lease liability but accounted for separately. Right-of-use assets At commencement of a lease, the Group measures right-of-use assets initially at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The cost of the right-of-use assets comprise the following: \u2022 Amount of the initial measurement of the lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received at or after the commencement date; \u2022 Any initial direct costs; and \u2022 Restoration costs i.e estimate of the costs to be incurred for dismantling, removal and/ or restoration to the conditions required by the terms of the lease. See note 28 for the accounting policy on provisions for right-of-use assets (restoration provisions). Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Lease liabilities Lease liabilities are initially measured at the present value of the future lease payments that are not paid at the commencement date discounted using an implicit rate of interest, unless this cannot readily be determined, in which case an incremental borrowing rate is used. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate or the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Judgment is applied to determine the lease term for some lease contracts in which it is a lessee that include renewal and termination options. The assessment of whether the Group is reasonably certain to exercise such option impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. At reporting date all facts and circumstances are considered that create an economic incentive in determining whether it is reasonably certain that an extension or termination option will be recognized. Changes in the estimate are recognized prospectively. Incremental Borrowing Rate The Incremental Borrowing Rate (IBR) is determined based on a build-up approach, whereby each category of leases has an IBR based on the country (and currency) of the lessee and the lease term. Lease incentives Lease incentives are deducted from the right of use assets if received before the commencement date of the lease; they are deducted from the lease liability if received at or after the commencement date of the lease. Amounts received for leasehold improvements are depreciated over a period not longer than the lease term. Short-term and low value leases Payments associated with short-term and/or low value leases are recognized on a straight-line basis as an expense in profit or loss. As a lessor The Group sub-leases some of its buildings, although not significant. The head leases are presented in the right-of-use assets and the sub-lease contracts are treated as operating leases under IFRS 16. Income from sub-leases is presented in Other income, see note 8. Rent concessions Rent concessions are accounted for as lease modifications by the Group. This note provides information for leases where the Group is a lessee.Leasing activities The Group\u2019s lease portfolio consists of almost 2,790 active lease contracts at 31 December 2023 (2022: 2,504), mainly related to real-estate and vehicles lease contracts. Approximately 89% of the value of the lease liability is from land and buildings. Lease terms Lease terms are generally negotiated locally, with support from the Global Workplace director and/or regional real estate or procurement teams where needed. Contracts are negotiated on an individual basis and contain a wide range of terms and conditions, such as early termination clauses and renewal rights. They may contain both lease and non-lease components, whereby the Group has elected not to include the service element in leases (e.g. fuel, insurance) in the right-of-use asset and lease liability. Termination clauses and renewal rights are included in several real estate leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group\u2019s operations. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise a renewal right, or not exercise a termination clause. Both extension and termination options are however only included in the lease term if it is reasonably certain that a lease will be extended or terminated. Factors that are considered in terminating or renewing leases include amongst others: \u2022 Significant penalties involved; \u2022 Leasehold improvements made with a significant remaining value; and \u2022 Costs and business disruption required to replace a leased asset. An amount of \u20ac17 million (2022: \u20ac19 million) extension and/or renewal options are included in the Group\u2019s lease liability at 31 December 2023 reflecting that the Group could not replace leased assets without significant cost or business disruption. As at 31 December 2023, potential future cash outflows of \u20ac152 million (undiscounted) (2022: \u20ac164 million) have not been included in the lease liability because it is not reasonably certain that the leases will be extended (or not terminated). During 2023, the financial impact of the reassessment of reasonable certainty led to a decrease in recognized lease liabilities and right-of-use assets of \u20ac2.6 million (2022: \u20ac5.5 million). If the leased asset is abandoned, the depreciation of the Right-of-use asset needs adjustment as of the date the lessee makes the decision to abandon the asset, so that as of the cease use date, the carrying amount of the Right-of-use asset is zero. Assuming there are no changes in the lease payments, the lease liability will remain the same. Right-of-use assets with a carrying value of \u20ac2.7 million (2022: nil) were abandoned during the year. However, the abandoned lease will be partially subleased in 2024, hence accelerated depreciation of the right-of-use asset amounts to \u20ac0.2 million. The remaining lease liabilities for the abandoned leases amount to \u20ac2.8 million (2022: \u20ac0.8 million). The Group does not have leases with variable lease payments and does not provide residual value guarantees. Maturity profile The undiscounted value of lease commitments as at 31 December 2023 amounts to \u20ac315.1 million (2022: \u20ac351.2 million) and the maturity is as shown in the table below. Maturity 2023 2022 1 0 - 1 Year 72,600 76,314 1 - 2 Year 57,879 61,864 2 - 3 Year 47,329 51,169 3 - 4 Year 39,706 42,020 4 - 5 Year 29,879 34,986 > 5 Year 67,728 84,832 Total 315,121 351,185 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 The undiscounted maturity of all sub-leasing contracts at 31 December 2023 amounts to \u20ac0.2 million (2022: \u20ac0.3 million) and is not material for the Group. Amounts recognized in the Consolidated balance sheet Right-of-use assets The following right-of-use assets are recognized in the balance sheet: In \u20ac thousands Leased land and buildings 1 Leased furnitures and fixtures 1 Leased (IT) equipment 1 Leased vehicles 1 Total Balance at 1 January 2022 204,705 434 1,502 22,346 228,987 Additions and remeasurements 40,118 (69) 52 7,947 48,048 Depreciation charges (55,275) (200) (1,149) (10,870) (67,494) Acquisitions/ divestments 73,175 592 1,169 1,834 76,770 Derecognitions (277) (36) - (84) (397) Exchange rate differences (1,720) 22 48 171 (1,479) Movement 2022 56,021 309 120 (1,002) 55,448 At 31 December 2022 1 260,726 743 1,622 21,344 284,435 Additions and remeasurements 21,150 488 923 17,851 40,412 Depreciation charges (58,139) (624) (792) (13,220) (72,775) Derecognitions (392) 13 (6) (442) (827) Exchange rate differences (2,447) (15) (25) (38) (2,525) Movement 2023 (39,828) (138) 100 4,151 (35,715) At 31 December 2023 220,898 605 1,722 25,495 248,720 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Lease liabilities The following lease liabilities are recognized in the balance sheet: In \u20ac thousands 2023 2022 1 Balance at 1 January 315,117 255,015 Additions and remeasurements 39,390 48,380 Payments (79,251) (70,610) Acquisitions/ divestments - 76,516 Interest 9,017 7,292 Exchange rate differences (2,966) (1,476) Closing balance 281,307 315,117 Non-current 210,940 242,980 Current 70,367 72,137 Total 281,307 315,117 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Right-of-use assets and lease liabilities decreased mainly due to lease terminations in several office spaces in the US, in line with the Company\u2019s plan to fully maximize the utilization of leases among numerous subsidiaries in the region. This is partially offset by additions and remeasurements as a result of new office leases and vehicle leases in central Europe and lease extensions exercised during the period. Amounts recognized in the Consolidated income statement In \u20ac thousands Note 2023 2022 1 Depreciation 72,775 67,654 Interest expense 11 9,017 7,292 Other operational costs for short-term leases 9 5,047 4,128 Other operational costs for low-value leases 9 4,102 301 Other income for gain on derecognition lease 8 (120) (301) Other income from sub-leasing 8 (256) (139) Total 90,565 78,935 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19660": {
"value": "A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed when the Group has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. Contracts may contain both lease and non-lease components. The Group allocates the consideration to these components based on its relative stand-alone prices. Non-lease components are not included in the right-of-use asset and lease liability but accounted for separately. Right-of-use assets At commencement of a lease, the Group measures right-of-use assets initially at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The cost of the right-of-use assets comprise the following: \u2022 Amount of the initial measurement of the lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received at or after the commencement date; \u2022 Any initial direct costs; and \u2022 Restoration costs i.e estimate of the costs to be incurred for dismantling, removal and/ or restoration to the conditions required by the terms of the lease. See note 28 for the accounting policy on provisions for right-of-use assets (restoration provisions). Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Lease liabilities Lease liabilities are initially measured at the present value of the future lease payments that are not paid at the commencement date discounted using an implicit rate of interest, unless this cannot readily be determined, in which case an incremental borrowing rate is used. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate or the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Judgment is applied to determine the lease term for some lease contracts in which it is a lessee that include renewal and termination options. The assessment of whether the Group is reasonably certain to exercise such option impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. At reporting date all facts and circumstances are considered that create an economic incentive in determining whether it is reasonably certain that an extension or termination option will be recognized. Changes in the estimate are recognized prospectively. Incremental Borrowing Rate The Incremental Borrowing Rate (IBR) is determined based on a build-up approach, whereby each category of leases has an IBR based on the country (and currency) of the lessee and the lease term. Lease incentives Lease incentives are deducted from the right of use assets if received before the commencement date of the lease; they are deducted from the lease liability if received at or after the commencement date of the lease. Amounts received for leasehold improvements are depreciated over a period not longer than the lease term. Short-term and low value leases Payments associated with short-term and/or low value leases are recognized on a straight-line basis as an expense in profit or loss. As a lessor The Group sub-leases some of its buildings, although not significant. The head leases are presented in the right-of-use assets and the sub-lease contracts are treated as operating leases under IFRS 16. Income from sub-leases is presented in Other income, see note 8. Rent concessions Rent concessions are accounted for as lease modifications by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20032": {
"value": "17 Investments accounted for using the equity methodJoint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. Investments in associates and joint ventures The nature of business of the Group\u2019s associates and joint ventures are similar. They provide comprehensive knowledge-based consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The most significant investments in associates and joint ventures are listed below. Name of entity Place of business/ country of incorporation Associate/ joint venture % of ownership interest 2023 % of ownership interest 2022 G\u00e9odynamique et Structure S.A. France Associate 48.68% 48.68% Asset Rail B.V. Netherlands Associate 40.00% 40.00% CARE/RTKL Ltd Saudi Arabia Joint venture 45.00% 45.00% TECHT Ltd United Kingdom Joint venture 50.00% 50.00% The movement in associates and joint ventures in the Consolidated balance sheet is as follows: In \u20ac thousands Associates 2023 Associates 2022 Joint ventures 2023 Joint ventures 2022 Total 2023 Total 2022 Balance at 1 January 9,504 17,594 2,129 1,250 11,633 18,844 Share in result by Arcadis 4,171 2,156 (118) (568) 4,053 1,588 Investments 24 - 62 1,695 86 1,695 Divestments - - - - - - Received dividends (3,910) (10,268) (416) (263) (4,326) (10,531) Exchange rate differences (18) 22 (47) 15 (65) 37 Balance at 31 December 9,771 9,504 1,610 2,129 11,381 11,633 There are no loans to associates or joint ventures outstanding as at 31 December 2023 (2022: nil). The joint ventures have share capital consisting solely of ordinary shares, which are held indirectly by the Group, and are non-listed shares. As such there is no available quoted market price for the shares. The Group has no contingent liabilities relating to interests in joint ventures at 31 December 2023 (2022: nil). The \u20ac3.9 million dividend received in 2023 was a result of share of last year net income and good cash position at the end of year while the \u20ac10.3 million dividend received in 2022 was a result of a favorable outcome of a commercial arbitration held in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20035": {
"value": "Joint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20037": {
"value": "Joint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. Investments in associates and joint ventures The nature of business of the Group\u2019s associates and joint ventures are similar. They provide comprehensive knowledge-based consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The most significant investments in associates and joint ventures are listed below. Name of entity Place of business/ country of incorporation Associate/ joint venture % of ownership interest 2023 % of ownership interest 2022 G\u00e9odynamique et Structure S.A. France Associate 48.68% 48.68% Asset Rail B.V. Netherlands Associate 40.00% 40.00% CARE/RTKL Ltd Saudi Arabia Joint venture 45.00% 45.00% TECHT Ltd United Kingdom Joint venture 50.00% 50.00% The movement in associates and joint ventures in the Consolidated balance sheet is as follows: In \u20ac thousands Associates 2023 Associates 2022 Joint ventures 2023 Joint ventures 2022 Total 2023 Total 2022 Balance at 1 January 9,504 17,594 2,129 1,250 11,633 18,844 Share in result by Arcadis 4,171 2,156 (118) (568) 4,053 1,588 Investments 24 - 62 1,695 86 1,695 Divestments - - - - - - Received dividends (3,910) (10,268) (416) (263) (4,326) (10,531) Exchange rate differences (18) 22 (47) 15 (65) 37 Balance at 31 December 9,771 9,504 1,610 2,129 11,381 11,633 There are no loans to associates or joint ventures outstanding as at 31 December 2023 (2022: nil). The joint ventures have share capital consisting solely of ordinary shares, which are held indirectly by the Group, and are non-listed shares. As such there is no available quoted market price for the shares. The Group has no contingent liabilities relating to interests in joint ventures at 31 December 2023 (2022: nil). The \u20ac3.9 million dividend received in 2023 was a result of share of last year net income and good cash position at the end of year while the \u20ac10.3 million dividend received in 2022 was a result of a favorable outcome of a commercial arbitration held in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20038": {
"value": "Joint arrangements Investments in joint arrangements are classified as either joint ventures or joint operations. The classification depends on the contractual rights and obligations, rather than the legal structure of the joint arrangement. Joint ventures are joint arrangements 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. Joint ventures are accounted for using the equity method, where interests in joint ventures are initially recognized at cost, including transaction cost. Subsequently the Group\u2019s share of the profit or loss and movements in other comprehensive income are included in the Consolidated financial statements, whereby the calculation is based on the Group\u2019s accounting policies. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in a joint venture, the Group does not recognize further losses. Joint operations are joint arrangements whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operations are accounted for the Group\u2019s direct rights to the assets, liabilities, revenues and expenses of the joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These are combined on a line-by-line basis with corresponding items in the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20055": {
"value": "Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. Investments in associates and joint ventures The nature of business of the Group\u2019s associates and joint ventures are similar. They provide comprehensive knowledge-based consultancy, design, engineering and management services in the area of infrastructure, water, environment and buildings. The most significant investments in associates and joint ventures are listed below. Name of entity Place of business/ country of incorporation Associate/ joint venture % of ownership interest 2023 % of ownership interest 2022 G\u00e9odynamique et Structure S.A. France Associate 48.68% 48.68% Asset Rail B.V. Netherlands Associate 40.00% 40.00% CARE/RTKL Ltd Saudi Arabia Joint venture 45.00% 45.00% TECHT Ltd United Kingdom Joint venture 50.00% 50.00% The movement in associates and joint ventures in the Consolidated balance sheet is as follows: In \u20ac thousands Associates 2023 Associates 2022 Joint ventures 2023 Joint ventures 2022 Total 2023 Total 2022 Balance at 1 January 9,504 17,594 2,129 1,250 11,633 18,844 Share in result by Arcadis 4,171 2,156 (118) (568) 4,053 1,588 Investments 24 - 62 1,695 86 1,695 Divestments - - - - - - Received dividends (3,910) (10,268) (416) (263) (4,326) (10,531) Exchange rate differences (18) 22 (47) 15 (65) 37 Balance at 31 December 9,771 9,504 1,610 2,129 11,381 11,633 There are no loans to associates or joint ventures outstanding as at 31 December 2023 (2022: nil). The joint ventures have share capital consisting solely of ordinary shares, which are held indirectly by the Group, and are non-listed shares. As such there is no available quoted market price for the shares. The Group has no contingent liabilities relating to interests in joint ventures at 31 December 2023 (2022: nil). The \u20ac3.9 million dividend received in 2023 was a result of share of last year net income and good cash position at the end of year while the \u20ac10.3 million dividend received in 2022 was a result of a favorable outcome of a commercial arbitration held in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20056": {
"value": "Associates Associates are those entities in which the Group has significant influence, but no control over financial and operating policies. Significant influence is presumed to exist when the Group holds more than 20% of the voting power of the entity. Associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. Initially, investments in associates are recognized at cost, including transaction cost. Goodwill identified on the acquisition of the associate is included in the carrying amount of the investment. The Consolidated financial statements include the Group\u2019s share of the net profit or loss and other comprehensive income of the associates, after adjustments to align the accounting policies with those of the Group. The application of the equity method is applied to loans that form part of a Net investment. Loans to associates are carried at amortized cost less any expected credit losses. The Group applies the Expected Credit Loss model to loans that form part of the Net investment, before recognizing its share of losses from application of the equity method on these loans. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20198": {
"value": "18 Other investmentsOther investments relate to interests in companies over which the Group has no significant influence nor control. Other investments are accounted for at fair value through profit or loss. In \u20ac thousands 2023 2022 Balance at 1 January 3,609 2,152 Investments - 1,227 Acquisitions through business combination - 1,603 Divestments - (1,137) Fair value changes 696 (180) Exchange rate differences (10) (56) Balance at 31 December 4,295 3,609 The other investments at 31 December 2023 mainly corresponds to: \u2022 Value of the investment in the Techstars cohorts for \u20ac2.5 million (2022: \u20ac1.8 million). \u2022 Value of investment in Switch Energy for \u20ac1.1 million (2022: \u20ac1.1 million), acquired through IBI Group business combination. A level 3 valuation was used to determine the fair value. Due to the inherent uncertainty of valuation of privately held companies, the fair value may however differ from what would have been used had a readily available market existed for all companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20202": {
"value": "Other investments relate to interests in companies over which the Group has no significant influence nor control. Other investments are accounted for at fair value through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20260": {
"value": "19 DerivativesGeneral The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. The fair value of derivatives held by the Company as at the balance sheet date is presented in the table below: Assets Liabilities Total In \u20ac thousands 2023 2022 2023 2022 2023 2022 Interest rate derivatives: Current - - - 2,401 - (2,401) Non-current - - 1,790 - (1,790) - Foreign exchange derivatives: Current 8,197 15,943 9,353 19,503 (1,156) (3,560) Non-current - - - - - - Total 8,197 15,943 11,143 21,904 (2,946) (5,961) See note 31 for the Group Treasury policy and the valuation techniques used for the derivatives. Group Treasury is consulted by entities for alignment of hedge accounting with the Group Treasury policy guidelines and assisted with documentation of the hedge relationship, derivatives valuations and effectiveness testing. As per 31 December 2023, the Group has \u20ac185.0 million (notional amount) of floating-to-fixed interest rate swaps to manage the interest rate risk on the \u20ac185.0 million Schuldschein loans issued in July 2023. The market value of these derivatives at 31 December 2023 was \u20ac1.8 million negative (2022: not applicable) and hedge accounting is applied on these derivatives. Of these interest rate swaps, \u20ac100.0 million will mature in January 2025 and \u20ac85.0 million will mature in January 2026. In October 2023, the \u20ac40.0 million fixed-to-floating cross currency interest rate swap to manage the currency and interest rate risk of a subsidiary matured. Effects of hedge accounting on the financial position and performance In \u20ac thousands 2023 2022 Cross currency interest rate swaps Notional amount - 40,000 Maturity date n/a 2023 Hedge ratio - 1:1 Change in fair value of outstanding hedging instruments - (3,777) Change in value of hedged item used to determine hedge effectiveness - 3,921 Ineffectiveness - (37) In \u20ac thousands 2023 2022 Interest rate swaps maturing in 2025 Notional amount 100,000 - Maturity date 2025 n/a Hedge ratio 1:1 n/a Change in fair value of outstanding hedging instruments (544) - Change in value of hedged item used to determine hedge effectiveness 517 - Ineffectiveness (27) - In \u20ac thousands 2023 2022 Interest rate swaps maturing in 2026 Notional amount 85,000 - Maturity date 2026 n/a Hedge ratio 1:1 n/a Change in fair value of outstanding hedging instruments (1,354) - Change in value of hedged item used to determine hedge effectiveness 1,273 - Ineffectiveness (81) - During 2023, the Group hedged currency exposures related to transactions in currencies other than the functional currency for subsidiaries by way of foreign exchange forward rate contracts in order to minimize volatility in the operating income of these subsidiaries due to changes in foreign exchange rates. In addition, foreign currency corporate balance sheet positions arising due to foreign currency receivables, payables and loan balances were hedged by way of foreign exchange forward rate contracts and foreign exchange swaps. The movements in fair value of all derivatives are shown in the table below: In \u20ac thousands 2023 2022 Balance at 1 January (5,961) 2,271 Changes in Income statement (6,773) (3,574) Changes through Other comprehensive income (1,648) 129 Cash settlement derivatives 11,746 (2,549) Exchange rate differences (310) (2,238) Balance at 31 December (2,946) (5,961) The change in fair value of derivatives recognized in profit or loss is \u20ac3.8 million positive (2022: \u20ac0.6 million negative) together with foreign exchange results of \u20ac9.5 million negative (2022: \u20ac4.3 million negative) also flowing through profit or loss. Hence the overall profit or loss effect of foreign exchange contracts and derivatives amounts to \u20ac5.7 million negative (2022: \u20ac4.9 million negative). Hedging reserve The total (after-tax) amount included in Other comprehensive income, on the line hedging reserve within equity, can be specified as follows: In \u20ac thousands 2023 2022 Interest rate derivatives (1,139) 395 Foreign exchange derivatives (classified as cash flow hedges) 269 269 Cost of hedging reserve - 114 Total (870) 778 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20265": {
"value": "General The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20266": {
"value": "General The Group uses derivatives in order to hedge the exposure to foreign exchange risks and interest rate risks arising from operational, financing and investment activities. Derivatives to be used for hedging purposes can include forward foreign exchange rate contracts, foreign exchange swaps and interest rate swaps and a combination of those, such as cross-currency interest rate swaps. The Group does not hold or issue derivatives for trading purposes. To the extent possible Hedge accounting is applied for cash flow hedges related to forecasted transactions and fair value hedges.. Measurement and recognition All derivative financial instruments are initially recognized at fair value. Attributable transaction costs are recognized in profit or loss when incurred. Subsequently, derivatives are measured at fair value derived from market prices of the instruments or valuation techniques, with the fair value changes recognized in profit or loss, unless hedge accounting is applied. A gain or loss on remeasurement to the fair value of the interest rate derivatives is recognized in profit or loss under fair value change of derivatives. The fair value changes of forward foreign exchange contracts are recognized in operating income. The carrying values of the derivatives are recognized in the balance sheet as derivatives, which can be classified as current or non-current assets or liabilities, depending on the maturity of the contracts. Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20281": {
"value": "Hedge accounting For a cash flow hedge of a forecasted transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. In specific cases hedge accounting is applied for cash flow hedges. In that case, the effective part of the fair value change of those derivatives is deferred in Other comprehensive income and presented in the hedging reserve in Equity. The hedging reserve includes the cash flow hedge reserve and the costs of hedging. Changes in the fair value of the currency basis since the inception of the hedging relationship will be deferred into a separate component of Other comprehensive income. The amount recognized in Other comprehensive income as cash flow hedge reserve is released to the related lines in profit or loss at the same time as the hedged cash flows affect profit or loss. Any ineffective portion of change in the fair value of the derivatives is included in profit or loss immediately. At inception of the hedge, the relationship between the hedging instrument and the hedged item is documented \u2013 including the risk management objectives, strategy of undertaking the hedge transaction, the hedged risk \u2013 and, in case of hedge accounting, the methods that will be used to assess the effectiveness of the hedge. Both at the inception of the hedge and at each reporting date, the Group makes an assessment whether the derivatives used are highly effective in offsetting changes in fair values of the cash flows of the hedged items. The economic relationship between the hedging instrument and the hedged item is, amongst others, determined based upon matching notional amounts, a minimal fair value of the hedging instrument at inception, matching the underlying hedged risk (interest benchmark rate or currency pair), matching repricing and payment dates and an assessment of the likelihood of default of the hedging counterparty. Sources of ineffectiveness can, amongst others, be driven by movements in the credit spread of Arcadis and the relevant hedging counterparty, mismatch of payment flow frequencies, mismatch of interest conditions, such as interest floors and possible changes to the critical terms of the economic relationship. When a derivative ceases to be highly effective or in case of early redemption of the hedged item, hedge accounting is discontinued prospectively. When a cash flow hedge relationship is terminated, the fair value changes deferred in the cash flow hedging reserve in equity are released to profit or loss under the fair value change of derivatives only when the hedged transaction is no longer expected to occur. Otherwise, these fair value changes will be released to profit or loss at the same time as the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20310": {
"value": "Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. Fair value The fair values of financial assets and liabilities together with the carrying amounts recognized in the Consolidated balance sheet, are as follows: Carrying value per IFRS 9 category In \u20ac thousands Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value At 31 December 2023 Investments in associates and joint ventures 11,381 11,381 - - - - - Other investments 4,295 - - 4,295 - 4,295 4,295 Other non-current assets 20,414 - 20,414 - - 20,414 20,414 Trade receivables 728,555 - 728,555 - - 728,555 728,555 Derivatives 8,197 - - 9,716 (1,519) 8,197 8,197 Cash and cash equivalents 289,878 - 289,878 - - 289,878 289,878 Total Financial assets 1,062,720 11,381 1,038,847 14,011 (1,519) 1,051,339 1,051,339 Loans and borrowings: Non-current 870,923 - 870,923 - - 870,923 874,534 Current - - - - - - - Derivatives 11,143 - - 11,143 - 11,143 11,143 Accounts payable 312,641 - 312,641 - - 312,641 312,641 Lease liabilities 281,307 - 281,307 - - 281,307 281,307 Deferred consideration 2,400 - - 2,400 - 2,400 2,400 Bank overdrafts and short-term bank debts 10,359 - 10,359 - - 10,359 10,359 Total Financial liabilities 1,488,773 - 1,475,230 13,543 - 1,488,773 1,492,384 Carrying value per IFRS 9 category Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value In \u20ac thousands At 31 December 2022 Investments in associates and joint ventures 11,633 11,633 - - - - - Other investments 3,609 - - 3,609 - 3,609 3,609 Other non-current assets 1 20,274 - 20,274 - - 20,274 20,274 Trade receivables 1 726,847 - 726,847 - - 726,847 726,847 Derivatives 15,943 - - 15,814 129 15,943 15,943 Cash and cash equivalents 272,754 - 272,754 - - 272,754 272,754 Total Financial assets 1,051,060 11,633 1,019,875 19,423 129 1,039,427 1,039,427 Loans and borrowings: Non-current 901,935 - 901,935 - - 901,935 895,671 Current 56,230 - 56,230 - - 56,230 56,238 Derivatives 21,904 - - 21,904 - 21,904 21,904 Accounts payable 1 334,110 - 334,110 - - 334,110 334,110 Lease liabilities 1 315,117 - 315,117 - - 315,117 315,117 Deferred consideration 5,309 - - 5,309 - 5,309 5,309 Bank overdrafts and short-term bank debts 15,156 - 15,156 - - 15,156 15,156 Total Financial liabilities 1,649,761 - 1,622,548 27,213 - 1,649,761 1,643,505 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Fair value hierarchy The financial instruments carried at fair value are analyzed by valuation method, using the following levels: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). All financial instruments carried at fair value within the Group are categorized in Level 2, except for the other investment in Techstars and the deferred consideration whereby a Level 3 valuation has been used (see note 18). The fair value of foreign exchange forward rate contracts is based on quoted market prices at the balance sheet date, being the present value of the quoted forward price. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the term and maturity of the contract, using market interest rates. The fair value of interest rate swaps is calculated by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at measurement date. These calculations are tested for reasonableness by comparing them with bank valuations. The fair value of loans and receivables is based on the present value of future principal and interest cash flows, discounted at the Group specific market rate of interest at reporting date. For financial leases the market rate of interest is determined by reference to similar lease agreements. The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at reporting date. Due to the short-term character of the receivables, the fair value equals the carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20311": {
"value": "Fair value A fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of derivatives is determined by using valuation models that incorporate various inputs, such as forward interest rate curves and the credit worthiness of counterparties. The methods and assumptions used to estimate the fair value are consistent with the prior year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20532": {
"value": "20 Other non-current assetsIn \u20ac thousands 2023 2022 1 Balance at 1 January 20,274 22,213 New receivables 4,587 3,515 Acquisitions through business combination - 2,588 Received (4,360) (6,767) Exchange rate differences (87) 686 Reclassification to short term - (1,961) Balance at 31 December 20,414 20,274 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other non-current assets include long-term receivables of \u20ac10.5 million (2022: \u20ac9.0 million) related to the deferred compensation plan in the United States of America operating company, see note 27 for further details. The remaining amount consists of various other long-term receivables such as rental deposits, judicial deposits and retentions. 23 Other current assetsIn \u20ac thousands 2023 2022 1 Other receivables 39,058 14,182 Prepaid expenses 62,095 57,613 Balance at 31 December 101,153 71,795 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other receivables are non-trade receivables and include, among others, deposits, claims to be received, interest to be received and short-term loans/prepayments to personnel. Prepaid expenses mainly include prepayments of IT service contracts, rent and insurances. Current year balance includes renewal of significant IT software required for the Company\u2019s daily operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20533": {
"value": "20 Other non-current assetsIn \u20ac thousands 2023 2022 1 Balance at 1 January 20,274 22,213 New receivables 4,587 3,515 Acquisitions through business combination - 2,588 Received (4,360) (6,767) Exchange rate differences (87) 686 Reclassification to short term - (1,961) Balance at 31 December 20,414 20,274 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other non-current assets include long-term receivables of \u20ac10.5 million (2022: \u20ac9.0 million) related to the deferred compensation plan in the United States of America operating company, see note 27 for further details. The remaining amount consists of various other long-term receivables such as rental deposits, judicial deposits and retentions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20574": {
"value": "21 Trade receivables Trade receivables include amounts billed to customers for work performed but not yet paid by the clients, and which are expected to be collected within a year after reporting date. Trade receivables are initially measured at fair value, which normally represents the consideration the Company expects to receive within the payment term (invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Subsequently Trade receivables are measured at the consideration expected to be collected. The Company uses the Expected Credit Loss (ECL) model. Trade receivables are reviewed for collectability on a case-by-case basis at regular intervals. If a Trade receivable is considered credit impaired (e.g. the customer has failed to make a payment when contractually due) the expected loss is determined as the difference between the carrying amount and the recoverable amount. The recoverable amount is the present value of expected future cash flows discounted at the effective market interest rates. A simplified approach is applied that uses a lifetime expected loss allowance to recognize losses for possible impairment of Trade receivables that are not individually impaired yet. The Expected Credit Loss is recognized in Other operational costs. In \u20ac thousands 2023 2022 1 Trade receivables 789,386 781,339 Provision for trade receivables (individually impaired bad debt) (60,105) (53,702) Provision for trade receivables (Expected Credit Loss) (726) (790) Receivables from associates 2,480 2,767 Total at 31 December 731,035 729,614 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Of the total gross Trade receivables, approximately 3% is subject to a so-called \u2018paid-when-paid\u2019 clause (2022: 6%). They are classified as current as Arcadis expects to collect the amounts within one year. Further information about Arcadis\u2019 exposure to credit risk is included below and in note 31. Ageing of Trade receivables 2023 2022 In \u20ac thousands Gross Receivables Provision bad debt Provision ECL Gross Receivables 1 Provision bad debt Provision ECL Not past due 517,982 (3,420) (292) 508,983 (3,310) (329) Past due 0-30 days 95,572 (821) (19) 86,360 (953) (32) Past due 31-60 days 39,949 (780) (12) 49,840 (1,878) (10) Past due 61-120 days 35,807 (1,178) (72) 33,093 (374) (77) Past due 121-364 days 37,107 (3,851) (226) 42,601 (4,662) (224) More than 364 days due 62,969 (50,055) (105) 60,462 (42,525) (118) Total 789,386 (60,105) (726) 781,339 (53,702) (790) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Individual assessments, in combination with the fact that the actual write-offs of trade receivables in recent years did not cause us to expect that the provision should be significantly higher, resulted in the conclusion that the provision for bad debt is sufficient to cover for Trade receivables for which there is objective evidence of an impairment. Provision for Trade receivables The total provision for Trade receivable includes the Expected Credit Loss for individually non-impaired items (stage 1 and 2) and individually credit impaired items (stage 3). To apply the simplified approach to the \u201chealthy\u201d portfolio, Arcadis grouped the Trade receivables by country and the days past due. No specific measures were taken by the Group to extend credit terms for customers. The expected loss rate for the stage 1 and 2 losses is based on the country risk and varies from 0.0% to 1.0% for positions less than 90 days past due and up to 6.9% for items past due more than 90 days. The total provision for Trade receivables developed as follows: In \u20ac thousands 2023 2022 Opening balance 54,492 53,186 Acquisitions/ divestments - 2,359 Additions charged to profit or loss 17,031 2,885 Release of unused amounts (5,131) (2,467) Remeasurement Expected Credit Loss - 101 Utilizations (4,960) (2,631) Exchange rate differences (601) 1,059 Closing balance 60,831 54,492 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20576": {
"value": "Trade receivables Trade receivables include amounts billed to customers for work performed but not yet paid by the clients, and which are expected to be collected within a year after reporting date. Trade receivables are initially measured at fair value, which normally represents the consideration the Company expects to receive within the payment term (invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Subsequently Trade receivables are measured at the consideration expected to be collected. The Company uses the Expected Credit Loss (ECL) model. Trade receivables are reviewed for collectability on a case-by-case basis at regular intervals. If a Trade receivable is considered credit impaired (e.g. the customer has failed to make a payment when contractually due) the expected loss is determined as the difference between the carrying amount and the recoverable amount. The recoverable amount is the present value of expected future cash flows discounted at the effective market interest rates. A simplified approach is applied that uses a lifetime expected loss allowance to recognize losses for possible impairment of Trade receivables that are not individually impaired yet. The Expected Credit Loss is recognized in Other operational costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20714": {
"value": "Provision for Trade receivables The total provision for Trade receivable includes the Expected Credit Loss for individually non-impaired items (stage 1 and 2) and individually credit impaired items (stage 3). To apply the simplified approach to the \u201chealthy\u201d portfolio, Arcadis grouped the Trade receivables by country and the days past due. No specific measures were taken by the Group to extend credit terms for customers. The expected loss rate for the stage 1 and 2 losses is based on the country risk and varies from 0.0% to 1.0% for positions less than 90 days past due and up to 6.9% for items past due more than 90 days. The total provision for Trade receivables developed as follows: In \u20ac thousands 2023 2022 Opening balance 54,492 53,186 Acquisitions/ divestments - 2,359 Additions charged to profit or loss 17,031 2,885 Release of unused amounts (5,131) (2,467) Remeasurement Expected Credit Loss - 101 Utilizations (4,960) (2,631) Exchange rate differences (601) 1,059 Closing balance 60,831 54,492 Expected Credit Loss allowance The Expected Credit Loss allowance developed as follows: In \u20ac thousands 2023 2022 Balance at 1 January 83 1,459 Remeasurement Expected Credit Loss 4,783 (1,376) Balance at 31 December 4,866 83 (A) Credit risks Credit risk arises from receivables from customers as well as cash balances and fair values of derivatives with financial counterparties (e.g. banks). The credit risk on customers is influenced mainly by the individual characteristics of each customer. Arcadis usually invoices clients for services according to the progress of the work. If clients refuse or are unable to meet their contractual payment obligations, the Group may not have sufficient cash to satisfy its liabilities and its growth and continued operations could be adversely impacted. The key objective of the Group\u2019s counterparty risk management is to minimize the risk of losses as a result of failure of an individual financial counterparty that could negatively impact the Group\u2019s results. Arcadis aims to centralize cash balances with banks that have also provided committed credit facilities to the Group in order to reduce this counterparty risk. The exposure to credit risk is monitored on an ongoing basis at local entity and at group level. Normally, Arcadis only deals with counterparties that have a sufficiently strong credit rating. Where possible, Arcadis uses credit ratings provided by external credit rating agencies, thus monitoring creditworthiness in order to manage the related credit risk. Furthermore, Arcadis strongly focuses on clients by strengthening the commercial relationship and being more selective to which clients services are offered. Through systematic account management we aim to build long-term relationships with selected multinational and key national/ local clients. We already have a relationship with the majority of our multinational clients for more than five years. New customers are analyzed individually for creditworthiness before services are offered and monitored regularly. The carrying amount of financial assets represents the maximum credit exposure. Per 31 December 2023, the maximum exposure to credit risk was: In \u20ac thousands Note 2023 2022 1 Financial assets: Trade receivables 21 731,035 729,614 Other receivables 23 39,058 14,182 Other non-current assets 20 20,414 20,274 Derivatives 19 8,197 15,943 Loans to associates and joint ventures 17 - - 798,704 780,013 Cash and cash equivalents less bank overdrafts 24 279,519 257,598 Balance at 31 December 1,078,223 1,037,611 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Trade receivables Trade receivables are presented net of a provision for expected credit losses. The credit risk is measured and analyzed on a local level at regular intervals, taking into consideration, amongst others, the financial situation of the debtor and ageing of receivables. Expected losses are determined in line with IFRS 9, see note 21. The ageing of Trade receivables and the provision for Trade receivables at reporting date is disclosed below and in note 21. The ageing of receivables has led to the recognition of (expected) credit losses and calibration of assumptions as included in the Goodwill impairment test. The movement schedule for the provision for Trade receivables is included in note 21. 2023 2022 In \u20ac thousands Gross Receivables Provision bad debt Provision ECL Gross Receivables 1 Provision bad debt Provision ECL Not past due 517,982 (3,420) (292) 508,983 (3,310) (329) Past due 0-30 days 95,572 (821) (19) 86,360 (953) (32) Past due 31-60 days 39,949 (780) (12) 49,840 (1,878) (10) Past due 61-120 days 35,807 (1,178) (72) 33,093 (374) (77) Past due 121-364 days 37,107 (3,851) (226) 42,601 (4,662) (224) More than 364 days due 62,969 (50,055) (105) 60,462 (42,525) (118) Total 789,386 (60,105) (726) 781,339 (53,702) (790) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 There are various reasons for delays in payments that result in past due amounts and that impact Days Sales Outstanding (DSO). Arcadis has overdue receivables which are generally considered collectible and for which the risk of impairment is remote. Amounts due at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 21. Further details on how Arcadis uses this principle to manage working capital is disclosed in the section on liquidity risk. Other receivables and non-current assets Other receivables and Other non-current assets are monitored for expected credit losses. They do not contain impaired assets and are not past due. Loans to associates and joint ventures Loans to associates and joint ventures are subject to credit risk. At 31 December 2023, no material loans to associates were outstanding. Cash and cash equivalents The credit risk of Cash and cash equivalents is the risk that counterparties are not able to repay amounts owed to Arcadis upon request of Arcadis. The objective of the Group is to minimize credit risk exposure in Cash and cash equivalents by investing in liquid securities and entering into transactions involving derivative financial instruments only with counterparties that have sound credit ratings, a good reputation and belong to the group of Core banks which also provide committed credit facilities. The related risk is monitored on an ongoing basis both at local entity and group level. The Group keeps approximately 62% (2022: 66%) of its cash reserves at our Core banks and is only allowed to invest in short-term, liquid securities with counterparties that have an investment grade rating from Standard & Poor\u2019s, Moody\u2019s or Fitch. Management monitors these ratings and does not expect any such counterparty to fail to meet its obligations in the short-term. The change in percentage of Core banks compared to previous years is mainly caused by the acquisition of IBI Group and DPS Group in 2022 that are using other banks than our own Core banks. The Group is in the process of shifting these bank accounts to our own Core banks. No Expected Credit Losses are recognized on the cash and cash equivalents. Guarantees and letters of credit On behalf of the Group and local entities, financial institutions (such as banks and insurance companies) have provided bank guarantees, surety bonds and letters of credit amounting to \u20ac150.3 million outstanding as at 31 December 2023 (2022: \u20ac151.6 million). In addition, Arcadis NV has provided financial guarantees to banks for a maximum amount of \u20ac160.2 million (2022: \u20ac177.6 million). No Expected Credit Losses are recognized from these guarantees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20715": {
"value": "Provision for Trade receivables The total provision for Trade receivable includes the Expected Credit Loss for individually non-impaired items (stage 1 and 2) and individually credit impaired items (stage 3). To apply the simplified approach to the \u201chealthy\u201d portfolio, Arcadis grouped the Trade receivables by country and the days past due. No specific measures were taken by the Group to extend credit terms for customers. The expected loss rate for the stage 1 and 2 losses is based on the country risk and varies from 0.0% to 1.0% for positions less than 90 days past due and up to 6.9% for items past due more than 90 days. The total provision for Trade receivables developed as follows: In \u20ac thousands 2023 2022 Opening balance 54,492 53,186 Acquisitions/ divestments - 2,359 Additions charged to profit or loss 17,031 2,885 Release of unused amounts (5,131) (2,467) Remeasurement Expected Credit Loss - 101 Utilizations (4,960) (2,631) Exchange rate differences (601) 1,059 Closing balance 60,831 54,492 Expected Credit Loss allowance The Expected Credit Loss allowance developed as follows: In \u20ac thousands 2023 2022 Balance at 1 January 83 1,459 Remeasurement Expected Credit Loss 4,783 (1,376) Balance at 31 December 4,866 83 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20770": {
"value": "22 Contract assets and liabilitiesThe balances of Contract assets and Contract liabilities, as well as the Provision for onerous contracts, are as follows: 2023 2022 In \u20ac thousands Contract assets Contract liabilities Provision for onerous contracts Net position Contract assets 1 Contract liabilities Provision for onerous contracts Net position Cumulative revenue 6,857,283 6,066,817 - 12,924,100 6,385,824 5,310,863 - 11,696,687 Loss provisions - - (12,732) (12,732) - - (24,228) (24,228) Expected Credit Loss allowance (988) (3,878) - (4,866) (83) - - (83) Billings to date (6,276,567) (6,566,210) - (12,842,777) (5,762,592) (5,792,735) - (11,555,327) Total 579,728 (503,271) (12,732) 63,725 623,149 (481,872) (24,228) 117,049 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Advances received and retentions held by clients reported as part of Contract assets and liabilities amount to: In \u20ac thousands 2023 2022 Amount of advances received 149 423 Amount of retentions held by clients 6,577 3,807 Advances received relate to advance payments received from clients on projects not yet started. Retentions relate to amounts retained by clients which will be paid to the Company after successful completion of the contract. The outstanding retentions recognized as part of the Contract assets and liabilities are expected to be collected within a year; an amount of \u20ac1.3 million (2022: \u20ac1.6 million) of retentions have been recognized as \u2018Other non-current assets\u2019 (see note 20). Expected Credit Loss allowance The Expected Credit Loss allowance developed as follows: In \u20ac thousands 2023 2022 Balance at 1 January 83 1,459 Remeasurement Expected Credit Loss 4,783 (1,376) Balance at 31 December 4,866 83 ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20891": {
"value": "23 Other current assetsIn \u20ac thousands 2023 2022 1 Other receivables 39,058 14,182 Prepaid expenses 62,095 57,613 Balance at 31 December 101,153 71,795 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other receivables are non-trade receivables and include, among others, deposits, claims to be received, interest to be received and short-term loans/prepayments to personnel. Prepaid expenses mainly include prepayments of IT service contracts, rent and insurances. Current year balance includes renewal of significant IT software required for the Company\u2019s daily operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20897": {
"value": "In \u20ac thousands 2023 2022 1 Other receivables 39,058 14,182 Prepaid expenses 62,095 57,613 Balance at 31 December 101,153 71,795 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Other receivables are non-trade receivables and include, among others, deposits, claims to be received, interest to be received and short-term loans/prepayments to personnel. Prepaid expenses mainly include prepayments of IT service contracts, rent and insurances. Current year balance includes renewal of significant IT software required for the Company\u2019s daily operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20937": {
"value": "24 Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits maturing within three months from the acquisition date and used by the Company in managing its short-term commitments. For cash flow reporting purposes bank overdrafts are included in Cash and cash equivalents. Cash and cash equivalents at the balance sheet date can be specified as below. In \u20ac thousands 2023 2022 Bank and cash 254,433 240,256 Deposits 35,445 32,498 Balance at 31 December 289,878 272,754 Bank overdrafts (10,359) (15,156) Cash and cash equivalent less bank overdraft 279,519 257,598 The average effective interest rate earned on cash during 2023 was 3.6% (2022: 1.5%). At 31 December 2023, \u20ac270.0 million of Cash and cash equivalents was freely available (2022: \u20ac243.2 million). Restricted cash amounting to \u20ac19.9 million is composed of cash balances mainly held in China (2022: \u20ac29.6 million); the improvement is the result of improved cash repatriation policies. The Group has control over these balances; however, repatriation may be limited due to restrictive local regulatory and judicial requirements. As a result, the cash balances of some countries cannot be fully included in the global cash pooling or liquidity enhancement structures. In line with industry practice, the Company considers cash outside of global cash pooling or liquidity enhancement structures to be restricted if the Group is unable to repatriate cash within a defined period via either dividends, intercompany loans, or settlement of intercompany invoices. At 31 December 2023, Cash and cash equivalents and Bank overdrafts have not been offset (comparable to 2022). The Bank overdraft at 31 December 2023 is \u20ac10.4 million (2022: \u20ac15.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20940": {
"value": "Cash and cash equivalents comprise cash balances and call deposits maturing within three months from the acquisition date and used by the Company in managing its short-term commitments. For cash flow reporting purposes bank overdrafts are included in Cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20966": {
"value": "Restricted cash amounting to \u20ac19.9 million is composed of cash balances mainly held in China (2022: \u20ac29.6 million); the improvement is the result of improved cash repatriation policies. The Group has control over these balances; however, repatriation may be limited due to restrictive local regulatory and judicial requirements. As a result, the cash balances of some countries cannot be fully included in the global cash pooling or liquidity enhancement structures. In line with industry practice, the Company considers cash outside of global cash pooling or liquidity enhancement structures to be restricted if the Group is unable to repatriate cash within a defined period via either dividends, intercompany loans, or settlement of intercompany invoices. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20978": {
"value": "25 Equity attributable to equity holdersShare capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and rights to acquire shares are recognized as a deduction of equity, net of any tax effects. Priority shares and preference shares are classified as equity since these are non-redeemable, or only redeemable at the Company\u2019s option. Dividends on these shares are recognized as distributions within equity. Number of shares Authorized share capital Issued and paid-up capital 2023 Ordinary shares (120,000,000, nominal value \u20ac0.02) 2,400,000 1,808,842 Cumulative preferred (protective) shares (150,000,000, nominal value \u20ac0.02) 3,000,000 - Cumulative financing preferred shares (30,000,000, nominal value \u20ac0.02) 600,000 - Priority shares (600, nominal value \u20ac0.02) 12 12 Total as at 31 December 6,000,012 1,808,854 The development of the number of shares issued/outstanding during 2023 and 2022 are presented in the table below. Number of shares Ordinary shares Priority shares Treasury stock Total issued shares Balance at 1 January 2022 89,009,239 600 1,432,852 90,442,691 Shares issued (stock dividend) - - - - Shares cancelled - - - - Repurchased shares - - - - Exercised shares and options 563,335 - (563,335) - At 31 December 2022 89,572,574 600 869,517 90,442,691 Shares issued (stock dividend) - - - - Shares cancelled - - - - Repurchased shares - - - - Exercised shares and options 400,355 - (400,355) - At 31 December 2023 89,972,929 600 469,162 90,442,691 Priority shares Total number of outstanding priority shares at 31 December 2023 is 600 (2022: 600). In 2023, no preferred (protective) shares or financing preference shares were issued or outstanding. The priority shares have been issued since 1987 and are all held by Stichting Prioriteit Arcadis NV; a foundation with its corporate seat in Arnhem. Special rights under the Articles of Association of Arcadis NV linked to these priority shares concern decision making related to, among others: \u2022 The issuance, acquisition and disposal of shares in the Company; \u2022 Amendments to the Articles of Association; \u2022 The dissolution of the Company and the filing for bankruptcy; \u2022 The entry into or termination of long-term cooperative ventures of substantial significance; and \u2022 Investments (including entering into participations) for an amount equal to at least 25% of the shareholders\u2019 equity. Pursuant to the articles of association of the Priority Foundation, the Board of the Stichting Prioriteit Arcadis NV consists of twenty (20) board members (with six (6) vacancies at 31 December 2023): seven (7) members of Arcadis\u2019 Supervisory Board, two (2) members of Arcadis\u2019 Executive Board, one (1) member of the Executive Leadership Team and all ten (10) members from the Board of Stichting Bellevue (a foundation seated in Amsterdam, whose board members are appointed by and from the international employees of the Group). Cumulative Preferred (Protective) Shares Currently no cumulative preferred (protective) shares have been issued. However, an option agreement to acquire such shares has been entered into between Stichting Preferente Aandelen Arcadis NV (the \u2018Preferred Stock Foundation\u2019) and Arcadis NV under that agreement. The Preferred Stock Foundation has been granted the right to acquire protective shares up to a maximum equal to the number of outstanding shares at the date in question (call option). The Board of the Preferred Stock Foundation consists of three (3) members appointed by the Board itself. The Chairman (or another member) of the Supervisory Board and the CEO (or the other member of the Executive Board) will be invited to attend the board meetings of this foundation. This will not apply if a decision is to be made on the exercise of the option right or the exercise of voting rights on acquired shares. Cumulative financing preferred shares Since 2002, the Articles of Association of Arcadis NV include the possibility to issue cumulative financing preferred shares. Currently, no such shares have been issued. Agreements with shareholders The Articles of Association of Stichting Lovinklaan stipulate that their Articles of Association cannot be amended without prior approval of Stichting Prioriteit Arcadis NV. In a separate agreement between Stichting Prioriteit Arcadis NV and Stichting Lovinklaan it is stipulated that prior approval of Stichting Prioriteit Arcadis NV is required for any resolution concerning the disposal or transfer of shares in Arcadis NV if, as a result of such resolution the number of shares held by Stichting Lovinklaan will drop below 12,000,000 (number of shares held at 31 December 2023: 16,744,304). Issuance of shares The General Meeting decides, with the approval of the Supervisory Board and Stichting Prioriteit Arcadis NV, about the issuance of shares or grant of rights to acquire shares. The General Meeting can also delegate its authority to issue shares, or part thereof, to the Executive Board. As long as any such delegation stands, the General Meeting cannot decide to issue. No shares were issued in 2023 (2022: nil). Purchase of shares As mandated by the General Meeting of Shareholders and with approval from the Supervisory Board and Stichting Prioriteit Arcadis NV, the Executive Board may purchase fully paid-up shares in Arcadis NV. The mandate is not needed in case the shares are purchased to be transferred to employees and to fulfill commitments for stock dividend. As a result of its Long-Term Incentive Plan(s) or related arrangements, Arcadis needs to provide shares to persons working for Arcadis. The intention is to minimize dilution by purchasing (a portion of) the shares needed for such Long-Term Incentive Plan(s) (or related arrangements), as opposed to issuing new shares. The following numbers of shares were repurchased over the past five years: Year Number of shares Price at time of purchase (in \u20ac) 2019 850,000 13.82 to 17.59 2020 504,386 12.30 to 27.96 2021 2,316,830 27.58 to 40.24 2022 - - 2023 - - The repurchased shares are to cover for the vesting/exercise of shares and options granted and commitment for stock dividend. The cash equivalent of the temporary repurchased shares are deducted from Retained earnings. Of the purchased shares, a total number of 400,355 has been placed back in the market through the exercise of options in 2023 (2022: 563,335). Net proceeds included in Retained earnings amounted to \u20ac0.5 million (2022: \u20ac1.3 million). At 31 December 2023, the number of repurchased shares in stock (treasury stock) amounted to 469,162 (2022: 869,517). The number of outstanding ordinary shares over the past five years developed as follows: Year 1 January Issued shares Repurchased shares Reissued shares 31 December 2019 87,711,327 1,426,786 (850,000) 757,115 89,045,228 2020 89,045,228 - (504,386) 1,577,872 90,118,714 2021 90,118,714 616,854 (2,316,830) 590,501 89,009,239 2022 89,009,239 - - 563,335 89,572,574 2023 89,572,574 - - 400,355 89,972,929 Share premium Share premium represents the premium paid in excess of the par value of shares at the time of the issuance of new shares or exercise of share options. Translation reserve Translation reserve (a statutory reserve) comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. \u20ac28.4 million was deducted to the Translation reserve in 2023 (2022: \u20ac36.5 million addition). Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. An amount of \u20ac1.7 million was deducted to the Hedging reserve in 2023 with nil tax effect on the same (2022: \u20ac0.1 million addition with nil tax effect). Retained earnings The Executive Board proposes, with the approval of the Supervisory Board, which part of the profit shall be reserved. The remaining part of the profits shall be at the disposal of the General Meeting of Shareholders and may be distributed as dividend. The holder of the priority shares is entitled to a dividend of 5% of the par value of the priority shares, prior to any dividend distribution being made. On these shares no further distributions shall be made. Consolidated financial statements Profit allocation The profit attributable to the equity holders of the Company over fiscal year 2023 amounts to \u20ac160.0 million. The Executive Board, with the approval of the Supervisory Board, proposes to present for approval to the General Meeting of Shareholders its proposal to distribute a dividend amount of \u20ac76.5 million, which represents a dividend of \u20ac0.85 per ordinary share (2022: \u20ac0.74). Of the total Retained earnings, an amount of \u20ac9.6 million of legal reserves is restricted in distribution (2022: \u20ac9.6 million). See note 45 to the Company financial statements for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20981": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and rights to acquire shares are recognized as a deduction of equity, net of any tax effects. Priority shares and preference shares are classified as equity since these are non-redeemable, or only redeemable at the Company\u2019s option. Dividends on these shares are recognized as distributions within equity. Number of shares Authorized share capital Issued and paid-up capital 2023 Ordinary shares (120,000,000, nominal value \u20ac0.02) 2,400,000 1,808,842 Cumulative preferred (protective) shares (150,000,000, nominal value \u20ac0.02) 3,000,000 - Cumulative financing preferred shares (30,000,000, nominal value \u20ac0.02) 600,000 - Priority shares (600, nominal value \u20ac0.02) 12 12 Total as at 31 December 6,000,012 1,808,854 The development of the number of shares issued/outstanding during 2023 and 2022 are presented in the table below. Number of shares Ordinary shares Priority shares Treasury stock Total issued shares Balance at 1 January 2022 89,009,239 600 1,432,852 90,442,691 Shares issued (stock dividend) - - - - Shares cancelled - - - - Repurchased shares - - - - Exercised shares and options 563,335 - (563,335) - At 31 December 2022 89,572,574 600 869,517 90,442,691 Shares issued (stock dividend) - - - - Shares cancelled - - - - Repurchased shares - - - - Exercised shares and options 400,355 - (400,355) - At 31 December 2023 89,972,929 600 469,162 90,442,691 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20982": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and rights to acquire shares are recognized as a deduction of equity, net of any tax effects. Priority shares and preference shares are classified as equity since these are non-redeemable, or only redeemable at the Company\u2019s option. Dividends on these shares are recognized as distributions within equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20988": {
"value": "Repurchase of shares When share capital is repurchased, the consideration paid, including directly attributable costs net of any tax effects, is deducted from equity. Repurchased shares (treasury shares) are presented as a deduction from total equity. When treasury shares are sold or reissued, subsequently any amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from retained earnings. Purchase of shares As mandated by the General Meeting of Shareholders and with approval from the Supervisory Board and Stichting Prioriteit Arcadis NV, the Executive Board may purchase fully paid-up shares in Arcadis NV. The mandate is not needed in case the shares are purchased to be transferred to employees and to fulfill commitments for stock dividend. As a result of its Long-Term Incentive Plan(s) or related arrangements, Arcadis needs to provide shares to persons working for Arcadis. The intention is to minimize dilution by purchasing (a portion of) the shares needed for such Long-Term Incentive Plan(s) (or related arrangements), as opposed to issuing new shares. The following numbers of shares were repurchased over the past five years: Year Number of shares Price at time of purchase (in \u20ac) 2019 850,000 13.82 to 17.59 2020 504,386 12.30 to 27.96 2021 2,316,830 27.58 to 40.24 2022 - - 2023 - - The repurchased shares are to cover for the vesting/exercise of shares and options granted and commitment for stock dividend. The cash equivalent of the temporary repurchased shares are deducted from Retained earnings. Of the purchased shares, a total number of 400,355 has been placed back in the market through the exercise of options in 2023 (2022: 563,335). Net proceeds included in Retained earnings amounted to \u20ac0.5 million (2022: \u20ac1.3 million). At 31 December 2023, the number of repurchased shares in stock (treasury stock) amounted to 469,162 (2022: 869,517). The number of outstanding ordinary shares over the past five years developed as follows: Year 1 January Issued shares Repurchased shares Reissued shares 31 December 2019 87,711,327 1,426,786 (850,000) 757,115 89,045,228 2020 89,045,228 - (504,386) 1,577,872 90,118,714 2021 90,118,714 616,854 (2,316,830) 590,501 89,009,239 2022 89,009,239 - - 563,335 89,572,574 2023 89,572,574 - - 400,355 89,972,929 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20989": {
"value": "Repurchase of shares When share capital is repurchased, the consideration paid, including directly attributable costs net of any tax effects, is deducted from equity. Repurchased shares (treasury shares) are presented as a deduction from total equity. When treasury shares are sold or reissued, subsequently any amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20995": {
"value": "Dividends Dividends are recognized as a liability in the period in which they are declared. Profit allocation The profit attributable to the equity holders of the Company over fiscal year 2023 amounts to \u20ac160.0 million. The Executive Board, with the approval of the Supervisory Board, proposes to present for approval to the General Meeting of Shareholders its proposal to distribute a dividend amount of \u20ac76.5 million, which represents a dividend of \u20ac0.85 per ordinary share (2022: \u20ac0.74). Of the total Retained earnings, an amount of \u20ac9.6 million of legal reserves is restricted in distribution (2022: \u20ac9.6 million). See note 45 to the Company financial statements for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20996": {
"value": "Dividends Dividends are recognized as a liability in the period in which they are declared. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21255": {
"value": "Translation reserve Translation reserve (a statutory reserve) comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. \u20ac28.4 million was deducted to the Translation reserve in 2023 (2022: \u20ac36.5 million addition). Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. An amount of \u20ac1.7 million was deducted to the Hedging reserve in 2023 with nil tax effect on the same (2022: \u20ac0.1 million addition with nil tax effect). Retained earnings The Executive Board proposes, with the approval of the Supervisory Board, which part of the profit shall be reserved. The remaining part of the profits shall be at the disposal of the General Meeting of Shareholders and may be distributed as dividend. The holder of the priority shares is entitled to a dividend of 5% of the par value of the priority shares, prior to any dividend distribution being made. On these shares no further distributions shall be made. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21301": {
"value": "26 Non-controlling interestsNon-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. The movements in non-controlling interests are specified below. In \u20ac thousands 2023 2022 Balance at 1 January (2,009) (1,148) Share in profit for the year (420) (533) Dividends to non-controlling shareholders - (217) Acquisitions/(divestments) - (26) Exchange rate differences 91 (85) Balance at 31 December (2,338) (2,009) At 31 December 2023, the non-controlling interests mainly consisted of: \u2022 Hyder & Solaiman Elkhereiji Engineering Consultants P.C. (30%) (2022: 30%) \u2022 Gerenciamento Nacala Ltda (40%) (2022: 40%) \u2022 Water Platform Company B.V. (30%) (2022: 30%) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21307": {
"value": "Non-controlling interests represent the net assets which are not held by the Company and are presented within total equity in the Consolidated balance sheet as a separate category. Profit or loss and each component of Other comprehensive income are attributed to the equity holders and to the non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21344": {
"value": "27 Provisions for employee benefitsMost of the pension plans of the Group qualify as defined contribution pension plans. However, the Group also operates a few defined benefit pension plans. Defined contribution pension plans For defined contribution pension plans, the Group pays fixed contributions into a separate entity, which are charged to profit or loss in the period during which services are provided by employees. The Group\u2019s legal or constructive obligation is limited to the contributions paid into the plans. Prepaid contributions are recognized as an asset to the extent that Arcadis has the unconditional right to cash refunds or reduction in future payments. Defined benefit pension plans Some of the pension plans qualify as defined benefit pension plans. For these plans, the costs are recognized as personnel costs and financing costs in profit or loss. The amount charged to personnel costs is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognized immediately in profit or loss). The amount charged to financing costs is the net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognized immediately in profit or loss. The majority of the defined benefit pension plans are funded with plan assets that have been segregated in a trust or foundation. These plans are subject to regular actuarial review by external actuaries, using the projected unit credit method. The defined benefit pension plan on the balance sheet comprises the present value of the defined benefit pension obligation and the fair value of plan assets. The present value of the obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds (or suitable alternative where there is no active corporate bond market) that are denominated in the currency in which the benefits will be paid, and with maturity dates approximating to the terms of the related pension obligations. Remeasurements 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 recognized immediately in profit or loss. The table below provides a summary of the total provision for employee benefits at the balance sheet date. In \u20ac thousands Asset side Liability side Total 2023 Defined benefit pension plans 14,581 25,658 11,077 Other deferred compensation plans - 20,320 20,320 Total provision for employee benefits 14,581 45,978 31,397 Non-current 14,581 40,125 25,544 Current - 5,853 5,853 Total 14,581 45,978 31,397 In \u20ac thousands Asset side Liability side Total 2022 Defined benefit pension plans 10,417 28,715 18,298 Other deferred compensation plans - 17,773 17,773 Total provision for employee benefits 10,417 46,488 36,071 Non-current 10,417 41,652 31,235 Current - 4,836 4,836 Total 10,417 46,488 36,071 Pension costs recognized in profit or loss The total pension costs recognized in profit or loss were as follows: In \u20ac thousands 2023 2022 Total defined benefit pension plans 3,907 3,135 Total defined contribution pension plan and other deferred compensation plans 91,243 83,624 Total pension costs 95,150 86,759 The pension expenses of defined benefit and defined contribution pension plans are recognized in the following line items in the Consolidated income statement: In \u20ac thousands 2023 2022 Personnel costs 95,659 86,857 Finance expenses/ (income) (509) (98) Total pension costs 95,150 86,759 Defined benefit pension plans Description of plans The defined benefit pension plans of the Group are either career average, final salary or hybrid plans. In addition, there is a termination indemnity plan for Arcadis Middle East, which pays out a single lump sum at exit (regardless of age or reason for exit). The two main defined benefit pension plans are in the UK, being the \u2018EC Harris Group Pension Scheme\u2019 and the \u2018Acer Group Pension Scheme\u2019 (formerly Hyder), which account for 100% of the pension assets for funded schemes in surplus. The defined benefit liability is mainly due to the termination indemnity plan in Arcadis Middle East (41% of the total defined benefit liability) and other individually immaterial defined benefit pension plans within the Group. As at 31 December 2023 both defined benefit pension plans in the UK have a surplus of \u20ac14.6 million (31 December 2022: \u20ac10.4 million). This increase is mainly due to better asset performance despite the reduction in the discount rate. The EC Harris Group Pension Scheme has been closed for future accruals since 31 January 2011, whereas the Acer Group Pension Scheme was closed for future accruals since 30 April 2011. Both plans are funded plans. The other defined benefit pensions plans are mainly active and funded plans. In June 2023, a High Court legal ruling in the UK decided that rule amendments to certain pension plans were invalid if they were not accompanied by the correct actuarial confirmation. While the ruling only applied to the specific pension scheme in question, if the ruling stands, it will form part of the case law and can therefore be expected to apply across other pension schemes, including EC Harris Group Pension Scheme and Acer Group Pension Scheme. Disclosures have been calculated assuming that this ruling will not affect the benefits of either Scheme on the basis that there is a reasonable prospect of successful appeal against the ruling. Governance The majority of the defined benefit pension plans are established as independent foundations or similar entities, with operations governed by local regulations and practice in each country. Boards of Trustees, which consist of employer and employee representatives, are generally required to act on behalf of the plan\u2019s stakeholders and perform periodic reviews on the solvency of the funds in accordance with local laws and regulations. They are responsible for administering the plan assets and for defining the investment strategy. Investment strategy The investment strategy of the Group in respect of the funded plans is implemented within the framework of the various local requirements of the countries where the plans are based. The objective is to control the risks and maintain an appropriate balance between the risks and the long-term returns. Therefore, the investments are well diversified and managed within the asset-liability matching (ALM) frameworks of the funds. Within these frameworks the objective is to match assets to the pensions obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. Specification defined benefit pension plans The table below provides a summary of the classification of the defined benefit pension plans at 31 December. 2023 2022 In \u20ac thousands Present value of obligation Fair value of plan assets Total Present value of obligation Fair value of plan assets Total EC Harris Group Pension Scheme (ECH) 78,848 82,192 (3,344) 74,291 80,350 (6,059) Acer Group Pension Scheme (AGPS) 168,995 180,232 (11,237) 163,353 167,711 (4,358) ME Termination Indemnity Plan (HME) 10,478 - 10,478 14,178 - 14,178 Other defined benefit pension plans 16,841 1,661 15,180 16,008 1,471 14,537 Total defined benefit pension plans 11,077 18,298 The next table provides a summary of the changes in the defined benefit obligations and the fair value of the plan assets for the UK (A and B hereafter), Arcadis Middle East (C) and the other defined benefit pension plans (D). It also provides a reconciliation of the funded status of the plans to the amounts recognized in the Consolidated balance sheet. In \u20ac thousands ECH AGPS AME Other Total Balance at 1 January 2022 (7,565) (18,999) 19,653 18,056 11,145 Current service cost - - 793 Interest expense/ (income) (164) (411) 263 One-off equalization cost - - - Reclassification - - - Subtotal (164) (411) 1,056 2,654 3,135 Remeasurement: Return on plan assets excluding amounts included in interest expense/ (income) 43,608 102,478 - (Gain)/ loss from change in financial assumptions (45,973) (94,749) (384) (Gain)/ loss from change in demographic assumptions (82) (1,783) (298) Experience (gain)/ loss 5,286 12,250 1,679 Total remeasurement 2,839 18,196 997 (703) 21,329 Exchange rate differences 349 438 1,334 169 2,290 Contributions by employer (1,518) (3,582) - - (5,100) Benefit payments from plans - - (8,862) (1,771) (10,633) Divestment - - - (3,868) (3,868) Balance at 31 December 2022 (6,059) (4,358) 14,178 14,537 18,298 Current service cost - - 910 Interest expense/ (income) (341) (301) 466 One-off equalization cost - - - Reclassification - - - Subtotal (341) (301) 1,376 3,173 3,907 Remeasurement: Return on plan assets excluding amounts included in interest expense/ (income) 2,088 (4,746) - (Gain)/ loss from change in financial assumptions 2,704 5,165 32 (Gain)/ loss from change in demographic assumptions (2,536) (5,341) 33 Experience (gain)/ loss 2,550 1,937 553 Total remeasurement 4,806 (2,985) 618 (68) 2,371 Exchange rate differences (130) (122) (249) (148) (649) Contributions by employer (1,620) (3,471) - (5,091) Benefit payments from plans - - (5,445) (2,314) (7,759) Balance at 31 December 2023 (3,344) (11,237) 10,478 15,180 11,077 The current and non-current breakdown of defined benefit pension plan is as follows: 2023 2022 Non-current 10,573 18,271 Current 504 27 Total 11,077 18,298 (A) EC Harris group pension scheme (ECH) Plan assets allocation All invested assets shown in the table below are quoted. In \u20ac thousands / % 2023 % 2022 % Equities 10,350 13 8,874 11 Property and real estate 1,171 1 1,547 2 Cash 1,165 1 924 1 Other 1 69,506 85 69,005 86 Total at 31 December 82,192 100 80,350 100 1 Others include private credit, diversified growth funds and liability driven investment fund Actuarial assumptions The principal actuarial assumptions at the reporting dates are: In % 2023 2022 Discount rate 4.60 4.90 Pension increases 1.95-3.40 2.05-3.45 Retail price index inflation 3.30 3.40 Consumer price index inflation 2.30 2.40 The discount rate is based on yields on UK AA-rated high-quality corporate bonds, with durations comparable to the duration of the pension plan\u2019s liabilities. Based on the assumptions described in this note, these payments have an average duration of 15 years. Demographic assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancy (in years) underlying the values of the liabilities in the defined benefit plans are as follows: In years 2023 2022 Male/female currently age 65 21.7/ 24.3 22.5/ 24.9 Male/female reaching age of 65 in 20 years 23.0/ 25.6 23.8/ 26.3 Sensitivity analysis The calculation of the defined benefit obligation is sensitive to, amongst others, the discount rate, rate of inflation and changes in the mortality assumptions. In 2023, the sensitivity analysis was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 5,767 Rate of inflation 0.5% 3,460 Life expectancy one-year change 3,460 The sensitivity analysis as disclosed in the 2022 financial statements was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 5,638 Rate of inflation 0.5% 3,383 Life expectancy one-year change 2,255 Defined benefit liability and employer contributions The Company expects \u20ac1.6 million in contributions to be paid to the plan in 2024. The estimated net pension costs to be recognized in the Consolidated income statement in 2024 amounts to \u20ac0.2 million, relating to net interest charges. The estimated weighted average duration of the defined benefit obligation is around 15 years. (B) Acer Group Pension Scheme (AGPS) Plan assets allocation All invested assets shown in the table below are quoted. In \u20ac thousands / % 2023 % 2022 % Equities 25,823 14 21,389 13 Fixed income - - 1,219 1 Property and real estate 10,057 6 11,941 7 Hedge funds 86,278 48 88,535 52 Cash 1,901 1 1,119 1 Others 1 56,173 31 43,508 26 Total at 31 December 180,232 100 167,711 100 1 Others include alternatives, credit, diversifying and protection strategies, and insured pensions Actuarial assumptions The principal actuarial assumptions at the reporting dates are: In % 2023 2022 Discount rate 4.60 4.90 Pension increases 1.95-3.40 2.05-3.45 Retail price index inflation 3.30 3.40 Consumer price index inflation 2.30 2.40 The discount rate is based on yields on UK AA-rated high-quality corporate bonds, with durations comparable to the duration of the pension plan\u2019s liabilities. Based on the assumptions described in this note, these payments have an average duration of 15 years. Demographic assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancy underlying the values of the liabilities in the defined benefit plans are as follows: In years 2023 2022 Male/female currently age 65 21.7/ 24.2 22.5/ 24.8 Male/female reaching age of 65 in 20 years 23.0/ 25.6 23.8/ 26.2 Sensitivity analysis The calculation of the defined benefit obligation is sensitive to, amongst others, the discount rate, rate of inflation and changes in life expectancy. In 2023, the sensitivity analysis was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 10,381 Rate of inflation 0.5% 6,921 Life expectancy one-year change 6,921 The sensitivity analysis as disclosed in the 2022 financial statements was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 10,149 Rate of inflation 0.5% 6,766 Life expectancy one-year change 6,766 Defined benefit liability and employer contributions The Group has agreed that it will aim to eliminate any pension plan deficit within the next nine years. Therefore, funding levels are monitored on an annual basis. The Company expects \u20ac3.5 million in contributions to be paid to the plan in 2024. The estimated net pension costs to be recognized in the Consolidated income statement in 2024 amounts to \u20ac0.6 million, relating to net interest charges. The estimated weighted average duration of the defined benefit obligation is around 15 years. (C) Arcadis ME End of service benefits (AME) Plan assets There is no local regulation that requires a level of funding of the plan, therefore no assets have been set aside to fund these arrangements. Actuarial assumptions The principal actuarial assumptions at the reporting date are: In % 2023 2022 Discount rate 4.80-5.20 4.60-4.75 Salary increases (expected, per annum) 0-3.00 0-2.00 As there is no deep market in corporate bonds within the Gulf Cooperation Council (GCC) region and the limited number of government bonds available do not provide an adequate reference, the discount rate is based on the US AA-rated corporate bond market as a proxy. The payments have an average duration of three years, which is lower than in previous years due to the strategic decision made in 2020 to reduce the footprint in the Middle East. Demographic assumptions for mortality, withdrawal, and retirement are used in determining the liability. Because of the nature of the benefit, which is a lump sum payable on exit due to any cause, a combined single decrement rate has been used. The retirement age used for the actuarial valuations is as follows: In years 2023 2022 Male/female Saudi Arabia 60/ 55 60/ 55 Male/female other countries 65/ 65 65/ 65 Sensitivity analysis The calculation of the liability of AME is sensitive to the discount rate and salary increases. In 2023, the sensitivity analysis was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 77 Salary increases 0.5% 74 The sensitivity analysis as disclosed in the 2022 financial statements was as follows: In % / \u20ac thousands Change in assumptions Change in pension liability Discount rate 0.5% 57 Salary increases 0.5% 63 Defined benefit liability and employer contributions The Company expects \u20ac0.3 million of service costs and \u20ac0.3 million of interest costs to be recognized in the Consolidated income statement in 2024. The estimated weighted average duration of the defined benefit obligation is around 1 year. (D) Other defined benefit pension plans The other defined benefit pension plans are individually immaterial and mainly relate to France, Germany and the UK. No detailed disclosures for these individual plans are provided. For the movement in the balance sheet position of these other defined benefit pension plans in total we refer to the table below. Other deferred compensation plans The other deferred compensation plans consist of the following balances: In \u20ac thousands 2023 2022 Deferred salaries 10,462 9,039 Future jubilee payments 3,667 3,256 Other 6,191 5,478 Balance at 31 December 20,320 17,773 The movement in the other deferred compensation is as follows: In \u20ac thousands 2023 2022 Balance at 1 January 17,773 21,469 Acquisitions - (31) Additions 3,134 81 Amounts used/released (156) (4,465) Exchange rate differences (431) 719 Balance at 31 December 20,320 17,773 Non-current 14,972 12,964 Current 5,348 4,809 Balance at 31 December 20,320 17,773 Deferred salaries The deferred salaries mainly include a plan for deferred compensation of our operating company in the United States. Management of this operating company can elect not to have its salary paid out, but rather invested in a fund by the Company, and is offered a choice of three different portfolio types: risk averse, neutral and risky. The risk is the responsibility of the participants. The related assets are included in note 20 for an amount of \u20ac10.5 million (2022: \u20ac9.0 million). Future jubilee payments An amount of \u20ac3.7 million is recognized for future jubilee payments based on the current agreements in the collective labor agreements and the related staff levels (2022: \u20ac3.3 million). Other Other deferred compensation includes \u20ac5.7 million of long service leave provisions in Australia, where employees are entitled to long service leave after a certain number of years of continuous service (2022: \u20ac5.1 million). The time allowance and conditions of entitlement are set out in legislation and vary by territory. An amount of \u20ac3.9 million is expected to be paid within one year (2022: \u20ac3.6 million). Transactions with post-employment benefit plans The main post-employment benefit plans are the pension funds of EC Harris (ECH) and Hyder (AGPS). In 2023, the Company contributed \u20ac1.6 million (2022: \u20ac1.5 million) to the plan of EC Harris and \u20ac3.5 million to the plan of Hyder (2022: \u20ac3.6 million), see note 27. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21347": {
"value": "Most of the pension plans of the Group qualify as defined contribution pension plans. However, the Group also operates a few defined benefit pension plans. Defined contribution pension plans For defined contribution pension plans, the Group pays fixed contributions into a separate entity, which are charged to profit or loss in the period during which services are provided by employees. The Group\u2019s legal or constructive obligation is limited to the contributions paid into the plans. Prepaid contributions are recognized as an asset to the extent that Arcadis has the unconditional right to cash refunds or reduction in future payments. Defined benefit pension plans Some of the pension plans qualify as defined benefit pension plans. For these plans, the costs are recognized as personnel costs and financing costs in profit or loss. The amount charged to personnel costs is the cost of accruing pension benefits promised to employees over the year, plus the costs of individual events such as past service benefit changes, settlements and curtailments (such events are recognized immediately in profit or loss). The amount charged to financing costs is the net interest expense calculated by applying the liability discount rate to the net defined benefit liability or asset. Any differences between the expected interest on assets and the return actually achieved, and any changes in the liabilities over the year due to changes in assumptions or experience within the plans, are recognized immediately in profit or loss. The majority of the defined benefit pension plans are funded with plan assets that have been segregated in a trust or foundation. These plans are subject to regular actuarial review by external actuaries, using the projected unit credit method. The defined benefit pension plan on the balance sheet comprises the present value of the defined benefit pension obligation and the fair value of plan assets. The present value of the obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds (or suitable alternative where there is no active corporate bond market) that are denominated in the currency in which the benefits will be paid, and with maturity dates approximating to the terms of the related pension obligations. Remeasurements 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 recognized immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22183": {
"value": "28 Provisions for other liabilities and chargesProvisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, a reliable estimate can be made of the amount of the obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at net present value, taking into account the timing of the cash outflows. The discount rate used reflects the current market assessments of the time value of money and the risks specific to the liability. Unwinding of the discount is recognized as a finance expense (see note 11). The amounts recognized as provisions reflect management\u2019s best estimate of the expenditures required to settle the present obligations at the balance sheet date or to transfer it to a third party at that time. In \u20ac thousands Restructuring Litigation 1 Restoration Other Total Balance at 1 January 2022 2,264 27,676 4,839 7,101 41,880 Additions 6,618 11,995 866 1,399 20,878 Amounts used (3,138) (2,238) (330) (803) (6,509) Release of unused amounts (286) (2,689) (1) (654) (3,630) Reclassifications - - 354 (101) 253 Exchange rate differences 37 288 (119) (132) 74 Balance at 31 December 2022 5,495 35,032 5,609 6,810 52,946 Additions 10,810 14,951 643 1,191 27,595 Amounts used (5,675) (6,120) (528) (374) (12,697) Release of unused amounts (724) (3,542) (280) (962) (5,508) Reclassifications - - 255 117 372 Exchange rate differences (84) (321) (53) 44 (414) Balance at 31 December 2023 9,822 40,000 5,646 6,826 62,294 Non-current 3,999 36,817 5,089 5,571 51,476 Current 5,823 3,183 557 1,255 10,818 Balance at 31 December 2023 9,822 40,000 5,646 6,826 62,294 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Restructuring Provisions for restructuring include costs related to certain staff compensation and costs directly related to the existing plans to execute restructurings, mainly in Middle East, DPS, Continental Europe, United Kingdom and CallisonRTKL. A provision is only recognized once the decision to execute said restructuring has been taken, its costs can be reasonably and fairly estimated, and its intended execution has been announced. Litigation Clients of Arcadis sometimes claim, justified or not, that they are not satisfied with the services provided by the Company. While the outcome of these claims cannot be predicted with certainty, management believes that, based on (external) advisors and information received, the provision of \u20ac40.0 million (2022: \u20ac35.0 million) is the best estimate of the potential financial risk, net of insurance coverage. These insurance policies include a global professional liability insurance and in addition, local insurance in a number of countries. In general, these insurance policies have a self- insured retention and a maximum pay-out level. Outstanding litigation (including the provisions, defense costs and reimbursement coverage) is reviewed periodically and revisions are made when necessary. Since the outcome cannot be predicted with certainty and settlement of claims could take several years, final settlement could differ from this best estimate. For IBI and DPS acquisitions, the Group has reviewed the potential contingent liabilities and recognized liabilities as revision to 2022 reported balances. See note 6 for further details on business combination disclosures. Further information ordinarily required by IAS 37 has not been disclosed on the grounds that it can be expected to seriously prejudice the outcome of the disputes. Restoration provision for leased assets For lease contracts that require the Company to maintain an underlying asset during the lease term and/or restore it to its original condition before returning to the lessor at the end of the lease, a restoration provision is recognized when the obligation arises. For the same amount a right-of-use asset is recognized and depreciated over the lease term. The discount rate used is the Incremental Borrowing Rate. Other The category other provisions include individually immaterial items, and the Company expects that they will be substantively used within one to five years. Committed lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. Contingent liabilities Litigation The Company is involved in various legal and regulatory claims and proceedings as a result of its normal course of business, either as plaintiff or defendant. Management ensures that these cases are firmly defended. In some of these proceedings, claimants allegedly claim amounts for project contract breaches that are significant to the Consolidated financial statements. All legal and regulatory claims and proceedings are assessed on a regular basis. In consultation with in-house and external legal counsels, management regularly evaluates facts and circumstances of those claims and, based on the analysis of possible outcomes of litigation and settlements, provisions are accrued for. Provisions are accrued for only where management believes it is probable that Arcadis will be held liable, the amount is reasonably estimable, and the claim has not been insured. These provisions are reviewed periodically and adjusted if necessary, to the extent that cash outflow of related proceedings is probable, including defense costs and reimbursements by our insurance policies. Since the ultimate disposition of asserted claims and proceedings cannot be predicted with certainty, final settlement can differ from this estimate and could require revisions to the estimated provision, which could have a material adverse effect on the Company\u2019s balance sheet, profit or loss, and cash flows for a particular period. Tax Arcadis operates in a high number of jurisdictions and is subject to a variety of taxes per jurisdiction. Tax legislation can be highly complex and subject to changes and interpretation. Therefore, Arcadis is exposed to varying degrees of uncertainty and significant judgement is required in determining the global tax position. The Company accounts for its income taxes on the basis of its own internal analyses supported by external advice. The Company continually monitors its global tax position including changes in tax laws or interpretations of such laws. Whenever uncertain tax positions arise, the Company assesses the potential consequences and recognizes liabilities depending on the strength of the Company\u2019s position and the resulting risk of loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22186": {
"value": "Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, a reliable estimate can be made of the amount of the obligation, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at net present value, taking into account the timing of the cash outflows. The discount rate used reflects the current market assessments of the time value of money and the risks specific to the liability. Unwinding of the discount is recognized as a finance expense (see note 11). The amounts recognized as provisions reflect management\u2019s best estimate of the expenditures required to settle the present obligations at the balance sheet date or to transfer it to a third party at that time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22353": {
"value": "Interest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. Other current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22355": {
"value": "Interest-bearing debts are measured at amortized cost, in which the difference between the proceeds and repayments over time is charged to profit or loss over their duration. The portion of long-term debt that has to be repaid within one year after the balance sheet date is presented as the current portion of long-term debt under current liabilities. All other financial liabilities are recognized on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial liabilities include loans and borrowings, bank overdrafts, trade and other payables. Initially these liabilities are recognized at fair value plus the directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. Bank overdrafts that are repayable on demand and that form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the statement of cash flows. Fair value, which is determined for disclosure purposes, is calculated based on the present value of future cash flows, discounted at the Company specific market rate of interest at reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22641": {
"value": "30 Accounts payable, accrued expenses and other current liabilitiesOther current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. In \u20ac thousands Note 2023 2022 1 Accounts payable 312,641 334,110 Accrued expenses 95,851 100,089 Payables to employees 206,556 193,280 Taxes and social security contributions 104,445 101,439 After-payments relating to acquisitions 6 2,400 3,888 Other liabilities 78,844 58,354 Balance at 31 December 800,737 791,160 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Of the total accounts payable approximately 41% is subject to a so-called \u2018paid-when-paid\u2019 clause (2022: 35%). The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short-term liabilities. Further information about Arcadis\u2019 exposure to liquidity risk is included in note 31. Other liabilities include various accrued liabilities, such as to be paid occupancy costs, consultancy costs, insurance costs and interest costs. Any lease incentives (\u2018tenant improvement allowances\u2019) received are part of the right-of-use asset, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22647": {
"value": "Other current liabilities are non-derivative financial liabilities, which are initially recognized at fair value plus directly attributable transaction costs. Subsequently these financial liabilities are measured at amortized cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22652": {
"value": "In \u20ac thousands Note 2023 2022 1 Accounts payable 312,641 334,110 Accrued expenses 95,851 100,089 Payables to employees 206,556 193,280 Taxes and social security contributions 104,445 101,439 After-payments relating to acquisitions 6 2,400 3,888 Other liabilities 78,844 58,354 Balance at 31 December 800,737 791,160 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Of the total accounts payable approximately 41% is subject to a so-called \u2018paid-when-paid\u2019 clause (2022: 35%). The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short-term liabilities. Further information about Arcadis\u2019 exposure to liquidity risk is included in note 31. Other liabilities include various accrued liabilities, such as to be paid occupancy costs, consultancy costs, insurance costs and interest costs. Any lease incentives (\u2018tenant improvement allowances\u2019) received are part of the right-of-use asset, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22653": {
"value": "In \u20ac thousands Note 2023 2022 1 Accounts payable 312,641 334,110 Accrued expenses 95,851 100,089 Payables to employees 206,556 193,280 Taxes and social security contributions 104,445 101,439 After-payments relating to acquisitions 6 2,400 3,888 Other liabilities 78,844 58,354 Balance at 31 December 800,737 791,160 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Of the total accounts payable approximately 41% is subject to a so-called \u2018paid-when-paid\u2019 clause (2022: 35%). The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short-term liabilities. Further information about Arcadis\u2019 exposure to liquidity risk is included in note 31. Other liabilities include various accrued liabilities, such as to be paid occupancy costs, consultancy costs, insurance costs and interest costs. Any lease incentives (\u2018tenant improvement allowances\u2019) received are part of the right-of-use asset, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22654": {
"value": "In \u20ac thousands Note 2023 2022 1 Accounts payable 312,641 334,110 Accrued expenses 95,851 100,089 Payables to employees 206,556 193,280 Taxes and social security contributions 104,445 101,439 After-payments relating to acquisitions 6 2,400 3,888 Other liabilities 78,844 58,354 Balance at 31 December 800,737 791,160 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Of the total accounts payable approximately 41% is subject to a so-called \u2018paid-when-paid\u2019 clause (2022: 35%). The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short-term liabilities. Further information about Arcadis\u2019 exposure to liquidity risk is included in note 31. Other liabilities include various accrued liabilities, such as to be paid occupancy costs, consultancy costs, insurance costs and interest costs. Any lease incentives (\u2018tenant improvement allowances\u2019) received are part of the right-of-use asset, see note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22692": {
"value": "31 Capital and financial risk management Arcadis\u2019 activities expose the Group to a variety of financial risks, including (A) credit risks, (B) liquidity risks, and (C) market risks. These risks are inherent to the way the Group operates as a multinational with locally operating subsidiaries. The Executive Board is responsible for the design and functioning of the internal risk management systems. The day-to-day risk management activities related to the financial risk management are carried out by Arcadis Group Treasury, in line with the guiding principles of the Group Treasury Policy, as updated and approved by the Executive Board in May 2021. Arcadis Audit and Risk Committee oversees how management monitors compliance with the Group risk management policies and procedures, and the Arcadis control framework. It also reviews the adequacy of the risk management framework in relation to the risks faced by the Group. (A) Credit risks Credit risk arises from receivables from customers as well as cash balances and fair values of derivatives with financial counterparties (e.g. banks). The credit risk on customers is influenced mainly by the individual characteristics of each customer. Arcadis usually invoices clients for services according to the progress of the work. If clients refuse or are unable to meet their contractual payment obligations, the Group may not have sufficient cash to satisfy its liabilities and its growth and continued operations could be adversely impacted. The key objective of the Group\u2019s counterparty risk management is to minimize the risk of losses as a result of failure of an individual financial counterparty that could negatively impact the Group\u2019s results. Arcadis aims to centralize cash balances with banks that have also provided committed credit facilities to the Group in order to reduce this counterparty risk. The exposure to credit risk is monitored on an ongoing basis at local entity and at group level. Normally, Arcadis only deals with counterparties that have a sufficiently strong credit rating. Where possible, Arcadis uses credit ratings provided by external credit rating agencies, thus monitoring creditworthiness in order to manage the related credit risk. Furthermore, Arcadis strongly focuses on clients by strengthening the commercial relationship and being more selective to which clients services are offered. Through systematic account management we aim to build long-term relationships with selected multinational and key national/ local clients. We already have a relationship with the majority of our multinational clients for more than five years. New customers are analyzed individually for creditworthiness before services are offered and monitored regularly. The carrying amount of financial assets represents the maximum credit exposure. Per 31 December 2023, the maximum exposure to credit risk was: In \u20ac thousands Note 2023 2022 1 Financial assets: Trade receivables 21 731,035 729,614 Other receivables 23 39,058 14,182 Other non-current assets 20 20,414 20,274 Derivatives 19 8,197 15,943 Loans to associates and joint ventures 17 - - 798,704 780,013 Cash and cash equivalents less bank overdrafts 24 279,519 257,598 Balance at 31 December 1,078,223 1,037,611 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Trade receivables Trade receivables are presented net of a provision for expected credit losses. The credit risk is measured and analyzed on a local level at regular intervals, taking into consideration, amongst others, the financial situation of the debtor and ageing of receivables. Expected losses are determined in line with IFRS 9, see note 21. The ageing of Trade receivables and the provision for Trade receivables at reporting date is disclosed below and in note 21. The ageing of receivables has led to the recognition of (expected) credit losses and calibration of assumptions as included in the Goodwill impairment test. The movement schedule for the provision for Trade receivables is included in note 21. 2023 2022 In \u20ac thousands Gross Receivables Provision bad debt Provision ECL Gross Receivables 1 Provision bad debt Provision ECL Not past due 517,982 (3,420) (292) 508,983 (3,310) (329) Past due 0-30 days 95,572 (821) (19) 86,360 (953) (32) Past due 31-60 days 39,949 (780) (12) 49,840 (1,878) (10) Past due 61-120 days 35,807 (1,178) (72) 33,093 (374) (77) Past due 121-364 days 37,107 (3,851) (226) 42,601 (4,662) (224) More than 364 days due 62,969 (50,055) (105) 60,462 (42,525) (118) Total 789,386 (60,105) (726) 781,339 (53,702) (790) 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 There are various reasons for delays in payments that result in past due amounts and that impact Days Sales Outstanding (DSO). Arcadis has overdue receivables which are generally considered collectible and for which the risk of impairment is remote. Amounts due at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 21. Further details on how Arcadis uses this principle to manage working capital is disclosed in the section on liquidity risk. Other receivables and non-current assets Other receivables and Other non-current assets are monitored for expected credit losses. They do not contain impaired assets and are not past due. Loans to associates and joint ventures Loans to associates and joint ventures are subject to credit risk. At 31 December 2023, no material loans to associates were outstanding. Cash and cash equivalents The credit risk of Cash and cash equivalents is the risk that counterparties are not able to repay amounts owed to Arcadis upon request of Arcadis. The objective of the Group is to minimize credit risk exposure in Cash and cash equivalents by investing in liquid securities and entering into transactions involving derivative financial instruments only with counterparties that have sound credit ratings, a good reputation and belong to the group of Core banks which also provide committed credit facilities. The related risk is monitored on an ongoing basis both at local entity and group level. The Group keeps approximately 62% (2022: 66%) of its cash reserves at our Core banks and is only allowed to invest in short-term, liquid securities with counterparties that have an investment grade rating from Standard & Poor\u2019s, Moody\u2019s or Fitch. Management monitors these ratings and does not expect any such counterparty to fail to meet its obligations in the short-term. The change in percentage of Core banks compared to previous years is mainly caused by the acquisition of IBI Group and DPS Group in 2022 that are using other banks than our own Core banks. The Group is in the process of shifting these bank accounts to our own Core banks. No Expected Credit Losses are recognized on the cash and cash equivalents. Guarantees and letters of credit On behalf of the Group and local entities, financial institutions (such as banks and insurance companies) have provided bank guarantees, surety bonds and letters of credit amounting to \u20ac150.3 million outstanding as at 31 December 2023 (2022: \u20ac151.6 million). In addition, Arcadis NV has provided financial guarantees to banks for a maximum amount of \u20ac160.2 million (2022: \u20ac177.6 million). No Expected Credit Losses are recognized from these guarantees. (B) Liquidity risks Liquidity risk is the risk that Arcadis will not be able to meet its financial obligations as they fall due. The primary objective of liquidity management is providing for sufficient committed credit facilities and cash and cash equivalents to enable Arcadis to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Arcadis. Our Group Treasury Policy supports this principle by stating that the minimal liquidity at any given point in time should always exceed \u20ac200.0 million. Neither the aged (un)billed receivables of individual customers, nor the profile of the accounts receivable portfolio, impose a significant threat to the Group\u2019s liquidity planning. Over the course of the year, fluctuations occur in the working capital needed to finance operations. The Group strives to have a good liquidity position at all times, strictly controlling working capital by optimizing billing and collection and consequently maintaining a healthy (average) net debt to (Operating) EBITDA ratio. To manage working capital, but only if legally allowed and commercially possible, Arcadis agrees with part of its sub-contractors so-called \u2018paid-when-paid\u2019 clauses. This means that Arcadis is in such instances better able to match the cash inflows from debtors with the related cash outflows to suppliers, as the timing of the payment of the supplier is dependent on the collection of the receivable from a client. This could however be impacted by contractual clauses and/or local laws and regulations that limit the maximum extension of payment terms to a moment before Arcadis gets paid by its client. In case of non-payment by the debtor, Arcadis still has to fulfil its obligations towards the supplier under a \u2018paid-when-paid\u2019 clause. Accounts payable at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 30. The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short- term liabilities. Lines of credit The Company maintains the lines of credit as summarized in the table below. In millions 31 December 2023 Type Interest/fees Available Utilized Available Utilized in \u20ac millions CAD EUR CAD EUR CAD EUR CAD EUR Bridge Loan Facility EURIBOR \u20ac0.0 \u20ac0.0 \u20ac750.0 \u20ac750.0 Revolving Credit Facility EURIBOR \u20ac600.0 \u20ac0.0 \u20ac500.0 \u20ac0.0 Debentures IBI 6.5% CA$29.8 \u20ac20.4 CA$29.8 \u20ac20.4 CA$29.3 \u20ac20.1 CA$29.3 \u20ac20.1 Senior unsecured notes 4.875% \u20ac500.0 \u20ac500.0 Committed facilities EURIBOR \u20ac0.0 \u20ac0.0 \u20ac0.0 \u20ac0.0 Uncommitted multi-currency facilities Floating \u20ac120.0 \u20ac0.0 \u20ac120.0 \u20ac0.0 Schuldschein notes Fixed/floating \u20ac358.0 \u20ac358.0 \u20ac190.0 \u20ac190.0 Guarantee facility 0.30% - 0.65% \u20ac75.9 \u20ac48.1 \u20ac76.2 \u20ac41.3 Other (loans) Various \u20ac20.3 \u20ac3.0 \u20ac33.7 \u20ac9.9 Other (bank guarantees and surety bonds) Various \u20ac196.1 \u20ac145.6 \u20ac149.8 \u20ac107.1 A description and analysis of the credit lines listed above and its movements compared to last year is provided in note 29. Contractual obligations The following tables describe our commitments and contractual obligations for the following five years and thereafter. The other long-term debt obligations are the debt service obligations. No collateral has been pledged for liabilities or contingent liabilities. In \u20ac thousands Total < 1 year 1 - 3 years 4 - 5 years > 5 years Contractual obligations at 31 December 2023 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments 3,826 3,826 - - - Foreign exchange contracts: Outflow (677,552) (677,552) - - - Inflow 682,608 682,608 - - - Interest rate swaps: Outflow (198,759) (7,068) (191,691) - - Inflow 199,363 7,343 192,020 - - Cross Currency swaps: Outflow - - Inflow - - Deferred consideration 2,400 2,400 - - - Interest 171,878 41,839 79,682 50,357 - Lease obligations 281,307 64,810 93,918 62,118 60,461 Loans and borrowings 870,923 - 371,751 499,172 - Short-term bank debt - - - - - Accounts payable 312,641 312,641 - - - Total 1,648,635 430,847 545,680 611,647 60,461 Contractual obligations at 31 December 2022 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments - - - - - Foreign exchange contracts: Outflow (542,500) (542,500) - - - Inflow 536,666 536,666 - - - Interest rate swaps: Outflow - - - - - Inflow - - - - - Cross Currency swaps: Outflow 42,618 42,618 - - - Inflow (41,024) (41,024) - - - Deferred consideration 5,309 2,176 3,133 - - Interest 38,211 22,456 13,238 2,517 - Lease obligations 1 315,117 73,005 104,579 69,189 68,344 Loans and borrowings 958,165 56,230 849,469 52,466 - Short-term bank debt - - - - - Accounts payable 1 334,110 334,110 - - - Total 1,646,672 483,737 970,419 124,172 68,344 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 (C) Market risks Market risk includes currency risk (C1) and interest rate risk (C2) and comprises the risk that changes in market prices, such as foreign exchange rates and interest rates will affect Arcadis\u2019 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 set by the Group Treasury policy. (C1) Currency risk The key objective of the Group foreign exchange transaction exposure management is aimed at the active management of foreign exchange exposures by Group Treasury to reduce and limit the adverse effects of exchange rate changes on the Group\u2019s profitability. Trade and financing transactions in non-functional currencies The subsidiaries of Arcadis mainly operate in local markets, and as such both sales invoices and purchase invoices are mainly denominated in local currencies. In some instances, however, invoices are in the functional currency of the counterparty, which results in a currency exposure for the subsidiary. The exposure to foreign exchange risk on sales and costs denominated in another currency than the respective functional currencies of the subsidiaries is very limited. Only in limited cases, e.g., for material transactions, the subsidiaries of Arcadis enter into forward foreign exchange contracts with Group Treasury in order to hedge these transaction risks. Borrowings are denominated in currencies that partly match the cash flows generated by the underlying operations of the Group, primarily Euro and US dollar. Arcadis group companies can have positions in foreign currencies which are different than their respective functional currencies. For the main currencies the following positions per currency (translated in euros) are the cumulative gross exposures of non-functional currencies of all Arcadis group companies combined. In \u20ac thousands in EUR in USD in GBP in CNY in BRL in AED in CAD in AUD At 31 December 2023 Trade receivables 1,117 56,139 23,225 10,337 20,067 3,893 5,171 3,847 Cash and cash equivalents 4,497 7,795 341 435 - 23 1,069 904 Derivatives - 73,207 29,875 (8,809) (75) (15,863) (84,164) 120,516 Loans and borrowings - (64,891) (53,904) (638) - 8,913 81,228 (120,734) Accounts payable (943) (65,298) (3,204) (199) (19,759) (252) (3,097) (525) Balance exposure 4,671 6,952 (3,667) 1,126 233 (3,286) 207 4,008 At 31 December 2022 Trade receivables 4,722 29,513 24,504 36,335 21,229 5,000 4,983 4,200 Cash and cash equivalents 3,080 13,854 2,111 592 - 205 1,593 1,044 Derivatives - 71,752 117,356 (8,523) (2,539) (15,098) (75,403) 89,865 Loans and borrowings - (70,281) (116,890) - (674) 11,653 75,382 (93,600) Accounts payable (5,801) (24,191) (26,413) (1,189) (18,663) (982) (3,419) (200) Balance exposure 2,001 20,647 668 27,215 (647) 778 3,136 1,309 The below exchange rates were applied in the year. 2023 2022 In \u20ac Average Year-end Average Year-end US Dollar (USD) 0.92 0.91 0.95 0.93 Pound Sterling (GBP) 1.15 1.15 1.17 0.13 Australian Dollar (AUD) 0.61 0.62 0.66 0.63 Chinese Yuan Renminbi (CNY) 0.13 0.13 0.14 0.13 Canadian Dollar (CAD) 0.69 0.68 0.73 0.69 Brazilian Real (BRL) 0.19 0.19 0.18 0.18 United Arab Emirates Dirham (AED) 0.25 0.25 0.26 0.25 Arcadis uses derivative financial instruments in order to manage market risks associated with changes in foreign exchange rates as well as interest rates. All transactions are carried out in accordance with the Group Treasury policy. The Group seeks to apply hedge accounting where possible to manage volatility in profit or loss. All foreign exchange forward transactions outstanding at year-end are due to mature in 2024 and Q1 2025. Sensitivity analysis currency risks Foreign currency sensitivity analyses are performed by applying an expected possible volatility of a currency, assuming all other variables, in particular interest rates, remain constant. All monetary assets and liabilities of the Group at year-end are revalued, which results in a hypothetical impact on net income and equity as summarized below. 2023 2022 In \u20ac Impact on net income Impact on equity Impact on net income Impact on equity 10% change euro against the US dollar 19.1 60.5 6.9 66.8 10% change euro against the Pound Sterling 10.6 43.0 3.1 48.9 10% change euro against the Australian Dollar 4.0 17.9 - 14.3 10% change euro against the Canadian Dollar 0.6 6.9 0.1 7.2 All material balance sheet positions have been hedged with foreign exchange contracts. The translation risk relating to subsidiaries with a functional currency other than the Group reporting currency of Euro are not hedged, in accordance with the Group Treasury policy. (C2) Interest rate risks The Group manages interest rate risks by financing fixed assets and part of current assets with shareholders\u2019 equity and long-term debt. The remainder of current assets is financed with short-term debt including revolving bank debt with variable interest rates. Based on the interest risk profile, financial instruments were outstanding during the year to cover part of the interest rate risk on long-term borrowings. This risk is applicable to long-term debt, short-term debt and bank overdrafts in the Consolidated balance sheet amounting to \u20ac881.3 million at year-end 2023 (2022: \u20ac970.2 million). The decrease versus last year is driven by repayment of loans that were issued for the acquisition of IBI Group and DPS Group in 2022. The Group arranged for two floating-to-fixed interest rate swaps for the \u20ac185.0 million floating interest rate Schuldschein loan that was issued in July 2023. One swap (\u20ac100.0 million) will mature in January 2025; the other swap (\u20ac85.0 million) will mature in January 2026. The 2015 \u20ac40.0 million fixed-to-floating cross currency swap to manage currency risk and interest rate risk matured in October 2023. Further information can be found in Note 19. The Group Treasury Policy states that the fixed portion of net debt should be at least 40% to protect against increases in interest rates as well as providing some certainty on expectations for interest expense in profit or loss. As of December 2023, this minimum fixed portion of 40% was applicable. Sensitivity analysis Interest rate risk Interest rate sensitivity analyses are performed by applying an expected possible volatility of interest rates, assuming all other variables remain constant. All interest-bearing liabilities of the Group at year-end are revalued, which results in a hypothetical impact on the pre-tax profit for the year and equity as summarized below. 2023 2022 In \u20ac Impact of pre-tax profit for the year Impact on equity Impact of pre-tax profit for the year Impact on equity Ten basis-points change to interest rate 0.1 0.1 0.3 0.3 ",
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"f22916": {
"value": "(B) Liquidity risks Liquidity risk is the risk that Arcadis will not be able to meet its financial obligations as they fall due. The primary objective of liquidity management is providing for sufficient committed credit facilities and cash and cash equivalents to enable Arcadis to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Arcadis. Our Group Treasury Policy supports this principle by stating that the minimal liquidity at any given point in time should always exceed \u20ac200.0 million. Neither the aged (un)billed receivables of individual customers, nor the profile of the accounts receivable portfolio, impose a significant threat to the Group\u2019s liquidity planning. Over the course of the year, fluctuations occur in the working capital needed to finance operations. The Group strives to have a good liquidity position at all times, strictly controlling working capital by optimizing billing and collection and consequently maintaining a healthy (average) net debt to (Operating) EBITDA ratio. To manage working capital, but only if legally allowed and commercially possible, Arcadis agrees with part of its sub-contractors so-called \u2018paid-when-paid\u2019 clauses. This means that Arcadis is in such instances better able to match the cash inflows from debtors with the related cash outflows to suppliers, as the timing of the payment of the supplier is dependent on the collection of the receivable from a client. This could however be impacted by contractual clauses and/or local laws and regulations that limit the maximum extension of payment terms to a moment before Arcadis gets paid by its client. In case of non-payment by the debtor, Arcadis still has to fulfil its obligations towards the supplier under a \u2018paid-when-paid\u2019 clause. Accounts payable at 31 December 2023 subject to the \u2018paid-when-paid principle\u2019 are disclosed in note 30. The expectation is that all accounts payable will be paid within the normal course of business and are therefore classified as short- term liabilities. Lines of credit The Company maintains the lines of credit as summarized in the table below. In millions 31 December 2023 Type Interest/fees Available Utilized Available Utilized in \u20ac millions CAD EUR CAD EUR CAD EUR CAD EUR Bridge Loan Facility EURIBOR \u20ac0.0 \u20ac0.0 \u20ac750.0 \u20ac750.0 Revolving Credit Facility EURIBOR \u20ac600.0 \u20ac0.0 \u20ac500.0 \u20ac0.0 Debentures IBI 6.5% CA$29.8 \u20ac20.4 CA$29.8 \u20ac20.4 CA$29.3 \u20ac20.1 CA$29.3 \u20ac20.1 Senior unsecured notes 4.875% \u20ac500.0 \u20ac500.0 Committed facilities EURIBOR \u20ac0.0 \u20ac0.0 \u20ac0.0 \u20ac0.0 Uncommitted multi-currency facilities Floating \u20ac120.0 \u20ac0.0 \u20ac120.0 \u20ac0.0 Schuldschein notes Fixed/floating \u20ac358.0 \u20ac358.0 \u20ac190.0 \u20ac190.0 Guarantee facility 0.30% - 0.65% \u20ac75.9 \u20ac48.1 \u20ac76.2 \u20ac41.3 Other (loans) Various \u20ac20.3 \u20ac3.0 \u20ac33.7 \u20ac9.9 Other (bank guarantees and surety bonds) Various \u20ac196.1 \u20ac145.6 \u20ac149.8 \u20ac107.1 A description and analysis of the credit lines listed above and its movements compared to last year is provided in note 29. Contractual obligations The following tables describe our commitments and contractual obligations for the following five years and thereafter. The other long-term debt obligations are the debt service obligations. No collateral has been pledged for liabilities or contingent liabilities. In \u20ac thousands Total < 1 year 1 - 3 years 4 - 5 years > 5 years Contractual obligations at 31 December 2023 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments 3,826 3,826 - - - Foreign exchange contracts: Outflow (677,552) (677,552) - - - Inflow 682,608 682,608 - - - Interest rate swaps: Outflow (198,759) (7,068) (191,691) - - Inflow 199,363 7,343 192,020 - - Cross Currency swaps: Outflow - - Inflow - - Deferred consideration 2,400 2,400 - - - Interest 171,878 41,839 79,682 50,357 - Lease obligations 281,307 64,810 93,918 62,118 60,461 Loans and borrowings 870,923 - 371,751 499,172 - Short-term bank debt - - - - - Accounts payable 312,641 312,641 - - - Total 1,648,635 430,847 545,680 611,647 60,461 Contractual obligations at 31 December 2022 Guarantees on behalf of associates - - - - - Off balance sheet lease commitments - - - - - Foreign exchange contracts: Outflow (542,500) (542,500) - - - Inflow 536,666 536,666 - - - Interest rate swaps: Outflow - - - - - Inflow - - - - - Cross Currency swaps: Outflow 42,618 42,618 - - - Inflow (41,024) (41,024) - - - Deferred consideration 5,309 2,176 3,133 - - Interest 38,211 22,456 13,238 2,517 - Lease obligations 1 315,117 73,005 104,579 69,189 68,344 Loans and borrowings 958,165 56,230 849,469 52,466 - Short-term bank debt - - - - - Accounts payable 1 334,110 334,110 - - - Total 1,646,672 483,737 970,419 124,172 68,344 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
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"f23046": {
"value": "No collateral has been pledged for liabilities or contingent liabilities.",
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"f23280": {
"value": "(C) Market risks Market risk includes currency risk (C1) and interest rate risk (C2) and comprises the risk that changes in market prices, such as foreign exchange rates and interest rates will affect Arcadis\u2019 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 set by the Group Treasury policy. (C1) Currency risk The key objective of the Group foreign exchange transaction exposure management is aimed at the active management of foreign exchange exposures by Group Treasury to reduce and limit the adverse effects of exchange rate changes on the Group\u2019s profitability. Trade and financing transactions in non-functional currencies The subsidiaries of Arcadis mainly operate in local markets, and as such both sales invoices and purchase invoices are mainly denominated in local currencies. In some instances, however, invoices are in the functional currency of the counterparty, which results in a currency exposure for the subsidiary. The exposure to foreign exchange risk on sales and costs denominated in another currency than the respective functional currencies of the subsidiaries is very limited. Only in limited cases, e.g., for material transactions, the subsidiaries of Arcadis enter into forward foreign exchange contracts with Group Treasury in order to hedge these transaction risks. Borrowings are denominated in currencies that partly match the cash flows generated by the underlying operations of the Group, primarily Euro and US dollar. Arcadis group companies can have positions in foreign currencies which are different than their respective functional currencies. For the main currencies the following positions per currency (translated in euros) are the cumulative gross exposures of non-functional currencies of all Arcadis group companies combined. In \u20ac thousands in EUR in USD in GBP in CNY in BRL in AED in CAD in AUD At 31 December 2023 Trade receivables 1,117 56,139 23,225 10,337 20,067 3,893 5,171 3,847 Cash and cash equivalents 4,497 7,795 341 435 - 23 1,069 904 Derivatives - 73,207 29,875 (8,809) (75) (15,863) (84,164) 120,516 Loans and borrowings - (64,891) (53,904) (638) - 8,913 81,228 (120,734) Accounts payable (943) (65,298) (3,204) (199) (19,759) (252) (3,097) (525) Balance exposure 4,671 6,952 (3,667) 1,126 233 (3,286) 207 4,008 At 31 December 2022 Trade receivables 4,722 29,513 24,504 36,335 21,229 5,000 4,983 4,200 Cash and cash equivalents 3,080 13,854 2,111 592 - 205 1,593 1,044 Derivatives - 71,752 117,356 (8,523) (2,539) (15,098) (75,403) 89,865 Loans and borrowings - (70,281) (116,890) - (674) 11,653 75,382 (93,600) Accounts payable (5,801) (24,191) (26,413) (1,189) (18,663) (982) (3,419) (200) Balance exposure 2,001 20,647 668 27,215 (647) 778 3,136 1,309 The below exchange rates were applied in the year. 2023 2022 In \u20ac Average Year-end Average Year-end US Dollar (USD) 0.92 0.91 0.95 0.93 Pound Sterling (GBP) 1.15 1.15 1.17 0.13 Australian Dollar (AUD) 0.61 0.62 0.66 0.63 Chinese Yuan Renminbi (CNY) 0.13 0.13 0.14 0.13 Canadian Dollar (CAD) 0.69 0.68 0.73 0.69 Brazilian Real (BRL) 0.19 0.19 0.18 0.18 United Arab Emirates Dirham (AED) 0.25 0.25 0.26 0.25 Arcadis uses derivative financial instruments in order to manage market risks associated with changes in foreign exchange rates as well as interest rates. All transactions are carried out in accordance with the Group Treasury policy. The Group seeks to apply hedge accounting where possible to manage volatility in profit or loss. All foreign exchange forward transactions outstanding at year-end are due to mature in 2024 and Q1 2025. Sensitivity analysis currency risks Foreign currency sensitivity analyses are performed by applying an expected possible volatility of a currency, assuming all other variables, in particular interest rates, remain constant. All monetary assets and liabilities of the Group at year-end are revalued, which results in a hypothetical impact on net income and equity as summarized below. 2023 2022 In \u20ac Impact on net income Impact on equity Impact on net income Impact on equity 10% change euro against the US dollar 19.1 60.5 6.9 66.8 10% change euro against the Pound Sterling 10.6 43.0 3.1 48.9 10% change euro against the Australian Dollar 4.0 17.9 - 14.3 10% change euro against the Canadian Dollar 0.6 6.9 0.1 7.2 All material balance sheet positions have been hedged with foreign exchange contracts. The translation risk relating to subsidiaries with a functional currency other than the Group reporting currency of Euro are not hedged, in accordance with the Group Treasury policy. (C2) Interest rate risks The Group manages interest rate risks by financing fixed assets and part of current assets with shareholders\u2019 equity and long-term debt. The remainder of current assets is financed with short-term debt including revolving bank debt with variable interest rates. Based on the interest risk profile, financial instruments were outstanding during the year to cover part of the interest rate risk on long-term borrowings. This risk is applicable to long-term debt, short-term debt and bank overdrafts in the Consolidated balance sheet amounting to \u20ac881.3 million at year-end 2023 (2022: \u20ac970.2 million). The decrease versus last year is driven by repayment of loans that were issued for the acquisition of IBI Group and DPS Group in 2022. The Group arranged for two floating-to-fixed interest rate swaps for the \u20ac185.0 million floating interest rate Schuldschein loan that was issued in July 2023. One swap (\u20ac100.0 million) will mature in January 2025; the other swap (\u20ac85.0 million) will mature in January 2026. The 2015 \u20ac40.0 million fixed-to-floating cross currency swap to manage currency risk and interest rate risk matured in October 2023. Further information can be found in Note 19. The Group Treasury Policy states that the fixed portion of net debt should be at least 40% to protect against increases in interest rates as well as providing some certainty on expectations for interest expense in profit or loss. As of December 2023, this minimum fixed portion of 40% was applicable. Sensitivity analysis Interest rate risk Interest rate sensitivity analyses are performed by applying an expected possible volatility of interest rates, assuming all other variables remain constant. All interest-bearing liabilities of the Group at year-end are revalued, which results in a hypothetical impact on the pre-tax profit for the year and equity as summarized below. 2023 2022 In \u20ac Impact of pre-tax profit for the year Impact on equity Impact of pre-tax profit for the year Impact on equity Ten basis-points change to interest rate 0.1 0.1 0.3 0.3 ",
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"f23570": {
"value": "Capital risk management Arcadis\u2019 objectives when managing capital are to safeguard Arcadis\u2019 ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure that optimizes its cost of capital and allows for sufficient flexibility towards the execution of Arcadis\u2019 strategy. The Group sets the amount of capital in proportion to its risk appetite. The Group manages the capital structure and makes adjustments to it based on changes in economic conditions and the risk characteristics of the underlying assets. The capital structure can be altered by adjusting the amount of dividends paid to shareholders, return capital to shareholders, or issue new debt or shares. From time to time, Arcadis purchases its own shares, which are used as volume hedges for the transfer of shares under Arcadis\u2019 long- term incentive plans and to off-set the dilutive effect of scrip dividends. Consistent with the financial covenants agreed with the banks, the Group monitors capital on the basis of the average Net debt to (Operating) EBITDA ratio. This ratio is calculated as the average interest- bearing debt minus cash and cash equivalents divided by (Operating) EBITDA. EBITDA is calculated as earnings before interest, tax, depreciation and amortization. To obtain access to the debt capital markets, the Group obtained an investment grade credit rating of BBB- (Stable outlook) from Standard & Poor\u2019s. The Group and its subsidiaries are not subject to external capital requirements, other than financial covenants under the credit documentation of its committed credit facilities, as disclosed in the notes to these financial statements. During 2023, Arcadis\u2019 strategic goal on financing, which was unchanged from 2022, was to maintain a Net debt to (Operating) EBITDA ratio between 1.5x and 2.5x in order to secure access to finance at a reasonable cost. Financial covenants The financial covenant set under the contracts of the committed credit facilities that are applicable to Arcadis includes a Total Leverage ratio. The Total Leverage ratio for the \u20ac600.0 million Revolving Credit Facility and the Schuldschein loans issued in 2020 has a maximum of 3.5x. For the Revolving Credit Facility, the Applicable Rating of the Rating Agency (S&P) prevails over the average net debt to EBITDA ratio in case of a rating of at least BBB or Baa2, which is the case at year-end. The Total Leverage ratio for the Schuldschein loans issued in 2023, which is based on Operating EBITDA, has a maximum of 3.5x Both ratios are included in the next tables. In \u20ac millions Note 31 December 2023 31 December 2022 3 Long-term loans and borrowings 29 870.9 901.9 Current portion of loans and borrowings 29 - 56.2 Lease liabilities 16 210.9 242.9 Current portion of lease liabilities 16 70.4 72.1 Bank overdrafts 24 10.4 15.2 Total debt 1,162.6 1,288.3 Less: cash and cash equivalents 24 (289.9) (272.8) Net debt 872.7 1,015.5 Less: non-current portion deferred consideration 6 - (3.1) Net debt according to debt covenants 872.7 1,012.4 EBITDA according to debt covenants 1 463.0 412.3 Adjusted Operating EBITDA according to debt covenants 2 510.9 n/a 1 EBITDA adjusted for share-based compensation and acquisition effects, in accordance with debt covenants. Non-GAAP performance measure, to provide transparency on the underlying performance of our business (reference is made to the Glossary Financial & Non-Financial indicators on page 286) 2 EBITDA adjusted for share-based compensation, restructuring, integration, disposal and acquisition related costs and net result from divestments, and any material one-off exceptional non-cash impairments and/or material one-off exceptional non-cash write-offs. 3 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Ratios In \u20ac 2023 2022 Average net debt to EBITDA ratio according to debt covenants RCF and 2020 Schuldschein (Total Leverage Ratio) 2.2 1.6 Average net debt to adjusted Operating EBITDA ratio according to debt covenants for 2023 Schuldschein 2.0 n/a The ratios as disclosed above are calculated based on the definitions as agreed with and aligned between the different providers of committed credit facilities. The calculation of the average Net debt to (Operating) EBITDA ratio is based on the average net debt of Q2 and Q4. Throughout 2023, Arcadis complied with all financial and non-financial covenants. ",
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},
"f23717": {
"value": "Fair value The fair values of financial assets and liabilities together with the carrying amounts recognized in the Consolidated balance sheet, are as follows: Carrying value per IFRS 9 category In \u20ac thousands Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value At 31 December 2023 Investments in associates and joint ventures 11,381 11,381 - - - - - Other investments 4,295 - - 4,295 - 4,295 4,295 Other non-current assets 20,414 - 20,414 - - 20,414 20,414 Trade receivables 728,555 - 728,555 - - 728,555 728,555 Derivatives 8,197 - - 9,716 (1,519) 8,197 8,197 Cash and cash equivalents 289,878 - 289,878 - - 289,878 289,878 Total Financial assets 1,062,720 11,381 1,038,847 14,011 (1,519) 1,051,339 1,051,339 Loans and borrowings: Non-current 870,923 - 870,923 - - 870,923 874,534 Current - - - - - - - Derivatives 11,143 - - 11,143 - 11,143 11,143 Accounts payable 312,641 - 312,641 - - 312,641 312,641 Lease liabilities 281,307 - 281,307 - - 281,307 281,307 Deferred consideration 2,400 - - 2,400 - 2,400 2,400 Bank overdrafts and short-term bank debts 10,359 - 10,359 - - 10,359 10,359 Total Financial liabilities 1,488,773 - 1,475,230 13,543 - 1,488,773 1,492,384 Carrying value per IFRS 9 category Carrying amount Out of Scope IFRS 17 Amortized cost Fair value through Profit or Loss Fair value through Other comprehensive income Total Fair value In \u20ac thousands At 31 December 2022 Investments in associates and joint ventures 11,633 11,633 - - - - - Other investments 3,609 - - 3,609 - 3,609 3,609 Other non-current assets 1 20,274 - 20,274 - - 20,274 20,274 Trade receivables 1 726,847 - 726,847 - - 726,847 726,847 Derivatives 15,943 - - 15,814 129 15,943 15,943 Cash and cash equivalents 272,754 - 272,754 - - 272,754 272,754 Total Financial assets 1,051,060 11,633 1,019,875 19,423 129 1,039,427 1,039,427 Loans and borrowings: Non-current 901,935 - 901,935 - - 901,935 895,671 Current 56,230 - 56,230 - - 56,230 56,238 Derivatives 21,904 - - 21,904 - 21,904 21,904 Accounts payable 1 334,110 - 334,110 - - 334,110 334,110 Lease liabilities 1 315,117 - 315,117 - - 315,117 315,117 Deferred consideration 5,309 - - 5,309 - 5,309 5,309 Bank overdrafts and short-term bank debts 15,156 - 15,156 - - 15,156 15,156 Total Financial liabilities 1,649,761 - 1,622,548 27,213 - 1,649,761 1,643,505 1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 Fair value hierarchy The financial instruments carried at fair value are analyzed by valuation method, using the following levels: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). All financial instruments carried at fair value within the Group are categorized in Level 2, except for the other investment in Techstars and the deferred consideration whereby a Level 3 valuation has been used (see note 18). The fair value of foreign exchange forward rate contracts is based on quoted market prices at the balance sheet date, being the present value of the quoted forward price. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the term and maturity of the contract, using market interest rates. The fair value of interest rate swaps is calculated by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at measurement date. These calculations are tested for reasonableness by comparing them with bank valuations. The fair value of loans and receivables is based on the present value of future principal and interest cash flows, discounted at the Group specific market rate of interest at reporting date. For financial leases the market rate of interest is determined by reference to similar lease agreements. The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at reporting date. Due to the short-term character of the receivables, the fair value equals the carrying value. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24075": {
"value": "32 Commitments and contingent liabilitiesCommitted lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. Summary of commitments In \u20ac thousands 31 December 2023 31 December 2022 Short-term leases 706 1,151 Low-value leases 3,120 340 Total committed off-balance leases 3,826 1,491 In \u20ac thousands 31 December 2023 31 December 2022 Bank guarantees 150,260 151,563 Corporate guarantees 160,261 177,580 Eliminations (110,267) (114,102) Guarantees 200,254 215,041 Leases 3,826 1,491 Other commitments 37,018 953 Total 241,098 217,485 Leases The Group\u2019s lease arrangements mainly relate to contracts for leased cars, building and other (IT) equipment. These leases have varying terms, termination clauses and renewal rights. For leased assets the Group has recognized right-of-use assets and lease liabilities as at 31 December 2023, except for short-term and/or low- value leases. The lease expense recognized in profit or loss of 2023 relating to short-term and/or low-value leases amounted to \u20ac9.1 million (2022: \u20ac4.4 million). See note 16 for further information on leases. Guarantees Arcadis has issued corporate guarantees as security for credit facilities, bank guarantee facilities and surety bond lines. Guarantees or guarantee-like items issued by a financial intermediary (such as bank guarantees and surety bonds) can be issued in relation to projects, advances received, tender bonds or lease commitments to avoid cash deposits. Bank guarantees or surety bonds issued for project performance can be claimed by clients where Arcadis fails to deliver in line with the agreed contract. In such cases, the liability of the bank should be no greater than the original liability on Arcadis. Where the failure to perform arose due to an error or omission by Arcadis, the claim could be covered by the professional indemnity insurance cover. The tables below summarize the outstanding corporate and bank guarantees. They reflect only items that have been drawn or utilized that are not already shown on the balance sheet. In \u20ac millions Corporate guarantees Bank guarantees Eliminations 1 Total Debt facility financing 3.6 - - 3.6 Bank guarantee and surety bond financing 116.8 150.3 (70.5) 196.6 Other 39.8 - (39.8) - Balance at 31 December 2023 160.2 150.3 (110.3) 200.2 1 To avoid double-counting and the overstatement of contingent obligations, only one instance of any off-balance sheet item is reported, e.g. if Arcadis NV has provided a corporate guarantee for a local bank guarantee facility, any claim for payment by a client on an outstanding bank guarantee can only be honored once. In \u20ac millions Corporate guarantees Bank guarantees Eliminations 1 Total Debt facility financing 3.6 - - 3.6 Bank guarantee and surety bond financing 135.8 151.6 (75.9) 211.5 Other 38.2 - (38.2) - Balance at 31 December 2022 177.6 151.6 (114.1) 215.1 1 To avoid double-counting and the overstatement of contingent obligations, only one instance of any off-balance sheet item is reported, e.g. if Arcadis NV has provided a corporate guarantee for a local bank guarantee facility, any claim for payment by a client on an outstanding bank guarantee can only be honored once. The vast majority of outstanding bank guarantees and surety bonds relates to the commercial performance on projects (e.g. Performance guarantees, Tender bonds, Warranty bonds or Advance payment guarantees) and rental guarantees. On 31 December 2023 and throughout the year, the vast majority of the outstanding bank guarantees and surety bonds posed an immaterial and insignificant risk to Arcadis. On 31 December 2023, only a part of the local bank guarantee facilities and local debt facilities have been used. Other commitments The other commitments amount to \u20ac37.0 million (2022: \u20ac1.0 million) and include the service part of several long-term global IT service contracts, which runs for a remaining period of one to three years. Contingent liabilities Litigation The Company is involved in various legal and regulatory claims and proceedings as a result of its normal course of business, either as plaintiff or defendant. Management ensures that these cases are firmly defended. In some of these proceedings, claimants allegedly claim amounts for project contract breaches that are significant to the Consolidated financial statements. All legal and regulatory claims and proceedings are assessed on a regular basis. In consultation with in-house and external legal counsels, management regularly evaluates facts and circumstances of those claims and, based on the analysis of possible outcomes of litigation and settlements, provisions are accrued for. Provisions are accrued for only where management believes it is probable that Arcadis will be held liable, the amount is reasonably estimable, and the claim has not been insured. These provisions are reviewed periodically and adjusted if necessary, to the extent that cash outflow of related proceedings is probable, including defense costs and reimbursements by our insurance policies. Since the ultimate disposition of asserted claims and proceedings cannot be predicted with certainty, final settlement can differ from this estimate and could require revisions to the estimated provision, which could have a material adverse effect on the Company\u2019s balance sheet, profit or loss, and cash flows for a particular period. Tax Arcadis operates in a high number of jurisdictions and is subject to a variety of taxes per jurisdiction. Tax legislation can be highly complex and subject to changes and interpretation. Therefore, Arcadis is exposed to varying degrees of uncertainty and significant judgement is required in determining the global tax position. The Company accounts for its income taxes on the basis of its own internal analyses supported by external advice. The Company continually monitors its global tax position including changes in tax laws or interpretations of such laws. Whenever uncertain tax positions arise, the Company assesses the potential consequences and recognizes liabilities depending on the strength of the Company\u2019s position and the resulting risk of loss. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24076": {
"value": "32 Commitments and contingent liabilitiesSummary of commitments In \u20ac thousands 31 December 2023 31 December 2022 Short-term leases 706 1,151 Low-value leases 3,120 340 Total committed off-balance leases 3,826 1,491 In \u20ac thousands 31 December 2023 31 December 2022 Bank guarantees 150,260 151,563 Corporate guarantees 160,261 177,580 Eliminations (110,267) (114,102) Guarantees 200,254 215,041 Leases 3,826 1,491 Other commitments 37,018 953 Total 241,098 217,485 Leases The Group\u2019s lease arrangements mainly relate to contracts for leased cars, building and other (IT) equipment. These leases have varying terms, termination clauses and renewal rights. For leased assets the Group has recognized right-of-use assets and lease liabilities as at 31 December 2023, except for short-term and/or low- value leases. The lease expense recognized in profit or loss of 2023 relating to short-term and/or low-value leases amounted to \u20ac9.1 million (2022: \u20ac4.4 million). See note 16 for further information on leases. Guarantees Arcadis has issued corporate guarantees as security for credit facilities, bank guarantee facilities and surety bond lines. Guarantees or guarantee-like items issued by a financial intermediary (such as bank guarantees and surety bonds) can be issued in relation to projects, advances received, tender bonds or lease commitments to avoid cash deposits. Bank guarantees or surety bonds issued for project performance can be claimed by clients where Arcadis fails to deliver in line with the agreed contract. In such cases, the liability of the bank should be no greater than the original liability on Arcadis. Where the failure to perform arose due to an error or omission by Arcadis, the claim could be covered by the professional indemnity insurance cover. The tables below summarize the outstanding corporate and bank guarantees. They reflect only items that have been drawn or utilized that are not already shown on the balance sheet. In \u20ac millions Corporate guarantees Bank guarantees Eliminations 1 Total Debt facility financing 3.6 - - 3.6 Bank guarantee and surety bond financing 116.8 150.3 (70.5) 196.6 Other 39.8 - (39.8) - Balance at 31 December 2023 160.2 150.3 (110.3) 200.2 1 To avoid double-counting and the overstatement of contingent obligations, only one instance of any off-balance sheet item is reported, e.g. if Arcadis NV has provided a corporate guarantee for a local bank guarantee facility, any claim for payment by a client on an outstanding bank guarantee can only be honored once. In \u20ac millions Corporate guarantees Bank guarantees Eliminations 1 Total Debt facility financing 3.6 - - 3.6 Bank guarantee and surety bond financing 135.8 151.6 (75.9) 211.5 Other 38.2 - (38.2) - Balance at 31 December 2022 177.6 151.6 (114.1) 215.1 1 To avoid double-counting and the overstatement of contingent obligations, only one instance of any off-balance sheet item is reported, e.g. if Arcadis NV has provided a corporate guarantee for a local bank guarantee facility, any claim for payment by a client on an outstanding bank guarantee can only be honored once. The vast majority of outstanding bank guarantees and surety bonds relates to the commercial performance on projects (e.g. Performance guarantees, Tender bonds, Warranty bonds or Advance payment guarantees) and rental guarantees. On 31 December 2023 and throughout the year, the vast majority of the outstanding bank guarantees and surety bonds posed an immaterial and insignificant risk to Arcadis. On 31 December 2023, only a part of the local bank guarantee facilities and local debt facilities have been used. Other commitments The other commitments amount to \u20ac37.0 million (2022: \u20ac1.0 million) and include the service part of several long-term global IT service contracts, which runs for a remaining period of one to three years. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24079": {
"value": "Committed lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. Contingent liabilities Litigation The Company is involved in various legal and regulatory claims and proceedings as a result of its normal course of business, either as plaintiff or defendant. Management ensures that these cases are firmly defended. In some of these proceedings, claimants allegedly claim amounts for project contract breaches that are significant to the Consolidated financial statements. All legal and regulatory claims and proceedings are assessed on a regular basis. In consultation with in-house and external legal counsels, management regularly evaluates facts and circumstances of those claims and, based on the analysis of possible outcomes of litigation and settlements, provisions are accrued for. Provisions are accrued for only where management believes it is probable that Arcadis will be held liable, the amount is reasonably estimable, and the claim has not been insured. These provisions are reviewed periodically and adjusted if necessary, to the extent that cash outflow of related proceedings is probable, including defense costs and reimbursements by our insurance policies. Since the ultimate disposition of asserted claims and proceedings cannot be predicted with certainty, final settlement can differ from this estimate and could require revisions to the estimated provision, which could have a material adverse effect on the Company\u2019s balance sheet, profit or loss, and cash flows for a particular period. Tax Arcadis operates in a high number of jurisdictions and is subject to a variety of taxes per jurisdiction. Tax legislation can be highly complex and subject to changes and interpretation. Therefore, Arcadis is exposed to varying degrees of uncertainty and significant judgement is required in determining the global tax position. The Company accounts for its income taxes on the basis of its own internal analyses supported by external advice. The Company continually monitors its global tax position including changes in tax laws or interpretations of such laws. Whenever uncertain tax positions arise, the Company assesses the potential consequences and recognizes liabilities depending on the strength of the Company\u2019s position and the resulting risk of loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24081": {
"value": "Committed lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. Contingent liabilities Litigation The Company is involved in various legal and regulatory claims and proceedings as a result of its normal course of business, either as plaintiff or defendant. Management ensures that these cases are firmly defended. In some of these proceedings, claimants allegedly claim amounts for project contract breaches that are significant to the Consolidated financial statements. All legal and regulatory claims and proceedings are assessed on a regular basis. In consultation with in-house and external legal counsels, management regularly evaluates facts and circumstances of those claims and, based on the analysis of possible outcomes of litigation and settlements, provisions are accrued for. Provisions are accrued for only where management believes it is probable that Arcadis will be held liable, the amount is reasonably estimable, and the claim has not been insured. These provisions are reviewed periodically and adjusted if necessary, to the extent that cash outflow of related proceedings is probable, including defense costs and reimbursements by our insurance policies. Since the ultimate disposition of asserted claims and proceedings cannot be predicted with certainty, final settlement can differ from this estimate and could require revisions to the estimated provision, which could have a material adverse effect on the Company\u2019s balance sheet, profit or loss, and cash flows for a particular period. Tax Arcadis operates in a high number of jurisdictions and is subject to a variety of taxes per jurisdiction. Tax legislation can be highly complex and subject to changes and interpretation. Therefore, Arcadis is exposed to varying degrees of uncertainty and significant judgement is required in determining the global tax position. The Company accounts for its income taxes on the basis of its own internal analyses supported by external advice. The Company continually monitors its global tax position including changes in tax laws or interpretations of such laws. Whenever uncertain tax positions arise, the Company assesses the potential consequences and recognizes liabilities depending on the strength of the Company\u2019s position and the resulting risk of loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24082": {
"value": "Committed lease payments for short-term and/or low-value leases are reported as off-balance sheet commitment. The lease payments (excluding costs for services such as insurance and maintenance, which are expenses as incurred) are recognized as an expense on a straight-line basis unless another systemic basis is representative of the time pattern of the user\u2019s benefit, even if the payments are not on that basis. Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. Contingent liabilities are potential obligations of sufficient uncertainty that it does not qualify for recognition as a provision (see note 28), unless it is assumed in a business combination (see note 6). Contingent liabilities are reviewed periodically to assess whether an outflow of resources will become probable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24089": {
"value": "Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Company will be required to make a payment under such guarantee. Financial guarantees are subject to the Expected Credit Loss model, and a credit loss is recognized for the expected cash shortfalls. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24290": {
"value": "33 Related party transactionsA related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g. key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRSs, take into account the substance as well as the legal form, and made on terms equivalent to those that prevail in arm\u2019s length transactions. General The related parties of the Company include subsidiaries, jointly controlled entities, associates, temporary partnerships, Stichting Lovinklaan, Stichting Bellevue, Stichting Prioriteit Arcadis NV, Stichting Preferente Aandelen Arcadis NV, the members of the Executive Board, the Executive Leadership Team and the Supervisory Board. In accordance with article 2:379 and 414 of the Dutch Civil Code, the list of subsidiaries, joint ventures, and associates is filed with the Chamber of Commerce in Amsterdam. Transactions with subsidiaries The financial transactions between the Company and its subsidiaries comprise operational project related transactions, financing transactions and other transactions in the normal course of business activities. Transactions within the Group are not included in these disclosures as these are eliminated in the Consolidated financial statements. Transactions with joint arrangements The Group has entered into transactions on an arm\u2019s length basis through joint arrangements during the year 2023. Total revenues from joint arrangements amounted to \u20ac259.5 million (2022: \u20ac245.0 million). Transactions with associates The Group has entered into transactions with associates, see note 17 and the table on the next page. Transactions with key management personnel The table below specifies the total remuneration of key management personnel, for the period that they met the criteria, and for remuneration received in the capacity of key management personnel. This includes the remuneration of the Executive Board members of \u20ac4.3 million (2022: \u20ac4.4 million), Executive Leadership Team of \u20ac7.6 million (2022: \u20ac6.7 million), and Supervisory Board members of \u20ac0.5 million (2022: \u20ac0.5 million). For the composition of the Executive Board, Executive Leadership Team and Supervisory Board in 2023 see pages 114 to 117. The remuneration in below table covers the period that members qualified as key management personnel. In \u20ac thousands 2023 2022 Salary 4,740 3,700 Bonus 2,935 2,451 Pension compensation 472 295 Pension 99 179 LTIP expense 2,631 4,120 Fringe benefits 768 433 Termination benefits 800 433 Total 12,445 11,611 In 2023 (and 2022) no transactions involving conflicts of interest for key management personnel occurred which were material to the Company. In addition, the Company has not granted any loans, advances or guarantees to key management personnel. Transactions with post-employment benefit plans The main post-employment benefit plans are the pension funds of EC Harris (ECH) and Hyder (AGPS). In 2023, the Company contributed \u20ac1.6 million (2022: \u20ac1.5 million) to the plan of EC Harris and \u20ac3.5 million to the plan of Hyder (2022: \u20ac3.6 million), see note 27. Transactions with Lovinklaan Foundation Stichting Lovinklaan (Lovinklaan Foundation) is one of the main shareholders of Arcadis. The board of the Foundation consists of Arcadis employees. The Foundation had an interest of 18.51% in Arcadis NV at 31 December 2023 (2022: 18.2%). Other contributions made by the Lovinklaan Foundation in 2023 to Arcadis related to the following programs: \u2022 Skills Powered Organisation: \u20ac2.7 million (2022: \u20ac0.3 million) \u2022 Expedition DNA: \u20ac0.7 million (2022: \u20ac0.3 million) \u2022 Shelter: \u20ac0.2 million (2022: \u20ac0.4 million) \u2022 Sustain Abilities: \u20ac0.2 million (2022: nil) \u2022 Imagine: \u20ac0.03 million (2022: nil) \u2022 Local Sparks: nil (2022: \u20ac0.1 million) \u2022 Roots of Arcadis: nil (2022: \u20ac0.1 million) In 2023 (and 2022) no other financial transactions apart from the above mentioned took place between the Foundation and the Company, except for the dividends on the shares. Transactions with other related parties Arcadis NV contributed \u20ac45,000 to Stichting Preferente Aandelen Arcadis NV (the \u2018Preferred Stock Foundation\u2019) in 2023 (2022: \u20ac55,000) and \u20ac500 to Stichting Prioriteit Arcadis NV (the \u2018Priority Share Foundation\u2019) (2022: \u20ac1,500). See note 25 for further information on these foundations. The contribution to Stichting Bellevue amounted to \u20ac68,000 (2022: \u20ac68,000). Summary A summary of transactions with related parties (excluding Key Management Personnel) in the financial year is disclosed in the table below: Transactions with associates Transactions with joint arrangements Transactions with post-employee benefit plans Other In \u20ac millions 2023 2022 2023 2022 2023 2022 2023 2022 Sales (to) 14.3 11.5 259.5 245.0 - - 0.8 0.9 Purchase (from) 0.2 - 0.6 0.8 - - 0.1 - Loans (to) - - - - - - - - Receivables (from) 2.5 2.8 8.8 5.4 - - 0.1 0.2 Payables (to) 0.0 - 0.1 0.4 - - - - Impairment of loans (to) - - - - - - - - Dividends received (from) 3.9 10.3 0.4 0.3 - - - - Provision for bad debts related to outstanding balances - - - - - - - - Related expenses to these bad or doubtful debts - - - - - - - - Provision for outstanding loan balances - - - - - - - - Transfer of pension premiums and cost changes - - - - 2.1 0.3 - - Contributions - - - - 5.1 5.1 0.3 0.4 ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f24293": {
"value": "A related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g. key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRSs, take into account the substance as well as the legal form, and made on terms equivalent to those that prevail in arm\u2019s length transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f24316": {
"value": "Transactions with key management personnel The table below specifies the total remuneration of key management personnel, for the period that they met the criteria, and for remuneration received in the capacity of key management personnel. This includes the remuneration of the Executive Board members of \u20ac4.3 million (2022: \u20ac4.4 million), Executive Leadership Team of \u20ac7.6 million (2022: \u20ac6.7 million), and Supervisory Board members of \u20ac0.5 million (2022: \u20ac0.5 million). For the composition of the Executive Board, Executive Leadership Team and Supervisory Board in 2023 see pages 114 to 117. The remuneration in below table covers the period that members qualified as key management personnel. In \u20ac thousands 2023 2022 Salary 4,740 3,700 Bonus 2,935 2,451 Pension compensation 472 295 Pension 99 179 LTIP expense 2,631 4,120 Fringe benefits 768 433 Termination benefits 800 433 Total 12,445 11,611 In 2023 (and 2022) no transactions involving conflicts of interest for key management personnel occurred which were material to the Company. In addition, the Company has not granted any loans, advances or guarantees to key management personnel. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f24539": {
"value": "34 Events after the balance sheet dateThere are no material subsequent events, that would have changed the judgment and analysis by management of the financial condition of the Company at 31 December 2023, or the result for 2023. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245000UZH70GO047N03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"footnote2x54x0": {
"value": "1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
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"noteId": "footnote2x54x0",
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}
},
"footnote0x27x0": {
"value": "2 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote0x27x0",
"language": "en"
}
},
"footnote2x24x0": {
"value": "1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2x24x0",
"language": "en"
}
},
"footnote4x56x0": {
"value": "2 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4x56x0",
"language": "en"
}
},
"footnote3x15x0": {
"value": "1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3x15x0",
"language": "en"
}
},
"footnote1x18x0": {
"value": "1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1x18x0",
"language": "en"
}
},
"footnote3x31x0": {
"value": "1 Revised in accordance with IFRS 3.49 to reflect the adjustments to the provisional opening balances of acquired entities recognized as at 31 December 2022. See note 2 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3x31x0",
"language": "en"
}
},
"footnote4x29x0": {
"value": "1 Non-GAAP performance measure. Reference is made to the Glossary Financial & Non-Financial indicators on page 286 for the definition as used by Arcadis and to reconciliation tables on pages 277 to 280 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4x29x0",
"language": "en"
}
},
"footnote0x26x0": {
"value": "1 Non-GAAP performance measure. Reference is made to the Glossary Financial & Non-Financial indicators on page 286 for the definition as used by Arcadis and to reconciliation tables on pages 277 to 280 ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote0x26x0",
"language": "en"
}
}
}
}