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"pp-value-2-2": {
"value": "1. Generalunder Dutch law. The Company has its registered office in The shares of Holland Colours NV are traded on the Amsterdam stock exchange. Holland Colours NV and its subsidiaries are together known as \u2018Holland Colours\u2019 or \u2018Group\u2019. The Group manufactures, distributes and sells color concentrates. At balance sheet date the Group operates through eight facilities and a network of agents and distributors.Since 2012, just over 50% of the Company\u2019s shares have been held by HPigments On 29 May 2024 the Board of Management authorized the financial statements for issue. The financial statements are subject to adoption by the Annual General Meeting of Shareholders on 11 July 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"f1668": {
"value": "Holland Colours NV (\u2018Company\u2019), ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"f1673": {
"value": "public limited liability company (\u2018Naamloze Vennootschap\u2019) ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"f1680": {
"value": "Apeldoorn, the Netherlands,",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"f1727": {
"value": "olland Pigments BV (\u2018Pigments\u2019). ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "is the ultimate parent company of the Company, in which, along with others, all employees of the Group participate. Employees of the Group collectively hold approximately 25% of the shares in Pigments. Participations in Pigments held by former directors, who also are major shareholdersin Pigments, are excluded from above mentioned %.EMPLOYEE NUMBERSDuring the 2023/2024 financial year, the company employed an average of 410 FTEs (2022/2023: 438 FTEs), thereof 131 FTEs (2022/2023: 133 FTEs) were employed in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "On 29 May 2024 the Board of Management authorized the financial statements for issue. The financial statements are subject to adoption by the Annual General Meeting of Shareholders on 11 July 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-16-2": {
"value": "2. Going ConcernThe Board of Management of Holland Colours, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the year ended 31 March 2024. As part of the going concern assessment the Board of Management considered the sufficiency of the Group\u2019s liquidity resources, including committed credit facilities, over a 12 month period to 31 March 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "3. Key Accounting PrinciplesGENERALThe Group\u2019s consolidated financial statements are prepared in accordance with both IFRS Accounting Standards, as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The accounting policies under EU-IFRS are included in Note 3 to the consolidated financial statements. The accounting policies under EU-IFRS below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the financial year ended 31 March 2023.Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes.The Company\u2019s financial year commences on 1 April and ends on 31 March of the following calendar year.These consolidated financial statements are presented in thousands of euros, which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless stated otherwise.In the financial year there were no changes to any of the key accounting principles.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "3. Key Accounting PrinciplesGENERALThe Group\u2019s consolidated financial statements are prepared in accordance with both IFRS Accounting Standards, as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The accounting policies under EU-IFRS are included in Note 3 to the consolidated financial statements. Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes.The Company\u2019s financial year commences on 1 April and ends on 31 March of the following calendar year.These consolidated financial statements are presented in thousands of euros, which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless stated otherwise.In the financial year there were no changes to any of the key accounting principles.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-17-4": {
"value": "3. Key Accounting PrinciplesThe accounting policies under EU-IFRS below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the financial year ended 31 March 2023.Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes.In the financial year there were no changes to any of the key accounting principles.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-18-4": {
"value": "GENERALThe Group\u2019s consolidated financial statements are prepared in accordance with both IFRS Accounting Standards, as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The accounting policies under EU-IFRS are included in Note 3 to the consolidated financial statements. The accounting policies under EU-IFRS below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the financial year ended 31 March 2023.Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes.The Company\u2019s financial year commences on 1 April and ends on 31 March of the following calendar year.These consolidated financial statements are presented in thousands of euros, which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless stated otherwise.In the financial year there were no changes to any of the key accounting principles.USE OF JUDGEMENTS AND ESTIMATESIn preparing these consolidated financial statements, the Board of Management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group\u2019s risk management and climate-related commitments where appropriate. Revisions to estimates are recognized prospectively.JudgementsInformation about judgements made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in Note 7: Revenue Recognition: when revenue from goods is recognized.Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 March 2024 is, if applicable, included in Note 12 Property, Plant and Equipment.CLIMATE CHANGEIn preparing the Group\u2019s financial statements the Board of Management has considered the impact of climate change on the judgements and estimates used in the preparation of the financial statements. Recognizing that the Group\u2019s operations have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets, also no issues were identified related to the sites where the Groups production facilities are located.CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. Subsidiaries are companies over which the Company has control, because it is exposed to, or has rights to variable return from its involvement with the subsidiary and has the ability to affect returns through its power over the subsidiary.In preparation of the consolidated financial statements, subsidiaries are accounted at net asset value. All intra-group transactions and balances are eliminated, as are the related not realized gains and losses. Non-controlling interests in equity and in results are separately presented. Pigments, the ultimate parent company, based on local legislation, holds 1% of the legal ownership of PT Holland Colours Asia. Full control though resides with Holland Colours NV, therefore PT Holland Colours Asia is 100% consolidated. In this financial year there were no changes to the consolidation group compared to the 2022/2023 financial year. In the previous year Gaypa Sri has sold its shares (12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies.Legal structure including capital interest and division structureDivision Subsidiaries InterestConsolidatedEMEIA Holland Colours Europe BV, 100% 100%the Netherlands, ApeldoornEMEIA Holland Colours UK Ltd, 100% 100%United Kingdom, GillinghamEMEIA Holland Colours Hung\u00e1ria 100% 100%Kft, Hungary, SzolnokAmericas Holland Colours Canada 100% 100%Inc., Canada, TorontoAmericas Holland Colours Americas 100% 100%Inc., United States, Richmond IndianaAmericas Holland Colours Mexicana 100% 100%SA de CV, Mexico, Tultitl\u00e1nAsia PT Holland Colours Asia, 99% 100%Indonesia, SurabayaFOREIGN CURRENCIESTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities in foreign currency that are measured at historical cost are translated using the exchange rate at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on balance sheet statement date. Exchange differences arising are recorded in the income statement as other operating expenses. Hedge accounting does not apply. Assets and liabilities of foreign operations are recorded at the rate of exchange prevailing on the balance sheet statement date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognized in the income statement under other operating expenses.Transactions of subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates and are translated in the subsidiaries functional currency as set out above.Key exchange rates against the euro used in preparing the financial statements are:Exchange Rates UsedIncome in euros Balance SheetStatement2023/ 2022/2024 202320242023US Dollar 1.08 1.09 1.08 1.04British Pound 0.85 0.88 0.86 0.86Canadian Dollar 1.46 1.47 1.46 1.38Mexican Peso 17.86 19.65 18.77 20.45REVENUERevenue arises from the provision of goods under contract with customers and are recognized by identifying the contract and its performance obligations as well as determination and allocation of the transaction price to these performance obligations. A contract with a customer generally has one performance obligation, which is satisfied at a certain point of time. Revenue is recognized when the customer obtains the control of the goods based on the delivery conditions of the sales contract. The main incoterm used is Delivered Duty Paid (DDP) . Revenue is stated at the fair value of the transaction price. This means the revenue is recognized net of (volume based) rebates, discounts and, if applicable, taking returns into consideration.OPERATING EXPENSESGovernment Grants (Personnel Expenses)Government grants are recognized when there is a reasonable assurance that the grant will be received and all conditions are met. Government grants are recognized in the income statement in the same period as the expenses, to which these relate to, mainly personnel expenses.Finance Income and ExpensesFinance income and expenses comprise the interest received from or paid to third parties relating to the financial year and is expensed as incurred.Earnings per ShareEarnings per ordinary share are calculated as the net result attributable to shareholders of ordinary shares, divided by the total weighted average number of outstanding shares in the financial year.PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIESGeneralThe valuation principles are primarily based on valuation of the assets and liabilities at historical cost.Intangible AssetsCosts on research activities are recognized in the income statement as incurred.Development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, development costs are measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.Other intangible assets consist of the costs of software and licenses. If the Group receives a software asset, that is if the Group obtains control over a software intangible asset that it can obtain the future economic benefits from and restricts other\u2019s access to. The asset is measured at cost and includes the directly attributable costs of preparing the software for its intended use such as costs related to implementation and commissioning. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, software costs are measured at cost less accumulated amortization and accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.Amortization of Intangible Assets is on a straight-line base over the useful life. The estimated useful lives are:Development Costs 5 yearsSoftware 3 to 5 yearsProperty, Plant and EquipmentProperty, plant and equipment are measured at cost less accumulated depreciation and, if applicable, impairments. Costs of self-constructed assets comprise direct cost, direct labour costs and appropriate allocation of overhead costs and capitalized borrowing costs. Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated to write off the cost of items of property, plant and equipment, if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. Depreciation starts from the date the items is ready for intended use. Land is not depreciated. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the income statement. Costs for maintenance and repair as part of normal business operations are recognized as an expense. Low-value assets are fully expensed in the year of acquisition.Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Property, plant and equipment are assessed for impairment if there are events or indications that an item may have lost value.Right-of-Use Assets At inception a contract is assessed whether the contract is a lease. A lease is defined if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and following criteria are met: lease is identifiable; the Group has the right to obtain substantially alle economic benefits from the use of the identified asset during the period of use; the Group has the right to use the identified asset throughout the periode of use.At the commencement date of the contract the Group recognizes an asset and a lease liability under non-current assets and non-current liabilities. Lease liabilities due within one year are presented under current liabilities. The right-of-use assets is valued at cost which is the initial valuation of the lease obligation and all lease payments made before commencement date, incentives are deducted. Lease payments that are included in the measurement consist of fixed and variable payments, the latter including changes in an index or price and payments that arise from extension options that are reasonably certain to be exercised. The right-of-use assets is measured at cost less accumulated depreciation, based on the duration of the contract and, if applicable impairments. Depreciation is calculated to write off the right-of-use asset, using the straight-line method over the duration of the lease contract, and is generally recognized in the income statement.At the commencement date the Group values the right-of-use assets and the lease liability at the present value of the lease payments discounted using the interest rate implicit of the lease, if available, or the incremental borrowing rate. The lease liability is valued at the present value as described above for unpaid lease payments at the commencement date. Payments to the lessor are considered repayments of the obligation.After initial valuation the lease liability is lowered for repayments and increased for interest which are recognized in the income statement.The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if the Group changes its assessment of whether it will exercise a purchase, an extension or a termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the right-of-use asset has been reduced to zero.The Group applies a single Incremental Borrowing Rate per category of leases and is determined per Division. The Group determines the Incremental Borrowing Rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. For this financial year the weighted average of the Incremental Borrowing Rate is 4.56% (2022/2023: 4.56%).The Group applies the exemptions for short term lease less than a year and low value assets, these are not recognized on the balance sheet. Payments related to these are instead of including a right-of-use asset and lease liability recognized in the income statement over the duration of the lease period.DepreciationDepreciation is calculated to write off the cost of items of property, plant and equipment and right-of-use assets if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. The estimated useful lives are: Land not depreciatedBuildings 20 to 40 yearsMachinery and Equipment 10 yearsOther 3 to 5 yearsRight-of-Use Assets 1 to 10 yearsImpairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement.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.In the financial year there were no indications that triggered an impairment.TaxationTax expenses comprises current and deferred tax including the effects of changes in tax rate and adjustments to tax assessments related to prior years. Tax is calculated on the result before tax, taking into account the prevailing tax rate and tax legislation in the countries in which the Group operates. Tax is accounted for in the income statement, unless it relates to items recognized in the other comprehensive income, in which case tax is also accounted for in other comprehensive income.Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the result for the financial year as adjusted for items that are not taxable or not deductible, and is calculated using tax rate and laws that were enacted or substantively enacted at the date of the balance sheet. The Board of Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities.Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each balance sheet, and the provisions are remeasured as required to reflect current information.Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the financial year, and which are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.Deferred tax liabilities are generally recognized for all temporary differences. Deferred tax assets are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized, and are reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoveredThe availability of suitable taxable profit is considered probable when an entity has taxable temporary differencesrelating to the same tax authority and the same tax entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit.Deferred tax is presented at nominal value, hence no discount rate is applicable.The Group is subject to tax in numerous jurisdictions, givingrise to complex tax issues. As a multinational enterprise, taxreturns in the countries operated in are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risks with respect to tax matters under active discussion with tax authorities, or which otherwise are considered to involve uncertainty.The valuation of provisions required in relation to uncertaintax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods theBoard of Management expects will better predict the amount it will pay over to the tax authority:\u2022 The single best estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary or the range of possible outcomes is narrow or concentrated on a single value or\u2022 A probability-weighted expected value \u2013 where, on the balance of probabilities something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.In assessing provisions against uncertain tax positions, the Board of Management uses professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded.The Group maintained no provision for any uncertain tax positions in the financial year (2023: nil). The amendment to IAS 12 Income Taxes \u2013 InternationalTax Reform - Pillar Two Model Rules is not applicable tothe Group with the Group\u2019s global revenue not exceeding\u20ac 750 million.InventoriesInventories are stated at the lower of cost and net realizable value. The net realizable value is the estimated sales price in normal course of business less estimated cost for completion and less estimated selling expenses, which assessment is carried out annually. Raw materials are measured at historical cost based on first-in-first-out method (FIFO). Finished goods comprise of cost of direct materials and a surcharge for direct and indirect production cost. A provision for obsolete inventories is stated based on aging of the inventories and management\u2019s assessment on the risk for obsolescence.Trade and Other ReceivablesTrade and other receivables are stated at the lower of initial fair value, and amortized cost.The Group measures an allowance for expected credit losses for its trade receivables which is based on aging of trade receivables.Cash and Cash EquivalentsCash and Cash Equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the balance sheet at fair value.ProvisionsProvisions are recognized when there is a present obligation as a result of a past event and when there is a probable outflow of economic benefits which can be reliably estimated. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions are discounted, with the exception of deferred tax. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as operating expenses. Remeasurements are recognized in profit or loss in the period in which they arise.Environmental obligation The provision for environmental cost relates to theGroups production location in Hungary and is valued atthe nominal value of the estimated expenditure, with aremaining duration of five years.Employee BenefitsObligations for contributions to defined contribution plans as operated by the Group are expensed as the related service is provided. Short-term employee benefits are expensed, and presented under current liabilities, as the related service is provided. A liability is recognized for the amount expected to be paid within one year if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in the income statement in the period in which they arise.Pre-pension planThe pre-pension plan operated in the Netherlands was terminated and converted from a conditional obligation for past service years into an conditional payment for an equal amount payable to the employee on an annual basis, which will end in September 2037. Following are the conditions: the employee must be in service at the time of the annual payment, the Board of Management annually assesses that the Groups financial results are sufficient to cover the annual payment. These expenses were recognized immediately upon agreement and are measured at net present value at a disount rate of 2.62% (2023: 2.41%) based on Iboxx Index Government Bonds. When changes occur any gain or loss on that change is recognized immediately in the income statement.Plan termination of employmentThe plan for termination of employment is operated in Indonesia, based on the legal obligation to make a payout should the employment of the employee be terminated. The obligation is measured at the net present value based on estimation of mortality rates and future salary increases at a discount rate of 7.0% (2023: 7.0%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.Jubilee bonusesThe liability for jubilee bonuses is the amount for future benefits that relate to the individual employees service in the current and previous financial years. This obligation is measured at the net present value based on estimation of future dismissal and future salary increases at a discount rate of 3.57% (2023: 3.66%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.INTEREST RATE RISKAt the end of the financial year, there were no current or non-current borrowings. As the Group has no significant interest-bearing assets and liabilities, the direct impact of changes in the market rates to the Group\u2019s income and operating cash flow is limited.FAIR VALUE OF FINANCIAL INSTRUMENTSThe Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;\u2022 Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable;\u2022 Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable.Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied.5. Cash Flow StatementThe cash flow statement is prepared using the indirect method. Cash flows in foreign currencies are translated to euros against the exchange rate at transaction date. Exchange rate diferences for cash and cash equivalents are shown separately in the cash flow statement. Interest paid and received and payments for income taxes are presented under net cash from operating activities. Dividends paid are included under cash flow from financing activities.Transactions not involving an exchange of cash are not included in the cash flow statement. The payment of lease instalments under the financial lease contract are shown as a cash out under financing activities as far as the repayment is concerned and a cash out under operating activities as far as the interest is concerned.11. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 532 2,454Accumulated Amortization (1,874) (511) (2,385)Carrying Amount 48 21 69Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 Amortization(48) (16) (64) Changes(48) (16) (64) As at 31 March 2023Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount \u2013 5 5 Change in Asset ValueCapital Expenditures \u2013 1 1 Amortization \u2013 (5) (5) Changes \u2013 (4) (4) As at 31 March 2024Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount \u2013 1 1 12. Property, Plant and EquipmentLand and Machinery and Assets under BuildingsEquipment EquipmentConstruction TotalAs at 31 March 2022Cost26,016 31,720 4,930 670 63,336Accumulated Depreciation(15,736) (22,522) (4,261) \u2013 (42,519)Carrying Amount10,280 9,198 669 670 20,817Change in Asset ValueCapital Expenditures184 149 73 3,473 3,879 Transfer Assets under Construction282 1,215 278 (1,775) \u2013 Disposals(1) (1) (1) \u2013 (3) Depreciation(688) (1,623) (262) \u2013 (2,573) Exchange Rate Differences101 104 10 (8) 207 Changes(122) (156) 98 1,690 1,510As at 31 March 2023Cost26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation(16,323) (24,041) (4,513) \u2013 (44,877) Carrying Amount10,158 9,042 767 2,360 22,327 Change in Asset ValueCapital Expenditures225 663 97 3,484 4,469 Transfer Assets under Construction166 1,218 23 (1,407) \u2013 Disposals(45) (5) 1 \u2013 (49) Depreciation(662) (1,670) (225) \u2013 (2,557) Exchange Rate Differences42 35 6 5 88 Changes(274) 241 (98) 2,082 1,951As at 31 March 2024Cost26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation(16,943) (25,676) (4,732) \u2013 (47,351) Carrying Amount9,884 9,283 669 4,442 24,278 Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses.REMUNERATION POLICYThe remuneration policy for the Board of Management, which consists of the Chief Executive Officer, Chief Financial Officer and Chief Technology Officer, is set by the Remuneration Committee part of the Supervisory Board. The Group strives to pay remuneration in line with the market for a company of its size, and in proportion to its overall salary structure. The remuneration package consists of a fixed and a variable element. Fixed salaries are adjusted annually in line with inflation.The variable payment for the Board of Management consists of a bonus plan based on achieving financial and non-financial targets. The bonus is up to three times the monthly salary in the event that 100% of the targets are achieved. Based on the results for this financial year the Board of Management partly achieved bonus targets, accordingly the bonus was expensed and recorded under current liabilities. The Board of Management also participates in the profit-sharing plan. The cash-settled share-based payment for the Board of Management is 75% of the total eligible profit-sharing. Please refer to Note 30 for further disclosure. The company does not offer an option plan.The Group does not provide any personal loans, guarantees or advance payments to the members of the Board of Management or the Supervisory Board.The contracts with the Chief Executive Officer, the Chief Financial Officer and the Chief Technology Officer specify a term of appointment of four years and a severance payment which is in accordance with the recommendations of the Dutch Corporate Governance Code. The Chief Financial Officer is appointed ad interim. The breakdown of the remuneration for the Board of Management and Supervisory Board is listed in the table below.Board of Management Coen Vinke Eelco van Hamersveld Total2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023Fixed Salary 371 338 229 210 600 548 Pension Expenses 28 30 19 23 47 53 Variable Salary - Share-based Payment 20 19 11 11 31 30Variable Salary - Cash 19 36 12 21 31 57438 423 271 265 709 688 Above table includes the remuneration of CEO and CTO, and not the remuneration of CFO, who is appointed ad interim, which costs are included in Other Personnel Expenses under Other Operating Expenses.Transactions with Key OfficersThe total remuneration of Key Officers, which includes the CFO ad interim, is \u20ac 1,036 (2022/2023: \u20ac 981). Other than the regular remuneration, no transactions with key officers took place during the financial year.Other Interests of Members of the Board of ManagementNo transactions were effectuated during the financial year with parties in which any of the Supervisory Board Members, Members of the Board of Management or their partners have an interest.Supervisory Board 2023/2024 2022/2023J.W. van der Vlist \u2013 Verdel 32 \u2013R. Zoomers 13 45A.R. Doornbos 32 32J. Klaus 32 32G.H. de Heer 32 32Total 141 141J.W. van der Vlist - Verdel was appointed July 2024 replacing R. Zoomers, who resigned in that month. Their remuneraton for the financial year prorated is for 9 respectively 3 months. The Annual General Meeting of Shareholders determines the remuneration of the Supervisory Board Members. The remuneration is aligned with market standards.37. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 121 2,043Accumulated Amortization (1,874) (101) (1,975)Carrying Amount 48 20 68Change in Asset ValueCapital Expenditures \u2013 \u2013 \u2013 Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023Cost 1,922 121 2,043 Accumulated Amortization (1,922) (117) (2,039) Carrying Amount \u2013 4 4 Change in Asset ValueAmortization \u2013 (4) (4)Changes \u2013 (4) (4)As at 31 March 2024Cost 1,922 121 2,043 Accumulated Amortization (1,922) (121) (2,043) Carrying Amount \u2013 \u2013 \u2013 38. Property, Plant and EquipmentLand and Assets under Buildings EquipmentConstruction TotalAs at 31 March 2022Cost3,414 269 1 3,684Accumulated Depreciation(2,240) (259) \u2013 (2,499)Carrying Amount1,174 10 1 1,185Change in Asset ValueCapital Expenditures1 \u2013 29 30 Transfer Assets under Construction\u2013 29 (29) \u2013 Depreciation(51) (6) \u2013 (57) Changes(50) 23 \u2013 (27)As at 31 March 2023Cost3,415 298 1 3,714 Accumulated Depreciation(2,291) (265) \u2013 (2,556) Carrying Amount1,124 33 1 1,158 Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 \u2013 Transfer Assets under Construction\u2013 \u2013 \u2013 \u2013 Depreciation(43) (9) (1) (53) Changes(43) (9) (1) (53)As at 31 March 2024Cost3,415 298 1 3,714 Accumulated Depreciation(2,334) (274) (1) (2,609) Carrying Amount1,081 24 \u2013 1,105 ",
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"value": "OPERATING SEGMENTS The Group\u2019s reported segments are based on internal reporting structure and financial information provided to the Board of Management. The segmentation is divisional based on the regions in which the Group\u2019s operates.6. Segment InformationThe Group is divided into geographical segments for management as well as for business purposes. The segment information contained in the financial statements is therefore presented based on the organizational and the reporting structure of the Group. In this, the three operating units each represent a region and the NV, which represents General Management, Innovation and Technology and other central functions.The Board of Management monitors the operating result of the geographic segments to facilitate the decision- making process in relation to the allocation of resources and the performance evaluation. The operating result of the segments is determined and based on the same accounting principles as the operating result shown in the consolidated financial statements.Transfer prices for transactions and services between the operating segments are set on an arm\u2019s-length basis.Segments 2023/2024 EMEIA Americas Asia NVEliminationsTotalRevenue 54,564 38,065 10,656 \u2013 \u2013 103,285 Intersegmental Transactions 1,240 44 6 \u2013 (1,290) \u2013 Revenue including Intersegmental Transactions 55,804 38,109 10,662 \u2013 (1,290) 103,285 Depreciation, Amortization and Impairments (1,764) (908) (395) (167) 7 (3,227) Operating Result 2,620 2,251 1,028 5,269 (4,157) 7,011 Financial Income 1 24 109 298 (291) 141 Financial Expenses (305) (7) (8) (108) 293 (135) Income Tax (603) (638) (312) (286) 4 (1,835) Net Result 1,713 1,631 817 5,182 (4,161) 5,182 Non-Current Assets 16,091 5,861 2,609 62,448 (60,372) 26,637 Current Assets 23,536 19,326 9,222 1,394 (1,717) 51,761 Liabilities 17,048 4,125 1,638 2,387 (8,255) 16,943 Total Investments 3,935 437 98 \u2013 \u2013 4,470 Average Number of Employees (in FTEs) 196 91 102 21 \u2013 410 Segments 2022/2023 EMEIA Americas Asia NVElimi nationsTotalRevenue 54,544 42,437 14,457 \u2013 \u2013 111,438Intersegmental Transactions 1,281 52 \u2013 \u2013 (1,333) \u2013Revenue including Intersegmental Transactions 55,825 42,489 14,457 \u2013 (1,333) 111,438 Depreciation, Amortization and Impairments (1,656) (960) (445) (258) 66 (3,253) Operating Result 862 3,389 1,797 5,797 (4,552) 7,293Financial Income 3 20 36 170 (171) 58Financial Expenses (200) (7) (1) (100) 171 (137)Income Tax (193) (788) (354) 2 (12) (1,345)Net Result 472 2,613 1,479 5,869 (4,564) 5,869Non-Current Assets 13,409 6,028 2,717 62,215 (60,016) 24,353 Current Assets 22,182 16,694 10,591 839 (904) 49,402 Liabilities 14,755 1,290 1,795 4,244 (7,142) 14,942 Total Investments 3,264 377 210 28 \u2013 3,879Average Number of Employees (in FTEs) 204 101 113 20 \u2013 438 ",
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"value": "IFRS STANDARDS The following accounting standards and amendments were adopted during the year and had no material impact on the Group\u2019s accounting policies or reporting:\u2022 IFRS 17 Insurance Contracts;\u2022 Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates;\u2022 Amendment to IAS 1 Presentation of Financial Statements - Disclosure of Accounting Policies;\u2022 Amendment to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising from a single transaction; and\u2022 Amendment to IAS 12 Income Taxes - International Tax Reform - Pillar Two Model Rules.The following amendments and interpretations will become effective for the 2024/2025 financial year. These are not expected to have a significant impact on the accounting policies and reporting.\u2022 Amendment to IAS 1 Presentation of Financial Statements - Non-current Liabilities with Covenants;\u2022 Amendment to IFRS 16 Leases - Lease Liability in a Sale and Leaseback;\u2022 Amendment to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current; and\u2022 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments - Disclosures - Supplier Finance Arrangements.",
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"value": "CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. Subsidiaries are companies over which the Company has control, because it is exposed to, or has rights to variable return from its involvement with the subsidiary and has the ability to affect returns through its power over the subsidiary.In preparation of the consolidated financial statements, subsidiaries are accounted at net asset value. All intra-group transactions and balances are eliminated, as are the related not realized gains and losses. Non-controlling interests in equity and in results are separately presented. Pigments, the ultimate parent company, based on local legislation, holds 1% of the legal ownership of PT Holland Colours Asia. Full control though resides with Holland Colours NV, therefore PT Holland Colours Asia is 100% consolidated. In this financial year there were no changes to the consolidation group compared to the 2022/2023 financial year. In the previous year Gaypa Sri has sold its shares (12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies.Legal structure including capital interest and division structureDivision Subsidiaries InterestConsolidatedEMEIA Holland Colours Europe BV, 100% 100%the Netherlands, ApeldoornEMEIA Holland Colours UK Ltd, 100% 100%United Kingdom, GillinghamEMEIA Holland Colours Hung\u00e1ria 100% 100%Kft, Hungary, SzolnokAmericas Holland Colours Canada 100% 100%Inc., Canada, TorontoAmericas Holland Colours Americas 100% 100%Inc., United States, Richmond IndianaAmericas Holland Colours Mexicana 100% 100%SA de CV, Mexico, Tultitl\u00e1nAsia PT Holland Colours Asia, 99% 100%Indonesia, Surabaya",
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"pp-value-27-4": {
"value": "CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. Subsidiaries are companies over which the Company has control, because it is exposed to, or has rights to variable return from its involvement with the subsidiary and has the ability to affect returns through its power over the subsidiary.In preparation of the consolidated financial statements, subsidiaries are accounted at net asset value. All intra-group transactions and balances are eliminated, as are the related not realized gains and losses. Non-controlling interests in equity and in results are separately presented. Pigments, the ultimate parent company, based on local legislation, holds 1% of the legal ownership of PT Holland Colours Asia. Full control though resides with Holland Colours NV, therefore PT Holland Colours Asia is 100% consolidated. In this financial year there were no changes to the consolidation group compared to the 2022/2023 financial year. In the previous year Gaypa Sri has sold its shares (12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies.Legal structure including capital interest and division structureDivision Subsidiaries InterestConsolidatedEMEIA Holland Colours Europe BV, 100% 100%the Netherlands, ApeldoornEMEIA Holland Colours UK Ltd, 100% 100%United Kingdom, GillinghamEMEIA Holland Colours Hung\u00e1ria 100% 100%Kft, Hungary, SzolnokAmericas Holland Colours Canada 100% 100%Inc., Canada, TorontoAmericas Holland Colours Americas 100% 100%Inc., United States, Richmond IndianaAmericas Holland Colours Mexicana 100% 100%SA de CV, Mexico, Tultitl\u00e1nAsia PT Holland Colours Asia, 99% 100%Indonesia, Surabaya",
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"pp-value-28-3": {
"value": "(12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies.Legal structure including capital interest and division structureDivision Subsidiaries InterestConsolidatedEMEIA Holland Colours Europe BV, 100% 100%the Netherlands, ApeldoornEMEIA Holland Colours UK Ltd, 100% 100%United Kingdom, GillinghamEMEIA Holland Colours Hung\u00e1ria 100% 100%Kft, Hungary, SzolnokAmericas Holland Colours Canada 100% 100%Inc., Canada, TorontoAmericas Holland Colours Americas 100% 100%Inc., United States, Richmond IndianaAmericas Holland Colours Mexicana 100% 100%SA de CV, Mexico, Tultitl\u00e1nAsia PT Holland Colours Asia, 99% 100%Indonesia, Surabaya",
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"value": "FOREIGN CURRENCIESTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities in foreign currency that are measured at historical cost are translated using the exchange rate at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on balance sheet statement date. Exchange differences arising are recorded in the income statement as other operating expenses. Hedge accounting does not apply. Assets and liabilities of foreign operations are recorded at the rate of exchange prevailing on the balance sheet statement date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognized in the income statement under other operating expenses.Transactions of subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates and are translated in the subsidiaries functional currency as set out above.Key exchange rates against the euro used in preparing the financial statements are:Exchange Rates UsedIncome in euros Balance SheetStatement2023/ 2022/2024 202320242023US Dollar 1.08 1.09 1.08 1.04British Pound 0.85 0.88 0.86 0.86Canadian Dollar 1.46 1.47 1.46 1.38Mexican Peso 17.86 19.65 18.77 20.45",
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"pp-value-29-4": {
"value": "FOREIGN CURRENCIESTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities in foreign currency that are measured at historical cost are translated using the exchange rate at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on balance sheet statement date. Exchange differences arising are recorded in the income statement as other operating expenses. Hedge accounting does not apply. Assets and liabilities of foreign operations are recorded at the rate of exchange prevailing on the balance sheet statement date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognized in the income statement under other operating expenses.Transactions of subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates and are translated in the subsidiaries functional currency as set out above.Key exchange rates against the euro used in preparing the financial statements are:Exchange Rates UsedIncome in euros Balance SheetStatement2023/ 2022/2024 202320242023US Dollar 1.08 1.09 1.08 1.04British Pound 0.85 0.88 0.86 0.86Canadian Dollar 1.46 1.47 1.46 1.38Mexican Peso 17.86 19.65 18.77 20.45",
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"pp-value-31-3": {
"value": "REVENUERevenue arises from the provision of goods under contract with customers and are recognized by identifying the contract and its performance obligations as well as determination and allocation of the transaction price to these performance obligations. A contract with a customer generally has one performance obligation, which is satisfied at a certain point of time. Revenue is recognized when the customer obtains the control of the goods based on the delivery conditions of the sales contract. The main incoterm used is Delivered Duty Paid (DDP) . Revenue is stated at the fair value of the transaction price. This means the revenue is recognized net of (volume based) rebates, discounts and, if applicable, taking returns into consideration.",
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"value": "Revenue is stated at the fair value of the transaction price. Trade and other receivables are stated at the lower of initial fair value, and amortized cost.Cash and Cash EquivalentsCash and Cash Equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the balance sheet at fair value.FAIR VALUE OF FINANCIAL INSTRUMENTSThe Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;\u2022 Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable;\u2022 Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable.Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied.Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses.",
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},
"pp-value-34-3": {
"value": "OPERATING EXPENSESGovernment Grants (Personnel Expenses)Government grants are recognized when there is a reasonable assurance that the grant will be received and all conditions are met. Government grants are recognized in the income statement in the same period as the expenses, to which these relate to, mainly personnel expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "Finance Income and ExpensesFinance income and expenses comprise the interest received from or paid to third parties relating to the financial year and is expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "Finance Income and ExpensesFinance income and expenses comprise the interest received from or paid to third parties relating to the financial year and is expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Earnings per ShareEarnings per ordinary share are calculated as the net result attributable to shareholders of ordinary shares, divided by the total weighted average number of outstanding shares in the financial year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "Intangible AssetsCosts on research activities are recognized in the income statement as incurred.Development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, development costs are measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.Other intangible assets consist of the costs of software and licenses. If the Group receives a software asset, that is if the Group obtains control over a software intangible asset that it can obtain the future economic benefits from and restricts other\u2019s access to. The asset is measured at cost and includes the directly attributable costs of preparing the software for its intended use such as costs related to implementation and commissioning. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, software costs are measured at cost less accumulated amortization and accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-38-4": {
"value": "Intangible AssetsCosts on research activities are recognized in the income statement as incurred.Development costs are capitalized only if the expenditure can be measured reliably, the product or process is ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "Amortization of Intangible Assets is on a straight-line base over the useful life. The estimated useful lives are:Development Costs 5 yearsSoftware 3 to 5 yearsDepreciationDepreciation is calculated to write off the cost of items of property, plant and equipment and right-of-use assets if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. The estimated useful lives are: Land not depreciatedBuildings 20 to 40 yearsMachinery and Equipment 10 yearsOther 3 to 5 yearsRight-of-Use Assets 1 to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Property, Plant and EquipmentProperty, plant and equipment are measured at cost less accumulated depreciation and, if applicable, impairments. Costs of self-constructed assets comprise direct cost, direct labour costs and appropriate allocation of overhead costs and capitalized borrowing costs. Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated to write off the cost of items of property, plant and equipment, if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. Depreciation starts from the date the items is ready for intended use. Land is not depreciated. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the income statement. Costs for maintenance and repair as part of normal business operations are recognized as an expense. Low-value assets are fully expensed in the year of acquisition.Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Property, plant and equipment are assessed for impairment if there are events or indications that an item may have lost value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "Right-of-Use Assets At inception a contract is assessed whether the contract is a lease. A lease is defined if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and following criteria are met: lease is identifiable; the Group has the right to obtain substantially alle economic benefits from the use of the identified asset during the period of use; the Group has the right to use the identified asset throughout the periode of use.At the commencement date of the contract the Group recognizes an asset and a lease liability under non-current assets and non-current liabilities. Lease liabilities due within one year are presented under current liabilities. The right-of-use assets is valued at cost which is the initial valuation of the lease obligation and all lease payments made before commencement date, incentives are deducted. Lease payments that are included in the measurement consist of fixed and variable payments, the latter including changes in an index or price and payments that arise from extension options that are reasonably certain to be exercised. The right-of-use assets is measured at cost less accumulated depreciation, based on the duration of the contract and, if applicable impairments. Depreciation is calculated to write off the right-of-use asset, using the straight-line method over the duration of the lease contract, and is generally recognized in the income statement.At the commencement date the Group values the right-of-use assets and the lease liability at the present value of the lease payments discounted using the interest rate implicit of the lease, if available, or the incremental borrowing rate. The lease liability is valued at the present value as described above for unpaid lease payments at the commencement date. Payments to the lessor are considered repayments of the obligation.After initial valuation the lease liability is lowered for repayments and increased for interest which are recognized in the income statement.The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if the Group changes its assessment of whether it will exercise a purchase, an extension or a termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the right-of-use asset has been reduced to zero.The Group applies a single Incremental Borrowing Rate per category of leases and is determined per Division. The Group determines the Incremental Borrowing Rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. For this financial year the weighted average of the Incremental Borrowing Rate is 4.56% (2022/2023: 4.56%).The Group applies the exemptions for short term lease less than a year and low value assets, these are not recognized on the balance sheet. Payments related to these are instead of including a right-of-use asset and lease liability recognized in the income statement over the duration of the lease period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "Impairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement.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.In the financial year there were no indications that triggered an impairment.11. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 532 2,454Accumulated Amortization (1,874) (511) (2,385)Carrying Amount 48 21 69Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 Amortization(48) (16) (64) Changes(48) (16) (64) As at 31 March 2023Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount \u2013 5 5 Change in Asset ValueCapital Expenditures \u2013 1 1 Amortization \u2013 (5) (5) Changes \u2013 (4) (4) As at 31 March 2024Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount \u2013 1 1 12. Property, Plant and EquipmentLand and Machinery and Assets under BuildingsEquipment EquipmentConstruction TotalAs at 31 March 2022Cost26,016 31,720 4,930 670 63,336Accumulated Depreciation(15,736) (22,522) (4,261) \u2013 (42,519)Carrying Amount10,280 9,198 669 670 20,817Change in Asset ValueCapital Expenditures184 149 73 3,473 3,879 Transfer Assets under Construction282 1,215 278 (1,775) \u2013 Disposals(1) (1) (1) \u2013 (3) Depreciation(688) (1,623) (262) \u2013 (2,573) Exchange Rate Differences101 104 10 (8) 207 Changes(122) (156) 98 1,690 1,510As at 31 March 2023Cost26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation(16,323) (24,041) (4,513) \u2013 (44,877) Carrying Amount10,158 9,042 767 2,360 22,327 Change in Asset ValueCapital Expenditures225 663 97 3,484 4,469 Transfer Assets under Construction166 1,218 23 (1,407) \u2013 Disposals(45) (5) 1 \u2013 (49) Depreciation(662) (1,670) (225) \u2013 (2,557) Exchange Rate Differences42 35 6 5 88 Changes(274) 241 (98) 2,082 1,951As at 31 March 2024Cost26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation(16,943) (25,676) (4,732) \u2013 (47,351) Carrying Amount9,884 9,283 669 4,442 24,278 37. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 121 2,043Accumulated Amortization (1,874) (101) (1,975)Carrying Amount 48 20 68Change in Asset ValueCapital Expenditures \u2013 \u2013 \u2013 Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023Cost 1,922 121 2,043 Accumulated Amortization (1,922) (117) (2,039) Carrying Amount \u2013 4 4 Change in Asset ValueAmortization \u2013 (4) (4)Changes \u2013 (4) (4)As at 31 March 2024Cost 1,922 121 2,043 Accumulated Amortization (1,922) (121) (2,043) Carrying Amount \u2013 \u2013 \u2013 38. Property, Plant and EquipmentLand and Assets under Buildings EquipmentConstruction TotalAs at 31 March 2022Cost3,414 269 1 3,684Accumulated Depreciation(2,240) (259) \u2013 (2,499)Carrying Amount1,174 10 1 1,185Change in Asset ValueCapital Expenditures1 \u2013 29 30 Transfer Assets under Construction\u2013 29 (29) \u2013 Depreciation(51) (6) \u2013 (57) Changes(50) 23 \u2013 (27)As at 31 March 2023Cost3,415 298 1 3,714 Accumulated Depreciation(2,291) (265) \u2013 (2,556) Carrying Amount1,124 33 1 1,158 Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 \u2013 Transfer Assets under Construction\u2013 \u2013 \u2013 \u2013 Depreciation(43) (9) (1) (53) Changes(43) (9) (1) (53)As at 31 March 2024Cost3,415 298 1 3,714 Accumulated Depreciation(2,334) (274) (1) (2,609) Carrying Amount1,081 24 \u2013 1,105 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-46-4": {
"value": "Impairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement.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.In the financial year there were no indications that triggered an impairment.11. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 532 2,454Accumulated Amortization (1,874) (511) (2,385)Carrying Amount 48 21 69Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 Amortization(48) (16) (64) Changes(48) (16) (64) As at 31 March 2023Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount \u2013 5 5 Change in Asset ValueCapital Expenditures \u2013 1 1 Amortization \u2013 (5) (5) Changes \u2013 (4) (4) As at 31 March 2024Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount \u2013 1 1 12. Property, Plant and EquipmentLand and Machinery and Assets under BuildingsEquipment EquipmentConstruction TotalAs at 31 March 2022Cost26,016 31,720 4,930 670 63,336Accumulated Depreciation(15,736) (22,522) (4,261) \u2013 (42,519)Carrying Amount10,280 9,198 669 670 20,817Change in Asset ValueCapital Expenditures184 149 73 3,473 3,879 Transfer Assets under Construction282 1,215 278 (1,775) \u2013 Disposals(1) (1) (1) \u2013 (3) Depreciation(688) (1,623) (262) \u2013 (2,573) Exchange Rate Differences101 104 10 (8) 207 Changes(122) (156) 98 1,690 1,510As at 31 March 2023Cost26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation(16,323) (24,041) (4,513) \u2013 (44,877) Carrying Amount10,158 9,042 767 2,360 22,327 Change in Asset ValueCapital Expenditures225 663 97 3,484 4,469 Transfer Assets under Construction166 1,218 23 (1,407) \u2013 Disposals(45) (5) 1 \u2013 (49) Depreciation(662) (1,670) (225) \u2013 (2,557) Exchange Rate Differences42 35 6 5 88 Changes(274) 241 (98) 2,082 1,951As at 31 March 2024Cost26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation(16,943) (25,676) (4,732) \u2013 (47,351) Carrying Amount9,884 9,283 669 4,442 24,278 37. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 121 2,043Accumulated Amortization (1,874) (101) (1,975)Carrying Amount 48 20 68Change in Asset ValueCapital Expenditures \u2013 \u2013 \u2013 Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023Cost 1,922 121 2,043 Accumulated Amortization (1,922) (117) (2,039) Carrying Amount \u2013 4 4 Change in Asset ValueAmortization \u2013 (4) (4)Changes \u2013 (4) (4)As at 31 March 2024Cost 1,922 121 2,043 Accumulated Amortization (1,922) (121) (2,043) Carrying Amount \u2013 \u2013 \u2013 38. Property, Plant and EquipmentLand and Assets under Buildings EquipmentConstruction TotalAs at 31 March 2022Cost3,414 269 1 3,684Accumulated Depreciation(2,240) (259) \u2013 (2,499)Carrying Amount1,174 10 1 1,185Change in Asset ValueCapital Expenditures1 \u2013 29 30 Transfer Assets under Construction\u2013 29 (29) \u2013 Depreciation(51) (6) \u2013 (57) Changes(50) 23 \u2013 (27)As at 31 March 2023Cost3,415 298 1 3,714 Accumulated Depreciation(2,291) (265) \u2013 (2,556) Carrying Amount1,124 33 1 1,158 Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 \u2013 Transfer Assets under Construction\u2013 \u2013 \u2013 \u2013 Depreciation(43) (9) (1) (53) Changes(43) (9) (1) (53)As at 31 March 2024Cost3,415 298 1 3,714 Accumulated Depreciation(2,334) (274) (1) (2,609) Carrying Amount1,081 24 \u2013 1,105 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-46-5": {
"value": "Impairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement.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.In the financial year there were no indications that triggered an impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-48-2": {
"value": "Change in expected useful life of Non-Current AssetsThe depreciation period for Non-Current Assets is assessed, at the very least, at the end of each financial year. Changes in expected useful life of an asset are accounted for by adjusting either the depreciation period or method. These are treated as changes in accounting estimate. In this financial year no changes in expected useful lives incurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "TaxationTax expenses comprises current and deferred tax including the effects of changes in tax rate and adjustments to tax assessments related to prior years. Tax is calculated on the result before tax, taking into account the prevailing tax rate and tax legislation in the countries in which the Group operates. Tax is accounted for in the income statement, unless it relates to items recognized in the other comprehensive income, in which case tax is also accounted for in other comprehensive income.Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the result for the financial year as adjusted for items that are not taxable or not deductible, and is calculated using tax rate and laws that were enacted or substantively enacted at the date of the balance sheet. The Board of Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities.Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each balance sheet, and the provisions are remeasured as required to reflect current information.Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the financial year, and which are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.Deferred tax liabilities are generally recognized for all temporary differences. Deferred tax assets are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized, and are reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoveredThe availability of suitable taxable profit is considered probable when an entity has taxable temporary differencesrelating to the same tax authority and the same tax entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit.Deferred tax is presented at nominal value, hence no discount rate is applicable.The Group is subject to tax in numerous jurisdictions, givingrise to complex tax issues. As a multinational enterprise, taxreturns in the countries operated in are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risks with respect to tax matters under active discussion with tax authorities, or which otherwise are considered to involve uncertainty.The valuation of provisions required in relation to uncertaintax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods theBoard of Management expects will better predict the amount it will pay over to the tax authority:\u2022 The single best estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary or the range of possible outcomes is narrow or concentrated on a single value or\u2022 A probability-weighted expected value \u2013 where, on the balance of probabilities something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.In assessing provisions against uncertain tax positions, the Board of Management uses professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded.The Group maintained no provision for any uncertain tax positions in the financial year (2023: nil). The amendment to IAS 12 Income Taxes \u2013 InternationalTax Reform - Pillar Two Model Rules is not applicable tothe Group with the Group\u2019s global revenue not exceeding\u20ac 750 million.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "Employee BenefitsObligations for contributions to defined contribution plans as operated by the Group are expensed as the related service is provided. Short-term employee benefits are expensed, and presented under current liabilities, as the related service is provided. A liability is recognized for the amount expected to be paid within one year if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in the income statement in the period in which they arise.Pre-pension planThe pre-pension plan operated in the Netherlands was terminated and converted from a conditional obligation for past service years into an conditional payment for an equal amount payable to the employee on an annual basis, which will end in September 2037. Following are the conditions: the employee must be in service at the time of the annual payment, the Board of Management annually assesses that the Groups financial results are sufficient to cover the annual payment. These expenses were recognized immediately upon agreement and are measured at net present value at a disount rate of 2.62% (2023: 2.41%) based on Iboxx Index Government Bonds. When changes occur any gain or loss on that change is recognized immediately in the income statement.Plan termination of employmentThe plan for termination of employment is operated in Indonesia, based on the legal obligation to make a payout should the employment of the employee be terminated. The obligation is measured at the net present value based on estimation of mortality rates and future salary increases at a discount rate of 7.0% (2023: 7.0%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.Jubilee bonusesThe liability for jubilee bonuses is the amount for future benefits that relate to the individual employees service in the current and previous financial years. This obligation is measured at the net present value based on estimation of future dismissal and future salary increases at a discount rate of 3.57% (2023: 3.66%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "Trade and Other ReceivablesTrade and other receivables are stated at the lower of initial fair value, and amortized cost.The Group measures an allowance for expected credit losses for its trade receivables which is based on aging of trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-61-4": {
"value": "Cash and Cash EquivalentsCash and Cash Equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the balance sheet at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-62-3": {
"value": "ProvisionsProvisions are recognized when there is a present obligation as a result of a past event and when there is a probable outflow of economic benefits which can be reliably estimated. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions are discounted, with the exception of deferred tax. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as operating expenses. Remeasurements are recognized in profit or loss in the period in which they arise.Environmental obligation The provision for environmental cost relates to theGroups production location in Hungary and is valued atthe nominal value of the estimated expenditure, with aremaining duration of five years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "InventoriesInventories are stated at the lower of cost and net realizable value. The net realizable value is the estimated sales price in normal course of business less estimated cost for completion and less estimated selling expenses, which assessment is carried out annually. Raw materials are measured at historical cost based on first-in-first-out method (FIFO). Finished goods comprise of cost of direct materials and a surcharge for direct and indirect production cost. A provision for obsolete inventories is stated based on aging of the inventories and management\u2019s assessment on the risk for obsolescence.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-67-2": {
"value": "4. Financial Risk ManagementAs part of the normal conduct of its business, the Group is exposed to a variety of financial risks, such as currency risk, credit risk, liquidity risk, interest risk and capital risk. In terms of risk management policy, it is recognized that the financial markets are volatile and that the aim should be to limit the potential negative effects of this on the Group\u2019s financial results as much as possible. The Board of Management is responsible for managing the risks associated with its activities and the establishment and adequate functioning of appropriate risk management and control systems.CURRENCY RISKThe reporting currency of the Group is the euro. Being a global operation, the Group is exposed to a variety of foreign currencies. Currency risk arises from engaging in commercial transactions in non-functional currencies, mainly US Dollar. Holland Colours aims to limit the effect of transaction-related exchange-rate exposure on the Group by preferring to invoice in the functional currency of the supplying entity, which in most cases is regional. Currency hedging on monetary currency positions or projected sales is not in place. The Group participates in several foreign subsidiaries of which the net equity is mainly US Dollar nominated. This is subject to currency translation risk in the consolidation process. The impact varies over the years and is complicate to mitigate due to the long-term fluctuations in the EUR-US Dollar rate. This risk is monitored but not hedged. There are no balance sheet items susceptible to currency risk.The table below shows the sensitivity of the net result after tax and the equity (including translation effects) to the US Dollar with all other variables kept constant:2023/20242022/2023Increase EUR-USD 10% Decrease EUR-USD 10% Increase EUR-USD 10% Decrease EUR-USD 10%Net Result (311) 375 (454) 608 Equity (2,852) 3,486 (3,003) 3,671 In relative terms, the various currencies affected the Group\u2019s net sales and expenses as follows: RevenueExpenses2023/2024 2022/2023 2023/2024 2022/2023Euro 48% 44% 43% 41%US Dollar 36% 39% 34% 35%Other 16% 17% 23% 24%Total 100% 100% 100% 100%CREDIT RISKCredit risk is the risk of financial loss by the Group in the event a customer fails to meet contractual obligations. Credit risk mainly arises from receivables from customers. The Group follows an active policy to minimize credit risk. This policy includes strict internal guidelines regarding client- and order acceptance, overdue payments, the use of sales information systems, the consultation of external sources and, where necessary, requesting security for payment. Due to its distribution over a large number of customers and geographical areas, there is no significant concentration of credit risk. There is no insurance for credit risk in place. The cash transactions are executed with creditworthy financial institutions. The Company\u2019s credit risk management framework includes a thorough screening of banking partners based on their creditworthiness and high credit ratings from reputable credit rating agencies such as Moody\u2019s.LIQUIDITY RISKLiquidity risk is the risk that the Group is unable to meet its obligations when they are due. The Group\u2019s policy with regard to liquidity risk is to ensure to the best of its ability that sufficient committed credit facilities are available to meet its payment obligations on time, in both normal and exceptional situations. The Trade and Other Liabilities all fall due within one year.The Group maintains flexibility in funding by keeping credit lines available for an amount of \u20ac 7 million at the ABN AMRO Bank NV. On the basis of cash flow forecasting models, the Group tests whether the available credit facilities will cover the expected credit need. Based on the analysis, the Group believes that the current expected credit need is covered sufficiently.The maturity of the Company\u2019s non-current and current financial liabilities as per 31 March 2024 is as follows (amounts in thousands of euros; maturity in years):< 1 15,690 1 - 5 969> 5 284Total 16,943CAPITAL RISKThe policy of the Group regarding the capital structure of the Company is based on the solvency ratio. The solvency ratio remains above 60% and is defined as equity/total assets. In addition, the Group aims to finance its activities with equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "CURRENCY RISKThe reporting currency of the Group is the euro. Being a global operation, the Group is exposed to a variety of foreign currencies. Currency risk arises from engaging in commercial transactions in non-functional currencies, mainly US Dollar. Holland Colours aims to limit the effect of transaction-related exchange-rate exposure on the Group by preferring to invoice in the functional currency of the supplying entity, which in most cases is regional. Currency hedging on monetary currency positions or projected sales is not in place. The Group participates in several foreign subsidiaries of which the net equity is mainly US Dollar nominated. This is subject to currency translation risk in the consolidation process. The impact varies over the years and is complicate to mitigate due to the long-term fluctuations in the EUR-US Dollar rate. This risk is monitored but not hedged. There are no balance sheet items susceptible to currency risk.The table below shows the sensitivity of the net result after tax and the equity (including translation effects) to the US Dollar with all other variables kept constant:2023/20242022/2023Increase EUR-USD 10% Decrease EUR-USD 10% Increase EUR-USD 10% Decrease EUR-USD 10%Net Result (311) 375 (454) 608 Equity (2,852) 3,486 (3,003) 3,671 In relative terms, the various currencies affected the Group\u2019s net sales and expenses as follows: RevenueExpenses2023/2024 2022/2023 2023/2024 2022/2023Euro 48% 44% 43% 41%US Dollar 36% 39% 34% 35%Other 16% 17% 23% 24%Total 100% 100% 100% 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-72-3": {
"value": "CREDIT RISKCredit risk is the risk of financial loss by the Group in the event a customer fails to meet contractual obligations. Credit risk mainly arises from receivables from customers. The Group follows an active policy to minimize credit risk. This policy includes strict internal guidelines regarding client- and order acceptance, overdue payments, the use of sales information systems, the consultation of external sources and, where necessary, requesting security for payment. Due to its distribution over a large number of customers and geographical areas, there is no significant concentration of credit risk. There is no insurance for credit risk in place. The cash transactions are executed with creditworthy financial institutions. The Company\u2019s credit risk management framework includes a thorough screening of banking partners based on their creditworthiness and high credit ratings from reputable credit rating agencies such as Moody\u2019s.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "LIQUIDITY RISKLiquidity risk is the risk that the Group is unable to meet its obligations when they are due. The Group\u2019s policy with regard to liquidity risk is to ensure to the best of its ability that sufficient committed credit facilities are available to meet its payment obligations on time, in both normal and exceptional situations. The Trade and Other Liabilities all fall due within one year.The Group maintains flexibility in funding by keeping credit lines available for an amount of \u20ac 7 million at the ABN AMRO Bank NV. On the basis of cash flow forecasting models, the Group tests whether the available credit facilities will cover the expected credit need. Based on the analysis, the Group believes that the current expected credit need is covered sufficiently.The maturity of the Company\u2019s non-current and current financial liabilities as per 31 March 2024 is as follows (amounts in thousands of euros; maturity in years):< 1 15,690 1 - 5 969> 5 284Total 16,943",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "INTEREST RATE RISKAt the end of the financial year, there were no current or non-current borrowings. As the Group has no significant interest-bearing assets and liabilities, the direct impact of changes in the market rates to the Group\u2019s income and operating cash flow is limited.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "CAPITAL RISKThe policy of the Group regarding the capital structure of the Company is based on the solvency ratio. The solvency ratio remains above 60% and is defined as equity/total assets. In addition, the Group aims to finance its activities with equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "FAIR VALUE OF FINANCIAL INSTRUMENTSThe Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;\u2022 Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable;\u2022 Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable.Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-77-5": {
"value": "FAIR VALUE OF FINANCIAL INSTRUMENTSThe Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;\u2022 Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable;\u2022 Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable.Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "5. Cash Flow StatementThe cash flow statement is prepared using the indirect method. Cash flows in foreign currencies are translated to euros against the exchange rate at transaction date. Exchange rate diferences for cash and cash equivalents are shown separately in the cash flow statement. Interest paid and received and payments for income taxes are presented under net cash from operating activities. Dividends paid are included under cash flow from financing activities.Transactions not involving an exchange of cash are not included in the cash flow statement. The payment of lease instalments under the financial lease contract are shown as a cash out under financing activities as far as the repayment is concerned and a cash out under operating activities as far as the interest is concerned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "7. RevenueThe tables below show the breakdown of revenue by market segment and by geographical market.Revenue by market segment 2023/2024 2022/2023Building & Construction 47,819 51,695 Packaging 32,731 35,061 Coatings & Sealants 13,880 13,604 Other 8,855 11,078 Total Revenue 103,285 111,438 Revenue by geographical market 2023/2024 2022/2023Europe 39,480 40,571North America 36,958 40,584Asia 15,218 21,180Rest of world 11,629 9,103Total Revenue 103,285 111,438The Group generates revenue primarily from the sale of its self-produced tailored colorants to its B2B customers across the world in following key markets: Building & Construction; Packaging and Coatings & Sealants. In Building & Construction various markets are served, these include profiles, pipes, tubing and fittings, siding and cladding, decking, fencing, window blinds and insulation. The Group offers solutions for a wide range of polymers. The Group\u2019s Packaging products combine any color with multiple functionalities offering a customized packaging solution around properties, specifications and performance. Coatings & Sealants offers a wide range of industrial colorant solutions. Revenue by geographical market from the Netherlands in 2023/2024 was \u20ac 9,512 or 9% (2022/2023: \u20ac 9,262 or 8%); from United States of Americas in 2023/2024 was \u20ac 23,418 or 23% (2022/2023: \u20ac 26,626 or 24%) and from Indonesia \u20ac 5,369 or 5% in 2023/2024 (2022/2023: \u20ac 7,044 or 6%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "8. Personnel ExpensesThe table below shows the breakdown for Personnel Expenses.2023/2024 2022/2023Wages and Salaries (18,828) (18,762)Social Security Costs (2,211) (2,035) Pension Costs (1,214) (1,075) Total Personnel Expenses (22,253) (21,872)In the financial year the Group changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (\u20ac 1,502) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 9. Under wages and salaries an accrual for profit sharing \u20ac 942 is included (2022/2023: \u20ac 968). All employees in the Group are eligible for the profit sharing plan. Payments depend on the actual Group\u2019s ROI and the actual operating result of the division in which the individual employee works, please see Note 30: Profit-sharing plan.Above personnel costs include restructuring costs (2023/2024: \u20ac 648; 2022/2023: \u20ac nil). Government grants included are \u20ac 25 included (2022/2023: \u20ac 55).The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 410 FTEs (2022/2023: 438 FTEs), see Note 6 for average number of FTEs per segment.25. Employee BenefitsPRE-PENSION PLAN \u2013 THE NETHERLANDSThe pre-pension plan in the Netherlands relates to the obligation to issue a conditional annual payment, as per Note 3, the originally agreed conditional financing of past service years in the pre-pension plan has been converted into an equivalent conditional annual payment. At 31 March 2024 the liability amounted to \u20ac 139 (2023: \u20ac 174).TERMINATION OF EMPLOYMENT - INDONESIAThis relates to the legal liability to make a payout should the employment of Indonesian employees be terminated. Primary assumptions are following:31 March 2024 31 March 2023Discount Rate 6.8% 7.0%Expected Return Fund Capital Expenditures 6.0% 7.0%Future Salary Increases 6.0% 6.0%Weighted Average Duration 11.06 10.10Assumptions relating to future mortality rates are based on published statistical data and mortality tables. The mortality table used is the TMI IV 2019 (2023: TMI IV 2019) table with a correction factor varying for age and gender. The total expected long-term Return on Investment amounts to 6.8% (2023: 7.0%).JUBILEE OBLIGATIONMovements in the Employee Benefits are shown in the table below. Pre- Termination pension Employment Jubilee PlanPlanObligation TotalAs at 31 March 2022 236 569 280 1,085 Additions for the year \u2013 \u2013 77 77 Withdrawals for the year (44) (150) (33) (227) Releases for the year (18) \u2013 (21) (21) Other Adjustments for the year \u2013 14 3 17 As at 31 March 2023 174 433 324 931 Additions for the year \u2013 44 \u2013 44 Withdrawals for the year (27) (155) (39) (221) Releases for the year (8) \u2013 (72) (80) Other Adjustments for the year \u2013 2 5 7 As at 31 March 2024 139 324 218 681 Of this total, the following amounts have been accounted for under current liabilities: Pre- Termination pension Employment Jubilee PlanPlanObligation TotalAs at 31 March 2024 43 169 11 223 As at 31 March 2023 42 138 12 192 REMUNERATION OF KEY OFFICERS OF THE GROUPThe key officers are the members of the Board of Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-84-3": {
"value": "8. Personnel ExpensesThe table below shows the breakdown for Personnel Expenses.2023/2024 2022/2023Wages and Salaries (18,828) (18,762)Social Security Costs (2,211) (2,035) Pension Costs (1,214) (1,075) Total Personnel Expenses (22,253) (21,872)In the financial year the Group changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (\u20ac 1,502) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 9. Under wages and salaries an accrual for profit sharing \u20ac 942 is included (2022/2023: \u20ac 968). All employees in the Group are eligible for the profit sharing plan. Payments depend on the actual Group\u2019s ROI and the actual operating result of the division in which the individual employee works, please see Note 30: Profit-sharing plan.Above personnel costs include restructuring costs (2023/2024: \u20ac 648; 2022/2023: \u20ac nil). Government grants included are \u20ac 25 included (2022/2023: \u20ac 55).The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 410 FTEs (2022/2023: 438 FTEs), see Note 6 for average number of FTEs per segment.9. Other Operating ExpensesThe table below shows the main components of the Other Operating Expenses.2023/2024 2022/2023Other Personnel Expenses (4,570) (4,262)Travel and Accommodation (916) (821) Maintenance (1,603) (1,667) Energy (1,753) (1,957) Consulting (2,647) (2,801) Materials (1,510) (1,714) Insurance (783) (732) Other Expenses (2,473) (2,128) Total Other Operating Expenses (16,255) (16,082)In the financial year Other Expenses include exchange rate differences for the amount of (\u20ac 383) (2022/2023: (\u20ac 261)).Please refer to Note 8 for disclosure on a change of presentation of costs compared to previous year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-86-3": {
"value": "9. Other Operating ExpensesThe table below shows the main components of the Other Operating Expenses.2023/2024 2022/2023Other Personnel Expenses (4,570) (4,262)Travel and Accommodation (916) (821) Maintenance (1,603) (1,667) Energy (1,753) (1,957) Consulting (2,647) (2,801) Materials (1,510) (1,714) Insurance (783) (732) Other Expenses (2,473) (2,128) Total Other Operating Expenses (16,255) (16,082)In the financial year Other Expenses include exchange rate differences for the amount of (\u20ac 383) (2022/2023: (\u20ac 261)).Please refer to Note 8 for disclosure on a change of presentation of costs compared to previous year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-87-2": {
"value": "10. Income TaxThe main components of the Tax charge in this financial year are shown in the table below.2023/2024 2022/2023Corporate Income Tax due this year:\u2022 Current Income Tax (1,769) (1,725) \u2022 Tax Incentive Programs, including Innovation Box 164 114 \u2022 Adjustments of tax recorded in previous years (17) 334 \u2022 Other Taxes (212) (67) Deferred Tax:\u2022 In relation to the existence and reversal of temporary differences (1) (1)Total Tax Expense (1,835) (1,345)The Corporate Income Tax as recognized in the consolidated income statement amounts to \u20ac 1,835 (2022/2023: \u20ac 1,345). The effective tax rate is 26.2% (2022/2023: 18.5%) the latter is mainly explained by previous years adjustments.The Other Taxes mainly relate to local applied Withholding Taxes on royalties charged by and paid to the Company by the operating entity in Indonesia, which will be gradually applied against the Dutch corporate income tax.Calculation of the effective tax rate at statutory tax rates in the Netherlands.2023/2024 2022/2023Result before Income Tax 7,017 7,214 Tax at the rate applicable in the Netherlands (25.8%) (1,810) (25.8%) (1,868) Effect of different tax rates in countries in which the Group operates 0.6% 42 2.0% 143 Adjustments of taxes previous years (0.2%) (17) 4.6% 334 Expenses not deductible 0.2% 17 (1.5%) (110) Tax incentive programs 2.3% 164 1.6% 114 Other differences (3.3%) (231) 0.6% 42 Total Tax Expense (26.2%) (1,835) (18.5%) (1,345) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-89-2": {
"value": "11. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 532 2,454Accumulated Amortization (1,874) (511) (2,385)Carrying Amount 48 21 69Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 Amortization(48) (16) (64) Changes(48) (16) (64) As at 31 March 2023Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount \u2013 5 5 Change in Asset ValueCapital Expenditures \u2013 1 1 Amortization \u2013 (5) (5) Changes \u2013 (4) (4) As at 31 March 2024Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount \u2013 1 1 The Group\u2019s total expenses for research and development were \u20ac 1,392 in the financial year (2022/2023: \u20ac 1,605). The expenses are included under Personnel Expenses, Depreciation, Amortization and Other Operating Expenses. Due to the development structure of the research and technology department, the Group does not comply with all the criteria for capitalizing development costs in line with IAS 38,57. The amortization amounting to \u20ac 5 (2022/2023: \u20ac 64) is recognized under Amortization and Impairments in the consolidated Income Statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "The Group\u2019s total expenses for research and development were \u20ac 1,392 in the financial year (2022/2023: \u20ac 1,605). The expenses are included under Personnel Expenses, Depreciation, Amortization and Other Operating Expenses. Due to the development structure of the research and technology department, the Group does not comply with all the criteria for capitalizing development costs in line with IAS 38,57. The amortization amounting to \u20ac 5 (2022/2023: \u20ac 64) is recognized under Amortization and Impairments in the consolidated Income Statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "12. Property, Plant and EquipmentLand and Machinery and Assets under BuildingsEquipment EquipmentConstruction TotalAs at 31 March 2022Cost26,016 31,720 4,930 670 63,336Accumulated Depreciation(15,736) (22,522) (4,261) \u2013 (42,519)Carrying Amount10,280 9,198 669 670 20,817Change in Asset ValueCapital Expenditures184 149 73 3,473 3,879 Transfer Assets under Construction282 1,215 278 (1,775) \u2013 Disposals(1) (1) (1) \u2013 (3) Depreciation(688) (1,623) (262) \u2013 (2,573) Exchange Rate Differences101 104 10 (8) 207 Changes(122) (156) 98 1,690 1,510As at 31 March 2023Cost26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation(16,323) (24,041) (4,513) \u2013 (44,877) Carrying Amount10,158 9,042 767 2,360 22,327 Change in Asset ValueCapital Expenditures225 663 97 3,484 4,469 Transfer Assets under Construction166 1,218 23 (1,407) \u2013 Disposals(45) (5) 1 \u2013 (49) Depreciation(662) (1,670) (225) \u2013 (2,557) Exchange Rate Differences42 35 6 5 88 Changes(274) 241 (98) 2,082 1,951As at 31 March 2024Cost26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation(16,943) (25,676) (4,732) \u2013 (47,351) Carrying Amount9,884 9,283 669 4,442 24,278 No Personnel Expenses were capitalized in this financial year (2022/2023; nil).No impairments incurred this financial year.Included in land and buildings is land for the of amount \u20ac 2,133 (2022/2023: \u20ac 2,025).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-93-2": {
"value": "13. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease agreements.Machinery Land and and BuildingsEquipment Vehicles TotalAs at 31 March 2022 Carrying Amount 374 98 775 1,247Additions \u2013 98 233 331 Remeasurements \u2013 \u2013 3 3Depreciation (190) (66) (360) (616) Transfer (17) 44 (27) \u2013 Exchange Rate Differences 7 1 1 9 Changes (200) 77 (150) (273) As at 31 March 2023Carrying Amount 174 175 625 974 Additions 236 \u2013 134 370 Remeasurements 431 \u2013 134 565 Depreciation (196) (70) (399) (665) Transfer \u2013 \u2013 \u2013 \u2013 Exchange Rate Differences 4 1 1 6 Changes 475 (69) (130) 276 As at 31 March 2024Carrying Amount 649 106 495 1,250 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 44 (2022/2023: \u20ac 44). There were no leases with a low value not recorded, while short term leases not recorded amounted to \u20ac 8.As at 31 March 2024, the Group was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 550.Please refer to Note 24: Lease Liabilities.24. Lease LiabilitiesThe Group recognized Lease Liabilities on the balance sheet. Please refer to Note 13 for disclosure on the Right-of-Use Assets. 2024 2023At the start of year 880 1,279 Repayments for the year (665) (597)Additions for the year 370 332 Remeasurements for the year 512 2 Other Adjustments for the year \u2013 (143)Exchange Rate Differences 7 7At the end of year 1,104 8802024 2023Non-Current 672 441 Current 432 439 Total Lease Liabilities 1,104 880 Maturity analysis \u2013 contractual undiscounted cashflows:In years 2024 2023< 1 595 466 1 \u2013 5 716 504 > 5 65 \u2013 Total 1,376 970",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-94-3": {
"value": "Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 44 (2022/2023: \u20ac 44). There were no leases with a low value not recorded, while short term leases not recorded amounted to \u20ac 8.39. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease contracts for vehicles.TotalAs at 31 March 2022 Carrying Amount 223Change in Asset ValueAdditions 84 Depreciation (137) Changes (53) As at 31 March 2023Carrying Amount 170 Change in Asset ValueRemeasurement 69 Depreciation (110) Changes (41) As at 31 March 2024Carrying Amount 129 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 7 (2022/2023: \u20ac 6). There were no leases with a low value not recorded, as there were no short term leases not recorded. As at 31 March 2024, the Company was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 120.Please refer to Note 43: Lease Liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-94-4": {
"value": "Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 44 (2022/2023: \u20ac 44). There were no leases with a low value not recorded, while short term leases not recorded amounted to \u20ac 8.39. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease contracts for vehicles.TotalAs at 31 March 2022 Carrying Amount 223Change in Asset ValueAdditions 84 Depreciation (137) Changes (53) As at 31 March 2023Carrying Amount 170 Change in Asset ValueRemeasurement 69 Depreciation (110) Changes (41) As at 31 March 2024Carrying Amount 129 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 7 (2022/2023: \u20ac 6). There were no leases with a low value not recorded, as there were no short term leases not recorded. As at 31 March 2024, the Company was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 120.Please refer to Note 43: Lease Liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-96-2": {
"value": "14. Deferred Tax Assets and LiabilitiesDeferred Tax resulting from temporary differences between the fiscal and commercial value of assets and liabilities is accounted for at the nominal tax rate applicable in the country concerned, but only if it is likely to be realized from future taxable profits.This likelihood assessment is based on projections of the future taxable results of the relevant entities in the Group. These projections are partly based on approved budgets.The Deferred Tax Assets and Liabilities stated in the balance sheet can be attributed to the following items:2024 2023Assets Liabilities Assets LiabilitiesProperty, Plant and Equipment 382 236 314 275 Financial Non-Current Assets 2 48 185 \u2013 Inventories 193 20 207 \u2013 Other Receivables 413 29 222 \u2013 Employee Benefit Obligations 183 16 298 \u2013 Other Assets and Liabilities 231 28 15 25 1,404 377 1,241 300 Offset within same tax jurisdiction (296) (296) (194) (194) At the end of the year 1,108 81 1,047 106 2024 2023Current 29 29 Non-Current 998 912 Total Deferred Income Tax Assets and Liabilities 1,027 941 Change in Net Deferred Tax 2024 2023At the start of the year 941 1,142 Recognized in Income Statement (1) (1) Transferred to current tax liabilities 87 (200) At the end of the year 1,027 941 The deferred tax asset position increased in the financial year by \u20ac 86 compared to a decrease previous year (\u20ac 201) of which \u20ac 87 (2022/2023: \u20ac 200) due to transfer to current tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-98-2": {
"value": "15. Inventories2024 2023Raw Materials 8,429 8,764 Finished Goods 6,760 6,801 Total Inventories 15,189 15,565 In 2023/2024, inventories of \u20ac 51,377 (2022/2023: \u20ac 59,016) were recognized as an expense during the year and included in cost of materials. The provision for obsolete inventories amounts to \u20ac 1,375 (2023: \u20ac 1,220), and is based on aging of the inventories and assessment by the Board of Management on the risk for obsolescence. Neither in the financial year, nor in previous year, inventories have been written off to net realizable value.2024 2023At the start of the year (1,220) (1,016) Additions for the year (212) (224) Releases for the year 67 34Exchange Rate Differences for the year (10) (14) At the end of the year (1,375) (1,220) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "16. Trade and Other Receivables2024 2023Trade Receivables 15,704 14,935Loss Allowance (135) (146)Other Tax Receivables 513 1,019 Prepaid costs 769 780 Total Trade and Other Receivables 16,851 16,588 The Tax Receivables relate to a VAT receivable in Indonesia. The Group expects to receive this in full in the following financial year. The aging of Trade Debtors is as follows:Trade Receivables: Aging in Days 2024 2023Not due 14,249 13,366 1 \u2013 30 1,213 1,227 31 \u2013 60 57 102 61 \u2013 365 20 50> 366 30 44 Total 15,569 14,789 Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses.The table below shows movements in the Allowance for Expected Credit Losses.2024 2023At the start of year (146) (156)Additions for the year (13) (12)Releases for the year 27 22 Written off for the year \u2013 2 Exchange Rate Differences (3) (2)At the end of year (135) (146)The table below shows the percentages used for expected credit losses on trade receivables.Overdue in days 2024 2023Not due 0.24% 0.24%1 \u2013 30 1.00% 1.00%31 \u2013 60 2.50% 2.50%61 \u2013 365 5.00% 5.00%> 365 100.00% 100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "this in full in the following financial year. The aging of Trade Debtors is as follows:Trade Receivables: Aging in Days 2024 2023Not due 14,249 13,366 1 \u2013 30 1,213 1,227 31 \u2013 60 57 102 61 \u2013 365 20 50> 366 30 44 Total 15,569 14,789 Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses.27. Trade and Other Liabilities2024 2023Trade Payables 9,350 7,751 Other Tax payables 668 629 Other Liabilities and Accruals 4,874 4,406 Total Trade and Other Liabilities 14,892 12,786 The Other Tax Payables relate mainly to property tax and social security costs.The Other Liabilities and Accruals also includes a profit share to be paid to employees of \u20ac 942 (2023: \u20ac 968). See Notes 29 and 30 for details regarding the profit sharing plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "The table below shows movements in the Allowance for Expected Credit Losses.2024 2023At the start of year (146) (156)Additions for the year (13) (12)Releases for the year 27 22 Written off for the year \u2013 2 Exchange Rate Differences (3) (2)At the end of year (135) (146)The table below shows the percentages used for expected credit losses on trade receivables.Overdue in days 2024 2023Not due 0.24% 0.24%1 \u2013 30 1.00% 1.00%31 \u2013 60 2.50% 2.50%61 \u2013 365 5.00% 5.00%> 365 100.00% 100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-105-2": {
"value": "17. Cash and Cash Equivalents2024 2023Cash in banks 18,516 15,750 Cash in hand 7 7 Total Cash and Cash Equivalents 18,523 15,757 Cash and Cash Equivalents are freely available to the Group, except for a limited amount of funds in deposits, which have a maturity within one year. The Company has a credit facility in place with ABN AMRO Bank NV for the amount of \u20ac 7,000 (2023: \u20ac 7,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "18. Share CapitalISSUED SHARE CAPITALThe registered capital of Holland Colours NV is \u20ac 6,810 divided into 3,000,000 ordinary shares with a face value of \u20ac 2.27 per share. Of this registered total, an amount of 860,351 shares are issued and fully paid up. The total issued share capital is \u20ac 1,953. There were no changes to the issued capital either in the 2023/2024 or in the 2022/2023 financial year.19. ReservesSHARE PREMIUM RESERVEThe Share Premium Reserve of \u20ac 1,219 is available for distribution to shareholders with no changes compared to prior year. TRANSLATION RESERVEThe legal Translation Reserve relates to all exchange-rate differences that originate from the translation of the financial statements of the subsidiaries with a functional currency other than the euro. These translation results are directly allocated to Equity via Other Comprehensive Income.OTHER RESERVESThe Other Reserves comprise of the Reserve Intangible Assets as well as Retained Earnings:RESERVE INTANGIBLE ASSETSA legal reserve for development costs is accounted for in the Company\u2019s financial statements, although not specifically required under EU-IFRS. This legal reserve is accounted for within Equity to maintain alignment with Equity in the company financial statements. RETAINED EARNINGSRetained earnings comprise the balance of accrued net results not distributed to the Company\u2019s shareholders.In compliance with Article 21 of the Articles of Association and the Dividend Policy of the Company the Board of Management have proposed following: to appropriate 50% of the net result for the financial year 2023/2024 in line with previous year to the retained earnings and a final dividend of 50% of the net result for 2023/2024 in line with 2022/2023.These have been presented under retained earnings, hence no liability has been recognized at balance sheet date.Please refer to Note 21: Dividend and the Statutory Provisions regarding the Appropriation of Profits (Other Information).Legal reserves are not freely distributable to shareholders. Please refer to the Consolidated Statement of Changes in Equity for the movements on equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-106-3": {
"value": "18. Share CapitalISSUED SHARE CAPITALThe registered capital of Holland Colours NV is \u20ac 6,810 divided into 3,000,000 ordinary shares with a face value of \u20ac 2.27 per share. Of this registered total, an amount of 860,351 shares are issued and fully paid up. The total issued share capital is \u20ac 1,953. There were no changes to the issued capital either in the 2023/2024 or in the 2022/2023 financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-107-3": {
"value": "19. ReservesSHARE PREMIUM RESERVEThe Share Premium Reserve of \u20ac 1,219 is available for distribution to shareholders with no changes compared to prior year. TRANSLATION RESERVEThe legal Translation Reserve relates to all exchange-rate differences that originate from the translation of the financial statements of the subsidiaries with a functional currency other than the euro. These translation results are directly allocated to Equity via Other Comprehensive Income.OTHER RESERVESThe Other Reserves comprise of the Reserve Intangible Assets as well as Retained Earnings:RESERVE INTANGIBLE ASSETSA legal reserve for development costs is accounted for in the Company\u2019s financial statements, although not specifically required under EU-IFRS. This legal reserve is accounted for within Equity to maintain alignment with Equity in the company financial statements. RETAINED EARNINGSRetained earnings comprise the balance of accrued net results not distributed to the Company\u2019s shareholders.In compliance with Article 21 of the Articles of Association and the Dividend Policy of the Company the Board of Management have proposed following: to appropriate 50% of the net result for the financial year 2023/2024 in line with previous year to the retained earnings and a final dividend of 50% of the net result for 2023/2024 in line with 2022/2023.These have been presented under retained earnings, hence no liability has been recognized at balance sheet date.Please refer to Note 21: Dividend and the Statutory Provisions regarding the Appropriation of Profits (Other Information).Legal reserves are not freely distributable to shareholders. Please refer to the Consolidated Statement of Changes in Equity for the movements on equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"pp-value-109-2": {
"value": "20. Earnings per ShareEarnings per share allocated to shareholders (ordinary and diluted) in this financial year amounted to \u20ac 6.02 (2022/2023: \u20ac 6.82). The calculation of the earnings per share at 31 March 2024 is based on the net result for the year attributable to shareholders of \u20ac 5,182 (2022/2023: \u20ac 5,869) and the average number of shares issued in this financial year of 860,351. The total number of issued shares are unchanged compared to 31 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s11_notes__6__6": {
"value": "21. DividendOrdinary dividends declared and paid in the financial year ended 31 March 2024, in amounts per ordinary share, comprise a final dividend for 2022/2023 of \u20ac 3.41 (2021/2022: \u20ac 5.91).The Board of Management have proposed a final dividend for 2023/2024 of \u20ac 3.01 per ordinary share (2022/2023: \u20ac 3.41, for which no liability has been recognized at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7245003GZ2696Y0W1X57",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s11_notes__6__5-1": {
"value": "21. DividendOrdinary dividends declared and paid in the financial year ended 31 March 2024, in amounts per ordinary share, comprise a final dividend for 2022/2023 of \u20ac 3.41 (2021/2022: \u20ac 5.91).The Board of Management have proposed a final dividend for 2023/2024 of \u20ac 3.01 per ordinary share (2022/2023: \u20ac 3.41, for which no liability has been recognized at the balance sheet date.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1. GeneralHolland Colours NV (\u2018Company\u2019), founded 9 July 1980, is a public limited liability company (\u2018Naamloze Vennootschap\u2019) under Dutch law. The Company has its registered office in Apeldoorn, the Netherlands,and is registered at the Dutch Chamber of Commerce under number 08036180.The shares of Holland Colours NV are traded on the Amsterdam stock exchange. Holland Colours NV and its subsidiaries are together known as \u2018Holland Colours\u2019 or \u2018Group\u2019. The Group manufactures, distributes and sells color concentrates. At balance sheet date the Group operates through eight facilities and a network of agents and distributors.Since 2012, just over 50% of the Company\u2019s shares have been held by Holland Pigments BV (\u2018Pigments\u2019). Pigments is the ultimate parent company of the Company, in which, along with others, all employees of the Group participate. Employees of the Group collectively hold approximately 25% of the shares in Pigments. Participations in Pigments held by former directors, who also are major shareholdersin Pigments, are excluded from above mentioned %.On 29 May 2024 the Board of Management authorized the financial statements for issue. The financial statements are subject to adoption by the Annual General Meeting of Shareholders on 11 July 2024.2. Going ConcernThe Board of Management of Holland Colours, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the year ended 31 March 2024. As part of the going concern assessment the Board of Management considered the sufficiency of the Group\u2019s liquidity resources, including committed credit facilities, over a 12 month period to 31 March 2025.3. Key Accounting PrinciplesGENERALThe Group\u2019s consolidated financial statements are prepared in accordance with both IFRS Accounting Standards, as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The accounting policies under EU-IFRS are included in Note 3 to the consolidated financial statements. The accounting policies under EU-IFRS below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the financial year ended 31 March 2023.Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes.The Company\u2019s financial year commences on 1 April and ends on 31 March of the following calendar year.These consolidated financial statements are presented in thousands of euros, which is the Company\u2019s functional currency. All amounts have been rounded to the nearest thousand, unless stated otherwise.In the financial year there were no changes to any of the key accounting principles.OPERATING SEGMENTS The Group\u2019s reported segments are based on internal reporting structure and financial information provided to the Board of Management. The segmentation is divisional based on the regions in which the Group\u2019s operates.IFRS STANDARDS The following accounting standards and amendments were adopted during the year and had no material impact on the Group\u2019s accounting policies or reporting:\u2022 IFRS 17 Insurance Contracts;\u2022 Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates;\u2022 Amendment to IAS 1 Presentation of Financial Statements - Disclosure of Accounting Policies;\u2022 Amendment to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising from a single transaction; and\u2022 Amendment to IAS 12 Income Taxes - International Tax Reform - Pillar Two Model Rules.The following amendments and interpretations will become effective for the 2024/2025 financial year. These are not expected to have a significant impact on the accounting policies and reporting.\u2022 Amendment to IAS 1 Presentation of Financial Statements - Non-current Liabilities with Covenants;\u2022 Amendment to IFRS 16 Leases - Lease Liability in a Sale and Leaseback;\u2022 Amendment to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current; and\u2022 Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments - Disclosures - Supplier Finance Arrangements.USE OF JUDGEMENTS AND ESTIMATESIn preparing these consolidated financial statements, the Board of Management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group\u2019s risk management and climate-related commitments where appropriate. Revisions to estimates are recognized prospectively.JudgementsInformation about judgements made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in Note 7: Revenue Recognition: when revenue from goods is recognized.Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 March 2024 is, if applicable, included in Note 12 Property, Plant and Equipment.CLIMATE CHANGEIn preparing the Group\u2019s financial statements the Board of Management has considered the impact of climate change on the judgements and estimates used in the preparation of the financial statements. Recognizing that the Group\u2019s operations have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets, also no issues were identified related to the sites where the Groups production facilities are located.CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. Subsidiaries are companies over which the Company has control, because it is exposed to, or has rights to variable return from its involvement with the subsidiary and has the ability to affect returns through its power over the subsidiary.In preparation of the consolidated financial statements, subsidiaries are accounted at net asset value. All intra-group transactions and balances are eliminated, as are the related not realized gains and losses. Non-controlling interests in equity and in results are separately presented. Pigments, the ultimate parent company, based on local legislation, holds 1% of the legal ownership of PT Holland Colours Asia. Full control though resides with Holland Colours NV, therefore PT Holland Colours Asia is 100% consolidated. In this financial year there were no changes to the consolidation group compared to the 2022/2023 financial year. In the previous year Gaypa Sri has sold its shares (12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies.Legal structure including capital interest and division structureDivision Subsidiaries InterestConsolidatedEMEIA Holland Colours Europe BV, 100% 100%the Netherlands, ApeldoornEMEIA Holland Colours UK Ltd, 100% 100%United Kingdom, GillinghamEMEIA Holland Colours Hung\u00e1ria 100% 100%Kft, Hungary, SzolnokAmericas Holland Colours Canada 100% 100%Inc., Canada, TorontoAmericas Holland Colours Americas 100% 100%Inc., United States, Richmond IndianaAmericas Holland Colours Mexicana 100% 100%SA de CV, Mexico, Tultitl\u00e1nAsia PT Holland Colours Asia, 99% 100%Indonesia, SurabayaFOREIGN CURRENCIESTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities in foreign currency that are measured at historical cost are translated using the exchange rate at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on balance sheet statement date. Exchange differences arising are recorded in the income statement as other operating expenses. Hedge accounting does not apply. Assets and liabilities of foreign operations are recorded at the rate of exchange prevailing on the balance sheet statement date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognized in the income statement under other operating expenses.Transactions of subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates and are translated in the subsidiaries functional currency as set out above.Key exchange rates against the euro used in preparing the financial statements are:Exchange Rates UsedIncome in euros Balance SheetStatement2023/ 2022/2024 202320242023US Dollar 1.08 1.09 1.08 1.04British Pound 0.85 0.88 0.86 0.86Canadian Dollar 1.46 1.47 1.46 1.38Mexican Peso 17.86 19.65 18.77 20.45REVENUERevenue arises from the provision of goods under contract with customers and are recognized by identifying the contract and its performance obligations as well as determination and allocation of the transaction price to these performance obligations. A contract with a customer generally has one performance obligation, which is satisfied at a certain point of time. Revenue is recognized when the customer obtains the control of the goods based on the delivery conditions of the sales contract. The main incoterm used is Delivered Duty Paid (DDP) . Revenue is stated at the fair value of the transaction price. This means the revenue is recognized net of (volume based) rebates, discounts and, if applicable, taking returns into consideration.OPERATING EXPENSESGovernment Grants (Personnel Expenses)Government grants are recognized when there is a reasonable assurance that the grant will be received and all conditions are met. Government grants are recognized in the income statement in the same period as the expenses, to which these relate to, mainly personnel expenses.Finance Income and ExpensesFinance income and expenses comprise the interest received from or paid to third parties relating to the financial year and is expensed as incurred.Earnings per ShareEarnings per ordinary share are calculated as the net result attributable to shareholders of ordinary shares, divided by the total weighted average number of outstanding shares in the financial year.PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIESGeneralThe valuation principles are primarily based on valuation of the assets and liabilities at historical cost.Intangible AssetsCosts on research activities are recognized in the income statement as incurred.Development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, development costs are measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.Other intangible assets consist of the costs of software and licenses. If the Group receives a software asset, that is if the Group obtains control over a software intangible asset that it can obtain the future economic benefits from and restricts other\u2019s access to. The asset is measured at cost and includes the directly attributable costs of preparing the software for its intended use such as costs related to implementation and commissioning. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, software costs are measured at cost less accumulated amortization and accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.Amortization of Intangible Assets is on a straight-line base over the useful life. The estimated useful lives are:Development Costs 5 yearsSoftware 3 to 5 yearsProperty, Plant and EquipmentProperty, plant and equipment are measured at cost less accumulated depreciation and, if applicable, impairments. Costs of self-constructed assets comprise direct cost, direct labour costs and appropriate allocation of overhead costs and capitalized borrowing costs. Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated to write off the cost of items of property, plant and equipment, if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. Depreciation starts from the date the items is ready for intended use. Land is not depreciated. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the income statement. Costs for maintenance and repair as part of normal business operations are recognized as an expense. Low-value assets are fully expensed in the year of acquisition.Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Property, plant and equipment are assessed for impairment if there are events or indications that an item may have lost value.Right-of-Use Assets At inception a contract is assessed whether the contract is a lease. A lease is defined if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and following criteria are met: lease is identifiable; the Group has the right to obtain substantially alle economic benefits from the use of the identified asset during the period of use; the Group has the right to use the identified asset throughout the periode of use.At the commencement date of the contract the Group recognizes an asset and a lease liability under non-current assets and non-current liabilities. Lease liabilities due within one year are presented under current liabilities. The right-of-use assets is valued at cost which is the initial valuation of the lease obligation and all lease payments made before commencement date, incentives are deducted. Lease payments that are included in the measurement consist of fixed and variable payments, the latter including changes in an index or price and payments that arise from extension options that are reasonably certain to be exercised. The right-of-use assets is measured at cost less accumulated depreciation, based on the duration of the contract and, if applicable impairments. Depreciation is calculated to write off the right-of-use asset, using the straight-line method over the duration of the lease contract, and is generally recognized in the income statement.At the commencement date the Group values the right-of-use assets and the lease liability at the present value of the lease payments discounted using the interest rate implicit of the lease, if available, or the incremental borrowing rate. The lease liability is valued at the present value as described above for unpaid lease payments at the commencement date. Payments to the lessor are considered repayments of the obligation.After initial valuation the lease liability is lowered for repayments and increased for interest which are recognized in the income statement.The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if the Group changes its assessment of whether it will exercise a purchase, an extension or a termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the right-of-use asset has been reduced to zero.The Group applies a single Incremental Borrowing Rate per category of leases and is determined per Division. The Group determines the Incremental Borrowing Rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. For this financial year the weighted average of the Incremental Borrowing Rate is 4.56% (2022/2023: 4.56%).The Group applies the exemptions for short term lease less than a year and low value assets, these are not recognized on the balance sheet. Payments related to these are instead of including a right-of-use asset and lease liability recognized in the income statement over the duration of the lease period.DepreciationDepreciation is calculated to write off the cost of items of property, plant and equipment and right-of-use assets if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. The estimated useful lives are: Land not depreciatedBuildings 20 to 40 yearsMachinery and Equipment 10 yearsOther 3 to 5 yearsRight-of-Use Assets 1 to 10 yearsImpairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement.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.In the financial year there were no indications that triggered an impairment.Change in expected useful life of Non-Current AssetsThe depreciation period for Non-Current Assets is assessed, at the very least, at the end of each financial year. Changes in expected useful life of an asset are accounted for by adjusting either the depreciation period or method. These are treated as changes in accounting estimate. In this financial year no changes in expected useful lives incurred.TaxationTax expenses comprises current and deferred tax including the effects of changes in tax rate and adjustments to tax assessments related to prior years. Tax is calculated on the result before tax, taking into account the prevailing tax rate and tax legislation in the countries in which the Group operates. Tax is accounted for in the income statement, unless it relates to items recognized in the other comprehensive income, in which case tax is also accounted for in other comprehensive income.Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the result for the financial year as adjusted for items that are not taxable or not deductible, and is calculated using tax rate and laws that were enacted or substantively enacted at the date of the balance sheet. The Board of Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities.Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each balance sheet, and the provisions are remeasured as required to reflect current information.Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the financial year, and which are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled.Deferred tax liabilities are generally recognized for all temporary differences. Deferred tax assets are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized, and are reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoveredThe availability of suitable taxable profit is considered probable when an entity has taxable temporary differencesrelating to the same tax authority and the same tax entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit.Deferred tax is presented at nominal value, hence no discount rate is applicable.The Group is subject to tax in numerous jurisdictions, givingrise to complex tax issues. As a multinational enterprise, taxreturns in the countries operated in are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risks with respect to tax matters under active discussion with tax authorities, or which otherwise are considered to involve uncertainty.The valuation of provisions required in relation to uncertaintax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods theBoard of Management expects will better predict the amount it will pay over to the tax authority:\u2022 The single best estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary or the range of possible outcomes is narrow or concentrated on a single value or\u2022 A probability-weighted expected value \u2013 where, on the balance of probabilities something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.In assessing provisions against uncertain tax positions, the Board of Management uses professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded.The Group maintained no provision for any uncertain tax positions in the financial year (2023: nil). The amendment to IAS 12 Income Taxes \u2013 InternationalTax Reform - Pillar Two Model Rules is not applicable tothe Group with the Group\u2019s global revenue not exceeding\u20ac 750 million.InventoriesInventories are stated at the lower of cost and net realizable value. The net realizable value is the estimated sales price in normal course of business less estimated cost for completion and less estimated selling expenses, which assessment is carried out annually. Raw materials are measured at historical cost based on first-in-first-out method (FIFO). Finished goods comprise of cost of direct materials and a surcharge for direct and indirect production cost. A provision for obsolete inventories is stated based on aging of the inventories and management\u2019s assessment on the risk for obsolescence.Trade and Other ReceivablesTrade and other receivables are stated at the lower of initial fair value, and amortized cost.The Group measures an allowance for expected credit losses for its trade receivables which is based on aging of trade receivables.Cash and Cash EquivalentsCash and Cash Equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the balance sheet at fair value.ProvisionsProvisions are recognized when there is a present obligation as a result of a past event and when there is a probable outflow of economic benefits which can be reliably estimated. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions are discounted, with the exception of deferred tax. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as operating expenses. Remeasurements are recognized in profit or loss in the period in which they arise.Environmental obligation The provision for environmental cost relates to theGroups production location in Hungary and is valued atthe nominal value of the estimated expenditure, with aremaining duration of five years.Employee BenefitsObligations for contributions to defined contribution plans as operated by the Group are expensed as the related service is provided. Short-term employee benefits are expensed, and presented under current liabilities, as the related service is provided. A liability is recognized for the amount expected to be paid within one year if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated.The Group\u2019s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in the income statement in the period in which they arise.Pre-pension planThe pre-pension plan operated in the Netherlands was terminated and converted from a conditional obligation for past service years into an conditional payment for an equal amount payable to the employee on an annual basis, which will end in September 2037. Following are the conditions: the employee must be in service at the time of the annual payment, the Board of Management annually assesses that the Groups financial results are sufficient to cover the annual payment. These expenses were recognized immediately upon agreement and are measured at net present value at a disount rate of 2.62% (2023: 2.41%) based on Iboxx Index Government Bonds. When changes occur any gain or loss on that change is recognized immediately in the income statement.Plan termination of employmentThe plan for termination of employment is operated in Indonesia, based on the legal obligation to make a payout should the employment of the employee be terminated. The obligation is measured at the net present value based on estimation of mortality rates and future salary increases at a discount rate of 7.0% (2023: 7.0%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.Jubilee bonusesThe liability for jubilee bonuses is the amount for future benefits that relate to the individual employees service in the current and previous financial years. This obligation is measured at the net present value based on estimation of future dismissal and future salary increases at a discount rate of 3.57% (2023: 3.66%). When changes occur a gain or a loss on that change is recognized immediately in the income statement.4. Financial Risk ManagementAs part of the normal conduct of its business, the Group is exposed to a variety of financial risks, such as currency risk, credit risk, liquidity risk, interest risk and capital risk. In terms of risk management policy, it is recognized that the financial markets are volatile and that the aim should be to limit the potential negative effects of this on the Group\u2019s financial results as much as possible. The Board of Management is responsible for managing the risks associated with its activities and the establishment and adequate functioning of appropriate risk management and control systems.CURRENCY RISKThe reporting currency of the Group is the euro. Being a global operation, the Group is exposed to a variety of foreign currencies. Currency risk arises from engaging in commercial transactions in non-functional currencies, mainly US Dollar. Holland Colours aims to limit the effect of transaction-related exchange-rate exposure on the Group by preferring to invoice in the functional currency of the supplying entity, which in most cases is regional. Currency hedging on monetary currency positions or projected sales is not in place. The Group participates in several foreign subsidiaries of which the net equity is mainly US Dollar nominated. This is subject to currency translation risk in the consolidation process. The impact varies over the years and is complicate to mitigate due to the long-term fluctuations in the EUR-US Dollar rate. This risk is monitored but not hedged. There are no balance sheet items susceptible to currency risk.The table below shows the sensitivity of the net result after tax and the equity (including translation effects) to the US Dollar with all other variables kept constant:2023/20242022/2023Increase EUR-USD 10% Decrease EUR-USD 10% Increase EUR-USD 10% Decrease EUR-USD 10%Net Result (311) 375 (454) 608 Equity (2,852) 3,486 (3,003) 3,671 In relative terms, the various currencies affected the Group\u2019s net sales and expenses as follows: RevenueExpenses2023/2024 2022/2023 2023/2024 2022/2023Euro 48% 44% 43% 41%US Dollar 36% 39% 34% 35%Other 16% 17% 23% 24%Total 100% 100% 100% 100%CREDIT RISKCredit risk is the risk of financial loss by the Group in the event a customer fails to meet contractual obligations. Credit risk mainly arises from receivables from customers. The Group follows an active policy to minimize credit risk. This policy includes strict internal guidelines regarding client- and order acceptance, overdue payments, the use of sales information systems, the consultation of external sources and, where necessary, requesting security for payment. Due to its distribution over a large number of customers and geographical areas, there is no significant concentration of credit risk. There is no insurance for credit risk in place. The cash transactions are executed with creditworthy financial institutions. The Company\u2019s credit risk management framework includes a thorough screening of banking partners based on their creditworthiness and high credit ratings from reputable credit rating agencies such as Moody\u2019s.LIQUIDITY RISKLiquidity risk is the risk that the Group is unable to meet its obligations when they are due. The Group\u2019s policy with regard to liquidity risk is to ensure to the best of its ability that sufficient committed credit facilities are available to meet its payment obligations on time, in both normal and exceptional situations. The Trade and Other Liabilities all fall due within one year.The Group maintains flexibility in funding by keeping credit lines available for an amount of \u20ac 7 million at the ABN AMRO Bank NV. On the basis of cash flow forecasting models, the Group tests whether the available credit facilities will cover the expected credit need. Based on the analysis, the Group believes that the current expected credit need is covered sufficiently.The maturity of the Company\u2019s non-current and current financial liabilities as per 31 March 2024 is as follows (amounts in thousands of euros; maturity in years):< 1 15,690 1 - 5 969> 5 284Total 16,943INTEREST RATE RISKAt the end of the financial year, there were no current or non-current borrowings. As the Group has no significant interest-bearing assets and liabilities, the direct impact of changes in the market rates to the Group\u2019s income and operating cash flow is limited.CAPITAL RISKThe policy of the Group regarding the capital structure of the Company is based on the solvency ratio. The solvency ratio remains above 60% and is defined as equity/total assets. In addition, the Group aims to finance its activities with equity.FAIR VALUE OF FINANCIAL INSTRUMENTSThe Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;\u2022 Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable;\u2022 Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable.Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied.5. Cash Flow StatementThe cash flow statement is prepared using the indirect method. Cash flows in foreign currencies are translated to euros against the exchange rate at transaction date. Exchange rate diferences for cash and cash equivalents are shown separately in the cash flow statement. Interest paid and received and payments for income taxes are presented under net cash from operating activities. Dividends paid are included under cash flow from financing activities.Transactions not involving an exchange of cash are not included in the cash flow statement. The payment of lease instalments under the financial lease contract are shown as a cash out under financing activities as far as the repayment is concerned and a cash out under operating activities as far as the interest is concerned.6. Segment InformationThe Group is divided into geographical segments for management as well as for business purposes. The segment information contained in the financial statements is therefore presented based on the organizational and the reporting structure of the Group. In this, the three operating units each represent a region and the NV, which represents General Management, Innovation and Technology and other central functions.The Board of Management monitors the operating result of the geographic segments to facilitate the decision- making process in relation to the allocation of resources and the performance evaluation. The operating result of the segments is determined and based on the same accounting principles as the operating result shown in the consolidated financial statements.Transfer prices for transactions and services between the operating segments are set on an arm\u2019s-length basis.Segments 2023/2024 EMEIA Americas Asia NVEliminationsTotalRevenue 54,564 38,065 10,656 \u2013 \u2013 103,285 Intersegmental Transactions 1,240 44 6 \u2013 (1,290) \u2013 Revenue including Intersegmental Transactions 55,804 38,109 10,662 \u2013 (1,290) 103,285 Depreciation, Amortization and Impairments (1,764) (908) (395) (167) 7 (3,227) Operating Result 2,620 2,251 1,028 5,269 (4,157) 7,011 Financial Income 1 24 109 298 (291) 141 Financial Expenses (305) (7) (8) (108) 293 (135) Income Tax (603) (638) (312) (286) 4 (1,835) Net Result 1,713 1,631 817 5,182 (4,161) 5,182 Non-Current Assets 16,091 5,861 2,609 62,448 (60,372) 26,637 Current Assets 23,536 19,326 9,222 1,394 (1,717) 51,761 Liabilities 17,048 4,125 1,638 2,387 (8,255) 16,943 Total Investments 3,935 437 98 \u2013 \u2013 4,470 Average Number of Employees (in FTEs) 196 91 102 21 \u2013 410 Segments 2022/2023 EMEIA Americas Asia NVElimi nationsTotalRevenue 54,544 42,437 14,457 \u2013 \u2013 111,438Intersegmental Transactions 1,281 52 \u2013 \u2013 (1,333) \u2013Revenue including Intersegmental Transactions 55,825 42,489 14,457 \u2013 (1,333) 111,438 Depreciation, Amortization and Impairments (1,656) (960) (445) (258) 66 (3,253) Operating Result 862 3,389 1,797 5,797 (4,552) 7,293Financial Income 3 20 36 170 (171) 58Financial Expenses (200) (7) (1) (100) 171 (137)Income Tax (193) (788) (354) 2 (12) (1,345)Net Result 472 2,613 1,479 5,869 (4,564) 5,869Non-Current Assets 13,409 6,028 2,717 62,215 (60,016) 24,353 Current Assets 22,182 16,694 10,591 839 (904) 49,402 Liabilities 14,755 1,290 1,795 4,244 (7,142) 14,942 Total Investments 3,264 377 210 28 \u2013 3,879Average Number of Employees (in FTEs) 204 101 113 20 \u2013 438 7. RevenueThe tables below show the breakdown of revenue by market segment and by geographical market.Revenue by market segment 2023/2024 2022/2023Building & Construction 47,819 51,695 Packaging 32,731 35,061 Coatings & Sealants 13,880 13,604 Other 8,855 11,078 Total Revenue 103,285 111,438 Revenue by geographical market 2023/2024 2022/2023Europe 39,480 40,571North America 36,958 40,584Asia 15,218 21,180Rest of world 11,629 9,103Total Revenue 103,285 111,438The Group generates revenue primarily from the sale of its self-produced tailored colorants to its B2B customers across the world in following key markets: Building & Construction; Packaging and Coatings & Sealants. In Building & Construction various markets are served, these include profiles, pipes, tubing and fittings, siding and cladding, decking, fencing, window blinds and insulation. The Group offers solutions for a wide range of polymers. The Group\u2019s Packaging products combine any color with multiple functionalities offering a customized packaging solution around properties, specifications and performance. Coatings & Sealants offers a wide range of industrial colorant solutions. Revenue by geographical market from the Netherlands in 2023/2024 was \u20ac 9,512 or 9% (2022/2023: \u20ac 9,262 or 8%); from United States of Americas in 2023/2024 was \u20ac 23,418 or 23% (2022/2023: \u20ac 26,626 or 24%) and from Indonesia \u20ac 5,369 or 5% in 2023/2024 (2022/2023: \u20ac 7,044 or 6%).8. Personnel ExpensesThe table below shows the breakdown for Personnel Expenses.2023/2024 2022/2023Wages and Salaries (18,828) (18,762)Social Security Costs (2,211) (2,035) Pension Costs (1,214) (1,075) Total Personnel Expenses (22,253) (21,872)In the financial year the Group changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (\u20ac 1,502) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 9. Under wages and salaries an accrual for profit sharing \u20ac 942 is included (2022/2023: \u20ac 968). All employees in the Group are eligible for the profit sharing plan. Payments depend on the actual Group\u2019s ROI and the actual operating result of the division in which the individual employee works, please see Note 30: Profit-sharing plan.Above personnel costs include restructuring costs (2023/2024: \u20ac 648; 2022/2023: \u20ac nil). Government grants included are \u20ac 25 included (2022/2023: \u20ac 55).The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 410 FTEs (2022/2023: 438 FTEs), see Note 6 for average number of FTEs per segment.9. Other Operating ExpensesThe table below shows the main components of the Other Operating Expenses.2023/2024 2022/2023Other Personnel Expenses (4,570) (4,262)Travel and Accommodation (916) (821) Maintenance (1,603) (1,667) Energy (1,753) (1,957) Consulting (2,647) (2,801) Materials (1,510) (1,714) Insurance (783) (732) Other Expenses (2,473) (2,128) Total Other Operating Expenses (16,255) (16,082)In the financial year Other Expenses include exchange rate differences for the amount of (\u20ac 383) (2022/2023: (\u20ac 261)).Please refer to Note 8 for disclosure on a change of presentation of costs compared to previous year.10. Income TaxThe main components of the Tax charge in this financial year are shown in the table below.2023/2024 2022/2023Corporate Income Tax due this year:\u2022 Current Income Tax (1,769) (1,725) \u2022 Tax Incentive Programs, including Innovation Box 164 114 \u2022 Adjustments of tax recorded in previous years (17) 334 \u2022 Other Taxes (212) (67) Deferred Tax:\u2022 In relation to the existence and reversal of temporary differences (1) (1)Total Tax Expense (1,835) (1,345)The Corporate Income Tax as recognized in the consolidated income statement amounts to \u20ac 1,835 (2022/2023: \u20ac 1,345). The effective tax rate is 26.2% (2022/2023: 18.5%) the latter is mainly explained by previous years adjustments.The Other Taxes mainly relate to local applied Withholding Taxes on royalties charged by and paid to the Company by the operating entity in Indonesia, which will be gradually applied against the Dutch corporate income tax.Calculation of the effective tax rate at statutory tax rates in the Netherlands.2023/2024 2022/2023Result before Income Tax 7,017 7,214 Tax at the rate applicable in the Netherlands (25.8%) (1,810) (25.8%) (1,868) Effect of different tax rates in countries in which the Group operates 0.6% 42 2.0% 143 Adjustments of taxes previous years (0.2%) (17) 4.6% 334 Expenses not deductible 0.2% 17 (1.5%) (110) Tax incentive programs 2.3% 164 1.6% 114 Other differences (3.3%) (231) 0.6% 42 Total Tax Expense (26.2%) (1,835) (18.5%) (1,345) 11. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 532 2,454Accumulated Amortization (1,874) (511) (2,385)Carrying Amount 48 21 69Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 Amortization(48) (16) (64) Changes(48) (16) (64) As at 31 March 2023Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount \u2013 5 5 Change in Asset ValueCapital Expenditures \u2013 1 1 Amortization \u2013 (5) (5) Changes \u2013 (4) (4) As at 31 March 2024Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount \u2013 1 1 The Group\u2019s total expenses for research and development were \u20ac 1,392 in the financial year (2022/2023: \u20ac 1,605). The expenses are included under Personnel Expenses, Depreciation, Amortization and Other Operating Expenses. Due to the development structure of the research and technology department, the Group does not comply with all the criteria for capitalizing development costs in line with IAS 38,57. The amortization amounting to \u20ac 5 (2022/2023: \u20ac 64) is recognized under Amortization and Impairments in the consolidated Income Statement.12. Property, Plant and EquipmentLand and Machinery and Assets under BuildingsEquipment EquipmentConstruction TotalAs at 31 March 2022Cost26,016 31,720 4,930 670 63,336Accumulated Depreciation(15,736) (22,522) (4,261) \u2013 (42,519)Carrying Amount10,280 9,198 669 670 20,817Change in Asset ValueCapital Expenditures184 149 73 3,473 3,879 Transfer Assets under Construction282 1,215 278 (1,775) \u2013 Disposals(1) (1) (1) \u2013 (3) Depreciation(688) (1,623) (262) \u2013 (2,573) Exchange Rate Differences101 104 10 (8) 207 Changes(122) (156) 98 1,690 1,510As at 31 March 2023Cost26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation(16,323) (24,041) (4,513) \u2013 (44,877) Carrying Amount10,158 9,042 767 2,360 22,327 Change in Asset ValueCapital Expenditures225 663 97 3,484 4,469 Transfer Assets under Construction166 1,218 23 (1,407) \u2013 Disposals(45) (5) 1 \u2013 (49) Depreciation(662) (1,670) (225) \u2013 (2,557) Exchange Rate Differences42 35 6 5 88 Changes(274) 241 (98) 2,082 1,951As at 31 March 2024Cost26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation(16,943) (25,676) (4,732) \u2013 (47,351) Carrying Amount9,884 9,283 669 4,442 24,278 No Personnel Expenses were capitalized in this financial year (2022/2023; nil).No impairments incurred this financial year.Included in land and buildings is land for the of amount \u20ac 2,133 (2022/2023: \u20ac 2,025).13. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease agreements.Machinery Land and and BuildingsEquipment Vehicles TotalAs at 31 March 2022 Carrying Amount 374 98 775 1,247Additions \u2013 98 233 331 Remeasurements \u2013 \u2013 3 3Depreciation (190) (66) (360) (616) Transfer (17) 44 (27) \u2013 Exchange Rate Differences 7 1 1 9 Changes (200) 77 (150) (273) As at 31 March 2023Carrying Amount 174 175 625 974 Additions 236 \u2013 134 370 Remeasurements 431 \u2013 134 565 Depreciation (196) (70) (399) (665) Transfer \u2013 \u2013 \u2013 \u2013 Exchange Rate Differences 4 1 1 6 Changes 475 (69) (130) 276 As at 31 March 2024Carrying Amount 649 106 495 1,250 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 44 (2022/2023: \u20ac 44). There were no leases with a low value not recorded, while short term leases not recorded amounted to \u20ac 8.As at 31 March 2024, the Group was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 550.Please refer to Note 24: Lease Liabilities.14. Deferred Tax Assets and LiabilitiesDeferred Tax resulting from temporary differences between the fiscal and commercial value of assets and liabilities is accounted for at the nominal tax rate applicable in the country concerned, but only if it is likely to be realized from future taxable profits.This likelihood assessment is based on projections of the future taxable results of the relevant entities in the Group. These projections are partly based on approved budgets.The Deferred Tax Assets and Liabilities stated in the balance sheet can be attributed to the following items:2024 2023Assets Liabilities Assets LiabilitiesProperty, Plant and Equipment 382 236 314 275 Financial Non-Current Assets 2 48 185 \u2013 Inventories 193 20 207 \u2013 Other Receivables 413 29 222 \u2013 Employee Benefit Obligations 183 16 298 \u2013 Other Assets and Liabilities 231 28 15 25 1,404 377 1,241 300 Offset within same tax jurisdiction (296) (296) (194) (194) At the end of the year 1,108 81 1,047 106 2024 2023Current 29 29 Non-Current 998 912 Total Deferred Income Tax Assets and Liabilities 1,027 941 Change in Net Deferred Tax 2024 2023At the start of the year 941 1,142 Recognized in Income Statement (1) (1) Transferred to current tax liabilities 87 (200) At the end of the year 1,027 941 The deferred tax asset position increased in the financial year by \u20ac 86 compared to a decrease previous year (\u20ac 201) of which \u20ac 87 (2022/2023: \u20ac 200) due to transfer to current tax liabilities.15. Inventories2024 2023Raw Materials 8,429 8,764 Finished Goods 6,760 6,801 Total Inventories 15,189 15,565 In 2023/2024, inventories of \u20ac 51,377 (2022/2023: \u20ac 59,016) were recognized as an expense during the year and included in cost of materials. The provision for obsolete inventories amounts to \u20ac 1,375 (2023: \u20ac 1,220), and is based on aging of the inventories and assessment by the Board of Management on the risk for obsolescence. Neither in the financial year, nor in previous year, inventories have been written off to net realizable value.2024 2023At the start of the year (1,220) (1,016) Additions for the year (212) (224) Releases for the year 67 34Exchange Rate Differences for the year (10) (14) At the end of the year (1,375) (1,220) 16. Trade and Other Receivables2024 2023Trade Receivables 15,704 14,935Loss Allowance (135) (146)Other Tax Receivables 513 1,019 Prepaid costs 769 780 Total Trade and Other Receivables 16,851 16,588 The Tax Receivables relate to a VAT receivable in Indonesia. The Group expects to receive this in full in the following financial year. The aging of Trade Debtors is as follows:Trade Receivables: Aging in Days 2024 2023Not due 14,249 13,366 1 \u2013 30 1,213 1,227 31 \u2013 60 57 102 61 \u2013 365 20 50> 366 30 44 Total 15,569 14,789 Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses.The table below shows movements in the Allowance for Expected Credit Losses.2024 2023At the start of year (146) (156)Additions for the year (13) (12)Releases for the year 27 22 Written off for the year \u2013 2 Exchange Rate Differences (3) (2)At the end of year (135) (146)The table below shows the percentages used for expected credit losses on trade receivables.Overdue in days 2024 2023Not due 0.24% 0.24%1 \u2013 30 1.00% 1.00%31 \u2013 60 2.50% 2.50%61 \u2013 365 5.00% 5.00%> 365 100.00% 100.00%17. Cash and Cash Equivalents2024 2023Cash in banks 18,516 15,750 Cash in hand 7 7 Total Cash and Cash Equivalents 18,523 15,757 Cash and Cash Equivalents are freely available to the Group, except for a limited amount of funds in deposits, which have a maturity within one year. The Company has a credit facility in place with ABN AMRO Bank NV for the amount of \u20ac 7,000 (2023: \u20ac 7,000).18. Share CapitalISSUED SHARE CAPITALThe registered capital of Holland Colours NV is \u20ac 6,810 divided into 3,000,000 ordinary shares with a face value of \u20ac 2.27 per share. Of this registered total, an amount of 860,351 shares are issued and fully paid up. The total issued share capital is \u20ac 1,953. There were no changes to the issued capital either in the 2023/2024 or in the 2022/2023 financial year.19. ReservesSHARE PREMIUM RESERVEThe Share Premium Reserve of \u20ac 1,219 is available for distribution to shareholders with no changes compared to prior year. TRANSLATION RESERVEThe legal Translation Reserve relates to all exchange-rate differences that originate from the translation of the financial statements of the subsidiaries with a functional currency other than the euro. These translation results are directly allocated to Equity via Other Comprehensive Income.OTHER RESERVESThe Other Reserves comprise of the Reserve Intangible Assets as well as Retained Earnings:RESERVE INTANGIBLE ASSETSA legal reserve for development costs is accounted for in the Company\u2019s financial statements, although not specifically required under EU-IFRS. This legal reserve is accounted for within Equity to maintain alignment with Equity in the company financial statements. RETAINED EARNINGSRetained earnings comprise the balance of accrued net results not distributed to the Company\u2019s shareholders.In compliance with Article 21 of the Articles of Association and the Dividend Policy of the Company the Board of Management have proposed following: to appropriate 50% of the net result for the financial year 2023/2024 in line with previous year to the retained earnings and a final dividend of 50% of the net result for 2023/2024 in line with 2022/2023.These have been presented under retained earnings, hence no liability has been recognized at balance sheet date.Please refer to Note 21: Dividend and the Statutory Provisions regarding the Appropriation of Profits (Other Information).Legal reserves are not freely distributable to shareholders. Please refer to the Consolidated Statement of Changes in Equity for the movements on equity.20. Earnings per ShareEarnings per share allocated to shareholders (ordinary and diluted) in this financial year amounted to \u20ac 6.02 (2022/2023: \u20ac 6.82). The calculation of the earnings per share at 31 March 2024 is based on the net result for the year attributable to shareholders of \u20ac 5,182 (2022/2023: \u20ac 5,869) and the average number of shares issued in this financial year of 860,351. The total number of issued shares are unchanged compared to 31 March 2023.22. Non-Controlling InterestPer 1 April 2022, Gaypa Srl sold its shares (12.1%) in PT Holco Indo Jaya to Holland Colours NV. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco Indo Jaya per 1 April 2022.2024 2023At the start of the year \u2013 420Purchase of Minority Share PT HIJ \u2013 (420)At the end of the year \u2013 \u201323. Credit FacilitiesThe Group does not have any long-term debt positions outstanding (2023: nil). Short-term funding needs are covered with access to current account credit facilities of \u20ac 7,000 as per year end (2023: \u20ac 7,000). These facilities are provided by ABN AMRO Bank NV and have no expiration date. The amount drawn was nil at the end of the year, as it was at the end of prior year.24. Lease LiabilitiesThe Group recognized Lease Liabilities on the balance sheet. Please refer to Note 13 for disclosure on the Right-of-Use Assets. 2024 2023At the start of year 880 1,279 Repayments for the year (665) (597)Additions for the year 370 332 Remeasurements for the year 512 2 Other Adjustments for the year \u2013 (143)Exchange Rate Differences 7 7At the end of year 1,104 8802024 2023Non-Current 672 441 Current 432 439 Total Lease Liabilities 1,104 880 Maturity analysis \u2013 contractual undiscounted cashflows:In years 2024 2023< 1 595 466 1 \u2013 5 716 504 > 5 65 \u2013 Total 1,376 97025. Employee BenefitsPRE-PENSION PLAN \u2013 THE NETHERLANDSThe pre-pension plan in the Netherlands relates to the obligation to issue a conditional annual payment, as per Note 3, the originally agreed conditional financing of past service years in the pre-pension plan has been converted into an equivalent conditional annual payment. At 31 March 2024 the liability amounted to \u20ac 139 (2023: \u20ac 174).TERMINATION OF EMPLOYMENT - INDONESIAThis relates to the legal liability to make a payout should the employment of Indonesian employees be terminated. Primary assumptions are following:31 March 2024 31 March 2023Discount Rate 6.8% 7.0%Expected Return Fund Capital Expenditures 6.0% 7.0%Future Salary Increases 6.0% 6.0%Weighted Average Duration 11.06 10.10Assumptions relating to future mortality rates are based on published statistical data and mortality tables. The mortality table used is the TMI IV 2019 (2023: TMI IV 2019) table with a correction factor varying for age and gender. The total expected long-term Return on Investment amounts to 6.8% (2023: 7.0%).JUBILEE OBLIGATIONMovements in the Employee Benefits are shown in the table below. Pre- Termination pension Employment Jubilee PlanPlanObligation TotalAs at 31 March 2022 236 569 280 1,085 Additions for the year \u2013 \u2013 77 77 Withdrawals for the year (44) (150) (33) (227) Releases for the year (18) \u2013 (21) (21) Other Adjustments for the year \u2013 14 3 17 As at 31 March 2023 174 433 324 931 Additions for the year \u2013 44 \u2013 44 Withdrawals for the year (27) (155) (39) (221) Releases for the year (8) \u2013 (72) (80) Other Adjustments for the year \u2013 2 5 7 As at 31 March 2024 139 324 218 681 Of this total, the following amounts have been accounted for under current liabilities: Pre- Termination pension Employment Jubilee PlanPlanObligation TotalAs at 31 March 2024 43 169 11 223 As at 31 March 2023 42 138 12 192 26. Other ProvisionsMovements in this other provision is shown in table below.Environmental ProvisionAs at 31 March 2022 109 Additions for the year 6As at 31 March 2023 115Releases for the year (73)As at 31 March 2024 42This provision relates to an obligation for environmental costs in Hungary and is valued at the nominal value of the estimated expenditure with a duration of five years.27. Trade and Other Liabilities2024 2023Trade Payables 9,350 7,751 Other Tax payables 668 629 Other Liabilities and Accruals 4,874 4,406 Total Trade and Other Liabilities 14,892 12,786 The Other Tax Payables relate mainly to property tax and social security costs.The Other Liabilities and Accruals also includes a profit share to be paid to employees of \u20ac 942 (2023: \u20ac 968). See Notes 29 and 30 for details regarding the profit sharing plan.OTHER DISCLOSURES28. Contingent Assets and LiabilitiesCAPITAL COMMITMENTSThe Group had entered into capital commitments regarding Property, Plant and Equipment as at 31 March 2024 for the amount of \u20ac 680 (2023: \u20ac 5,556).PURCHASE CONTRACTSThe total commitment related to raw material purchase contracts was \u20ac 10,451 (2023: \u20ac 8,458).COLLATERALS Collaterals given by Holland Colours NV to ABN AMRO Bank NV are following: pledging of equipment, inventories and receivables in the Netherlands.29. Related PartiesIDENTITY OF RELATED PARTIESRelated parties can be divided into the relations between the Group and its subsidiary companies, the members of the Board of Management, Supervisory Board and Pigments.REMUNERATION OF KEY OFFICERS OF THE GROUPThe key officers are the members of the Board of Management.REMUNERATION POLICYThe remuneration policy for the Board of Management, which consists of the Chief Executive Officer, Chief Financial Officer and Chief Technology Officer, is set by the Remuneration Committee part of the Supervisory Board. The Group strives to pay remuneration in line with the market for a company of its size, and in proportion to its overall salary structure. The remuneration package consists of a fixed and a variable element. Fixed salaries are adjusted annually in line with inflation.The variable payment for the Board of Management consists of a bonus plan based on achieving financial and non-financial targets. The bonus is up to three times the monthly salary in the event that 100% of the targets are achieved. Based on the results for this financial year the Board of Management partly achieved bonus targets, accordingly the bonus was expensed and recorded under current liabilities. The Board of Management also participates in the profit-sharing plan. The cash-settled share-based payment for the Board of Management is 75% of the total eligible profit-sharing. Please refer to Note 30 for further disclosure. The company does not offer an option plan.The Group does not provide any personal loans, guarantees or advance payments to the members of the Board of Management or the Supervisory Board.The contracts with the Chief Executive Officer, the Chief Financial Officer and the Chief Technology Officer specify a term of appointment of four years and a severance payment which is in accordance with the recommendations of the Dutch Corporate Governance Code. The Chief Financial Officer is appointed ad interim. The breakdown of the remuneration for the Board of Management and Supervisory Board is listed in the table below.Board of Management Coen Vinke Eelco van Hamersveld Total2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023Fixed Salary 371 338 229 210 600 548 Pension Expenses 28 30 19 23 47 53 Variable Salary - Share-based Payment 20 19 11 11 31 30Variable Salary - Cash 19 36 12 21 31 57438 423 271 265 709 688 Above table includes the remuneration of CEO and CTO, and not the remuneration of CFO, who is appointed ad interim, which costs are included in Other Personnel Expenses under Other Operating Expenses.Transactions with Key OfficersThe total remuneration of Key Officers, which includes the CFO ad interim, is \u20ac 1,036 (2022/2023: \u20ac 981). Other than the regular remuneration, no transactions with key officers took place during the financial year.Other Interests of Members of the Board of ManagementNo transactions were effectuated during the financial year with parties in which any of the Supervisory Board Members, Members of the Board of Management or their partners have an interest.Supervisory Board 2023/2024 2022/2023J.W. van der Vlist \u2013 Verdel 32 \u2013R. Zoomers 13 45A.R. Doornbos 32 32J. Klaus 32 32G.H. de Heer 32 32Total 141 141J.W. van der Vlist - Verdel was appointed July 2024 replacing R. Zoomers, who resigned in that month. Their remuneraton for the financial year prorated is for 9 respectively 3 months. The Annual General Meeting of Shareholders determines the remuneration of the Supervisory Board Members. The remuneration is aligned with market standards.Holland Pigments BVAt 31 March 2024 the Dutch based investment company Holland Pigments BV (\u2018Pigments\u2019) held 434,664 (2023: 434,652) shares in Holland Colours NV. Within Pigments employees collectively held approximately 25% (2023: 25%) of the shares of Holland Pigments BV.The costs incurred by Pigments in connection to activities relating to the employee participation are reimbursed by Holland Colours NV. Please refer to page 74 for a further description of the activities of Pigments. An amount of \u20ac 101 was accordingly paid to Holland Pigments BV in the 2023/2024 financial year (2022/2023: \u20ac 99).At the balance sheet date, there was no outstanding material position with Pigments. Receivables from and payables to Pigments are not covered by commercial collateral, are non-interest-bearing and are settled in cash.30. Other DisclosuresPROFIT-SHARING PLANThe Group operates a profit-sharing plan for all employees including Board of Management and management. The gross eligible amount under the plan, up to 1.5 months\u2019 salary, depends on the Group\u2019s actual ROI and the actual operating result per division for the financial year. The profit-sharing is partly paid in shares in Holland Pigments BV (Pigments). This part of the profit-sharing is accounted for as a cash-settled share-based payment since the Group has an obligation to settle in shares of the ultimate parent company, which are not equity instruments of a Group company. Therefore, the eligible payable net amount, derived from the gross taxable amount, comprises of two components: a net payment in cash to the employee, by the entity the employee works for, and a cash payment to Holland Pigments to finance the settlement in Pigments shares. The latter amount is depending on the position of the individual employee, and is 25% to 75% of the total eligible profit-sharing. Each group entity pays this amount for its employees to Pigments. Upon receipt of this net payment, Pigments purchases shares in Pigment with equivalent value for the employees, at the latest calculated share price of Pigments. There are no vesting conditions related to these shares. Payment of the total net amount takes place after the financial statements have been adopted by the Annual General Meeting of Shareholders of the Company. The total liability for profit-sharing plan is accounted for under Other Liabilities and Accruals and expensed under Personnel Expenses.Based on the net result for the year 2023/2024 employees are eligible to a profit-sharing. As disclosed in Note 8 Personnel Expenses, an expense for profit sharing of \u20ac 942 is included under Wages and Salaries (2022/2023: \u20ac 968), which is accrued for as at 31 March 2024 (Note 26 Other Liabilities and Accruals), and thereof \u20ac 349/37% (2023: \u20ac 358/37%) relates to conversion of profit-sharing into shares in Pigments accounted for as a cash-settled share-based payment.The shares held by Holland Pigments BV in Holland Colours NV are specified below.2024 2023Number of Shares in Holland Colours NV held by Holland Pigments BVAt the start of the year 434,652 434,644Purchased 12 8At the end of the year 434,664 434,652In eurosShare Price of Holland Colours NV at the end of the year 94118Value 40,858,416 51,288,936EMPLOYEE NUMBERSDuring the 2023/2024 financial year, the company employed an average of 410 FTEs (2022/2023: 438 FTEs), thereof 131 FTEs (2022/2023: 133 FTEs) were employed in the Netherlands.SUBSEQUENT EVENTSNo events took place after the reporting period that could materially affect the financial statements.39. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease contracts for vehicles.TotalAs at 31 March 2022 Carrying Amount 223Change in Asset ValueAdditions 84 Depreciation (137) Changes (53) As at 31 March 2023Carrying Amount 170 Change in Asset ValueRemeasurement 69 Depreciation (110) Changes (41) As at 31 March 2024Carrying Amount 129 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 7 (2022/2023: \u20ac 6). There were no leases with a low value not recorded, as there were no short term leases not recorded. As at 31 March 2024, the Company was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 120.Please refer to Note 43: Lease Liabilities.45. Auditor\u2019s RemunerationThe audit fees listed below relate to the procedures applied to the Companies and its Group financial statements by external independent auditors, by Dutch and foreign based accounting firms as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (\u2018Wet toezicht accountantsorganisaties - Wta\u2019) including their tax services and advisory groups.KPMG Accountants N.V. was appointed as auditor starting book year 2023-2024 taking over from PricewaterhouseCoopers Accountants NV.2023/2024 2022/2023Audit Fees 403 436 Total 403 436 These audit fees relate to the audit of the Group financial statements, for the work performed during the financial year. For procedures in the Netherlands the remuneration amounts to \u20ac 297 (2022/2023: \u20ac 253). The remaining fees \u20ac 106 (previous year: \u20ac 183) were charged to the Group\u2019s subsidiaries.",
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"value": "22. Non-Controlling InterestPer 1 April 2022, Gaypa Srl sold its shares (12.1%) in PT Holco Indo Jaya to Holland Colours NV. The purchase price (consideration) of \u20ac 420 was based on the net equity value of PT Holco Indo Jaya per 1 April 2022.2024 2023At the start of the year \u2013 420Purchase of Minority Share PT HIJ \u2013 (420)At the end of the year \u2013 \u2013",
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"value": "26. Other ProvisionsMovements in this other provision is shown in table below.Environmental ProvisionAs at 31 March 2022 109 Additions for the year 6As at 31 March 2023 115Releases for the year (73)As at 31 March 2024 42This provision relates to an obligation for environmental costs in Hungary and is valued at the nominal value of the estimated expenditure with a duration of five years.",
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"value": "27. Trade and Other Liabilities2024 2023Trade Payables 9,350 7,751 Other Tax payables 668 629 Other Liabilities and Accruals 4,874 4,406 Total Trade and Other Liabilities 14,892 12,786 The Other Tax Payables relate mainly to property tax and social security costs.The Other Liabilities and Accruals also includes a profit share to be paid to employees of \u20ac 942 (2023: \u20ac 968). See Notes 29 and 30 for details regarding the profit sharing plan.",
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"value": "28. Contingent Assets and LiabilitiesCAPITAL COMMITMENTSThe Group had entered into capital commitments regarding Property, Plant and Equipment as at 31 March 2024 for the amount of \u20ac 680 (2023: \u20ac 5,556).PURCHASE CONTRACTSThe total commitment related to raw material purchase contracts was \u20ac 10,451 (2023: \u20ac 8,458).",
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"value": "CAPITAL COMMITMENTSThe Group had entered into capital commitments regarding Property, Plant and Equipment as at 31 March 2024 for the amount of \u20ac 680 (2023: \u20ac 5,556).",
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"value": "PURCHASE CONTRACTSThe total commitment related to raw material purchase contracts was \u20ac 10,451 (2023: \u20ac 8,458).",
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"value": "29. Related PartiesIDENTITY OF RELATED PARTIESRelated parties can be divided into the relations between the Group and its subsidiary companies, the members of the Board of Management, Supervisory Board and Pigments.Holland Pigments BVAt 31 March 2024 the Dutch based investment company Holland Pigments BV (\u2018Pigments\u2019) held 434,664 (2023: 434,652) shares in Holland Colours NV. Within Pigments employees collectively held approximately 25% (2023: 25%) of the shares of Holland Pigments BV.The costs incurred by Pigments in connection to activities relating to the employee participation are reimbursed by Holland Colours NV. Please refer to page 74 for a further description of the activities of Pigments. An amount of \u20ac 101 was accordingly paid to Holland Pigments BV in the 2023/2024 financial year (2022/2023: \u20ac 99).At the balance sheet date, there was no outstanding material position with Pigments. Receivables from and payables to Pigments are not covered by commercial collateral, are non-interest-bearing and are settled in cash.",
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"value": "REMUNERATION POLICYThe remuneration policy for the Board of Management, which consists of the Chief Executive Officer, Chief Financial Officer and Chief Technology Officer, is set by the Remuneration Committee part of the Supervisory Board. The Group strives to pay remuneration in line with the market for a company of its size, and in proportion to its overall salary structure. The remuneration package consists of a fixed and a variable element. Fixed salaries are adjusted annually in line with inflation.The variable payment for the Board of Management consists of a bonus plan based on achieving financial and non-financial targets. The bonus is up to three times the monthly salary in the event that 100% of the targets are achieved. Based on the results for this financial year the Board of Management partly achieved bonus targets, accordingly the bonus was expensed and recorded under current liabilities. The Board of Management also participates in the profit-sharing plan. The cash-settled share-based payment for the Board of Management is 75% of the total eligible profit-sharing. Please refer to Note 30 for further disclosure. The company does not offer an option plan.The Group does not provide any personal loans, guarantees or advance payments to the members of the Board of Management or the Supervisory Board.The contracts with the Chief Executive Officer, the Chief Financial Officer and the Chief Technology Officer specify a term of appointment of four years and a severance payment which is in accordance with the recommendations of the Dutch Corporate Governance Code. The Chief Financial Officer is appointed ad interim. The breakdown of the remuneration for the Board of Management and Supervisory Board is listed in the table below.Board of Management Coen Vinke Eelco van Hamersveld Total2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023Fixed Salary 371 338 229 210 600 548 Pension Expenses 28 30 19 23 47 53 Variable Salary - Share-based Payment 20 19 11 11 31 30Variable Salary - Cash 19 36 12 21 31 57438 423 271 265 709 688 Above table includes the remuneration of CEO and CTO, and not the remuneration of CFO, who is appointed ad interim, which costs are included in Other Personnel Expenses under Other Operating Expenses.Transactions with Key OfficersThe total remuneration of Key Officers, which includes the CFO ad interim, is \u20ac 1,036 (2022/2023: \u20ac 981). Other than the regular remuneration, no transactions with key officers took place during the financial year.Other Interests of Members of the Board of ManagementNo transactions were effectuated during the financial year with parties in which any of the Supervisory Board Members, Members of the Board of Management or their partners have an interest.Supervisory Board 2023/2024 2022/2023J.W. van der Vlist \u2013 Verdel 32 \u2013R. Zoomers 13 45A.R. Doornbos 32 32J. Klaus 32 32G.H. de Heer 32 32Total 141 141J.W. van der Vlist - Verdel was appointed July 2024 replacing R. Zoomers, who resigned in that month. Their remuneraton for the financial year prorated is for 9 respectively 3 months. The Annual General Meeting of Shareholders determines the remuneration of the Supervisory Board Members. The remuneration is aligned with market standards.",
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"value": "PROFIT-SHARING PLANThe Group operates a profit-sharing plan for all employees including Board of Management and management. The gross eligible amount under the plan, up to 1.5 months\u2019 salary, depends on the Group\u2019s actual ROI and the actual operating result per division for the financial year. The profit-sharing is partly paid in shares in Holland Pigments BV (Pigments). This part of the profit-sharing is accounted for as a cash-settled share-based payment since the Group has an obligation to settle in shares of the ultimate parent company, which are not equity instruments of a Group company. Therefore, the eligible payable net amount, derived from the gross taxable amount, comprises of two components: a net payment in cash to the employee, by the entity the employee works for, and a cash payment to Holland Pigments to finance the settlement in Pigments shares. The latter amount is depending on the position of the individual employee, and is 25% to 75% of the total eligible profit-sharing. Each group entity pays this amount for its employees to Pigments. Upon receipt of this net payment, Pigments purchases shares in Pigment with equivalent value for the employees, at the latest calculated share price of Pigments. There are no vesting conditions related to these shares. Payment of the total net amount takes place after the financial statements have been adopted by the Annual General Meeting of Shareholders of the Company. The total liability for profit-sharing plan is accounted for under Other Liabilities and Accruals and expensed under Personnel Expenses.Based on the net result for the year 2023/2024 employees are eligible to a profit-sharing. As disclosed in Note 8 Personnel Expenses, an expense for profit sharing of \u20ac 942 is included under Wages and Salaries (2022/2023: \u20ac 968), which is accrued for as at 31 March 2024 (Note 26 Other Liabilities and Accruals), and thereof \u20ac 349/37% (2023: \u20ac 358/37%) relates to conversion of profit-sharing into shares in Pigments accounted for as a cash-settled share-based payment.The shares held by Holland Pigments BV in Holland Colours NV are specified below.2024 2023Number of Shares in Holland Colours NV held by Holland Pigments BVAt the start of the year 434,652 434,644Purchased 12 8At the end of the year 434,664 434,652In eurosShare Price of Holland Colours NV at the end of the year 94118Value 40,858,416 51,288,936",
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"value": "SUBSEQUENT EVENTSNo events took place after the reporting period that could materially affect the financial statements.",
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"value": "COMPANY INCOME STATEMENT FOR THE YEAR ENDED 31 MARCHIn thousands of euros Note 2024 2023Revenue 9,532 9,582Personnel Expenses *34 (3,587) (3,339)Amortization and Impairments 37 (4) (64)Depreciation and Impairments 38/39 (163) (194)Other Operating Expenses 35 (4,711) (4,732)Total Operating Expenses (8,465) 8,329Operating Result 1,117 1,203 Finance Income 298 170 Finance Expenses (108) (100)Finance Income and Expenses 190 70Result before Income Tax 1,307 1,273 Income Tax 36 (286) 2 Share in Result of Participations 40 4,161 4,5943,875 4,596Net Result 5,182 5,869COMPANY BALANCE SHEET AS OF 31 MARCHBEFORE PROPOSED PROFIT APPROPRIATIONIn thousands of euros Note 2024 2023Non-Current Assets Intangible Assets 37 \u2013 4 Property, Plant and Equipment 38 1,105 1,158 Right-of-Use Assets 39 129 170 Financial Assets 40 60,852 60,884 62,086 62,216 Current Assets Receivables from Group Companies 498 141 Current Income Tax Receivables 683 521Other Receivables and Prepayments 414 117 Cash and Cash Equivalents 161 60 1,756 839 Total Assets 63,842 63,055In thousands of euros Note 2024 2023Equity Share Capital 41 1,953 1,953 Share Premium Reserve 41 1,219 1,219 Translation Reserve 41 721 506 Other Reserves 41 57,562 55,135 61,455 58,813Non-Current Liabilities Lease Liabilities 43 54 90 Employee Benefits 44 10 20 64 110 Current LiabilitiesPayables to Group Companies 1,061 2,711 Lease Liabilities 43 81 83 Employee Benefits 44 8 8Other Liabilities 1,173 1,330 2,323 4,132Total Equity and Liabilities 63,842 63,055NOTES TO THE COMPANY FINANCIAL STATEMENTS31. GeneralThe company financial statements are part of the consolidated financial statements of Holland Colours NV (the \u2018Company\u2019).The company financial statements are prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code. The Company applies the same accounting policies to the company financial statements as to those of the consolidated financial statements, and are described in Note 3. The Company makes use of the option provided in Article 2:362, paragraph 8 of the Dutch Civil Code. The only exception relates to participations in Group companies, which investments in subsidiaries are measured at net asset value.On 29 May the 2023/2024 company financial statements were presented to the Supervisory Board and were authorized for issue. The company financial statements will be presented to the Annual General Meeting of Shareholders for adoption on 11 July 2024.32. Key Accounting PrinciplesThe Company applies the same accounting policies to the company financial statements as to those of the consolidated financial statements. Exceptions to this relate to participations in Group companies and Loans to Group Companies. The share in the result of participating interests consists of the share of the Company in the result of those participating interests.Results on transactions involving the transfer of assets and liabilities between the Company and its participating interests and mutually between participating interests themselves, are eliminated to the extent that they can be considered as not realized.The Company makes use of the option to eliminate intragroup expected credit losses against the book value of loans and receivables from the Company to participating interests, instead of eliminiation against the equity value of the participating interests.Loans to Group Companies are measured at fair value.The Company is the head of the fiscal unity for its Group entities based in the Netherlands. The Company recognizes the portion of corporate income tax that it would owe as an independent tax payer, taking into account the allocation of the advantages of the fiscal unity. Settlement within the fiscal unity between the Company and its subsidairies takes place through current account positions.33. RevenueRevenue relates to the charge for the financial year and the previous year of head office costs for services provided and a research & technology fee to subsidiaries of the Company.34. Personnel Expenses 2023/2024 2022/2023 Wages and Salaries (2,967) (2,896)Social Security (369) (234)Pension Costs (251) (209) Total Personnel Expenses (3,587) (3,339)In the financial year the Company changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (\u20ac 509) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 35.Under wages and salaries an accrual for profit sharing \u20ac 161 is included (2022/2023: \u20ac 150). Please refer to Note 30: Profit-sharing Plan. Above personnel costs include restructuring costs (2023/2024: \u20ac 73; 2022/2023: \u20ac nil). The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 21 FTEs (2022/2023: 20 FTEs), all FTEs worked in the Netherlands.35. Other Operating ExpensesThe table below shows the main components of the Other Operating Expenses.2023/2024 2022/2023Other Personnel Expenses (699) (921)Travel and Accommodation (100) (95) Consulting (1,774) (1,981) Materials (899) (1,098) Insurance (274) (274) Other Expenses (965) (363) Total Other Operating Expenses (4,711) (4,732)Please refer to Note 34 for disclosure on a change of presentation of costs compared to previous year.36. Income Tax 2023/2024 2022/2023 Current TaxCurrent Year (318) (216) Prior Years 32 218 Total Income Tax (286) 2 37. Intangible AssetsDevelopment Costs Software TotalAs at 31 March 2022Cost 1,922 121 2,043Accumulated Amortization (1,874) (101) (1,975)Carrying Amount 48 20 68Change in Asset ValueCapital Expenditures \u2013 \u2013 \u2013 Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023Cost 1,922 121 2,043 Accumulated Amortization (1,922) (117) (2,039) Carrying Amount \u2013 4 4 Change in Asset ValueAmortization \u2013 (4) (4)Changes \u2013 (4) (4)As at 31 March 2024Cost 1,922 121 2,043 Accumulated Amortization (1,922) (121) (2,043) Carrying Amount \u2013 \u2013 \u2013 The Company\u2019s total expenses for research and development were \u20ac 1,392 in the financial year (2022/2023: \u20ac 1,605). Of this amount nil (2022/2023: nil) is capitalized, whereas the remainder is reported under Other Income and Expenses after Tax in the company financial statements. The costs of Amortization and Impairments of \u20ac 4 (2022/2023: \u20ac 64) are included in the Amortization item in the company financial statements.38. Property, Plant and EquipmentLand and Assets under Buildings EquipmentConstruction TotalAs at 31 March 2022Cost3,414 269 1 3,684Accumulated Depreciation(2,240) (259) \u2013 (2,499)Carrying Amount1,174 10 1 1,185Change in Asset ValueCapital Expenditures1 \u2013 29 30 Transfer Assets under Construction\u2013 29 (29) \u2013 Depreciation(51) (6) \u2013 (57) Changes(50) 23 \u2013 (27)As at 31 March 2023Cost3,415 298 1 3,714 Accumulated Depreciation(2,291) (265) \u2013 (2,556) Carrying Amount1,124 33 1 1,158 Change in Asset ValueCapital Expenditures\u2013 \u2013 \u2013 \u2013 Transfer Assets under Construction\u2013 \u2013 \u2013 \u2013 Depreciation(43) (9) (1) (53) Changes(43) (9) (1) (53)As at 31 March 2024Cost3,415 298 1 3,714 Accumulated Depreciation(2,334) (274) (1) (2,609) Carrying Amount1,081 24 \u2013 1,105 No Personnel Expenses were capitalized in this financial year (2022/202: nil).No impairments incurred this financial year.Included in land and buildings is land for the of amount \u20ac 940 (2022/2023: \u20ac 940).39. Right-of-Use AssetsThe table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease contracts for vehicles.TotalAs at 31 March 2022 Carrying Amount 223Change in Asset ValueAdditions 84 Depreciation (137) Changes (53) As at 31 March 2023Carrying Amount 170 Change in Asset ValueRemeasurement 69 Depreciation (110) Changes (41) As at 31 March 2024Carrying Amount 129 Interest expenses on the lease liabilities recognized within finance expenses was \u20ac 7 (2022/2023: \u20ac 6). There were no leases with a low value not recorded, as there were no short term leases not recorded. As at 31 March 2024, the Company was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was \u20ac 120.Please refer to Note 43: Lease Liabilities.40. Financial AssetsThe Financial Assets can be specified as follows: 2024 2023 Investments in Subsidiaries 53,540 53,499 Loans Group Companies 6,562 6,694 Deferred Tax Assets 750 691 Total Financial Assets 60,852 60,884 Please refer to Note 3 for a list of the Group companies.The table below shows movements in the investments in subsidiaries. 2024 2023 At the start of the year 53,499 50,280 Share in Result of Participations for the year 4,161 4,594Purchase Minority Share PT HIJ for the year 27 420 Dividend Declared for the year (4,522) (2,481) Currency Translation for the year 407 715 Other Changes for the year (32) (29)At the end of the year 53,540 53,499 Movements in the Loans Group Companies and in the Deferred Tax Assets are shown below.Deferred Loans Group TaxCompaniesAssets TotalAs at 31 March 2022 6,694 718 7,412Additions \u2013 26 26 Credit/(Charge) to the result for the year \u2013 (53) (53) As at 31 March 2023 6,694 691 7,385Additions \u2013 59 59Repayments for the year (132) \u2013 (132)As at 31 March 2024 6,562 750 7,312Loans to Group Companies are due within one year, with no repayment schedule agreed, this term will automatically be extended for further periods of one year until the loan is fully repaid. Interest on the loans is variable and at arm\u2019s length.41. EquityPlease refer to the Consolidated Statement of Changes in Equity and Notes 18 and 19 for disclosure on Equity.42. Credit FacilitiesAt the end of the financial year the Company does not have any long-term debt positions outstanding (2023: nil). Short-term funding needs are covered with access to current account credit facilities of \u20ac 7,000 as per year end (2023: \u20ac 7,000). These facilities are provided by ABN AMRO Bank NV and have no expiration date. The amount drawn was nil at the end of the year, as it was at the end of prior year.43. Lease LiabilitiesThe company recognized Lease Liabilities on the balance sheet. The table below shows the movement and breakdown of Non-Current and Current Lease Liabilities. Please refer to Note 39 Right-of-Use Assets. 2024 2023 At the start of the year 173 252 Repayments for the year (112) (85) Additions for the year \u2013 84 Remeasurements for the year 74 \u2013 Other Adjustments for the year \u2013 (78) At the end of the year 135 173 2024 2023 Non-Current Lease Liabilities 54 90 Current Lease Liabilities 81 83 Total 135 173 Maturity analysis \u2013 contractual undiscounted cashflows:In years 2024 2023< 1 84 89 1 \u2013 5 60 100 > 5 \u2013 \u2013 Total 144 189 44. Employee BenefitsPlease refer to Note 25 for disclosure on the Employee Benefits.Movements in the Employee Benefits were as follows: Other Pre-pension EmployeePlanBenefits TotalAs at 31 March 2022 33 11 44 Releases for the year (2) (3) (5) Withdrawals for the year (11) \u2013 (11) As at 31 March 2023 20 8 28Additions for the year 4 \u2013 4 Releases for the year \u2013 (4) (4) Withdrawals for the year (8) (2) (10) As at 31 March 2024 16 2 18The following amounts have been accounted for as current under Other Liabilities and Accrued Income: Pre-pension Other Plan theEmployeeNetherlandsBenefits TotalAs at 31 March 2024 6 2 8As at 31 March 2023 8 \u2013 845. Auditor\u2019s RemunerationThe audit fees listed below relate to the procedures applied to the Companies and its Group financial statements by external independent auditors, by Dutch and foreign based accounting firms as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (\u2018Wet toezicht accountantsorganisaties - Wta\u2019) including their tax services and advisory groups.KPMG Accountants N.V. was appointed as auditor starting book year 2023-2024 taking over from PricewaterhouseCoopers Accountants NV.2023/2024 2022/2023Audit Fees 403 436 Total 403 436 These audit fees relate to the audit of the Group financial statements, for the work performed during the financial year. For procedures in the Netherlands the remuneration amounts to \u20ac 297 (2022/2023: \u20ac 253). The remaining fees \u20ac 106 (previous year: \u20ac 183) were charged to the Group\u2019s subsidiaries.46. Contingent Assets and LiabilitiesCOLLATERALS Collaterals given by the Company to ABN AMRO Bank NV are following: pledging of equipment, inventories and receivables in the Netherlands.47. Other DisclosuresWRITTEN GUARANTEEThe Company has given a guarantee for its subsidiary Holland Colours Europe BV in accordance with Section 403, Title 9, Book 2 of the Dutch Civil Code. The Company has not given any written guarantees for its Group companies not based in the Netherlands.FISCAL UNITYThe Company is the head of the fiscal unity for its Group entities based in the Netherlands with regard to value added tax and income tax.SUBSEQUENT EVENTSNo events took place after the reporting period that could materially affect the financial statements.Apeldoorn, 29 May 2024Board of Management Supervisory BoardCoen Vinke Jeanine van der VlistEelco van Hamersveld Gert-Hein de Heer Aukje Doornbos Jorrit Klaus",
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"value": "45. Auditor\u2019s RemunerationThe audit fees listed below relate to the procedures applied to the Companies and its Group financial statements by external independent auditors, by Dutch and foreign based accounting firms as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (\u2018Wet toezicht accountantsorganisaties - Wta\u2019) including their tax services and advisory groups.KPMG Accountants N.V. was appointed as auditor starting book year 2023-2024 taking over from PricewaterhouseCoopers Accountants NV.2023/2024 2022/2023Audit Fees 403 436 Total 403 436 These audit fees relate to the audit of the Group financial statements, for the work performed during the financial year. For procedures in the Netherlands the remuneration amounts to \u20ac 297 (2022/2023: \u20ac 253). The remaining fees \u20ac 106 (previous year: \u20ac 183) were charged to the Group\u2019s subsidiaries.",
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"value": "Halvemaanweg 17323 RW ApeldoornP.O. Box 7207300 AS ApeldoornThe Netherlands",
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