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"value": "2. Summary of significant accounting principles Presentation The accompanying Consolidated Financial Statements include the accounts of BE Semiconductor Industries N.V. and its consolidated subsidiaries (collectively, \u201cthe Company\u201d). The financial statements are presented in thousands of euro, rounded to the nearest thousand, unless stated otherwise. The accounting principles which the Company uses to prepare the Consolidated Financial Statements are based on historical cost, unless stated otherwise. Exceptions to the historical cost basis include derivative financial instruments and share-based compensation which are based on fair value. In addition, for pensions and other post-retirement benefits, actuarial present value calculations are used. Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. As of December 31, 2022 and 2021, the following subsidiaries are included in the accompanying Consolidated Financial Statements: Name Location and country of incorporation Percentage of ownership BE Semiconductor Industries Holding GmbH Radfeld, Austria 100% BE Semiconductor Industries USA, Inc. Chandler, Arizona, USA 100% 1 Besi APac Sdn. Bhd. Shah Alam, Malaysia 100% Besi Asia Pacific Holding B.V. Duiven, the Netherlands 100% Besi Austria GmbH Radfeld, Austria 100% Besi Korea Ltd. Seoul, South Korea 100% Besi Leshan Co., Ltd. Leshan, China 100% Besi Netherlands B.V. Duiven, the Netherlands 100% Besi North America, Inc. Chandler, Arizona, USA 100% Besi Philippines, Inc. Muntinlupa City, Philippines 100% Besi (Shanghai) Trading Co., Ltd. Shanghai, China 100% Besi Singapore Pte. Ltd. Singapore, Singapore 100% Besi Switzerland AG Steinhausen, Switzerland 100% 1 Besi (Thai) S&S Ltd. Bangkok, Thailand 100% Besi USA, Inc. Chandler, Arizona, USA 100% Datacon Beteiligungs GmbH Radfeld, Austria 100% Esec China Financial Ltd. Hong Kong, China 100% Esec International B.V. Duiven, the Netherlands 100% Fico Hong Kong Ltd. Hong Kong, China 100% Fico International B.V. Duiven, the Netherlands 100% Meco Equipment Engineers B.V. \u2019s-Hertogenbosch, the Netherlands 100% Meco International B.V. \u2018s-Hertogenbosch, the Netherlands 100% 1 In order to comply with local corporate law, a non-controlling shareholding (less than 0.1%) is held by Company Management. All intercompany profits, transactions and balances have been eliminated in the consolidation. Foreign currency translation The Consolidated Financial Statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The principal exchange rates against the euro used in preparing the Consolidated Statement of Financial Position, the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income are: Consolidated Statement of Financial Position 2022 2021 Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income 2022 2021 US dollar 1.07 1.13 1.06 1.18 Swiss franc 0.98 1.03 1.01 1.08 Malaysian ringgit 4.70 4.72 4.64 4.90 Chinese renminbi 7.36 7.19 7.09 7.64 Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the balance sheet date. All differences are accounted for into the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. The assets and liabilities of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date and their Statement of Operations is translated at the weighted average exchange rates for the year. The exchange differences arising on the translation of assets and liabilities are recognized in other comprehensive income (\u201cOCI\u201d), and presented as legal currency translation adjustment in equity. On disposal of a foreign entity, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the Consolidated Statement of Operations. Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Changes in accounting policiesThe Company has consistently applied the accounting policies to all periods presented in these Consolidated Financial Statements. A number of new standards and amendments are effective as from January 1, 2022. They do not have a material effect on the Company\u2019s Consolidated Financial Statements. These new standards and amendments are as follows: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities \u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity date at the date of acquisition of three months or less or include a notice period of three months or less. Cash and cash equivalents are measured at amortized cost. Money market funds reported under cash and cash equivalents are measured at fair value through profit and loss and are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. DepositsDeposits consist of cash and cash equivalents which have been placed on deposit with an original maturity between 3 and 24 months. Trade receivables and other receivablesTrade and other receivables are initially measured at transaction price and subsequently at amortized cost less any impairment loss. The Company applies the expected credit loss model to determine any trade receivables impairment losses. The trade receivables do not contain a significant financing component (in accordance with IFRS 15) and therefore the loss allowance is always measured as equal to lifetime expected credit losses. The Company uses a provisioning matrix to calculate the level of the provision and measures lifetime expected credit losses at percentages of amounts outstanding for current trade receivables, 30 days past due, 60 days past due, 90 days past due and over 120 days past due. The total accounts receivable impairment consists of two elements: provision if and when required based on Company estimates and additional provision as determined by the use of the provision matrix. Impairment losses and any subsequent reversals are recognized in the Consolidated Statement of Operations. Inventories Inventories are stated at the lower of cost (using moving weighted average costs) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and costs to make the sales. Cost includes net prices paid for materials purchased and all expenses to bring the inventory to its current location, charges for freight and custom duties, production labor costs and factory overhead. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Costs include expenditures that are directly attributable to the acquisition of the asset, including financing expenses of capital investment projects under construction. Depreciation is calculated using the straight-line method, based on the following estimated useful lives: Category Estimated useful life Land Not depreciated Buildings 15\u201330 years 1 Leasehold improvements10\u201315 years Machinery and equipment 2\u201310 years Office furniture and equipment 3\u201310 years 1 Leasehold improvements are depreciated over the shorter of the lease term or economic life of the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The residual value, if not insignificant, is reassessed annually. The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefit relating to that subsequent expenditure will flow to the Company and the cost can be measured reliably. Other costs are recognized in the Consolidated Statement of Operations as expense, as incurred. Right of use assets Definition of a lease At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in IFRS 16. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Right of use assets The Company recognizes right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Category Land and buildings 1\u201310 years Office furniture and equipment 1\u201310 years In addition, the right of use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date discounted using the Company\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liabilities comprise the following: \u2022 Fixed payments, including in-substance fixed payments. \u2022 Lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term and/or a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of buildings, machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e. below five thousand euro). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Intangible assets Intangible assets are valued at cost less accumulated amortization and impairment charges. All intangible assets are tested for impairment whenever there is an indication that the intangible asset may be impaired. Other intangible assets, such as goodwill and intangible assets not yet in use, are not amortized, but tested for impairment annually. In cases where the carrying value of the intangibles exceeds the recoverable amount, an impairment charge is recognized in the Consolidated Statement of Operations. Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. Other identifiable intangible assets Other intangible assets that are acquired by the Company are stated at cost (i.e. fair value of the consideration given) at the date of acquisition less accumulated amortization and impairment losses. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. Impairment of non-financial assets The carrying amounts of the Company\u2019s non-financial assets are reviewed at each year\u2019s end balance sheet date to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Operations. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (group of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. Calculation of recoverable amount The recoverable amount of other assets is the higher of their fair value less costs of disposal and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Impairment losses in respect of goodwill are not reversed. 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. Other non-current assets Funds with insurance companies for pension liability are stated at fair value. Other current liabilities Other current liabilities consist of notes payable to banks, trade payables and other payables and are initially measured at fair value and subsequently at amortized cost, using the effective interest method. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial assets are classified and measured at amortized costs or fair value through OCI if the cash flows are solely payments of principal and interest (\u201cSPPI\u201d). Financial assets with cash flows that are not SPPI are classified and measured at FVTPL. On initial recognition, the Company may designate a financial asset that meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates an accounting mismatch. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. Provisions A provision is recognized in the Statement of Financial Position when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, 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, where appropriate, the risks specific to the liability. Warranties A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. Revenue recognition Significant accounting policy revenue Revenue is measured on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product of service to a customer. Nature of goods and services The following is a description of principal activities \u2013 aggregated into a single reporting segment, the semiconductor\u2019s back-end segment \u2013 from which the Company generates its revenue. The main portion of our revenue is derived from contractual arrangements that have multiple deliverables. The Company accounts for individual products and services separately if they are a distinct performance obligation, i.e. if a product or service is separately identifiable from other items in the arrangement and if a customer can benefit from it. The consideration is allocated between separate products and services in the arrangement based on their relative stand-alone selling prices. The relative stand-alone selling prices are determined based on the list prices for products and services that are sold separately or based on the expected costs plus a margin approach. For products and services that are not sold separately, the Company estimates relative stand-alone selling prices using the expected costs plus margin approach. Products and services Nature and timing of satisfaction of performance obligations and significant payment terms Machines, conversion kits and upgrades After successful internal buy-off, machines are shipped to customers and revenue is recognized when the customer takes control of the goods in accordance with mutually agreed shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Installation, start-up, paid services and training services These services are separate performance obligations and revenue is recognized at the moment of performance of these services. Paid services revenue is recognized over the contract period. Regular payment terms vary between 30 and 90 days after date of delivery. Spare parts Revenue of spare parts is recognized upon transfer of control, based on the applicable shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Extended warranty Extended warranty is considered a separate performance obligation. Revenue for extended warranty for a warranty term in excess of the standard warranty term is deferred and recognized over the term of the extended warranty period. Contract assets and liabilities Contract assets are recognized according to the Company\u2019s rights to consideration for the fulfilled but not yet invoiced performance obligations at the reported date. Contract liabilities are recognized when advanced consideration is received from a customer or when the Company has outstanding performance obligations relating to extended warranty and installation. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less. Segment reporting Operating segments The Company is engaged in one line of business, the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. The Company identifies three operating segments. The identified operating segments are Die Attach, Packaging and Plating. The chief operating decision maker reviews each operating segment in detail and certain operational functions are allocated to these operating segments: (i) Product Marketing, (ii) Research and Development, (iii) Customer Project Management, and (iv) General management. Shared functions (Operations, Sales & Service and Spares) and corporate functions (Finance, Legal, Human Resources and IT) do not qualify as operating segments. Hence, Besi identifies three operating segments which meet the IFRS 8 criteria. IFRS 8 allows for operating segments to be aggregated into one single operating segment if the operating segments share similar economic characteristics. The Company deems the three operating segments to meet the aggregation criteria, as the nature of the products and services, production processes, classes of customer and methods used to distribute the products and provide services are similar. Hence the three operating segments are aggregated into a single operating segment; the development, manufacturing, marketing, sales and service of assembly equipment for the semiconductor\u2019s back-end segment. The basis for aggregation is explained directly below and as a result of the aggregation, the Company has one reportable segment. All financial segment information can be found in the Consolidated Financial Statements. Indicators for aggregation into single operating segment The similarity of economic characteristics can be evaluated based on future prospects. Within the semiconductor back-end segment the market information is based on TechInsights, a leading independent industry analyst, forecasts. Industry trends are captured in these forecasts and always used as a source when referring to the future developments (e.g. press releases). Demand for semiconductor devices and expenditures for the equipment required to assemble semiconductors is cyclical, depending in large part on levels of demand worldwide for computing and peripheral equipment, telecommunications devices and automotive and industrial components as well as the production capacity of global semiconductor manufacturers. All operating segments move up or down in the same response to the same positive and negative factors like general economic upturns and downturns, changes in interest rates and currency exchange rates. The nature of products and services within the Besi group is very much the same, all captured in the semiconductor back-end industry and served by one service organization, which is designing and supporting that equipment. Furthermore, all production processes are organized as manufacturing and assembly of projects and are mainly produced in our Asian production facilities in Malaysia and China. This means that the production for the different operating segments share the same facilities, employees and processes. Also, similar materials are used to produce the systems. The evaluation of the type or class of customer for products and services leads to the conclusion that the risk exposure profile of the customers is similar because of the fact that all customers are leading US, European and Asian semiconductor manufacturers and assembly subcontractors which in their turn depend on the global market conditions. One worldwide responsible person for Sales & Customer Support, indicates the centralization of the sales organization and the method used to distribute our products. The Besi name is used throughout the global operations and the Besi logo has been adopted to be used by for all Besi products. Furthermore, in order to assess performance and to make resource allocation decisions based on sufficient detailed information, the chief operating decision maker must have financial information which covers all of the operating segments, including corporate functions, meaning full Consolidated Financial Statements. For example, the total external financing of the Besi group is evaluated on consolidated level and not split into business operations. Accordingly, all information consolidated is the reportable segment under IFRS 8, reported in the semiconductor back-end industry. Employee benefits Pension plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognized asset is limited to the present value of economic benefits available in the form of any future refund from the plan or reductions in future contributions paid to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Company. An economic benefit is available to the Company if it is realizable during the life of the plan, or on settlement of the plan liabilities. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognizes them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan amendment or curtailment occurs. A majority of the Company\u2019s Dutch employees participate in a pension plan operated by an industry-wide pension fund, which classifies as a defined contribution plan under IAS 19. Share-based payments In 2019, the Company adopted the Remuneration Policy 2020-2023 which is mainly a prolongation of the Remuneration Policy 2017-2019 which contains specific conditions for the performance shares awarded to the Board of Management. The Company established the BE Semiconductor Industries N.V. Long-Term Incentive plan for the Board of Management and other employees (the \u201c2017 and the 2020 Framework Incentive Plan\u201d). For more details, reference is made to Note 25. The grant date fair value of the performance shares granted to Board Members and key employees is measured taking into account the impact of any market performance conditions and non-vesting conditions, but excludes the impact of any service and non-market performance conditions. The grant date fair value of the equity-settled share-based payment awards is recognized as an employee expense, with a corresponding increase in equity, over the period between the grant date and the vesting date of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service condition and any non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Subsidies and other governmental credits Subsidies and other governmental credits to cover research and development costs relating to approved projects are recorded as research and development credits in the period when the research and development costs to which such subsidy or credit relates occurs. If the related development costs are capitalized, the subsidies and other governmental credits will be offset against capitalization. The Company has received direct grants and social security exemptions relating to COVID-19 pandemic measures implemented by various governments. These governmental grants have been recorded in the same period and reporting line as the expenses to which these grants or exemptions relate to. Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. Income taxes The Company applies the liability method of accounting for taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using substantively enactment tax rates expected to apply to taxable income in the years which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations or directly in equity in the period that includes the enactment date, depending on how the deferred tax assets and liabilities were initially recognized. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. Deferred tax assets Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Further details are contained in Note 29. Pension and other post-employment benefits The costs of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 25. Development costs Development costs are capitalized in accordance with the accounting policy as reflected before. Initial capitalization of costs is based on management judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Further details are contained in Note 11. Inventory obsolescence Provisions for obsolete inventories are recognized for inventories which are deemed obsolete. Significant management judgement is required to determine the amount which is considered obsolete. Further details are contained in Note 6. Lease contracts with renewal options The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Company has the option, under some of its leases to lease the assets for additional terms of one to five years. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. It considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. New IFRS standards and interpretations A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2022. However, the Company expects no material impact on the Consolidated Financial Statements. ",
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"value": "Presentation The accompanying Consolidated Financial Statements include the accounts of BE Semiconductor Industries N.V. and its consolidated subsidiaries (collectively, \u201cthe Company\u201d). The financial statements are presented in thousands of euro, rounded to the nearest thousand, unless stated otherwise. The accounting principles which the Company uses to prepare the Consolidated Financial Statements are based on historical cost, unless stated otherwise. Exceptions to the historical cost basis include derivative financial instruments and share-based compensation which are based on fair value. In addition, for pensions and other post-retirement benefits, actuarial present value calculations are used. ",
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"value": "Presentation The accompanying Consolidated Financial Statements include the accounts of BE Semiconductor Industries N.V. and its consolidated subsidiaries (collectively, \u201cthe Company\u201d). The financial statements are presented in thousands of euro, rounded to the nearest thousand, unless stated otherwise. The accounting principles which the Company uses to prepare the Consolidated Financial Statements are based on historical cost, unless stated otherwise. Exceptions to the historical cost basis include derivative financial instruments and share-based compensation which are based on fair value. In addition, for pensions and other post-retirement benefits, actuarial present value calculations are used. ",
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"value": " Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. As of December 31, 2022 and 2021, the following subsidiaries are included in the accompanying Consolidated Financial Statements: Name Location and country of incorporation Percentage of ownership BE Semiconductor Industries Holding GmbH Radfeld, Austria 100% BE Semiconductor Industries USA, Inc. Chandler, Arizona, USA 100% 1 Besi APac Sdn. Bhd. Shah Alam, Malaysia 100% Besi Asia Pacific Holding B.V. Duiven, the Netherlands 100% Besi Austria GmbH Radfeld, Austria 100% Besi Korea Ltd. Seoul, South Korea 100% Besi Leshan Co., Ltd. Leshan, China 100% Besi Netherlands B.V. Duiven, the Netherlands 100% Besi North America, Inc. Chandler, Arizona, USA 100% Besi Philippines, Inc. Muntinlupa City, Philippines 100% Besi (Shanghai) Trading Co., Ltd. Shanghai, China 100% Besi Singapore Pte. Ltd. Singapore, Singapore 100% Besi Switzerland AG Steinhausen, Switzerland 100% 1 Besi (Thai) S&S Ltd. Bangkok, Thailand 100% Besi USA, Inc. Chandler, Arizona, USA 100% Datacon Beteiligungs GmbH Radfeld, Austria 100% Esec China Financial Ltd. Hong Kong, China 100% Esec International B.V. Duiven, the Netherlands 100% Fico Hong Kong Ltd. Hong Kong, China 100% Fico International B.V. Duiven, the Netherlands 100% Meco Equipment Engineers B.V. \u2019s-Hertogenbosch, the Netherlands 100% Meco International B.V. \u2018s-Hertogenbosch, the Netherlands 100% 1 In order to comply with local corporate law, a non-controlling shareholding (less than 0.1%) is held by Company Management. All intercompany profits, transactions and balances have been eliminated in the consolidation. ",
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"value": " Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. As of December 31, 2022 and 2021, the following subsidiaries are included in the accompanying Consolidated Financial Statements: Name Location and country of incorporation Percentage of ownership BE Semiconductor Industries Holding GmbH Radfeld, Austria 100% BE Semiconductor Industries USA, Inc. Chandler, Arizona, USA 100% 1 Besi APac Sdn. Bhd. Shah Alam, Malaysia 100% Besi Asia Pacific Holding B.V. Duiven, the Netherlands 100% Besi Austria GmbH Radfeld, Austria 100% Besi Korea Ltd. Seoul, South Korea 100% Besi Leshan Co., Ltd. Leshan, China 100% Besi Netherlands B.V. Duiven, the Netherlands 100% Besi North America, Inc. Chandler, Arizona, USA 100% Besi Philippines, Inc. Muntinlupa City, Philippines 100% Besi (Shanghai) Trading Co., Ltd. Shanghai, China 100% Besi Singapore Pte. Ltd. Singapore, Singapore 100% Besi Switzerland AG Steinhausen, Switzerland 100% 1 Besi (Thai) S&S Ltd. Bangkok, Thailand 100% Besi USA, Inc. Chandler, Arizona, USA 100% Datacon Beteiligungs GmbH Radfeld, Austria 100% Esec China Financial Ltd. Hong Kong, China 100% Esec International B.V. Duiven, the Netherlands 100% Fico Hong Kong Ltd. Hong Kong, China 100% Fico International B.V. Duiven, the Netherlands 100% Meco Equipment Engineers B.V. \u2019s-Hertogenbosch, the Netherlands 100% Meco International B.V. \u2018s-Hertogenbosch, the Netherlands 100% 1 In order to comply with local corporate law, a non-controlling shareholding (less than 0.1%) is held by Company Management. ",
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"value": " Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. As of December 31, 2022 and 2021, the following subsidiaries are included in the accompanying Consolidated Financial Statements: Name Location and country of incorporation Percentage of ownership BE Semiconductor Industries Holding GmbH Radfeld, Austria 100% BE Semiconductor Industries USA, Inc. Chandler, Arizona, USA 100% 1 Besi APac Sdn. Bhd. Shah Alam, Malaysia 100% Besi Asia Pacific Holding B.V. Duiven, the Netherlands 100% Besi Austria GmbH Radfeld, Austria 100% Besi Korea Ltd. Seoul, South Korea 100% Besi Leshan Co., Ltd. Leshan, China 100% Besi Netherlands B.V. Duiven, the Netherlands 100% Besi North America, Inc. Chandler, Arizona, USA 100% Besi Philippines, Inc. Muntinlupa City, Philippines 100% Besi (Shanghai) Trading Co., Ltd. Shanghai, China 100% Besi Singapore Pte. Ltd. Singapore, Singapore 100% Besi Switzerland AG Steinhausen, Switzerland 100% 1 Besi (Thai) S&S Ltd. Bangkok, Thailand 100% Besi USA, Inc. Chandler, Arizona, USA 100% Datacon Beteiligungs GmbH Radfeld, Austria 100% Esec China Financial Ltd. Hong Kong, China 100% Esec International B.V. Duiven, the Netherlands 100% Fico Hong Kong Ltd. Hong Kong, China 100% Fico International B.V. Duiven, the Netherlands 100% Meco Equipment Engineers B.V. \u2019s-Hertogenbosch, the Netherlands 100% Meco International B.V. \u2018s-Hertogenbosch, the Netherlands 100% 1 In order to comply with local corporate law, a non-controlling shareholding (less than 0.1%) is held by Company Management. ",
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"value": " Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. ",
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"pp-value-37-3": {
"value": "Foreign currency translation The Consolidated Financial Statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The principal exchange rates against the euro used in preparing the Consolidated Statement of Financial Position, the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income are: Consolidated Statement of Financial Position 2022 2021 Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income 2022 2021 US dollar 1.07 1.13 1.06 1.18 Swiss franc 0.98 1.03 1.01 1.08 Malaysian ringgit 4.70 4.72 4.64 4.90 Chinese renminbi 7.36 7.19 7.09 7.64 Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the balance sheet date. All differences are accounted for into the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. The assets and liabilities of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date and their Statement of Operations is translated at the weighted average exchange rates for the year. The exchange differences arising on the translation of assets and liabilities are recognized in other comprehensive income (\u201cOCI\u201d), and presented as legal currency translation adjustment in equity. On disposal of a foreign entity, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the Consolidated Statement of Operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-4": {
"value": "Foreign currency translation The Consolidated Financial Statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The principal exchange rates against the euro used in preparing the Consolidated Statement of Financial Position, the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income are: Consolidated Statement of Financial Position 2022 2021 Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income 2022 2021 US dollar 1.07 1.13 1.06 1.18 Swiss franc 0.98 1.03 1.01 1.08 Malaysian ringgit 4.70 4.72 4.64 4.90 Chinese renminbi 7.36 7.19 7.09 7.64 Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the balance sheet date. All differences are accounted for into the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. The assets and liabilities of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date and their Statement of Operations is translated at the weighted average exchange rates for the year. The exchange differences arising on the translation of assets and liabilities are recognized in other comprehensive income (\u201cOCI\u201d), and presented as legal currency translation adjustment in equity. On disposal of a foreign entity, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the Consolidated Statement of Operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-4": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity date at the date of acquisition of three months or less or include a notice period of three months or less. Cash and cash equivalents are measured at amortized cost. Money market funds reported under cash and cash equivalents are measured at fair value through profit and loss and are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. DepositsDeposits consist of cash and cash equivalents which have been placed on deposit with an original maturity between 3 and 24 months. Trade receivables and other receivablesTrade and other receivables are initially measured at transaction price and subsequently at amortized cost less any impairment loss. The Company applies the expected credit loss model to determine any trade receivables impairment losses. The trade receivables do not contain a significant financing component (in accordance with IFRS 15) and therefore the loss allowance is always measured as equal to lifetime expected credit losses. The Company uses a provisioning matrix to calculate the level of the provision and measures lifetime expected credit losses at percentages of amounts outstanding for current trade receivables, 30 days past due, 60 days past due, 90 days past due and over 120 days past due. The total accounts receivable impairment consists of two elements: provision if and when required based on Company estimates and additional provision as determined by the use of the provision matrix. Impairment losses and any subsequent reversals are recognized in the Consolidated Statement of Operations. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial assets are classified and measured at amortized costs or fair value through OCI if the cash flows are solely payments of principal and interest (\u201cSPPI\u201d). Financial assets with cash flows that are not SPPI are classified and measured at FVTPL. On initial recognition, the Company may designate a financial asset that meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates an accounting mismatch. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-5": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity date at the date of acquisition of three months or less or include a notice period of three months or less. Cash and cash equivalents are measured at amortized cost. Money market funds reported under cash and cash equivalents are measured at fair value through profit and loss and are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. DepositsDeposits consist of cash and cash equivalents which have been placed on deposit with an original maturity between 3 and 24 months. Trade receivables and other receivablesTrade and other receivables are initially measured at transaction price and subsequently at amortized cost less any impairment loss. The Company applies the expected credit loss model to determine any trade receivables impairment losses. The trade receivables do not contain a significant financing component (in accordance with IFRS 15) and therefore the loss allowance is always measured as equal to lifetime expected credit losses. The Company uses a provisioning matrix to calculate the level of the provision and measures lifetime expected credit losses at percentages of amounts outstanding for current trade receivables, 30 days past due, 60 days past due, 90 days past due and over 120 days past due. The total accounts receivable impairment consists of two elements: provision if and when required based on Company estimates and additional provision as determined by the use of the provision matrix. Impairment losses and any subsequent reversals are recognized in the Consolidated Statement of Operations. Other non-current assets Funds with insurance companies for pension liability are stated at fair value. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial assets are classified and measured at amortized costs or fair value through OCI if the cash flows are solely payments of principal and interest (\u201cSPPI\u201d). Financial assets with cash flows that are not SPPI are classified and measured at FVTPL. On initial recognition, the Company may designate a financial asset that meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates an accounting mismatch. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-6": {
"value": "Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Other current liabilities Other current liabilities consist of notes payable to banks, trade payables and other payables and are initially measured at fair value and subsequently at amortized cost, using the effective interest method. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": " Changes in accounting policiesThe Company has consistently applied the accounting policies to all periods presented in these Consolidated Financial Statements. A number of new standards and amendments are effective as from January 1, 2022. They do not have a material effect on the Company\u2019s Consolidated Financial Statements. These new standards and amendments are as follows: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities \u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": " Changes in accounting policiesThe Company has consistently applied the accounting policies to all periods presented in these Consolidated Financial Statements. A number of new standards and amendments are effective as from January 1, 2022. They do not have a material effect on the Company\u2019s Consolidated Financial Statements. These new standards and amendments are as follows: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities \u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-5": {
"value": "Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity date at the date of acquisition of three months or less or include a notice period of three months or less. Cash and cash equivalents are measured at amortized cost. Money market funds reported under cash and cash equivalents are measured at fair value through profit and loss and are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. DepositsDeposits consist of cash and cash equivalents which have been placed on deposit with an original maturity between 3 and 24 months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-5": {
"value": "Trade receivables and other receivablesTrade and other receivables are initially measured at transaction price and subsequently at amortized cost less any impairment loss. The Company applies the expected credit loss model to determine any trade receivables impairment losses. The trade receivables do not contain a significant financing component (in accordance with IFRS 15) and therefore the loss allowance is always measured as equal to lifetime expected credit losses. The Company uses a provisioning matrix to calculate the level of the provision and measures lifetime expected credit losses at percentages of amounts outstanding for current trade receivables, 30 days past due, 60 days past due, 90 days past due and over 120 days past due. The total accounts receivable impairment consists of two elements: provision if and when required based on Company estimates and additional provision as determined by the use of the provision matrix. Impairment losses and any subsequent reversals are recognized in the Consolidated Statement of Operations. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": " Inventories Inventories are stated at the lower of cost (using moving weighted average costs) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and costs to make the sales. Cost includes net prices paid for materials purchased and all expenses to bring the inventory to its current location, charges for freight and custom duties, production labor costs and factory overhead. Inventory obsolescence Provisions for obsolete inventories are recognized for inventories which are deemed obsolete. Significant management judgement is required to determine the amount which is considered obsolete. Further details are contained in Note 6. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": " Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Costs include expenditures that are directly attributable to the acquisition of the asset, including financing expenses of capital investment projects under construction. Depreciation is calculated using the straight-line method, based on the following estimated useful lives: Category Estimated useful life Land Not depreciated Buildings 15\u201330 years 1 Leasehold improvements10\u201315 years Machinery and equipment 2\u201310 years Office furniture and equipment 3\u201310 years 1 Leasehold improvements are depreciated over the shorter of the lease term or economic life of the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The residual value, if not insignificant, is reassessed annually. The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefit relating to that subsequent expenditure will flow to the Company and the cost can be measured reliably. Other costs are recognized in the Consolidated Statement of Operations as expense, as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-4": {
"value": " Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Costs include expenditures that are directly attributable to the acquisition of the asset, including financing expenses of capital investment projects under construction. Depreciation is calculated using the straight-line method, based on the following estimated useful lives: Category Estimated useful life Land Not depreciated Buildings 15\u201330 years 1 Leasehold improvements10\u201315 years Machinery and equipment 2\u201310 years Office furniture and equipment 3\u201310 years 1 Leasehold improvements are depreciated over the shorter of the lease term or economic life of the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The residual value, if not insignificant, is reassessed annually. The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefit relating to that subsequent expenditure will flow to the Company and the cost can be measured reliably. Other costs are recognized in the Consolidated Statement of Operations as expense, as incurred. Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-5": {
"value": " Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Costs include expenditures that are directly attributable to the acquisition of the asset, including financing expenses of capital investment projects under construction. Depreciation is calculated using the straight-line method, based on the following estimated useful lives: Category Estimated useful life Land Not depreciated Buildings 15\u201330 years 1 Leasehold improvements10\u201315 years Machinery and equipment 2\u201310 years Office furniture and equipment 3\u201310 years 1 Leasehold improvements are depreciated over the shorter of the lease term or economic life of the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The residual value, if not insignificant, is reassessed annually. The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefit relating to that subsequent expenditure will flow to the Company and the cost can be measured reliably. Other costs are recognized in the Consolidated Statement of Operations as expense, as incurred. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "Right of use assets Definition of a lease At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in IFRS 16. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Right of use assets The Company recognizes right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Category Land and buildings 1\u201310 years Office furniture and equipment 1\u201310 years In addition, the right of use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date discounted using the Company\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liabilities comprise the following: \u2022 Fixed payments, including in-substance fixed payments. \u2022 Lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term and/or a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of buildings, machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e. below five thousand euro). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Lease contracts with renewal options The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Company has the option, under some of its leases to lease the assets for additional terms of one to five years. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. It considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-3": {
"value": " Intangible assets Intangible assets are valued at cost less accumulated amortization and impairment charges. All intangible assets are tested for impairment whenever there is an indication that the intangible asset may be impaired. Other intangible assets, such as goodwill and intangible assets not yet in use, are not amortized, but tested for impairment annually. In cases where the carrying value of the intangibles exceeds the recoverable amount, an impairment charge is recognized in the Consolidated Statement of Operations. Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. Other identifiable intangible assets Other intangible assets that are acquired by the Company are stated at cost (i.e. fair value of the consideration given) at the date of acquisition less accumulated amortization and impairment losses. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. Development costs Development costs are capitalized in accordance with the accounting policy as reflected before. Initial capitalization of costs is based on management judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Further details are contained in Note 11. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": " Intangible assets Intangible assets are valued at cost less accumulated amortization and impairment charges. All intangible assets are tested for impairment whenever there is an indication that the intangible asset may be impaired. Other intangible assets, such as goodwill and intangible assets not yet in use, are not amortized, but tested for impairment annually. In cases where the carrying value of the intangibles exceeds the recoverable amount, an impairment charge is recognized in the Consolidated Statement of Operations. Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. Other identifiable intangible assets Other intangible assets that are acquired by the Company are stated at cost (i.e. fair value of the consideration given) at the date of acquisition less accumulated amortization and impairment losses. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. Development costs Development costs are capitalized in accordance with the accounting policy as reflected before. Initial capitalization of costs is based on management judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Further details are contained in Note 11. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-5": {
"value": " Intangible assets Intangible assets are valued at cost less accumulated amortization and impairment charges. All intangible assets are tested for impairment whenever there is an indication that the intangible asset may be impaired. Other intangible assets, such as goodwill and intangible assets not yet in use, are not amortized, but tested for impairment annually. In cases where the carrying value of the intangibles exceeds the recoverable amount, an impairment charge is recognized in the Consolidated Statement of Operations. Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-6": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-7": {
"value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-6": {
"value": " Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": " Impairment of non-financial assets The carrying amounts of the Company\u2019s non-financial assets are reviewed at each year\u2019s end balance sheet date to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Operations. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (group of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. Calculation of recoverable amount The recoverable amount of other assets is the higher of their fair value less costs of disposal and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Impairment losses in respect of goodwill are not reversed. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-4": {
"value": " Impairment of non-financial assets The carrying amounts of the Company\u2019s non-financial assets are reviewed at each year\u2019s end balance sheet date to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Operations. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (group of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. Calculation of recoverable amount The recoverable amount of other assets is the higher of their fair value less costs of disposal and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Impairment losses in respect of goodwill are not reversed. 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. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-4": {
"value": " Other current liabilities Other current liabilities consist of notes payable to banks, trade payables and other payables and are initially measured at fair value and subsequently at amortized cost, using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-7": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial assets are classified and measured at amortized costs or fair value through OCI if the cash flows are solely payments of principal and interest (\u201cSPPI\u201d). Financial assets with cash flows that are not SPPI are classified and measured at FVTPL. On initial recognition, the Company may designate a financial asset that meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates an accounting mismatch. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-8": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-9": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-10": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-11": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-12": {
"value": " Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-7": {
"value": " Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-3": {
"value": "Provisions A provision is recognized in the Statement of Financial Position when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, 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, where appropriate, the risks specific to the liability. Warranties A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. Employee benefits Pension plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognized asset is limited to the present value of economic benefits available in the form of any future refund from the plan or reductions in future contributions paid to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Company. An economic benefit is available to the Company if it is realizable during the life of the plan, or on settlement of the plan liabilities. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognizes them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan amendment or curtailment occurs. A majority of the Company\u2019s Dutch employees participate in a pension plan operated by an industry-wide pension fund, which classifies as a defined contribution plan under IAS 19.Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Pension and other post-employment benefits The costs of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 25. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-3": {
"value": " Revenue recognition Significant accounting policy revenue Revenue is measured on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product of service to a customer. Nature of goods and services The following is a description of principal activities \u2013 aggregated into a single reporting segment, the semiconductor\u2019s back-end segment \u2013 from which the Company generates its revenue. The main portion of our revenue is derived from contractual arrangements that have multiple deliverables. The Company accounts for individual products and services separately if they are a distinct performance obligation, i.e. if a product or service is separately identifiable from other items in the arrangement and if a customer can benefit from it. The consideration is allocated between separate products and services in the arrangement based on their relative stand-alone selling prices. The relative stand-alone selling prices are determined based on the list prices for products and services that are sold separately or based on the expected costs plus a margin approach. For products and services that are not sold separately, the Company estimates relative stand-alone selling prices using the expected costs plus margin approach. Products and services Nature and timing of satisfaction of performance obligations and significant payment terms Machines, conversion kits and upgrades After successful internal buy-off, machines are shipped to customers and revenue is recognized when the customer takes control of the goods in accordance with mutually agreed shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Installation, start-up, paid services and training services These services are separate performance obligations and revenue is recognized at the moment of performance of these services. Paid services revenue is recognized over the contract period. Regular payment terms vary between 30 and 90 days after date of delivery. Spare parts Revenue of spare parts is recognized upon transfer of control, based on the applicable shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Extended warranty Extended warranty is considered a separate performance obligation. Revenue for extended warranty for a warranty term in excess of the standard warranty term is deferred and recognized over the term of the extended warranty period. Contract assets and liabilities Contract assets are recognized according to the Company\u2019s rights to consideration for the fulfilled but not yet invoiced performance obligations at the reported date. Contract liabilities are recognized when advanced consideration is received from a customer or when the Company has outstanding performance obligations relating to extended warranty and installation. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-3": {
"value": " Segment reporting Operating segments The Company is engaged in one line of business, the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. The Company identifies three operating segments. The identified operating segments are Die Attach, Packaging and Plating. The chief operating decision maker reviews each operating segment in detail and certain operational functions are allocated to these operating segments: (i) Product Marketing, (ii) Research and Development, (iii) Customer Project Management, and (iv) General management. Shared functions (Operations, Sales & Service and Spares) and corporate functions (Finance, Legal, Human Resources and IT) do not qualify as operating segments. Hence, Besi identifies three operating segments which meet the IFRS 8 criteria. IFRS 8 allows for operating segments to be aggregated into one single operating segment if the operating segments share similar economic characteristics. The Company deems the three operating segments to meet the aggregation criteria, as the nature of the products and services, production processes, classes of customer and methods used to distribute the products and provide services are similar. Hence the three operating segments are aggregated into a single operating segment; the development, manufacturing, marketing, sales and service of assembly equipment for the semiconductor\u2019s back-end segment. The basis for aggregation is explained directly below and as a result of the aggregation, the Company has one reportable segment. All financial segment information can be found in the Consolidated Financial Statements. Indicators for aggregation into single operating segment The similarity of economic characteristics can be evaluated based on future prospects. Within the semiconductor back-end segment the market information is based on TechInsights, a leading independent industry analyst, forecasts. Industry trends are captured in these forecasts and always used as a source when referring to the future developments (e.g. press releases). Demand for semiconductor devices and expenditures for the equipment required to assemble semiconductors is cyclical, depending in large part on levels of demand worldwide for computing and peripheral equipment, telecommunications devices and automotive and industrial components as well as the production capacity of global semiconductor manufacturers. All operating segments move up or down in the same response to the same positive and negative factors like general economic upturns and downturns, changes in interest rates and currency exchange rates. The nature of products and services within the Besi group is very much the same, all captured in the semiconductor back-end industry and served by one service organization, which is designing and supporting that equipment. Furthermore, all production processes are organized as manufacturing and assembly of projects and are mainly produced in our Asian production facilities in Malaysia and China. This means that the production for the different operating segments share the same facilities, employees and processes. Also, similar materials are used to produce the systems. The evaluation of the type or class of customer for products and services leads to the conclusion that the risk exposure profile of the customers is similar because of the fact that all customers are leading US, European and Asian semiconductor manufacturers and assembly subcontractors which in their turn depend on the global market conditions. One worldwide responsible person for Sales & Customer Support, indicates the centralization of the sales organization and the method used to distribute our products. The Besi name is used throughout the global operations and the Besi logo has been adopted to be used by for all Besi products. Furthermore, in order to assess performance and to make resource allocation decisions based on sufficient detailed information, the chief operating decision maker must have financial information which covers all of the operating segments, including corporate functions, meaning full Consolidated Financial Statements. For example, the total external financing of the Besi group is evaluated on consolidated level and not split into business operations. Accordingly, all information consolidated is the reportable segment under IFRS 8, reported in the semiconductor back-end industry. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": " Employee benefits Pension plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognized asset is limited to the present value of economic benefits available in the form of any future refund from the plan or reductions in future contributions paid to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Company. An economic benefit is available to the Company if it is realizable during the life of the plan, or on settlement of the plan liabilities. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognizes them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan amendment or curtailment occurs. A majority of the Company\u2019s Dutch employees participate in a pension plan operated by an industry-wide pension fund, which classifies as a defined contribution plan under IAS 19. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Pension and other post-employment benefits The costs of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 25. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-5": {
"value": " Employee benefits Share-based payments In 2019, the Company adopted the Remuneration Policy 2020-2023 which is mainly a prolongation of the Remuneration Policy 2017-2019 which contains specific conditions for the performance shares awarded to the Board of Management. The Company established the BE Semiconductor Industries N.V. Long-Term Incentive plan for the Board of Management and other employees (the \u201c2017 and the 2020 Framework Incentive Plan\u201d). For more details, reference is made to Note 25. The grant date fair value of the performance shares granted to Board Members and key employees is measured taking into account the impact of any market performance conditions and non-vesting conditions, but excludes the impact of any service and non-market performance conditions. The grant date fair value of the equity-settled share-based payment awards is recognized as an employee expense, with a corresponding increase in equity, over the period between the grant date and the vesting date of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service condition and any non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": " Subsidies and other governmental credits Subsidies and other governmental credits to cover research and development costs relating to approved projects are recorded as research and development credits in the period when the research and development costs to which such subsidy or credit relates occurs. If the related development costs are capitalized, the subsidies and other governmental credits will be offset against capitalization. The Company has received direct grants and social security exemptions relating to COVID-19 pandemic measures implemented by various governments. These governmental grants have been recorded in the same period and reporting line as the expenses to which these grants or exemptions relate to.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-4": {
"value": " Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-5": {
"value": " Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-6": {
"value": " Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-7": {
"value": " Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-3": {
"value": " Income taxes The Company applies the liability method of accounting for taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using substantively enactment tax rates expected to apply to taxable income in the years which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations or directly in equity in the period that includes the enactment date, depending on how the deferred tax assets and liabilities were initially recognized. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Deferred tax assets Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Further details are contained in Note 29. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-4": {
"value": " Income taxes The Company applies the liability method of accounting for taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using substantively enactment tax rates expected to apply to taxable income in the years which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations or directly in equity in the period that includes the enactment date, depending on how the deferred tax assets and liabilities were initially recognized. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Deferred tax assets Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Further details are contained in Note 29. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-2": {
"value": "Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. Deferred tax assets Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Further details are contained in Note 29. Pension and other post-employment benefits The costs of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 25. Development costs Development costs are capitalized in accordance with the accounting policy as reflected before. Initial capitalization of costs is based on management judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Further details are contained in Note 11. Inventory obsolescence Provisions for obsolete inventories are recognized for inventories which are deemed obsolete. Significant management judgement is required to determine the amount which is considered obsolete. Further details are contained in Note 6. Lease contracts with renewal options The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Company has the option, under some of its leases to lease the assets for additional terms of one to five years. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. It considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. 10. GoodwillImpairment tests for cash-generating units containing goodwill The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. 11. Other intangible assets At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. 25. Employee benefits Pension plan Switzerland Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Pension plan Austria Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Severance plan Korea Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% 29. Income taxes The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-3": {
"value": "New IFRS standards and interpretations A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2022. However, the Company expects no material impact on the Consolidated Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "3. Cash and cash equivalents(\u20ac thousands) December 31, 2022 December 31, 2021 Cash at banks 78,496 310,714 Deposits 268,073 140,681 Money market funds and reverse repos 145,117 - Total cash and cash equivalents 491,686 451,395 Interest rates on cash at banks are variable.At December 31, 2022 and 2021, no amount in cash and cash equivalents was restricted.Short-term deposits have a maturity or notice period between one and three months and carry interest at the respective short-term deposit rates. Deposits with initial maturities exceeding three months are reported under deposits. The money market funds as of December 31, 2022 were readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The reverse repos have a maturity period less than three months. Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Cash and cash equivalents The Company is managing the credit risk from balances with banks and cash equivalents in accordance with the Company\u2019s cash investment policy. In addition to preserving the principal amount main objectives of this policy are maintaining appropriate liquidity for business operations, diversifying cash investments to minimize risk from inappropriate investments and concentrating the Company\u2019s cash at the highest level, i.e. BE Semiconductor Industries N.V. Diversification is aimed by distributing the cash and cash equivalents over at least five counterparties including money market funds. Cash pool arrangements based on zero-balancing are in place to concentrate cash enabling BE Semiconductor Industries N.V. to fulfil the role of internal bank. The Company invests cash and cash equivalents in (short-term) deposits with financial institutions that have good credit ratings and in AA and AAA money market funds that invest in highly rated short-term debt securities of governments, financial institutions and corporates. These investments are readily convertible to a known amount in cash and are subject to an insignificant risk of change in value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "3. Cash and cash equivalentsAt December 31, 2022 and 2021, no amount in cash and cash equivalents was restricted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "3. Cash and cash equivalents(\u20ac thousands) December 31, 2022 December 31, 2021 Cash at banks 78,496 310,714 Deposits 268,073 140,681 Money market funds and reverse repos 145,117 - Total cash and cash equivalents 491,686 451,395 Interest rates on cash at banks are variable.At December 31, 2022 and 2021, no amount in cash and cash equivalents was restricted.Short-term deposits have a maturity or notice period between one and three months and carry interest at the respective short-term deposit rates. Deposits with initial maturities exceeding three months are reported under deposits. The money market funds as of December 31, 2022 were readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The reverse repos have a maturity period less than three months. 4. DepositsAt December 31, 2022 and 2021, an amount of \u20ac 180.0 million and \u20ac 220.8 million,respectively, was placed on deposit for various periods and with initial maturity exceedingthree months. At December 31, 2021 an amount of \u20ac 25.0 million had a remaining maturityof more than one year and was classified as non-current. The expected credit loss ondeposits is considered immaterial.5. Trade receivablesTrade receivables, generally with payment terms of 30 to 90 days, with expected creditlosses amounting to \u20ac 855 and \u20ac 856 at December 31, 2022 and 2021, respectively, are asfollows:(\u20ac thousands) December 31, 2022 December 31, 2021 Trade receivables 149,188 175,798 Allowance for expected credit losses (855) (856) Total trade receivables, net 148,333 174,942 All trade accounts receivables have an estimated maturity shorter than one year. The carrying values of the recorded receivables are a reasonable approximation of their respective fair values, given the short maturities of the positions and the fact that allowances for expected credit losses have been recognized. Reference is made to Note 31 for additional information on ageing of trade receivables. The movements in the allowance for expected credit losses are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 856 807 Additions 2 33 Usage (3) - Foreign currency translation - 16 Balance at December 31 855 856 7. Other receivables Other receivables consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Research and development grants 8,110 4,475 Forward foreign currency exchange contracts 6,803 4,605 VAT receivables 2,051 2,391 Revenue to be invoiced 416 1,531 Interest to be received 369 - Other 350 544 Total other receivables 18,099 13,546 Other receivables do not include any amounts with expected remaining terms of more than one year. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 13. Borrowing facilities At December 31, 2022, Besi and its subsidiaries had available lines of credit aggregating \u20ac 98.0 million (2021: \u20ac 97.9 million), under which \u20ac 1.1 million (2021: \u20ac 2.2 million) was utilized related to bank guarantees. In general, interest is charged at the banks\u2019 base lending rates or ESTR/SOFR plus an increment. There were no defaults at December 31, 2022. A summary of Besi\u2019s principal credit lines is as follows: \u2022 A \u20ac 80 million committed revolving credit facility (\u201cthe Facility\u201d) with a consortium of European banks, which matures in 2026. Outstanding amounts under the Facility will bear interest at ESTR/SOFR plus a margin that depends on the Company\u2019s financial position. The agreement can be increased to \u20ac 136 million. Borrowings under the Facility can be repaid at any time at 100% of principal amount and can be used for working capital and other corporate purposes. The principal covenants associated with the Facility include a maintenance test of consolidated debt to equity and a limitation on the incurrence of additional permitted indebtedness. The Facility is granted without securities. \u2022 An uncommitted overdraft facility of \u20ac 10.0 million for the purpose of short-term overdrafts (maximum of 15 days) in current accounts. The facility has no contractual maturity date. \u2022 A credit line of \u20ac 1.0 million for bank guarantees is granted without securities. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 0.5 million related to Besi APac Sdn. Bhd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.5 million related to Besi Singapore Pte. Ltd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a parent company guarantee. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.0 million related to Besi Leshan Co., Ltd. is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a guarantee of BE Semiconductor Industries N.V. The borrowing facility has no contractual maturity date. 14. Trade payables Trade payables are non-interest bearing and are normally settled on 30-90 day terms. 16. Other payables (\u20ac thousands) December 31, 2022 December 31, 2021 Payroll accruals 16,561 15,492 Volume rebate and commissions 10,042 8,347 Project costs 4,237 3,809 Audit and consultancy fees 1,610 2,080 Invoices to be received 1,419 883 Interest expenses 1,352 1,378 Temporaries 691 1,146 Freight and packaging costs 488 935 Forward foreign currency exchange contracts 98 5,105 Other payables 5,963 5,370 Total other payables 42,461 44,545 Other payables are non-interest bearing and have an average term of three months. Interest payable is normally settled quarterly throughout the year with the exception of the Convertible Notes on which interest is settled semi-annually. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 18. Long-term debt (\u20ac thousands) December 31, 2022 December 31, 2021 Long-term debt Convertible Notes 323,134 300,254 Research and development loan from \u00d6sterreichische Forschungsf\u00f6rderungsgesellschaft mbH, Wien, Austria (interest rate at 0.75% at December 31, 2022) 2,042 1,548 Total 325,176 301,802 Less: current portion (2,361) - Total long-term debt 322,815 301,802 Aggregate required principal payments due on long-term debt, assuming no further conversion of the Convertible Notes for the next years are as follows: (\u20ac thousands) Long-term debt 2023 2,400 2024 32,500 2025 2,042 2027 150,000 2029 175,000 Total 361,942 Less: current portion of long-term debt (2,400) Non-current portion of long-term debt (principal value) 359,542 The Company and its subsidiaries had no defaults for its long-term debt at December 31, 2022. Convertible Notes In December 2016, the Company issued \u20ac 125 million principal amount of Convertible Notes with a maturity date of December 2, 2023 (the \u201c2016 Convertible Notes\u201d). The 2016 Convertible Notes carry a nominal interest rate of 2.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 18.61 (subject to adjustments). The original exercise price of \u20ac 43.51 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2016 Convertible Notes in accordance with the terms and conditions related thereto. The 2016 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 23, 2020, the Company may redeem the outstanding 2016 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2016 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2016 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. The principal amount outstanding of the 2016 Convertible Notes amounts \u20ac 2.4 million at December 31, 2022 and December 31, 2021. The amount of the 2016 Convertible Notes classified as equity of \u20ac 11,310 is net of attributable debt issuance cost of \u20ac 215. In November 2017, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of December 6, 2024 (the \u201c2017 Convertible Notes\u201d). The 2017 Convertible Notes carry a nominal interest rate of 0.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 46.63 (subject to adjustments). The original exercise price of \u20ac 99.74 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2017 Convertible Notes in accordance with the terms and conditions related thereto. The 2017 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 27, 2021, the Company may redeem the outstanding 2017 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2017 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2017 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. In 2022, \u20ac 139.9 million principal amount of the 2017 Convertible Notes were converted into 2,907,231 ordinary shares at request of Bondholders. The carrying value of the liability at conversion amounted to \u20ac 133.3 million and was reclassified to equity and no gain or loss was recognized on conversion. As a result, the principal amount outstanding of the 2017 Convertible Notes declined from \u20ac 172.4 million at December 31, 2021 to \u20ac 32.5 million at December 31, 2022. The amount of the 2017 Convertible Notes classified as equity of \u20ac 18,479 is net of attributable debt issuance cost of \u20ac 292.In August 2020, the Company issued \u20ac 150 million principal amount of Convertible Notes with a maturity date of August 5, 2027 (the \u201c2020 Convertible Notes\u201d). The 2020 Convertible Notes carry a nominal interest rate of 0.75% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 49.86 (subject to adjustments). The 2020 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from August 26, 2024, the Company may redeem the outstanding 2020 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2020 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2020 Convertible Notes may be redeemed at the option of the holder (i) on August 5, 2025 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2020 Convertible Notes classified as equity of \u20ac 16,528 is net of attributable debt issuance cost of \u20ac 251. In April 2022, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of April 6, 2029 (the \u201c2022 Convertible Notes\u201d). The 2022 Convertible Notes carry a nominal interest rate of 1.875% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 115.50 (subject to adjustments). The 2022 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from April 27, 2026, the Company may redeem the outstanding 2022 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2022 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2022 Convertible Notes may be redeemed at the option of the holder (i) on April 6, 2027 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2022 Convertible Notes classified as equity of \u20ac 22,334 is net of attributable debt issuance cost of \u20ac 366. 31. Financial instruments, financial risk management objectives and policies Fair value of financial instruments The Company assumes that the book value of the Company\u2019s financial instruments, which consist of cash and cash equivalents, deposits, trade receivables and accounts payable, does not significantly differ from their fair value due to the short maturity of those instruments and to the fact that interest rates are floating or approximate the rates currently available to the Company. For the valuation of the Convertible Notes reference is made to Note 18. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The fair values of other financial assets and financial liabilities, together with the carrying amounts in the Consolidated Statements of Financial Position, are as follows: (\u20ac thousands) Note Carrying amount December 31, 2022 Level Fair value Financial assets Forward foreign currency exchange contracts 7 6,803 2 6,803 Marketable securities for pension liability 12 522 1, 2 522 1Deposits4 25,000 2 24,265 Total 32,325 31,590 Financial liabilities Forward foreign currency exchange contracts 16 98 2 98 2 Long-term debt18 325,176 1 402,036 Total 325,274 402,134 1 Relates to a two-years deposit, maturing in December 2023. The fair value of all other deposits does not significantly differ from their book values due to their short maturity and remaining tenor. 2 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. (\u20ac thousands) Note Carrying amount December 31, 2021 Level Fair value Financial assets Forward foreign currency exchange contracts 7 4,605 2 4,605 Marketable securities for pension liability 12 607 1, 2 607 Total 5,212 5,212 Financial liabilities Forward foreign currency exchange contracts 16 5,105 2 5,105 1 Long-term debt18 301,802 1 517,025 Total 306,907 522,130 1 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. There were no transfers between levels during the years ended December 31, 2022 and December 31, 2021. The only recurring fair value measurement is the valuation of forward exchange contracts for hedging purposes. According to IFRS 13 this measurement is categorized as Level 2. Non-recurring fair value measurements were not applicable in the reporting period. Financial risk management objectives and policies Risk management framework The Company is exposed to a variety of financial risks, such as foreign currency risk, interest rate risk, credit risk, market risk, liquidity risk and capital risk. These risks are inherent to the way the Company operates as a multinational with a number of local operating companies. The Company\u2019s overall risk management policy is established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to risk limits. Risk management policies and systems are managed at central level and reviewed regularly to reflect changes in market conditions and the Company\u2019s activities. All material findings that result from the use of the Company\u2019s risk management policy are discussed with our Audit Committee and Supervisory Board. The Company, through its training, management standards and procedures, such as guidelines and instructions governing hedging of financial risks, developed a disciplined and constructive control environment in which all employees understand their roles and obligations. In addition, the Company performs several reviews at all significant operating companies, such as reviews of the foreign currency positions. The Company\u2019s policies, specifically regarding foreign currency hedging, interest rate, credit, market and liquidity risks, are further described in the remainder of this Note. Foreign currency risk Due to the international scope of the Company\u2019s operations, the Company is exposed to the risk of adverse movements in foreign currency exchange rates. These movements typically also affect economic growth, inflation, interest rates, government actions and other factors. These changes can cause the Company to adjust its financing and operating strategies. The Company is primarily exposed to fluctuations in the value of the euro, Swiss franc, Singapore dollar, Malaysian ringgit and Chinese renminbi against the US dollar and US dollar-linked currencies. Furthermore, due to the Company\u2019s ongoing transfer of the supply chain to Asia, the Company is increasingly exposed to fluctuations of the Malaysian ringgit, Chinese renminbi and Singapore dollar against the euro, Swiss franc and US dollar. As a consequence of the global nature of Besi\u2019s businesses, its operations, reported financial results and cash flows are exposed to the risks associated with fluctuations in exchange rates between the euro and other major world currencies. Besi\u2019s currency risk exposure primarily occurs because the Company generates a portion of its revenue in currencies other than the euro while the major share of the corresponding cost of sales is incurred in euro, Swiss franc, Malaysian ringgit and Chinese renminbi. The percentage of its consolidated net revenue which is represented in US dollar amounted to approximately 72% and 78% of total revenue for the years ended December 31, 2022 and 2021, respectively, whereas revenue denominated in euro amounted to approximately 28% in 2022. Approximately 27% of its costs and expenses were denominated in euro, 30% in Malaysian ringgit, 14% in Chinese renminbi, 10% in US dollar and the remaining 19% in various currencies. In order to mitigate the impact of currency exchange rate fluctuations, Besi continually assesses its remaining exposure to currency risks and hedges such risks through the use of derivative financial instruments. The Company seeks to protect itself from adverse movements in foreign currency exchange rates by hedging firmly committed sales contracts, which are denominated in foreign currencies through the use of forward foreign currency exchange contracts. In addition, the Company also uses forward foreign currency exchange contracts to hedge balance sheet positions that are denominated in a foreign currency. During 2022 and 2021, the Company did not have any derivative financial instruments that were held for trading or speculative purposes. Furthermore, the Company does not use financial instruments to hedge the translation risk related to equity and intercompany loans of a permanent nature. The Company has adopted the cash flow hedge model in line with IFRS 9. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income, which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. Due to cash flow hedge transactions, \u20ac 4,830 was reported as other comprehensive income at December 31, 2022. The amount in 2022 recycled from equity in revenue in the Consolidated Statement of Operations was \u20ac 12,635. The cash flow hedging reserve included in equity comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred. The ineffective part of the hedges recognized, directly in the Consolidated Statement of Operations was a loss of \u20ac 924 in 2022 and a loss of \u20ac 81 in 2021. The movement of the cash flow hedging reserve is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 639 1,401 Amount recognized in equity 12,635 (5,002) Amount recycled in Consolidated Statement of Operations (9,368) 4,159 Amount reclassified to Consolidated Statement of Operations due to ineffectiveness 924 81 Balance at December 31 4,830 639 The Company has exposure to credit risk to the extent that the counterparty to the transaction fails to perform according to the term of the contract. The amount of such credit risk, measured as the fair value of all forward foreign currency exchange contracts that have a positive fair value position, was \u20ac 6,803 and \u20ac 4,605 at December 31, 2022 and 2021, respectively. The Company believes that the risk of significant loss from credit risk is remote, because it deals with credit-worthy financial institutions. The Company does not, in the normal course of business, demand collateral from the counterparties. A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) The Company\u2019s principal financial liabilities, other than derivatives, comprise of bank loans and overdrafts, Convertible Notes, financial leases and trade payables. The main purpose of these financial liabilities is to finance the Company\u2019s operations. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The Company enters into derivative transactions exclusively with forward currency contracts. The purpose of these transactions is to manage the currency risks arising from the Company\u2019s operations. The Company\u2019s policy is, and has been throughout 2022 and 2021, that no trading in derivatives shall be undertaken. The main risks arising from the Company\u2019s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The following table presents a sensitivity analysis of the Company\u2018s profit before tax (due to changes in the fair value of monetary assets and liabilities) and the Company\u2019s equity (due to changes in the fair value of forward exchange contracts) related to reasonable potential changes in the US dollar exchange rate compared to the euro, Swiss franc and Malaysian ringgit, with all other variables held constant. This comparison is done as most transactions are in US dollar and are hedged against the local currencies of the main operations in the Netherlands, Switzerland and Malaysia. The analysis includes the effects of fair value changes of the financial instruments used to hedge the currency exposures and focuses only on balance sheet positions. The discussion below of changes in currency exchange rates does not incorporate other economic factors. For example, the sensitivity analysis does not take into account the possibility that rates can move in opposite directions and that gains from one category may or may not be offset by losses from another category. As currency exchange rates change, translation of the statements of operations of Besi\u2019s international business into euro affects year over year comparability. (\u20ac thousands) Effect on profit before tax 2022 Effect on equity Effect on profit before tax 2021 Effect on equity Increase/decrease in US dollar rate compared to euro +10% - (2,300) - (2,600) -10% - 2,300 - 2,600 Increase/decrease in US dollar rate compared to Swiss franc +10% - (12,000) - (15,300) -10% - 12,000 - 15,300 The current outstanding forward exchange contracts have been included in this calculation. Interest rate risk The Company has interest-bearing assets and liabilities exposing it to fluctuations in market interest rates. The Company is hardly exposed to the risk of changes in market interest rates through borrowing activities due to very limited debt with floating interest rates. Given the Company\u2019s cash position, fluctuations in market interest rates are affecting the Company\u2019s results. An increase of interest rates will have a positive effect, while a decrease of market interest rates will negatively impact the Company\u2019s results. No derivative interest rate related swaps have been entered into for trading or speculative purposes or to manage interest exposures. Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Cash and cash equivalents The Company is managing the credit risk from balances with banks and cash equivalents in accordance with the Company\u2019s cash investment policy. In addition to preserving the principal amount main objectives of this policy are maintaining appropriate liquidity for business operations, diversifying cash investments to minimize risk from inappropriate investments and concentrating the Company\u2019s cash at the highest level, i.e. BE Semiconductor Industries N.V. Diversification is aimed by distributing the cash and cash equivalents over at least five counterparties including money market funds. Cash pool arrangements based on zero-balancing are in place to concentrate cash enabling BE Semiconductor Industries N.V. to fulfil the role of internal bank. The Company invests cash and cash equivalents in (short-term) deposits with financial institutions that have good credit ratings and in AA and AAA money market funds that invest in highly rated short-term debt securities of governments, financial institutions and corporates. These investments are readily convertible to a known amount in cash and are subject to an insignificant risk of change in value. Trade receivables and other receivables The Company has established a credit policy under which credit evaluations are performed on all customers requiring credit over specified thresholds. The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. As the Company\u2019s revenue is generated by shipments to Asian manufacturing operations of leading US, European and Asian semiconductor manufacturers and subcontractors, an industry and geographical concentration of credit risk exists, however, this risk is reduced through the long-term relationships with its customers. Ageing of trade receivables and other receivables: (\u20ac thou- sands) Total Impaired Current Past due < 30 days30\u201360 days 60\u201390 days 90\u2013120 days > 120 days 2022 166,432 (855) 132,991 8,026 11,476 2,405 1,430 10,959 2021 188,488 (856) 142,005 15,104 18,040 5,313 2,606 6,276 Expected credit loss assessment The Company recognizes an allowance for expected credit losses (\u201cECLs\u201d). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition the Company has compared the outcome based on historical losses with the credit ratings of its largest individual customers. Based on the above, an amount of \u20ac 855 of impairment has been recognized on trade receivables and contract assets as per December 31, 2022. Forward exchange contracts The forward exchange contracts are with multiple counterparties that have high credit ratings. Currently, the Company does not expect any counterparty to fail to meet its obligations. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Company\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Company. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company\u2019s liquidity needs are affected by many factors including uncertainties of the global economy and the semiconductor industry resulting in fluctuating cash requirements. The Company believes that it will have sufficient liquidity to meet its current liabilities including expected capital expenditures and repayment obligations in 2022. The Company monitors its risk to a shortage of funds by reviewing cash flows of all entities throughout the year. The Company intends to return cash to the shareholders on a regular basis in the form of dividend payments and, subject to actual and anticipated liquidity requirements and other relevant factors, share buybacks. The table below summarizes the maturity profile of the Company\u2019s financial liabilities at December 31, 2022 and 2021, based on contractual undiscounted payments: (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 year Total December 31, 2022 Convertible Notes (assuming no conversion) - - 2,400 182,500 175,000 359,900 Other long-term debt - - - 2,042 - 2,042 Lease liabilities (Note 19) - 1,120 2,518 8,845 6,947 19,430 Interest payable convertible - 563 4,066 17,788 4,922 27,339 Trade payable 13,920 27,486 25 - - 41,431 Other payables 2,903 8,938 29,280 - - 41,121 Total 16,823 38,107 38,289 211,175 186,869 491,263 (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 years Total December 31, 2021 Convertible Notes (assuming no conversion) - - - 174,800 150,000 324,800 Other long-term debt - - - 1,548 - 1,548 Lease liabilities (Note 19) - 887 2,643 6,836 417 10,783 Interest payable convertible - 563 1,485 6,284 1,125 9,457 Trade payable 23,075 51,592 44 - - 74,711 Other payables 1,946 14,654 22,322 - - 38,922 Total 25,021 67,696 26,494 189,468 151,542 460,221 It is not expected that the cash flows included in the maturity profile could occur significantly earlier, or at significantly different amounts. ",
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"pp-value-115-3": {
"value": "5. Trade receivablesTrade receivables, generally with payment terms of 30 to 90 days, with expected creditlosses amounting to \u20ac 855 and \u20ac 856 at December 31, 2022 and 2021, respectively, are asfollows:(\u20ac thousands) December 31, 2022 December 31, 2021 Trade receivables 149,188 175,798 Allowance for expected credit losses (855) (856) Total trade receivables, net 148,333 174,942 All trade accounts receivables have an estimated maturity shorter than one year. The carrying values of the recorded receivables are a reasonable approximation of their respective fair values, given the short maturities of the positions and the fact that allowances for expected credit losses have been recognized. Reference is made to Note 31 for additional information on ageing of trade receivables. The movements in the allowance for expected credit losses are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 856 807 Additions 2 33 Usage (3) - Foreign currency translation - 16 Balance at December 31 855 856 7. Other receivables Other receivables consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Research and development grants 8,110 4,475 Forward foreign currency exchange contracts 6,803 4,605 VAT receivables 2,051 2,391 Revenue to be invoiced 416 1,531 Interest to be received 369 - Other 350 544 Total other receivables 18,099 13,546 Other receivables do not include any amounts with expected remaining terms of more than one year. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 31. Financial instruments, financial risk management objectives and policies Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Trade receivables and other receivables The Company has established a credit policy under which credit evaluations are performed on all customers requiring credit over specified thresholds. The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. As the Company\u2019s revenue is generated by shipments to Asian manufacturing operations of leading US, European and Asian semiconductor manufacturers and subcontractors, an industry and geographical concentration of credit risk exists, however, this risk is reduced through the long-term relationships with its customers. Ageing of trade receivables and other receivables: (\u20ac thou- sands) Total Impaired Current Past due < 30 days30\u201360 days 60\u201390 days 90\u2013120 days > 120 days 2022 166,432 (855) 132,991 8,026 11,476 2,405 1,430 10,959 2021 188,488 (856) 142,005 15,104 18,040 5,313 2,606 6,276 Expected credit loss assessment The Company recognizes an allowance for expected credit losses (\u201cECLs\u201d). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition the Company has compared the outcome based on historical losses with the credit ratings of its largest individual customers. Based on the above, an amount of \u20ac 855 of impairment has been recognized on trade receivables and contract assets as per December 31, 2022. ",
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"pp-value-115-4": {
"value": "5. Trade receivablesTrade receivables, generally with payment terms of 30 to 90 days, with expected creditlosses amounting to \u20ac 855 and \u20ac 856 at December 31, 2022 and 2021, respectively, are asfollows:(\u20ac thousands) December 31, 2022 December 31, 2021 Trade receivables 149,188 175,798 Allowance for expected credit losses (855) (856) Total trade receivables, net 148,333 174,942 All trade accounts receivables have an estimated maturity shorter than one year. The carrying values of the recorded receivables are a reasonable approximation of their respective fair values, given the short maturities of the positions and the fact that allowances for expected credit losses have been recognized. Reference is made to Note 31 for additional information on ageing of trade receivables. The movements in the allowance for expected credit losses are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 856 807 Additions 2 33 Usage (3) - Foreign currency translation - 16 Balance at December 31 855 856 31. Financial instruments, financial risk management objectives and policies Expected credit loss assessment The Company recognizes an allowance for expected credit losses (\u201cECLs\u201d). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition the Company has compared the outcome based on historical losses with the credit ratings of its largest individual customers. Based on the above, an amount of \u20ac 855 of impairment has been recognized on trade receivables and contract assets as per December 31, 2022. ",
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"pp-value-121-2": {
"value": "6. InventoriesInventories consist of the following:(\u20ac thousands) December 31, 2022 December 31, 2021 Raw materials 30,306 33,561 Work in progress 59,967 58,753 Finished goods 1,844 2,085 Total inventories, net 92,117 94,399 In 2022, raw materials and changes in work in progress and finished goods included in cost of sales amounted to \u20ac 225.2 million (2021: \u20ac 253.7 million including \u20ac 7.4 million inventory impairment related to a flood at our Malaysian production facility in December 2021). The movements in the provision for obsolescence are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 14,674 12,787 Additions 1,540 1,437 Usage (923) (116) Foreign currency translation 139 566 Balance at December 31 15,430 14,674 ",
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"pp-value-121-3": {
"value": "6. InventoriesIn 2022, raw materials and changes in work in progress and finished goods included in cost of sales amounted to \u20ac 225.2 million (2021: \u20ac 253.7 million including \u20ac 7.4 million inventory impairment related to a flood at our Malaysian production facility in December 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-134-2": {
"value": " 8. Prepayments Prepayments consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Prepaid licenses 1,463 1,070 Prepaid suppliers 364 772 Prepaid insurances 289 282 Prepaid pensions and social security 21 84 Other prepayments 772 816 Total prepayments 2,909 3,024 Prepayments do not include any amounts with expected remaining terms of more than one year. Other prepayments consist of prepaid maintenance, prepaid exhibitions and other prepayments. 12. Other non-current assets Other non-current assets consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Marketable securities for pension liability 522 607 Guarantee deposits 691 444 Total other non-current assets 1,213 1,051 Reference is made to Note 25 for more details. Pension plan Austria Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-139-2": {
"value": "9. Property, plant and equipmentProperty, plant and equipment, net consist of the following:(\u20ac thousands) Land, buildings and leasehold improvements Machinery and equipment Office furniture and equipment Assets under construction Total Balance at January 1, 2022 Cost 32,678 45,856 10,240 415 89,189 Accumulated depreciation and impairment (18,550) (31,932) (8,823) - (59,305) Property, plant and equipment, net 14,128 13,924 1,417 415 29,884Changes in book value in 2022 Capital expenditures 2,591 3,045 870 37 6,543 Transfers from inventory - 3,575 - - 3,575 Disposals (cost) 191 (3,098) (2,292) - (5,199) Disposals (accumulated depreciation) (178) 3,065 2,284 - 5,171 Depreciation (1,571) (4,324) (795) - (6,690) Impairment - - - - - Foreign currency translation (36) 22 13 (11) (12) Total changes 997 2,285 80 26 3,388 Balance at December 31, 2022 Cost 36,148 47,475 8,930 441 92,994Accumulated depreciation and impairment (21,023) (31,266) (7,433) - (59,722) Property, plant and equipment, net 15,125 16,209 1,497 441 33,272(\u20ac thousands) Land, buildings and leasehold improvements Machinery and equipment Office furniture and equipment Assets under construction Total Balance at January 1, 2021 Cost 29,232 42,490 9,619 1,475 82,816 Accumulated depreciation and impairment (17,401) (28,872) (8,703) - (54,976) Property, plant and equipment, net 11,831 13,618 916 1,475 27,840Changes in book value in 2021 Capital expenditures 3,213 1,591 1,207 (1,060) 4,951 Transfers from inventory - 2,070 - - 2,070 Disposals (cost) (914) (1,833) (876) - (3,623) Disposals (accumulated depreciation) 807 1,826 873 - 3,506 Depreciation (1,350) (3,984) (718) - (6,052) Impairment - (62) - - (62) Foreign currency translation 541 698 15 - 1,254 Total changes 2,297 306 501 (1,060) 2,044 Balance at December 31, 2021Cost 32,678 45,856 10,240 415 89,189 Accumulated depreciation and impairment (18,550) (31,932) (8,823) - (59,305) Property, plant and equipment, net 14,128 13,924 1,417 415 29,884Depreciation and impairment The depreciation and impairment is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 1,609 1,493 Selling, general and administrative expenses 4,427 4,000 Research and development expenses 654 621 Total depreciation and impairment 6,690 6,114 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-3": {
"value": "9. Property, plant and equipmentDepreciation and impairment The depreciation and impairment is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 1,609 1,493 Selling, general and administrative expenses 4,427 4,000 Research and development expenses 654 621 Total depreciation and impairment 6,690 6,114 11. Other intangible assets Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 19. LeasesThe following amounts are recognized in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Depreciation expense of right of use assets 4,033 3,589 Interest expenses on lease liabilities 231 59 Expenses related to short-term leases 143 98 Expenses related to leases of low-value assets 135 177 Total 4,542 3,923 25. Employee benefits Pension plan Switzerland Total defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income: (\u20ac thousands) Year ended December 31, 2022 2021 Current service costs 1,323 1,246 Interest expense on benefit obligation 132 98 Interest income on plan assets (112) (79) Administration expenses 33 31 Defined benefit cost recognized in net income 1,376 1,296 Remeasurement from changes in financial assumptions and experience (10,925) (1,782) Return on plan assets (excluding amounts in net interest) 6,929 (640) Defined benefit cost (benefit) recognized in comprehensive income (2,620) (1,126) Pension plan Austria A summary of the components of the defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 226 248 Interest expense on benefit obligation 52 27 Defined benefit cost recognized in net income 278 275 Remeasurement gain recognized (1,575) (484) Defined benefit cost (benefit) recognized in comprehensive income (1,297) (209) Severance plan Korea A summary of the components of the defined benefit cost recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 211 217 Interest expense on severance obligation 56 47 Interest income on plan assets (4) (5) Defined benefit cost recognized in net income 263 259 Remeasurement loss (gain) recognized (291) 65 Return on plan assets (excluding amounts in net interest) 2 3 Defined benefit cost recognized in comprehensive income (26) 327 The expenses related to share-based payment plans recognized in the Consolidated Statement of Operations are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Performance shares granted and delivered to the Board of Management 5,223 5,730 Performance shares granted and delivered to key employees 3,762 4,556 Conditional performance shares Board of Management 1,327 1,320 Conditional performance shares key employees 4,947 4,803 Total expense recognized as personnel expenses 15,259 16,409 27. Selected operating expenses and additional information Personnel expenses for all employees are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Wages and salaries 102,359 91,704 COVID-19 related grants and exemptions - (198) Social security expenses 12,140 10,572 Pension and retirement expenses defined contribution 5,888 5,044 Pension and retirement expenses defined benefit 1,724 1,631 Share-based compensation plans 15,259 16,409 Total personnel expenses 137,370 125,162 The COVID-19 related grants and exemptions relate to the Company\u2019s subsidiaries in Singapore and China and are unconditional. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-4": {
"value": "9. Property, plant and equipmentDepreciation and impairment The depreciation and impairment is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 1,609 1,493 Selling, general and administrative expenses 4,427 4,000 Research and development expenses 654 621 Total depreciation and impairment 6,690 6,114 11. Other intangible assets Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 19. LeasesThe following amounts are recognized in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Depreciation expense of right of use assets 4,033 3,589 Interest expenses on lease liabilities 231 59 Expenses related to short-term leases 143 98 Expenses related to leases of low-value assets 135 177 Total 4,542 3,923 25. Employee benefits Pension plan Switzerland Total defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income: (\u20ac thousands) Year ended December 31, 2022 2021 Current service costs 1,323 1,246 Interest expense on benefit obligation 132 98 Interest income on plan assets (112) (79) Administration expenses 33 31 Defined benefit cost recognized in net income 1,376 1,296 Remeasurement from changes in financial assumptions and experience (10,925) (1,782) Return on plan assets (excluding amounts in net interest) 6,929 (640) Defined benefit cost (benefit) recognized in comprehensive income (2,620) (1,126) Pension plan Austria A summary of the components of the defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 226 248 Interest expense on benefit obligation 52 27 Defined benefit cost recognized in net income 278 275 Remeasurement gain recognized (1,575) (484) Defined benefit cost (benefit) recognized in comprehensive income (1,297) (209) Severance plan Korea A summary of the components of the defined benefit cost recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 211 217 Interest expense on severance obligation 56 47 Interest income on plan assets (4) (5) Defined benefit cost recognized in net income 263 259 Remeasurement loss (gain) recognized (291) 65 Return on plan assets (excluding amounts in net interest) 2 3 Defined benefit cost recognized in comprehensive income (26) 327 The expenses related to share-based payment plans recognized in the Consolidated Statement of Operations are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Performance shares granted and delivered to the Board of Management 5,223 5,730 Performance shares granted and delivered to key employees 3,762 4,556 Conditional performance shares Board of Management 1,327 1,320 Conditional performance shares key employees 4,947 4,803 Total expense recognized as personnel expenses 15,259 16,409 27. Selected operating expenses and additional information Personnel expenses for all employees are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Wages and salaries 102,359 91,704 COVID-19 related grants and exemptions - (198) Social security expenses 12,140 10,572 Pension and retirement expenses defined contribution 5,888 5,044 Pension and retirement expenses defined benefit 1,724 1,631 Share-based compensation plans 15,259 16,409 Total personnel expenses 137,370 125,162 The COVID-19 related grants and exemptions relate to the Company\u2019s subsidiaries in Singapore and China and are unconditional. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-5": {
"value": "9. Property, plant and equipmentDepreciation and impairment The depreciation and impairment is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 1,609 1,493 Selling, general and administrative expenses 4,427 4,000 Research and development expenses 654 621 Total depreciation and impairment 6,690 6,114 11. Other intangible assets Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 19. LeasesThe following amounts are recognized in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Depreciation expense of right of use assets 4,033 3,589 Interest expenses on lease liabilities 231 59 Expenses related to short-term leases 143 98 Expenses related to leases of low-value assets 135 177 Total 4,542 3,923 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-3": {
"value": "10. GoodwillGoodwill, net consists of the following:(\u20ac thousands) 2022 2021 Balance at January 1 Cost 65,370 64,684 Accumulated impairment (20,200) (20,200) Goodwill, net 45,170 44,484 Changes in book value Foreign currency translation 576 686 Total changes 576 686 Balance at December 31 Cost 65,946 65,370 Accumulated impairment (20,200) (20,200) Goodwill, net 45,746 45,170 Impairment tests for cash-generating units containing goodwill The Company annually carries out impairment tests on capitalized goodwill, based on the cash-generating units. The aggregate carrying amounts of goodwill with indefinite lives allocated to each cash-generating unit are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Die Attach 43,765 43,189 Plating 1,981 1,981 Total 45,746 45,170 The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. 11. Other intangible assets Other intangible assets, net consist of the following: (\u20ac thousands) Software Development expenses Total Balance at January 1, 2022 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 Changes in book value in 2022 Capitalized development expenses - 21,613 21,613 Capital expenditures 237 - 237 Disposals (cost) (1,874) (7,572) (9,446) Disposals (accumulated depreciation) 1,755 7,572 9,327 Amortization (546) (11,723) (12,269) Foreign currency translation 1 3,009 3,010 Total changes (427) 12,899 12,472 Balance at December 31, 2022 Cost 10,539 105,178 115,717 Accumulated amortization (10,165) (24,334) (34,499) Other intangible assets, net 374 80,844 81,218 (\u20ac thousands) Software Development expenses Total Balance at January 1, 2021 Cost 12,952 62,560 75,512 Accumulated amortization (11,973) (12,879) (24,852) Other intangible assets, net 979 49,681 50,660 Changes in book value in 2021 Capitalized development expenses - 23,015 23,015 Capital expenditures 386 - 386 Disposals (cost) - (1,436) (1,436) Disposals (accumulated depreciation) - 1,436 1,436 Amortization (569) (7,292) (7,861) Foreign currency translation 5 2,541 2,546 Total changes (178) 18,264 18,086 Balance at December 31, 2021 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-4": {
"value": "10. GoodwillGoodwill, net consists of the following:(\u20ac thousands) 2022 2021 Balance at January 1 Cost 65,370 64,684 Accumulated impairment (20,200) (20,200) Goodwill, net 45,170 44,484 Changes in book value Foreign currency translation 576 686 Total changes 576 686 Balance at December 31 Cost 65,946 65,370 Accumulated impairment (20,200) (20,200) Goodwill, net 45,746 45,170 Impairment tests for cash-generating units containing goodwill The Company annually carries out impairment tests on capitalized goodwill, based on the cash-generating units. The aggregate carrying amounts of goodwill with indefinite lives allocated to each cash-generating unit are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Die Attach 43,765 43,189 Plating 1,981 1,981 Total 45,746 45,170 The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-5": {
"value": "10. GoodwillImpairment tests for cash-generating units containing goodwill The Company annually carries out impairment tests on capitalized goodwill, based on the cash-generating units. The aggregate carrying amounts of goodwill with indefinite lives allocated to each cash-generating unit are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Die Attach 43,765 43,189 Plating 1,981 1,981 Total 45,746 45,170 The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-6": {
"value": "10. GoodwillGoodwill, net consists of the following:(\u20ac thousands) 2022 2021 Balance at January 1 Cost 65,370 64,684 Accumulated impairment (20,200) (20,200) Goodwill, net 45,170 44,484 Changes in book value Foreign currency translation 576 686 Total changes 576 686 Balance at December 31 Cost 65,946 65,370 Accumulated impairment (20,200) (20,200) Goodwill, net 45,746 45,170 Impairment tests for cash-generating units containing goodwill The Company annually carries out impairment tests on capitalized goodwill, based on the cash-generating units. The aggregate carrying amounts of goodwill with indefinite lives allocated to each cash-generating unit are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Die Attach 43,765 43,189 Plating 1,981 1,981 Total 45,746 45,170 The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. 11. Other intangible assets Other intangible assets, net consist of the following: (\u20ac thousands) Software Development expenses Total Balance at January 1, 2022 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 Changes in book value in 2022 Capitalized development expenses - 21,613 21,613 Capital expenditures 237 - 237 Disposals (cost) (1,874) (7,572) (9,446) Disposals (accumulated depreciation) 1,755 7,572 9,327 Amortization (546) (11,723) (12,269) Foreign currency translation 1 3,009 3,010 Total changes (427) 12,899 12,472 Balance at December 31, 2022 Cost 10,539 105,178 115,717 Accumulated amortization (10,165) (24,334) (34,499) Other intangible assets, net 374 80,844 81,218 (\u20ac thousands) Software Development expenses Total Balance at January 1, 2021 Cost 12,952 62,560 75,512 Accumulated amortization (11,973) (12,879) (24,852) Other intangible assets, net 979 49,681 50,660 Changes in book value in 2021 Capitalized development expenses - 23,015 23,015 Capital expenditures 386 - 386 Disposals (cost) - (1,436) (1,436) Disposals (accumulated depreciation) - 1,436 1,436 Amortization (569) (7,292) (7,861) Foreign currency translation 5 2,541 2,546 Total changes (178) 18,264 18,086 Balance at December 31, 2021 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-7": {
"value": "10. GoodwillImpairment tests for cash-generating units containing goodwill 11. Other intangible assets At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. 25. Employee benefits Pension plan Switzerland Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Pension plan Austria Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Severance plan Korea Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% 29. Income taxes The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-156-8": {
"value": "10. GoodwillImpairment tests for cash-generating units containing goodwill 11. Other intangible assets At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. 25. Employee benefits Pension plan Switzerland Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Pension plan Austria Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Severance plan Korea Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% 29. Income taxes The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-180-3": {
"value": " 12. Other non-current assets Other non-current assets consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Marketable securities for pension liability 522 607 Guarantee deposits 691 444 Total other non-current assets 1,213 1,051 Reference is made to Note 25 for more details. 25. Employee benefits Pension plan Austria Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. ",
"dimensions": {
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"entity": "scheme:7245007A1YFLI2GNYX06",
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"pp-value-180-4": {
"value": " 12. Other non-current assets Other non-current assets consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Marketable securities for pension liability 522 607 Guarantee deposits 691 444 Total other non-current assets 1,213 1,051 Reference is made to Note 25 for more details. Pension plan Austria Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. ",
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"pp-value-185-3": {
"value": "13. Borrowing facilities At December 31, 2022, Besi and its subsidiaries had available lines of credit aggregating \u20ac 98.0 million (2021: \u20ac 97.9 million), under which \u20ac 1.1 million (2021: \u20ac 2.2 million) was utilized related to bank guarantees. In general, interest is charged at the banks\u2019 base lending rates or ESTR/SOFR plus an increment. There were no defaults at December 31, 2022. A summary of Besi\u2019s principal credit lines is as follows: \u2022 A \u20ac 80 million committed revolving credit facility (\u201cthe Facility\u201d) with a consortium of European banks, which matures in 2026. Outstanding amounts under the Facility will bear interest at ESTR/SOFR plus a margin that depends on the Company\u2019s financial position. The agreement can be increased to \u20ac 136 million. Borrowings under the Facility can be repaid at any time at 100% of principal amount and can be used for working capital and other corporate purposes. The principal covenants associated with the Facility include a maintenance test of consolidated debt to equity and a limitation on the incurrence of additional permitted indebtedness. The Facility is granted without securities. \u2022 An uncommitted overdraft facility of \u20ac 10.0 million for the purpose of short-term overdrafts (maximum of 15 days) in current accounts. The facility has no contractual maturity date. \u2022 A credit line of \u20ac 1.0 million for bank guarantees is granted without securities. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 0.5 million related to Besi APac Sdn. Bhd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.5 million related to Besi Singapore Pte. Ltd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a parent company guarantee. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.0 million related to Besi Leshan Co., Ltd. is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a guarantee of BE Semiconductor Industries N.V. The borrowing facility has no contractual maturity date. 18. Long-term debt (\u20ac thousands) December 31, 2022 December 31, 2021 Long-term debt Convertible Notes 323,134 300,254 Research and development loan from \u00d6sterreichische Forschungsf\u00f6rderungsgesellschaft mbH, Wien, Austria (interest rate at 0.75% at December 31, 2022) 2,042 1,548 Total 325,176 301,802 Less: current portion (2,361) - Total long-term debt 322,815 301,802 Aggregate required principal payments due on long-term debt, assuming no further conversion of the Convertible Notes for the next years are as follows: (\u20ac thousands) Long-term debt 2023 2,400 2024 32,500 2025 2,042 2027 150,000 2029 175,000 Total 361,942 Less: current portion of long-term debt (2,400) Non-current portion of long-term debt (principal value) 359,542 The Company and its subsidiaries had no defaults for its long-term debt at December 31, 2022. Convertible Notes In December 2016, the Company issued \u20ac 125 million principal amount of Convertible Notes with a maturity date of December 2, 2023 (the \u201c2016 Convertible Notes\u201d). The 2016 Convertible Notes carry a nominal interest rate of 2.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 18.61 (subject to adjustments). The original exercise price of \u20ac 43.51 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2016 Convertible Notes in accordance with the terms and conditions related thereto. The 2016 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 23, 2020, the Company may redeem the outstanding 2016 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2016 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2016 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. The principal amount outstanding of the 2016 Convertible Notes amounts \u20ac 2.4 million at December 31, 2022 and December 31, 2021. The amount of the 2016 Convertible Notes classified as equity of \u20ac 11,310 is net of attributable debt issuance cost of \u20ac 215. In November 2017, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of December 6, 2024 (the \u201c2017 Convertible Notes\u201d). The 2017 Convertible Notes carry a nominal interest rate of 0.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 46.63 (subject to adjustments). The original exercise price of \u20ac 99.74 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2017 Convertible Notes in accordance with the terms and conditions related thereto. The 2017 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 27, 2021, the Company may redeem the outstanding 2017 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2017 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2017 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. In 2022, \u20ac 139.9 million principal amount of the 2017 Convertible Notes were converted into 2,907,231 ordinary shares at request of Bondholders. The carrying value of the liability at conversion amounted to \u20ac 133.3 million and was reclassified to equity and no gain or loss was recognized on conversion. As a result, the principal amount outstanding of the 2017 Convertible Notes declined from \u20ac 172.4 million at December 31, 2021 to \u20ac 32.5 million at December 31, 2022. The amount of the 2017 Convertible Notes classified as equity of \u20ac 18,479 is net of attributable debt issuance cost of \u20ac 292.In August 2020, the Company issued \u20ac 150 million principal amount of Convertible Notes with a maturity date of August 5, 2027 (the \u201c2020 Convertible Notes\u201d). The 2020 Convertible Notes carry a nominal interest rate of 0.75% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 49.86 (subject to adjustments). The 2020 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from August 26, 2024, the Company may redeem the outstanding 2020 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2020 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2020 Convertible Notes may be redeemed at the option of the holder (i) on August 5, 2025 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2020 Convertible Notes classified as equity of \u20ac 16,528 is net of attributable debt issuance cost of \u20ac 251. In April 2022, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of April 6, 2029 (the \u201c2022 Convertible Notes\u201d). The 2022 Convertible Notes carry a nominal interest rate of 1.875% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 115.50 (subject to adjustments). The 2022 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from April 27, 2026, the Company may redeem the outstanding 2022 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2022 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2022 Convertible Notes may be redeemed at the option of the holder (i) on April 6, 2027 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2022 Convertible Notes classified as equity of \u20ac 22,334 is net of attributable debt issuance cost of \u20ac 366. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-186-3": {
"value": "14. Trade payables Trade payables are non-interest bearing and are normally settled on 30-90 day terms. 16. Other payables (\u20ac thousands) December 31, 2022 December 31, 2021 Payroll accruals 16,561 15,492 Volume rebate and commissions 10,042 8,347 Project costs 4,237 3,809 Audit and consultancy fees 1,610 2,080 Invoices to be received 1,419 883 Interest expenses 1,352 1,378 Temporaries 691 1,146 Freight and packaging costs 488 935 Forward foreign currency exchange contracts 98 5,105 Other payables 5,963 5,370 Total other payables 42,461 44,545 Other payables are non-interest bearing and have an average term of three months. Interest payable is normally settled quarterly throughout the year with the exception of the Convertible Notes on which interest is settled semi-annually. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-187-2": {
"value": "15. Provisions Warranty provision A summary of activity in the warranty provision is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 6,641 3,478 Additions 6,409 7,709 Usage (6,467) (4,133) Releases (1,170) (685) Foreign currency translation 165 272 Balance at December 31 5,578 6,641 A provision for warranty is recognized when the underlying products or services are sold and presented in selling, general and administrative expenses. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. The warranty provision encompasses the standard warranty provided to customers only. The provision at December 31, 2022 is expected to be fully utilized during 2023. 20. ProvisionsProvisions consist of the following:(\u20ac thousands) December 31, 2022 December 31, 2021 Pension liabilities Switzerland 5,169 8,509 Pension liabilities Austria 454 657 Severance obligations Austria 3,617 4,719 Severance obligations Korea 1,873 2,095 Other provisions 234 259 Provisions 11,347 16,239 Reference is made to Note 25 for more details. 25. Employee benefits Post-employment benefits Employee post-employment benefit plans have been established in many countries in accordance with legal requirements, customs and local practices in the countries involved. Pension plan parent company Type: Defined contribution plan. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 0.1 million in 2022 and 2021. Pension plan Dutch subsidiaries Type: Defined contribution plan. Industry-wide pension plan managed by Bedrijfstak pensioen-fonds Metalektro and excedent plan for certain employees. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 1.3 million in 2022 and \u20ac 1.2 million in 2021. Pension plan Switzerland Type: Defined benefit plan for guaranteed pension payments. Insured with an independent insurance company. Company obligations: The contributions required are based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the plan is 15 years. Valuation: The pension assets related to this defined benefit plan are netted with the pension liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate is based on the available information at December 31, 2022 and determined as follows: Swiss franc bonds with rating AA as included in the Swiss Bond Index. These bonds are used to determine a yield curve for durations up to 10 years. This yield curve is extended based on the government bond rates for longer duration. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Movement in the present value of the defined benefit obligations: (\u20ac thousands) 2022 2021 Liability for defined benefit obligations at January 1 50,539 49,746 Current service cost 1,323 1,246 Interest expense 132 98 Actuarial gain arising from changes in economic assumptions (11,605) (2,551) Actuarial loss arising from experience 680 769 Plan participants\u2019 contribution 483 431 Benefits paid through pension assets (709) (1,501) Foreign currency translation 2,262 2,301 Liability for defined benefit obligations at December 31 43,105 50,539 Total defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income: (\u20ac thousands) Year ended December 31, 2022 2021 Current service costs 1,323 1,246 Interest expense on benefit obligation 132 98 Interest income on plan assets (112) (79) Administration expenses 33 31 Defined benefit cost recognized in net income 1,376 1,296 Remeasurement from changes in financial assumptions and experience (10,925) (1,782) Return on plan assets (excluding amounts in net interest) 6,929 (640) Defined benefit cost (benefit) recognized in comprehensive income (2,620) (1,126) Movement in the fair value of plan assets: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 42,030 39,540 Interest income 112 79 Return on plan assets (excluding amounts included in net interest) (6,929) 640 Plan participants\u2019 contribution 483 431 Company contributions 1,054 961 Benefits paid through pension assets (709) (1,501) Administration expenses (33) (31) Foreign currency translation 1,928 1,911 Fair value of plan assets at December 31 37,936 42,030 The major categories of plan assets as a percentage of the fair value of total plan assets are as follows: December 31, 2022 December 31, 2021 Qualified insurance policies 31% 35% Bonds 19% 19% Real estate 20% 16% Equities 22% 21% Other/cash 8% 9% Total 100% 100% The insurance policies cover in principle the minimum funding requirements. Future contributions can be increased due to changes in the annuity factors. This is subject to decision of the Company. Net pension liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Defined benefit obligations 43,105 50,539 Fair value of plan assets (37,936) (42,030) Net liability 5,169 8,509 Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 1.2 million. Sensitivity analysis The calculation of the defined benefit obligations is sensitive to the assumptions as set out above. The following table summarizes how the defined benefit obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit obligations 0.5% increase 0.5% decrease Discount rate (2,669) 3,173 Salary increase 233 (221) The above sensitivities are based on the average duration of the defined benefit obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit obligation at the end of the reporting period of the assumptions concerned. Pension plan Austria Type: Voluntary defined benefit plan for guaranteed pension payments covering certain persons, as well as a defined benefit plan for severance payments in accordance with Austrian labor law. Both plans are insured with an independent insurance company. Company obligations: The contributions required based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the pension plan is 5 years and the plan for severance payments is 16 years. Valuation: The pension assets related to this defined benefit plan do not qualify as plan assets and are therefore presented separately, not netted with the pension liability. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the project unit cost method. Remeasurements are recognized in accumulated other comprehensive income (loss). There were no gains or losses from changes in demographic and financial assumptions for either pension or severance payment plan. Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Movements in the present value of the defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) Pension liabilities Severance obligations 2022 Total Liability for defined benefit and severance obligations at January 1 657 4,719 5,376 Current service cost 22 204 226 Interest expense 7 45 52 Actuarial gain recognized (224) (1,351) (1,575) Benefits paid (8) - (8) Liability for defined benefit and severance obligations at December 31 454 3,617 4,071 (\u20ac thousands) Pension liabilities Severance obligations 2021 Total Liability for defined benefit and severance obligations at January 1 692 4,900 5,592 Current service cost 24 224 248 Interest expense 3 24 27 Actuarial loss recognized (55) (429) (484) Benefits paid (7) - (7) Liability for defined benefit and severance obligations at December 31 657 4,719 5,376 The accumulated defined benefit obligation amounts to \u20ac 4.1 million at December 31, 2022. Future expected benefit payments to (former) employees regarding pensions and leave over the next five years are considered immaterial. A summary of the components of the defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 226 248 Interest expense on benefit obligation 52 27 Defined benefit cost recognized in net income 278 275 Remeasurement gain recognized (1,575) (484) Defined benefit cost (benefit) recognized in comprehensive income (1,297) (209) Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 0.2 million. Sensitivity analysis The calculation of the defined benefit and severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the defined benefit and severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit and severance obligations 0.5% increase 0.5% decrease Discount rate (258) 282 Salary increase 251 (232) The above sensitivities are based on the average duration of the defined benefit and severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit and severance obligations at the end of the reporting period of the assumptions concerned. Severance plan Korea Type: Defined benefit plan for severance payments in accordance with Korean law. The plan is partially covered through an independent insurance company. Company obligations: The current plan is unfunded and the Company is responsible for the payment of the severance payment upon the termination of the employee contract. Duration: The weighted average duration for severance payments is six years. Valuation: The assets related to this defined benefit plan are netted with the liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% Movements in the present value of the severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Liability for severance obligations at January 1 2,278 2,325 Current service cost 211 217 Interest expense 56 47 Actuarial loss (gain) recognized (291) 65 Benefits paid (partly through plan assets) (206) (354) Foreign currency translation 2 (22) Liability severance obligations at December 31 2,050 2,278 The accumulated defined benefit obligation amounts to \u20ac 2.1 million at December 31, 2022. Total expected benefits payable under this plan amount to \u20ac 0.3 million in 2023. A summary of the components of the defined benefit cost recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 211 217 Interest expense on severance obligation 56 47 Interest income on plan assets (4) (5) Defined benefit cost recognized in net income 263 259 Remeasurement loss (gain) recognized (291) 65 Return on plan assets (excluding amounts in net interest) 2 3 Defined benefit cost recognized in comprehensive income (26) 327 Changes in assets related to the liability for severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 183 249 Interest income 4 5 Return on plan assets (excluding amounts included in net interest) (2) (3) Benefits paid through pension assets (8) (65) Foreign currency translation - (3) Fair value of plan assets at December 31 177 183 Net liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Severance obligations 2,050 2,278 Fair value of plan assets (177) (183) Net liability 1,873 2,095 Sensitivity analysis The calculation of the severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Severance obligations 0.5% increase 0.5% decrease Discount rate (43) 45 Salary increase 27 (44) The above sensitivities are based on the average duration of the severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the severance obligations at the end of the reporting period of the assumptions concerned. Pension plan - other countries The Company\u2019s US, Malaysian, Chinese and Singapore subsidiaries have defined contribution plans that supplement the governmental benefits provided under local legislation. ",
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"pp-value-188-4": {
"value": "16. Other payables (\u20ac thousands) December 31, 2022 December 31, 2021 Payroll accruals 16,561 15,492 Volume rebate and commissions 10,042 8,347 Project costs 4,237 3,809 Audit and consultancy fees 1,610 2,080 Invoices to be received 1,419 883 Interest expenses 1,352 1,378 Temporaries 691 1,146 Freight and packaging costs 488 935 Forward foreign currency exchange contracts 98 5,105 Other payables 5,963 5,370 Total other payables 42,461 44,545 Other payables are non-interest bearing and have an average term of three months. Interest payable is normally settled quarterly throughout the year with the exception of the Convertible Notes on which interest is settled semi-annually. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 17. Other current liabilities (\u20ac thousands) December 31, 2022 December 31, 2021 Advances from customers 7,227 12,854 Contract liabilities 14,825 11,415 Payroll liabilities 4,163 3,717 Other 1,700 2,564 Total other liabilities 27,915 30,550 Contract liabilities non-current portion (927) (980) Total other current liabilities 26,988 29,570 Other current liabilities are non-interest bearing and are not expected to be settled in cash. ",
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": " 17. Other current liabilities (\u20ac thousands) December 31, 2022 December 31, 2021 Advances from customers 7,227 12,854 Contract liabilities 14,825 11,415 Payroll liabilities 4,163 3,717 Other 1,700 2,564 Total other liabilities 27,915 30,550 Contract liabilities non-current portion (927) (980) Total other current liabilities 26,988 29,570 Other current liabilities are non-interest bearing and are not expected to be settled in cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-193-4": {
"value": " 17. Other current liabilities (\u20ac thousands) December 31, 2022 December 31, 2021 Advances from customers 7,227 12,854 Contract liabilities 14,825 11,415 Payroll liabilities 4,163 3,717 Other 1,700 2,564 Total other liabilities 27,915 30,550 Contract liabilities non-current portion (927) (980) Total other current liabilities 26,988 29,570 Other current liabilities are non-interest bearing and are not expected to be settled in cash. ",
"dimensions": {
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"entity": "scheme:7245007A1YFLI2GNYX06",
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"pp-value-193-5": {
"value": " 17. Other current liabilities (\u20ac thousands) December 31, 2022 December 31, 2021 Advances from customers 7,227 12,854 Contract liabilities 14,825 11,415 Payroll liabilities 4,163 3,717 Other 1,700 2,564 Total other liabilities 27,915 30,550 Contract liabilities non-current portion (927) (980) Total other current liabilities 26,988 29,570 Other current liabilities are non-interest bearing and are not expected to be settled in cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-198-4": {
"value": "18. Long-term debt Reconciliation of liabilities arising from financing activities The tables below detail the changes in the Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company\u2019s Consolidated Statement of Cash Flows as cash flows from financing activities. (\u20ac thousands) January 1, 2022 Financing cash flows Equity component of new Convertible Notes Additional lease liabilities Amortization/ accretion of interest Conversion of Convertible Notes Foreign currency translation December 31, 2022 Convertible Notes 300,254 172,176 (22,334) - 6,292 (133,254) - 323,134 Government loans 1,548 494 - - - - - 2,042 Lease liabilities 10,673 (4,101) - 10,417 231 - 489 17,709 Total 312,475 168,569 (22,334) 10,417 6,523 (133,254) 489 342,885 (\u20ac thousands) January 1, 2021 Financing cash flows Additional lease liabilities Amortization/ accretion of interest Conversion of Convertible Notes Foreign currency translation December 31, 2021 Convertible Notes 399,429 - - 6,219 (105,394) - 300,254 Government loans 527 1,021 - - - - 1,548 Lease liabilities 9,928 (3,638) 3,988 59 - 336 10,673 Total 409,884 (2,617) 3,988 6,278 (105,394) 336 312,475 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-198-5": {
"value": "18. Long-term debt (\u20ac thousands) December 31, 2022 December 31, 2021 Long-term debt Convertible Notes 323,134 300,254 Research and development loan from \u00d6sterreichische Forschungsf\u00f6rderungsgesellschaft mbH, Wien, Austria (interest rate at 0.75% at December 31, 2022) 2,042 1,548 Total 325,176 301,802 Less: current portion (2,361) - Total long-term debt 322,815 301,802 Aggregate required principal payments due on long-term debt, assuming no further conversion of the Convertible Notes for the next years are as follows: (\u20ac thousands) Long-term debt 2023 2,400 2024 32,500 2025 2,042 2027 150,000 2029 175,000 Total 361,942 Less: current portion of long-term debt (2,400) Non-current portion of long-term debt (principal value) 359,542 The Company and its subsidiaries had no defaults for its long-term debt at December 31, 2022. Convertible Notes In December 2016, the Company issued \u20ac 125 million principal amount of Convertible Notes with a maturity date of December 2, 2023 (the \u201c2016 Convertible Notes\u201d). The 2016 Convertible Notes carry a nominal interest rate of 2.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 18.61 (subject to adjustments). The original exercise price of \u20ac 43.51 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2016 Convertible Notes in accordance with the terms and conditions related thereto. The 2016 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 23, 2020, the Company may redeem the outstanding 2016 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2016 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2016 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. The principal amount outstanding of the 2016 Convertible Notes amounts \u20ac 2.4 million at December 31, 2022 and December 31, 2021. The amount of the 2016 Convertible Notes classified as equity of \u20ac 11,310 is net of attributable debt issuance cost of \u20ac 215. In November 2017, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of December 6, 2024 (the \u201c2017 Convertible Notes\u201d). The 2017 Convertible Notes carry a nominal interest rate of 0.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 46.63 (subject to adjustments). The original exercise price of \u20ac 99.74 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2017 Convertible Notes in accordance with the terms and conditions related thereto. The 2017 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 27, 2021, the Company may redeem the outstanding 2017 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2017 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2017 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. In 2022, \u20ac 139.9 million principal amount of the 2017 Convertible Notes were converted into 2,907,231 ordinary shares at request of Bondholders. The carrying value of the liability at conversion amounted to \u20ac 133.3 million and was reclassified to equity and no gain or loss was recognized on conversion. As a result, the principal amount outstanding of the 2017 Convertible Notes declined from \u20ac 172.4 million at December 31, 2021 to \u20ac 32.5 million at December 31, 2022. The amount of the 2017 Convertible Notes classified as equity of \u20ac 18,479 is net of attributable debt issuance cost of \u20ac 292.In August 2020, the Company issued \u20ac 150 million principal amount of Convertible Notes with a maturity date of August 5, 2027 (the \u201c2020 Convertible Notes\u201d). The 2020 Convertible Notes carry a nominal interest rate of 0.75% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 49.86 (subject to adjustments). The 2020 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from August 26, 2024, the Company may redeem the outstanding 2020 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2020 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2020 Convertible Notes may be redeemed at the option of the holder (i) on August 5, 2025 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2020 Convertible Notes classified as equity of \u20ac 16,528 is net of attributable debt issuance cost of \u20ac 251. In April 2022, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of April 6, 2029 (the \u201c2022 Convertible Notes\u201d). The 2022 Convertible Notes carry a nominal interest rate of 1.875% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 115.50 (subject to adjustments). The 2022 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from April 27, 2026, the Company may redeem the outstanding 2022 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2022 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2022 Convertible Notes may be redeemed at the option of the holder (i) on April 6, 2027 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2022 Convertible Notes classified as equity of \u20ac 22,334 is net of attributable debt issuance cost of \u20ac 366. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-225-5": {
"value": "19. LeasesThe Company has lease contracts for various facilities and other equipment used in itsoperations. Leases of facilities generally have lease terms between one and ten years,while motor vehicles and other equipment generally have lease terms between one andfour years. The Company\u2019s obligations under its leases are secured by the lessor\u2019s title tothe leased assets. There are several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Company\u2019s business needs. Management exercises significant judgement in determining whether these extension options are reasonably certain to beexercised. The Company also has certain leases of machinery and offices with lease termsof 12 months or less and leases of office equipment with low value. The Company appliesthe short-term lease and lease of low-value assets recognition exemptions for theseleases.Right of use assets Right of use assets consists of the following: (\u20ac thousands) Land and buildings Office furniture and equipment Total Balance at January 1, 2022 10,052 554 10,606 Additions 9,807 610 10,417 Depreciation (3,683) (350) (4,033) Foreign currency translation 484 6 490 Balance at December 31, 2022 16,660 820 17,480 (\u20ac thousands) Land and buildings Office furniture and equipment Total Balance at January 1, 2021 9,352 521 9,873 Additions 3,705 283 3,988 Depreciation (3,331) (258) (3,589) Foreign currency translation 326 8 334 Balance at December 31, 2021 10,052 554 10,606 The following amounts are recognized in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Depreciation expense of right of use assets 4,033 3,589 Interest expenses on lease liabilities 231 59 Expenses related to short-term leases 143 98 Expenses related to leases of low-value assets 135 177 Total 4,542 3,923 Lease liabilities Lease liabilities consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Current 3,337 3,475 Non-current 14,372 7,198 Total lease liabilities 17,709 10,673 The incremental borrowing rates used to determine the lease liabilities range between 0% and 4.37%. Principal payments due on lease liabilities for the next five years and thereafter are as follows: (\u20ac thousands) Lease liabilities 2023 3,638 2024\u20132027 8,845 2028 and thereafter 6,947 Total payments due on lease liabilities 19,430 Discount (1,721) Lease liabilities 17,709 Extension options Below schedule provides an overview of the contractually agreed extension options and the Company\u2019s assessment and accounting treatment: (\u20ac thousands) Within 5 years More than 5 years Total Extension option reasonably certain to be exercised - included in lease liabilities 1,167 282 1,449 Extension option reasonably certain not to be exercised - excluded from lease liabilities 1,352 1,950 3,302 Total (undiscounted) 2,519 2,232 4,751 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-254-4": {
"value": "21. EquityAt December 31, 2022 and December 31, 2021, Besi\u2019s authorized share capital consisted of160,000,000 ordinary shares, nominal value \u20ac 0.01 per share, and 160,000,000 preferenceshares, nominal value \u20ac 0.01 per share.At December 31, 2022 and December 31, 2021, 78,487,926 and 77,969,623 ordinary shares were outstanding, excluding treasury shares of 2,658,812 and 598,219, respectively. No preference shares were outstanding at December 31, 2022 and December 31, 2021. All issued shares have been paid in full. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-254-5": {
"value": "21. EquityChanges in other reserves during 2022 and 2021 are as follows: (\u20ac thousands) Accumulated other comprehensive income (loss) Legal reserve currency translation adjustment Legal reserve capitalized R&D expenses Legal reserve cash flow hedging Legal reserve subsidiaries Total other reserves Balance at January 1, 2022 (11,613) 44,771 67,945 607 4,418 106,128 Total comprehensive income (loss) for the period 4,521 9,467 - 3,867 - 17,855 Transfer from retained earnings - - 12,899 - 103 13,002 Balance at December 31, 2022 (7,092) 54,238 80,844 4,474 4,521 136,985 Balance at January 1, 2021 (13,523) 23,451 49,681 1,401 3,406 64,416 Total comprehensive income (loss) for the period 1,910 21,320 - (794) - 22,436 Transfer from retained earnings - - 18,264 - 1,012 19,276 Balance at December 31, 2021 (11,613) 44,771 67,945 607 4,418 106,128Accumulated other comprehensive income (loss) consists of: (\u20ac thousands) December 31, 2022 December 31, 2021 Actuarial gains (losses) (8,633) (13,979) Deferred taxes 778 1,603 Other 763 763 Accumulated other comprehensive income (loss) (7,092) (11,613) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-254-6": {
"value": "21. EquityAt December 31, 2022 and December 31, 2021, 78,487,926 and 77,969,623 ordinary shares were outstanding, excluding treasury shares of 2,658,812 and 598,219, respectively. No preference shares were outstanding at December 31, 2022 and December 31, 2021. All issued shares have been paid in full. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s32_notes__6__5-1": {
"value": "DividendsProposed for approval at the Annual General Meeting of Shareholders to be held on April 26, 2023 (not recognized as a liability as at December 31, 2022 and December 31, 2021):(\u20ac thousands) December 31, December 31,2022 2021\u20ac 2.85 per ordinary share (2021: \u20ac 3.33) 223,691 259,639The Board of Management proposes to allocate the part of the net income for the year 2022 remaining after payment of the dividend to the retained earnings. The SupervisoryBoard has approved this proposal.BE Semiconductor Industries N.V. (\u201cBesi\u201c or \u201cthe Company\u201c) was incorporated inthe Netherlands in May 1995 as the holding company for a worldwide business engagedin the development, production, marketing and sales of back-end equipment forthe semiconductor industry. BE Semiconductor Industries N.V.\u2018s principal operations are inthe Netherlands, Austria, Switzerland, Malaysia, Singapore and China. BE SemiconductorIndustries N.V.\u2018s principal executive office is located at Ratio 6, 6921 RW Duiven,the Netherlands. Statutory seat of the Company is Amsterdam; number at Chamberof Commerce is 09092395. Notes to the Consolidated Financial Statements 1. Basis of presentation General The Consolidated Financial Statements of BE Semiconductor Industries N.V. for the year ended December 31, 2022, were authorized for issue in accordance with a resolution of the directors on February 21, 2023. The Consolidated Financial Statements of the Company as at December 31, 2022 will be presented to the Annual General Meeting of Shareholders for their adoption on April 26, 2023. The Consolidated Financial Statements are prepared on the basis that it will continue to operate as a going concern. COVID-19The ongoing impact of the pandemic on the Company\u2019s business was significant this year as it caused material disruptions to global supply chains and component inventory levels, extended delivery lead times, global travel restrictions and periodic partial local lockdowns in response of rising cases. Due to the flexible Asian supply chain, labor force and assembly capacity, Besi was able to shift production and final assembly sufficiently among the Malaysian, Chinese and Singapore facilities to satisfy a large portion of customer requirements. Production output also benefited from Besi\u2019s dual source supplier strategy and advance purchases of components deemed critical to the operations. The ongoing pandemic has presented challenges unlike any the Company has encountered previously and underscored the importance of building a resilient, flexible and sustainable organization. UkraineAs a result of the conflict in the Ukraine, many countries have imposed, and may continue to impose, new sanctions on specified Russian entities and individuals. The direct impact to the Company in 2022 was negligible from a revenue and sourcing perspective as Besi has no presence in Russia, Ukraine or Belarus. However, the conflict and its direct and indirect consequences have and may continue to exert a drag on the global economy through inflation via energy and commodity prices. The Company implemented price increases on its systems to help compensate for inflationary cost pressures. Statement of compliance The Company\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. They also comply with the financial reporting requirements included in section 9 of Book 2 of the Netherlands Civil Code, as far as applicable. 2. Summary of significant accounting principles Presentation The accompanying Consolidated Financial Statements include the accounts of BE Semiconductor Industries N.V. and its consolidated subsidiaries (collectively, \u201cthe Company\u201d). The financial statements are presented in thousands of euro, rounded to the nearest thousand, unless stated otherwise. The accounting principles which the Company uses to prepare the Consolidated Financial Statements are based on historical cost, unless stated otherwise. Exceptions to the historical cost basis include derivative financial instruments and share-based compensation which are based on fair value. In addition, for pensions and other post-retirement benefits, actuarial present value calculations are used. Principles of consolidation The Consolidated Financial Statements comprise the financial statements of BE Semiconductor Industries N.V. and its subsidiaries as at December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the Consolidated Financial Statements from the date on which control commences until the date on which control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, income and expenses and unrealized gains and losses resulting from intra-group transactions are eliminated in full. Accounting policies, as set out below, have been applied consistently for all periods presented in these Consolidated Financial Statements and by all subsidiaries. As of December 31, 2022 and 2021, the following subsidiaries are included in the accompanying Consolidated Financial Statements: Name Location and country of incorporation Percentage of ownership BE Semiconductor Industries Holding GmbH Radfeld, Austria 100% BE Semiconductor Industries USA, Inc. Chandler, Arizona, USA 100% 1 Besi APac Sdn. Bhd. Shah Alam, Malaysia 100% Besi Asia Pacific Holding B.V. Duiven, the Netherlands 100% Besi Austria GmbH Radfeld, Austria 100% Besi Korea Ltd. Seoul, South Korea 100% Besi Leshan Co., Ltd. Leshan, China 100% Besi Netherlands B.V. Duiven, the Netherlands 100% Besi North America, Inc. Chandler, Arizona, USA 100% Besi Philippines, Inc. Muntinlupa City, Philippines 100% Besi (Shanghai) Trading Co., Ltd. Shanghai, China 100% Besi Singapore Pte. Ltd. Singapore, Singapore 100% Besi Switzerland AG Steinhausen, Switzerland 100% 1 Besi (Thai) S&S Ltd. Bangkok, Thailand 100% Besi USA, Inc. Chandler, Arizona, USA 100% Datacon Beteiligungs GmbH Radfeld, Austria 100% Esec China Financial Ltd. Hong Kong, China 100% Esec International B.V. Duiven, the Netherlands 100% Fico Hong Kong Ltd. Hong Kong, China 100% Fico International B.V. Duiven, the Netherlands 100% Meco Equipment Engineers B.V. \u2019s-Hertogenbosch, the Netherlands 100% Meco International B.V. \u2018s-Hertogenbosch, the Netherlands 100% 1 In order to comply with local corporate law, a non-controlling shareholding (less than 0.1%) is held by Company Management. All intercompany profits, transactions and balances have been eliminated in the consolidation. Foreign currency translation The Consolidated Financial Statements are presented in euros, which is the parent company\u2019s functional and presentation currency. Each entity in the group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The principal exchange rates against the euro used in preparing the Consolidated Statement of Financial Position, the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income are: Consolidated Statement of Financial Position 2022 2021 Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income 2022 2021 US dollar 1.07 1.13 1.06 1.18 Swiss franc 0.98 1.03 1.01 1.08 Malaysian ringgit 4.70 4.72 4.64 4.90 Chinese renminbi 7.36 7.19 7.09 7.64 Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate of exchange ruling at the balance sheet date. All differences are accounted for into the Consolidated Statement of Comprehensive Income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate. The assets and liabilities of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date and their Statement of Operations is translated at the weighted average exchange rates for the year. The exchange differences arising on the translation of assets and liabilities are recognized in other comprehensive income (\u201cOCI\u201d), and presented as legal currency translation adjustment in equity. On disposal of a foreign entity, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the Consolidated Statement of Operations. Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Changes in accounting policiesThe Company has consistently applied the accounting policies to all periods presented in these Consolidated Financial Statements. A number of new standards and amendments are effective as from January 1, 2022. They do not have a material effect on the Company\u2019s Consolidated Financial Statements. These new standards and amendments are as follows: \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities \u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with an original maturity date at the date of acquisition of three months or less or include a notice period of three months or less. Cash and cash equivalents are measured at amortized cost. Money market funds reported under cash and cash equivalents are measured at fair value through profit and loss and are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. DepositsDeposits consist of cash and cash equivalents which have been placed on deposit with an original maturity between 3 and 24 months. Trade receivables and other receivablesTrade and other receivables are initially measured at transaction price and subsequently at amortized cost less any impairment loss. The Company applies the expected credit loss model to determine any trade receivables impairment losses. The trade receivables do not contain a significant financing component (in accordance with IFRS 15) and therefore the loss allowance is always measured as equal to lifetime expected credit losses. The Company uses a provisioning matrix to calculate the level of the provision and measures lifetime expected credit losses at percentages of amounts outstanding for current trade receivables, 30 days past due, 60 days past due, 90 days past due and over 120 days past due. The total accounts receivable impairment consists of two elements: provision if and when required based on Company estimates and additional provision as determined by the use of the provision matrix. Impairment losses and any subsequent reversals are recognized in the Consolidated Statement of Operations. Inventories Inventories are stated at the lower of cost (using moving weighted average costs) or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and costs to make the sales. Cost includes net prices paid for materials purchased and all expenses to bring the inventory to its current location, charges for freight and custom duties, production labor costs and factory overhead. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment charges. Costs include expenditures that are directly attributable to the acquisition of the asset, including financing expenses of capital investment projects under construction. Depreciation is calculated using the straight-line method, based on the following estimated useful lives: Category Estimated useful life Land Not depreciated Buildings 15\u201330 years 1 Leasehold improvements10\u201315 years Machinery and equipment 2\u201310 years Office furniture and equipment 3\u201310 years 1 Leasehold improvements are depreciated over the shorter of the lease term or economic life of the asset. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. The residual value, if not insignificant, is reassessed annually. The Company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefit relating to that subsequent expenditure will flow to the Company and the cost can be measured reliably. Other costs are recognized in the Consolidated Statement of Operations as expense, as incurred. Right of use assets Definition of a lease At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in IFRS 16. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. Right of use assets The Company recognizes right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Category Land and buildings 1\u201310 years Office furniture and equipment 1\u201310 years In addition, the right of use asset is periodically assessed for impairment losses, and adjusted for certain remeasurements of the lease liability. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date discounted using the Company\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liabilities comprise the following: \u2022 Fixed payments, including in-substance fixed payments. \u2022 Lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term and/or a change in the in-substance fixed lease payments. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of buildings, machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e. below five thousand euro). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Intangible assets Intangible assets are valued at cost less accumulated amortization and impairment charges. All intangible assets are tested for impairment whenever there is an indication that the intangible asset may be impaired. Other intangible assets, such as goodwill and intangible assets not yet in use, are not amortized, but tested for impairment annually. In cases where the carrying value of the intangibles exceeds the recoverable amount, an impairment charge is recognized in the Consolidated Statement of Operations. Business combinations and goodwill Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Company takes into consideration potential voting rights that currently are exercisable. The Company measures goodwill at the acquisition date as:\u2022 The fair value of the consideration transferred; plus \u2022 The recognized amount of any non-controlling interests in the acquiree; plus \u2022 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2022 The net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not measured and settlement is accounted for within equity. Otherwise, subsequent changes to fair value of the contingent consideration are recognized in profit or loss. Capitalized development expenses Expenditures for research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in the Consolidated Statement of Operations as an expense, as incurred. Expenditure for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if (i) the product or process is technically and commercially feasible, (ii) the Company has the intention and sufficient resources to complete development, (iii) the Company has the ability to use or sell the development and (iv) the ability to reliably measure the expenditure attributable to the development during its process. The expenditure capitalized includes the cost of materials, direct labor and other directly attributable costs. Other development expenditures are recognized in the Consolidated Statement of Operations as an expense, as incurred. Government grants to compensate for the cost of an asset are deducted from the cost of the related asset. Capitalized development expenditures are stated at cost less accumulated amortization and impairment losses. Other identifiable intangible assets Other intangible assets that are acquired by the Company are stated at cost (i.e. fair value of the consideration given) at the date of acquisition less accumulated amortization and impairment losses. Amortization Amortization is charged to the Consolidated Statement of Operations on a straight-line basis over the estimated useful lives of intangible assets unless such lives are indefinite. Amortization of capitalized development expenses and other intangible assets commence from the date they are available for use. The estimated useful lives are as follows: Category Estimated useful life Software 3\u20135 years Development expenses 3\u20137 years The Company does not have any other intangible assets with indefinite lives. The amortization is recognized in the Consolidated Statement of Operations in cost of sales, selling, general and administrative expenses and research and development expenses. Impairment of non-financial assets The carrying amounts of the Company\u2019s non-financial assets are reviewed at each year\u2019s end balance sheet date to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the Consolidated Statement of Operations. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units (group of units) and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro-rata basis. Calculation of recoverable amount The recoverable amount of other assets is the higher of their fair value less costs of disposal and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. Impairment losses in respect of goodwill are not reversed. 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. Other non-current assets Funds with insurance companies for pension liability are stated at fair value. Other current liabilities Other current liabilities consist of notes payable to banks, trade payables and other payables and are initially measured at fair value and subsequently at amortized cost, using the effective interest method. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments Initial recognition and measurement Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace are recognized on the trade date. On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (\u201cFVOCI\u201d) or fair value through profit and loss (\u201cFVTPL\u201d). Financial assets are classified and measured at amortized costs or fair value through OCI if the cash flows are solely payments of principal and interest (\u201cSPPI\u201d). Financial assets with cash flows that are not SPPI are classified and measured at FVTPL. On initial recognition, the Company may designate a financial asset that meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates an accounting mismatch. Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial instruments are initially measured at fair value plus any directly attributable transaction costs, with the exception of trade receivables. Transaction costs for financial assets at fair value through profit and loss are recognized directly in the Consolidated Statement of Operations. The Company\u2019s financial assets include cash and cash equivalents, deposits, trade receivables, other receivables and prepayments. The Company\u2019s financial liabilities include trade and other payables, bank overdrafts, loans and borrowings and compound financial instruments, such as Convertible Notes. Subsequent measurement and gains and losses Financial instruments at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial instruments at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Derecognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. Impairment of financial assets Impairment The Company recognizes loss allowances for expected credit losses (\u201cECLs\u201d) for all financial assets measured at amortized cost and measured at FVOCI. The Company measures loss allowances at an amount equal to lifetime ECLs, except for deposits and bank balances for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. 12-month ECLs are the portion of ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. Loss allowances for trade receivables are always measured at equal to lifetime expected credit losses. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company\u2019s historical experience and informed credit assessment and including forward-looking information. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). For trade receivables, the Company applies a simplified approach in calculating ECLs. Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is \u201ccredit-impaired\u201d when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Presentation of allowance for ECL in the Statement of Financial Position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company\u2019s procedures for recovery of amounts due. Derivative financial instruments and hedge accounting In line with its hedging strategy, the Company uses derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations relating to operational activities denominated in foreign currencies. In accordance with its treasury and risk policy, the Company does not hold or issue derivative financial instruments for trading purposes. The Company uses cash flow hedge accounting. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. The Company recognizes derivative financial instruments initially at fair value; attributable transaction costs are recognized in the Consolidated Statement of Operations as incurred. Subsequent to initial recognition, derivative financial instruments are measured at fair value. The gain or loss on remeasurement to fair value is recognized immediately in the Consolidated Statement of Operations in financial income (expense). Where derivatives qualify for hedge accounting, recognition of any gain or loss depends on the nature of the item being hedged. The Company applies the cash flow hedge accounting model. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income (hedging reserve), which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. The ineffective part of the hedge is recognized directly in the Consolidated Statement of Operations in financial income (expense). Convertible NotesThe Company has issued Convertible Notes (compound financial instruments) that can be converted to share capital at the option of the holder, the number of shares to be issued is fixed and does not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognized initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the financial liability is recognized in profit or loss. On conversion, the financial liability is reclassified to equity and no gain or loss is recognized. Provisions A provision is recognized in the Statement of Financial Position when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, 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, where appropriate, the risks specific to the liability. Warranties A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. Revenue recognition Significant accounting policy revenue Revenue is measured on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product of service to a customer. Nature of goods and services The following is a description of principal activities \u2013 aggregated into a single reporting segment, the semiconductor\u2019s back-end segment \u2013 from which the Company generates its revenue. The main portion of our revenue is derived from contractual arrangements that have multiple deliverables. The Company accounts for individual products and services separately if they are a distinct performance obligation, i.e. if a product or service is separately identifiable from other items in the arrangement and if a customer can benefit from it. The consideration is allocated between separate products and services in the arrangement based on their relative stand-alone selling prices. The relative stand-alone selling prices are determined based on the list prices for products and services that are sold separately or based on the expected costs plus a margin approach. For products and services that are not sold separately, the Company estimates relative stand-alone selling prices using the expected costs plus margin approach. Products and services Nature and timing of satisfaction of performance obligations and significant payment terms Machines, conversion kits and upgrades After successful internal buy-off, machines are shipped to customers and revenue is recognized when the customer takes control of the goods in accordance with mutually agreed shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Installation, start-up, paid services and training services These services are separate performance obligations and revenue is recognized at the moment of performance of these services. Paid services revenue is recognized over the contract period. Regular payment terms vary between 30 and 90 days after date of delivery. Spare parts Revenue of spare parts is recognized upon transfer of control, based on the applicable shipment terms. Regular payment terms vary between 30 and 90 days after date of delivery. Extended warranty Extended warranty is considered a separate performance obligation. Revenue for extended warranty for a warranty term in excess of the standard warranty term is deferred and recognized over the term of the extended warranty period. Contract assets and liabilities Contract assets are recognized according to the Company\u2019s rights to consideration for the fulfilled but not yet invoiced performance obligations at the reported date. Contract liabilities are recognized when advanced consideration is received from a customer or when the Company has outstanding performance obligations relating to extended warranty and installation. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less. Segment reporting Operating segments The Company is engaged in one line of business, the development, manufacturing, marketing, sales and service of semiconductor assembly equipment for the global semiconductor and electronics industries. The Company identifies three operating segments. The identified operating segments are Die Attach, Packaging and Plating. The chief operating decision maker reviews each operating segment in detail and certain operational functions are allocated to these operating segments: (i) Product Marketing, (ii) Research and Development, (iii) Customer Project Management, and (iv) General management. Shared functions (Operations, Sales & Service and Spares) and corporate functions (Finance, Legal, Human Resources and IT) do not qualify as operating segments. Hence, Besi identifies three operating segments which meet the IFRS 8 criteria. IFRS 8 allows for operating segments to be aggregated into one single operating segment if the operating segments share similar economic characteristics. The Company deems the three operating segments to meet the aggregation criteria, as the nature of the products and services, production processes, classes of customer and methods used to distribute the products and provide services are similar. Hence the three operating segments are aggregated into a single operating segment; the development, manufacturing, marketing, sales and service of assembly equipment for the semiconductor\u2019s back-end segment. The basis for aggregation is explained directly below and as a result of the aggregation, the Company has one reportable segment. All financial segment information can be found in the Consolidated Financial Statements. Indicators for aggregation into single operating segment The similarity of economic characteristics can be evaluated based on future prospects. Within the semiconductor back-end segment the market information is based on TechInsights, a leading independent industry analyst, forecasts. Industry trends are captured in these forecasts and always used as a source when referring to the future developments (e.g. press releases). Demand for semiconductor devices and expenditures for the equipment required to assemble semiconductors is cyclical, depending in large part on levels of demand worldwide for computing and peripheral equipment, telecommunications devices and automotive and industrial components as well as the production capacity of global semiconductor manufacturers. All operating segments move up or down in the same response to the same positive and negative factors like general economic upturns and downturns, changes in interest rates and currency exchange rates. The nature of products and services within the Besi group is very much the same, all captured in the semiconductor back-end industry and served by one service organization, which is designing and supporting that equipment. Furthermore, all production processes are organized as manufacturing and assembly of projects and are mainly produced in our Asian production facilities in Malaysia and China. This means that the production for the different operating segments share the same facilities, employees and processes. Also, similar materials are used to produce the systems. The evaluation of the type or class of customer for products and services leads to the conclusion that the risk exposure profile of the customers is similar because of the fact that all customers are leading US, European and Asian semiconductor manufacturers and assembly subcontractors which in their turn depend on the global market conditions. One worldwide responsible person for Sales & Customer Support, indicates the centralization of the sales organization and the method used to distribute our products. The Besi name is used throughout the global operations and the Besi logo has been adopted to be used by for all Besi products. Furthermore, in order to assess performance and to make resource allocation decisions based on sufficient detailed information, the chief operating decision maker must have financial information which covers all of the operating segments, including corporate functions, meaning full Consolidated Financial Statements. For example, the total external financing of the Besi group is evaluated on consolidated level and not split into business operations. Accordingly, all information consolidated is the reportable segment under IFRS 8, reported in the semiconductor back-end industry. Employee benefits Pension plans Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognized asset is limited to the present value of economic benefits available in the form of any future refund from the plan or reductions in future contributions paid to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Company. An economic benefit is available to the Company if it is realizable during the life of the plan, or on settlement of the plan liabilities. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognizes them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan amendment or curtailment occurs. A majority of the Company\u2019s Dutch employees participate in a pension plan operated by an industry-wide pension fund, which classifies as a defined contribution plan under IAS 19. Share-based payments In 2019, the Company adopted the Remuneration Policy 2020-2023 which is mainly a prolongation of the Remuneration Policy 2017-2019 which contains specific conditions for the performance shares awarded to the Board of Management. The Company established the BE Semiconductor Industries N.V. Long-Term Incentive plan for the Board of Management and other employees (the \u201c2017 and the 2020 Framework Incentive Plan\u201d). For more details, reference is made to Note 25. The grant date fair value of the performance shares granted to Board Members and key employees is measured taking into account the impact of any market performance conditions and non-vesting conditions, but excludes the impact of any service and non-market performance conditions. The grant date fair value of the equity-settled share-based payment awards is recognized as an employee expense, with a corresponding increase in equity, over the period between the grant date and the vesting date of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service condition and any non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. Subsidies and other governmental credits Subsidies and other governmental credits to cover research and development costs relating to approved projects are recorded as research and development credits in the period when the research and development costs to which such subsidy or credit relates occurs. If the related development costs are capitalized, the subsidies and other governmental credits will be offset against capitalization. The Company has received direct grants and social security exemptions relating to COVID-19 pandemic measures implemented by various governments. These governmental grants have been recorded in the same period and reporting line as the expenses to which these grants or exemptions relate to. Net financing expenses and borrowing costs Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, foreign exchange gains and losses and the net cost of hedging. Interest income is recognized in the Consolidated Statement of Operations as it accrues, using the effective interest method. The interest expense component of lease payments is recognized in the Consolidated Statement of Operations. Borrowing costs that are not directly attributable to the acquisition or production of a qualifying asset are recognized in the Consolidated Statement of Operations using the effective interest method. Income taxes The Company applies the liability method of accounting for taxes. Under the liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using substantively enactment tax rates expected to apply to taxable income in the years which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations or directly in equity in the period that includes the enactment date, depending on how the deferred tax assets and liabilities were initially recognized. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Significant accounting judgements, estimates and assumptions The preparation of the Company\u2019s Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgements In the process of applying the Company\u2019s accounting policies, management has made the following judgements, apart from those involving estimates, that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. Impairment of non-financial assets The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Goodwill and other indefinite life intangibles are tested for impairment annually and at other times when such indicators exist. Other non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value-in-use calculations are undertaken, management must estimate the expected future cash flows from the asset or cash-generating unit and determine a suitable discount rate in order to calculate the present value of those cash flows. Further details are contained in Notes 9, 10 and 11. Deferred tax assets Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Further details are contained in Note 29. Pension and other post-employment benefits The costs of defined benefit pension plans and other post-employment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 25. Development costs Development costs are capitalized in accordance with the accounting policy as reflected before. Initial capitalization of costs is based on management judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Further details are contained in Note 11. Inventory obsolescence Provisions for obsolete inventories are recognized for inventories which are deemed obsolete. Significant management judgement is required to determine the amount which is considered obsolete. Further details are contained in Note 6. Lease contracts with renewal options The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Company has the option, under some of its leases to lease the assets for additional terms of one to five years. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. It considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. New IFRS standards and interpretations A number of new standards, amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2022. However, the Company expects no material impact on the Consolidated Financial Statements. 3. Cash and cash equivalents(\u20ac thousands) December 31, 2022 December 31, 2021 Cash at banks 78,496 310,714 Deposits 268,073 140,681 Money market funds and reverse repos 145,117 - Total cash and cash equivalents 491,686 451,395 Interest rates on cash at banks are variable.At December 31, 2022 and 2021, no amount in cash and cash equivalents was restricted.Short-term deposits have a maturity or notice period between one and three months and carry interest at the respective short-term deposit rates. Deposits with initial maturities exceeding three months are reported under deposits. The money market funds as of December 31, 2022 were readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The reverse repos have a maturity period less than three months. 4. DepositsAt December 31, 2022 and 2021, an amount of \u20ac 180.0 million and \u20ac 220.8 million,respectively, was placed on deposit for various periods and with initial maturity exceedingthree months. At December 31, 2021 an amount of \u20ac 25.0 million had a remaining maturityof more than one year and was classified as non-current. The expected credit loss ondeposits is considered immaterial.5. Trade receivablesTrade receivables, generally with payment terms of 30 to 90 days, with expected creditlosses amounting to \u20ac 855 and \u20ac 856 at December 31, 2022 and 2021, respectively, are asfollows:(\u20ac thousands) December 31, 2022 December 31, 2021 Trade receivables 149,188 175,798 Allowance for expected credit losses (855) (856) Total trade receivables, net 148,333 174,942 All trade accounts receivables have an estimated maturity shorter than one year. The carrying values of the recorded receivables are a reasonable approximation of their respective fair values, given the short maturities of the positions and the fact that allowances for expected credit losses have been recognized. Reference is made to Note 31 for additional information on ageing of trade receivables. The movements in the allowance for expected credit losses are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 856 807 Additions 2 33 Usage (3) - Foreign currency translation - 16 Balance at December 31 855 856 6. InventoriesInventories consist of the following:(\u20ac thousands) December 31, 2022 December 31, 2021 Raw materials 30,306 33,561 Work in progress 59,967 58,753 Finished goods 1,844 2,085 Total inventories, net 92,117 94,399 In 2022, raw materials and changes in work in progress and finished goods included in cost of sales amounted to \u20ac 225.2 million (2021: \u20ac 253.7 million including \u20ac 7.4 million inventory impairment related to a flood at our Malaysian production facility in December 2021). The movements in the provision for obsolescence are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 14,674 12,787 Additions 1,540 1,437 Usage (923) (116) Foreign currency translation 139 566 Balance at December 31 15,430 14,674 7. Other receivables Other receivables consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Research and development grants 8,110 4,475 Forward foreign currency exchange contracts 6,803 4,605 VAT receivables 2,051 2,391 Revenue to be invoiced 416 1,531 Interest to be received 369 - Other 350 544 Total other receivables 18,099 13,546 Other receivables do not include any amounts with expected remaining terms of more than one year. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 8. Prepayments Prepayments consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Prepaid licenses 1,463 1,070 Prepaid suppliers 364 772 Prepaid insurances 289 282 Prepaid pensions and social security 21 84 Other prepayments 772 816 Total prepayments 2,909 3,024 Prepayments do not include any amounts with expected remaining terms of more than one year. Other prepayments consist of prepaid maintenance, prepaid exhibitions and other prepayments. 9. Property, plant and equipmentProperty, plant and equipment, net consist of the following:(\u20ac thousands) Land, buildings and leasehold improvements Machinery and equipment Office furniture and equipment Assets under construction Total Balance at January 1, 2022 Cost 32,678 45,856 10,240 415 89,189 Accumulated depreciation and impairment (18,550) (31,932) (8,823) - (59,305) Property, plant and equipment, net 14,128 13,924 1,417 415 29,884Changes in book value in 2022 Capital expenditures 2,591 3,045 870 37 6,543 Transfers from inventory - 3,575 - - 3,575 Disposals (cost) 191 (3,098) (2,292) - (5,199) Disposals (accumulated depreciation) (178) 3,065 2,284 - 5,171 Depreciation (1,571) (4,324) (795) - (6,690) Impairment - - - - - Foreign currency translation (36) 22 13 (11) (12) Total changes 997 2,285 80 26 3,388 Balance at December 31, 2022 Cost 36,148 47,475 8,930 441 92,994Accumulated depreciation and impairment (21,023) (31,266) (7,433) - (59,722) Property, plant and equipment, net 15,125 16,209 1,497 441 33,272(\u20ac thousands) Land, buildings and leasehold improvements Machinery and equipment Office furniture and equipment Assets under construction Total Balance at January 1, 2021 Cost 29,232 42,490 9,619 1,475 82,816 Accumulated depreciation and impairment (17,401) (28,872) (8,703) - (54,976) Property, plant and equipment, net 11,831 13,618 916 1,475 27,840Changes in book value in 2021 Capital expenditures 3,213 1,591 1,207 (1,060) 4,951 Transfers from inventory - 2,070 - - 2,070 Disposals (cost) (914) (1,833) (876) - (3,623) Disposals (accumulated depreciation) 807 1,826 873 - 3,506 Depreciation (1,350) (3,984) (718) - (6,052) Impairment - (62) - - (62) Foreign currency translation 541 698 15 - 1,254 Total changes 2,297 306 501 (1,060) 2,044 Balance at December 31, 2021Cost 32,678 45,856 10,240 415 89,189 Accumulated depreciation and impairment (18,550) (31,932) (8,823) - (59,305) Property, plant and equipment, net 14,128 13,924 1,417 415 29,884Depreciation and impairment The depreciation and impairment is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 1,609 1,493 Selling, general and administrative expenses 4,427 4,000 Research and development expenses 654 621 Total depreciation and impairment 6,690 6,114 10. GoodwillGoodwill, net consists of the following:(\u20ac thousands) 2022 2021 Balance at January 1 Cost 65,370 64,684 Accumulated impairment (20,200) (20,200) Goodwill, net 45,170 44,484 Changes in book value Foreign currency translation 576 686 Total changes 576 686 Balance at December 31 Cost 65,946 65,370 Accumulated impairment (20,200) (20,200) Goodwill, net 45,746 45,170 Impairment tests for cash-generating units containing goodwill The Company annually carries out impairment tests on capitalized goodwill, based on the cash-generating units. The aggregate carrying amounts of goodwill with indefinite lives allocated to each cash-generating unit are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Die Attach 43,765 43,189 Plating 1,981 1,981 Total 45,746 45,170 The value-in-use of the cash-generating units subject to impairment testing is calculated based on the discounted cash flow method. The value-in-use calculations use discounted cash flow projections based on the budget for the year 2023 and financial projections per cash-generating unit approved by management for the projection period (2024-2027). The key assumptions used by management underlying the value-in-use calculation per cash-generating unit are as follows. Cash flows per cash-generating unit for the five-year projection period are based on: \u2022 The Company\u2019s budget for 2023.\u2022Revenue forecasts for 2024-2027 as per market growth estimates from TechInsights,a leading independent analyst for the semiconductor and semiconductor equipmentindustries, and the Company\u2019s estimated market shares.\u2022 Bottom-up estimates for gross profit, research and development and selling, generaland administrative expenses as per management\u2019s strategic planning.\u2022 A pre-tax discount rate of 11.6% (Die Attach) to 13.2% (Plating) representing the pre-taxweighted average cost of capital is determined using the Capital Asset Pricing Model (in2021 a pre-tax discount rate of 7.7% (Die Attach) and 8.4% (Plating)).\u2022Residual value is based on a 1.0% perpetual growth rate (in 2021: 1.0%).\u2022 The risk free rate of 2.3% (in 2021: 0.0%) and equity risk premium of 6.0% (in 2021: 5.0%).All assumptions used reflect the current market assessment and are based on published indices and management estimates which are challenged by a third party financial advisor. Based on this analysis, management believes that the value-in-use of the cash-generating units subject to impairment testing substantially exceeded their carrying values and that therefore, goodwill was not impaired as of December 31, 2022. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions of 100 basis points (lower revenue growth rates and higher discount rates, respectively) would not result in other conclusions for the impairment test performed. 11. Other intangible assets Other intangible assets, net consist of the following: (\u20ac thousands) Software Development expenses Total Balance at January 1, 2022 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 Changes in book value in 2022 Capitalized development expenses - 21,613 21,613 Capital expenditures 237 - 237 Disposals (cost) (1,874) (7,572) (9,446) Disposals (accumulated depreciation) 1,755 7,572 9,327 Amortization (546) (11,723) (12,269) Foreign currency translation 1 3,009 3,010 Total changes (427) 12,899 12,472 Balance at December 31, 2022 Cost 10,539 105,178 115,717 Accumulated amortization (10,165) (24,334) (34,499) Other intangible assets, net 374 80,844 81,218 (\u20ac thousands) Software Development expenses Total Balance at January 1, 2021 Cost 12,952 62,560 75,512 Accumulated amortization (11,973) (12,879) (24,852) Other intangible assets, net 979 49,681 50,660 Changes in book value in 2021 Capitalized development expenses - 23,015 23,015 Capital expenditures 386 - 386 Disposals (cost) - (1,436) (1,436) Disposals (accumulated depreciation) - 1,436 1,436 Amortization (569) (7,292) (7,861) Foreign currency translation 5 2,541 2,546 Total changes (178) 18,264 18,086 Balance at December 31, 2021 Cost 13,374 87,361 100,735 Accumulated amortization (12,573) (19,416) (31,989) Other intangible assets, net 801 67,945 68,746 At December 31, 2022 an amount of \u20ac 44.2 million (2021: \u20ac 33.1 million) relates to capitalized development expenses not available for use, which have been tested for impairment based on the key assumptions as outlined in Note 10. The impairment tests did not indicate any required impairment of capitalized development expenses. The outcome of a sensitivity analysis was that possible adverse changes in key assumptions (10% lower revenue and 100 basis points higher discount rates) would not result in other conclusions for the impairment tests performed. The disposals of software and development expenses relate to intangible assets that have been fully amortized. Amortization The amortization charge is recognized in the following line items in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Cost of sales 11 12 Selling, general and administrative expenses 451 474 Research and development expenses 11,807 7,375 Total amortization 12,269 7,861 12. Other non-current assets Other non-current assets consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Marketable securities for pension liability 522 607 Guarantee deposits 691 444 Total other non-current assets 1,213 1,051 Reference is made to Note 25 for more details. 13. Borrowing facilities At December 31, 2022, Besi and its subsidiaries had available lines of credit aggregating \u20ac 98.0 million (2021: \u20ac 97.9 million), under which \u20ac 1.1 million (2021: \u20ac 2.2 million) was utilized related to bank guarantees. In general, interest is charged at the banks\u2019 base lending rates or ESTR/SOFR plus an increment. There were no defaults at December 31, 2022. A summary of Besi\u2019s principal credit lines is as follows: \u2022 A \u20ac 80 million committed revolving credit facility (\u201cthe Facility\u201d) with a consortium of European banks, which matures in 2026. Outstanding amounts under the Facility will bear interest at ESTR/SOFR plus a margin that depends on the Company\u2019s financial position. The agreement can be increased to \u20ac 136 million. Borrowings under the Facility can be repaid at any time at 100% of principal amount and can be used for working capital and other corporate purposes. The principal covenants associated with the Facility include a maintenance test of consolidated debt to equity and a limitation on the incurrence of additional permitted indebtedness. The Facility is granted without securities. \u2022 An uncommitted overdraft facility of \u20ac 10.0 million for the purpose of short-term overdrafts (maximum of 15 days) in current accounts. The facility has no contractual maturity date. \u2022 A credit line of \u20ac 1.0 million for bank guarantees is granted without securities. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 0.5 million related to Besi APac Sdn. Bhd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.5 million related to Besi Singapore Pte. Ltd. for bank guarantees is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a parent company guarantee. The borrowing facility has no contractual maturity date. \u2022 A credit line of \u20ac 3.0 million related to Besi Leshan Co., Ltd. is granted without securities, however, with the requirement that BE Semiconductor Industries N.V. holds, directly or indirectly, an interest of at least 51%. The credit facility is secured by a guarantee of BE Semiconductor Industries N.V. The borrowing facility has no contractual maturity date. 14. Trade payables Trade payables are non-interest bearing and are normally settled on 30-90 day terms. 15. Provisions Warranty provision A summary of activity in the warranty provision is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 6,641 3,478 Additions 6,409 7,709 Usage (6,467) (4,133) Releases (1,170) (685) Foreign currency translation 165 272 Balance at December 31 5,578 6,641 A provision for warranty is recognized when the underlying products or services are sold and presented in selling, general and administrative expenses. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. The warranty provision encompasses the standard warranty provided to customers only. The provision at December 31, 2022 is expected to be fully utilized during 2023. 16. Other payables (\u20ac thousands) December 31, 2022 December 31, 2021 Payroll accruals 16,561 15,492 Volume rebate and commissions 10,042 8,347 Project costs 4,237 3,809 Audit and consultancy fees 1,610 2,080 Invoices to be received 1,419 883 Interest expenses 1,352 1,378 Temporaries 691 1,146 Freight and packaging costs 488 935 Forward foreign currency exchange contracts 98 5,105 Other payables 5,963 5,370 Total other payables 42,461 44,545 Other payables are non-interest bearing and have an average term of three months. Interest payable is normally settled quarterly throughout the year with the exception of the Convertible Notes on which interest is settled semi-annually. Reference is made to Note 31 for additional information with respect to forward foreign currency exchange contracts. 17. Other current liabilities (\u20ac thousands) December 31, 2022 December 31, 2021 Advances from customers 7,227 12,854 Contract liabilities 14,825 11,415 Payroll liabilities 4,163 3,717 Other 1,700 2,564 Total other liabilities 27,915 30,550 Contract liabilities non-current portion (927) (980) Total other current liabilities 26,988 29,570 Other current liabilities are non-interest bearing and are not expected to be settled in cash. 18. Long-term debt (\u20ac thousands) December 31, 2022 December 31, 2021 Long-term debt Convertible Notes 323,134 300,254 Research and development loan from \u00d6sterreichische Forschungsf\u00f6rderungsgesellschaft mbH, Wien, Austria (interest rate at 0.75% at December 31, 2022) 2,042 1,548 Total 325,176 301,802 Less: current portion (2,361) - Total long-term debt 322,815 301,802 Aggregate required principal payments due on long-term debt, assuming no further conversion of the Convertible Notes for the next years are as follows: (\u20ac thousands) Long-term debt 2023 2,400 2024 32,500 2025 2,042 2027 150,000 2029 175,000 Total 361,942 Less: current portion of long-term debt (2,400) Non-current portion of long-term debt (principal value) 359,542 The Company and its subsidiaries had no defaults for its long-term debt at December 31, 2022. Convertible Notes In December 2016, the Company issued \u20ac 125 million principal amount of Convertible Notes with a maturity date of December 2, 2023 (the \u201c2016 Convertible Notes\u201d). The 2016 Convertible Notes carry a nominal interest rate of 2.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 18.61 (subject to adjustments). The original exercise price of \u20ac 43.51 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2016 Convertible Notes in accordance with the terms and conditions related thereto. The 2016 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 23, 2020, the Company may redeem the outstanding 2016 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2016 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2016 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. The principal amount outstanding of the 2016 Convertible Notes amounts \u20ac 2.4 million at December 31, 2022 and December 31, 2021. The amount of the 2016 Convertible Notes classified as equity of \u20ac 11,310 is net of attributable debt issuance cost of \u20ac 215. In November 2017, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of December 6, 2024 (the \u201c2017 Convertible Notes\u201d). The 2017 Convertible Notes carry a nominal interest rate of 0.5% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 46.63 (subject to adjustments). The original exercise price of \u20ac 99.74 has been adjusted for the two-for-one stock split effective May 4, 2018 and dividends paid subsequent to the date of issuance of the 2017 Convertible Notes in accordance with the terms and conditions related thereto. The 2017 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from December 27, 2021, the Company may redeem the outstanding 2017 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2017 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2017 Convertible Notes may be redeemed at the option of the holder in the event of a change of control, at the principal amount plus accrued interest. In 2022, \u20ac 139.9 million principal amount of the 2017 Convertible Notes were converted into 2,907,231 ordinary shares at request of Bondholders. The carrying value of the liability at conversion amounted to \u20ac 133.3 million and was reclassified to equity and no gain or loss was recognized on conversion. As a result, the principal amount outstanding of the 2017 Convertible Notes declined from \u20ac 172.4 million at December 31, 2021 to \u20ac 32.5 million at December 31, 2022. The amount of the 2017 Convertible Notes classified as equity of \u20ac 18,479 is net of attributable debt issuance cost of \u20ac 292.In August 2020, the Company issued \u20ac 150 million principal amount of Convertible Notes with a maturity date of August 5, 2027 (the \u201c2020 Convertible Notes\u201d). The 2020 Convertible Notes carry a nominal interest rate of 0.75% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 49.86 (subject to adjustments). The 2020 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from August 26, 2024, the Company may redeem the outstanding 2020 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2020 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2020 Convertible Notes may be redeemed at the option of the holder (i) on August 5, 2025 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2020 Convertible Notes classified as equity of \u20ac 16,528 is net of attributable debt issuance cost of \u20ac 251. In April 2022, the Company issued \u20ac 175 million principal amount of Convertible Notes with a maturity date of April 6, 2029 (the \u201c2022 Convertible Notes\u201d). The 2022 Convertible Notes carry a nominal interest rate of 1.875% per year, payable semi-annually. Bondholders can convert the bonds into ordinary shares at a conversion price of \u20ac 115.50 (subject to adjustments). The 2022 Convertible Notes will be repaid at maturity at a price of 100% of their principal amount plus accrued and unpaid interest. If not converted, at any time from April 27, 2026, the Company may redeem the outstanding 2022 Convertible Notes at their principal amount, subject to giving a minimum of 30 days\u2019 and maximum of 60 days\u2019 prior notice to Bondholders, if the value of the shares underlying the 2022 Convertible Notes equals or exceeds 130% of the then effective conversion price for at least 20 out of 30 consecutive dealing days. The 2022 Convertible Notes may be redeemed at the option of the holder (i) on April 6, 2027 at their principal amount plus accrued interest and (ii) in the event of a change of control, at the principal amount plus accrued interest. The amount of the 2022 Convertible Notes classified as equity of \u20ac 22,334 is net of attributable debt issuance cost of \u20ac 366. Reconciliation of liabilities arising from financing activities The tables below detail the changes in the Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company\u2019s Consolidated Statement of Cash Flows as cash flows from financing activities. (\u20ac thousands) January 1, 2022 Financing cash flows Equity component of new Convertible Notes Additional lease liabilities Amortization/ accretion of interest Conversion of Convertible Notes Foreign currency translation December 31, 2022 Convertible Notes 300,254 172,176 (22,334) - 6,292 (133,254) - 323,134 Government loans 1,548 494 - - - - - 2,042 Lease liabilities 10,673 (4,101) - 10,417 231 - 489 17,709 Total 312,475 168,569 (22,334) 10,417 6,523 (133,254) 489 342,885 (\u20ac thousands) January 1, 2021 Financing cash flows Additional lease liabilities Amortization/ accretion of interest Conversion of Convertible Notes Foreign currency translation December 31, 2021 Convertible Notes 399,429 - - 6,219 (105,394) - 300,254 Government loans 527 1,021 - - - - 1,548 Lease liabilities 9,928 (3,638) 3,988 59 - 336 10,673 Total 409,884 (2,617) 3,988 6,278 (105,394) 336 312,475 19. LeasesThe Company has lease contracts for various facilities and other equipment used in itsoperations. Leases of facilities generally have lease terms between one and ten years,while motor vehicles and other equipment generally have lease terms between one andfour years. The Company\u2019s obligations under its leases are secured by the lessor\u2019s title tothe leased assets. There are several lease contracts that include extension options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Company\u2019s business needs. Management exercises significant judgement in determining whether these extension options are reasonably certain to beexercised. The Company also has certain leases of machinery and offices with lease termsof 12 months or less and leases of office equipment with low value. The Company appliesthe short-term lease and lease of low-value assets recognition exemptions for theseleases.Right of use assets Right of use assets consists of the following: (\u20ac thousands) Land and buildings Office furniture and equipment Total Balance at January 1, 2022 10,052 554 10,606 Additions 9,807 610 10,417 Depreciation (3,683) (350) (4,033) Foreign currency translation 484 6 490 Balance at December 31, 2022 16,660 820 17,480 (\u20ac thousands) Land and buildings Office furniture and equipment Total Balance at January 1, 2021 9,352 521 9,873 Additions 3,705 283 3,988 Depreciation (3,331) (258) (3,589) Foreign currency translation 326 8 334 Balance at December 31, 2021 10,052 554 10,606 The following amounts are recognized in the Consolidated Statement of Operations: (\u20ac thousands) Year ended December 31, 2022 2021 Depreciation expense of right of use assets 4,033 3,589 Interest expenses on lease liabilities 231 59 Expenses related to short-term leases 143 98 Expenses related to leases of low-value assets 135 177 Total 4,542 3,923 Lease liabilities Lease liabilities consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Current 3,337 3,475 Non-current 14,372 7,198 Total lease liabilities 17,709 10,673 The incremental borrowing rates used to determine the lease liabilities range between 0% and 4.37%. Principal payments due on lease liabilities for the next five years and thereafter are as follows: (\u20ac thousands) Lease liabilities 2023 3,638 2024\u20132027 8,845 2028 and thereafter 6,947 Total payments due on lease liabilities 19,430 Discount (1,721) Lease liabilities 17,709 Extension options Below schedule provides an overview of the contractually agreed extension options and the Company\u2019s assessment and accounting treatment: (\u20ac thousands) Within 5 years More than 5 years Total Extension option reasonably certain to be exercised - included in lease liabilities 1,167 282 1,449 Extension option reasonably certain not to be exercised - excluded from lease liabilities 1,352 1,950 3,302 Total (undiscounted) 2,519 2,232 4,751 20. ProvisionsProvisions consist of the following:(\u20ac thousands) December 31, 2022 December 31, 2021 Pension liabilities Switzerland 5,169 8,509 Pension liabilities Austria 454 657 Severance obligations Austria 3,617 4,719 Severance obligations Korea 1,873 2,095 Other provisions 234 259 Provisions 11,347 16,239 Reference is made to Note 25 for more details. 21. EquityAt December 31, 2022 and December 31, 2021, Besi\u2019s authorized share capital consisted of160,000,000 ordinary shares, nominal value \u20ac 0.01 per share, and 160,000,000 preferenceshares, nominal value \u20ac 0.01 per share.At December 31, 2022 and December 31, 2021, 78,487,926 and 77,969,623 ordinary shares were outstanding, excluding treasury shares of 2,658,812 and 598,219, respectively. No preference shares were outstanding at December 31, 2022 and December 31, 2021. All issued shares have been paid in full. Changes in other reserves during 2022 and 2021 are as follows: (\u20ac thousands) Accumulated other comprehensive income (loss) Legal reserve currency translation adjustment Legal reserve capitalized R&D expenses Legal reserve cash flow hedging Legal reserve subsidiaries Total other reserves Balance at January 1, 2022 (11,613) 44,771 67,945 607 4,418 106,128 Total comprehensive income (loss) for the period 4,521 9,467 - 3,867 - 17,855 Transfer from retained earnings - - 12,899 - 103 13,002 Balance at December 31, 2022 (7,092) 54,238 80,844 4,474 4,521 136,985 Balance at January 1, 2021 (13,523) 23,451 49,681 1,401 3,406 64,416 Total comprehensive income (loss) for the period 1,910 21,320 - (794) - 22,436 Transfer from retained earnings - - 18,264 - 1,012 19,276 Balance at December 31, 2021 (11,613) 44,771 67,945 607 4,418 106,128Accumulated other comprehensive income (loss) consists of: (\u20ac thousands) December 31, 2022 December 31, 2021 Actuarial gains (losses) (8,633) (13,979) Deferred taxes 778 1,603 Other 763 763 Accumulated other comprehensive income (loss) (7,092) (11,613) For further notes to the Company\u2019s equity, reference is made to the Notes to the Parent Company Financial Statements. 22. Commitments and contingenciesThe Company has an unconditional obligation related to the purchase of materials andequipment totaling \u20ac 143.2 million and \u20ac 225.0 million as of December 31, 2022 and 2021,respectively.23. RevenueDisaggregation of revenue The following table disaggregates the geographical distribution of the Company\u2019s revenue billed to customers: (\u20ac thousands) Year ended December 31, 2022 2021 China 187,572 282,041 Malaysia 87,437 63,283 Taiwan 86,884 65,014 Korea 73,339 63,834 United States 59,263 40,170 Ireland 46,036 76,448 Thailand 38,724 34,033 Japan 16,463 40,543 1 Other Asia Pacific58,219 33,941 1 Other Europe43,708 38,747 1 Rest of the World25,225 11,243 Total revenue 722,870 749,297 1 Countries with revenue representing more than 5% of consolidated revenue in 2022 or 2021 are separately disclosed. The following table disaggregates the Company\u2019s revenue of the three different operating segments: (\u20ac thousands) Year ended December 31, 2022 2021 Die Attach 572,373 617,677 Packaging 117,808 114,444 Plating 32,689 17,176 Total revenue 722,870 749,297 The Company\u2019s revenue is generated by shipments to leading US, European and Asian multinational chip manufacturers, assembly subcontractors and electronics and industrial companies.Contract balancesThe following table provides information about receivables, contract liabilities and other payables from contracts with customers: (\u20ac thousands) December 31, 2022 December 31, 2021 Receivables, which are included in trade receivables and other receivables 148,749 176,473 Contract liabilities 14,825 11,415 Volume rebates 9,490 8,105 Significant changes in the contract liabilities are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 11,415 6,493 Revenue recognized that was included in the contract liability balance at the beginning of the period (9,815) (5,571) Increases due to cash received, excluding amounts recognized as revenue during the period 12,720 10,094 Foreign currency translation 505 399 Balance at December 31 14,825 11,415 An amount of \u20ac 927 in the contract liabilities as per December 31, 2022 is expected to be recognized after more than one year and is presented under other non-current liabilities. Transaction price allocated to the remaining performance obligations The following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less: (\u20ac thousands) December 31, 2022 December 31, 2021 Within 12 months 20,732 58,753 From 12-36 months 492 1,491 Total 21,224 60,244 24. Segment, geographic and customer information Geographical information The following table summarizes revenue, non-financial assets and total assets of the Company\u2019s operations in the Netherlands, Switzerland, Austria, Singapore and Malaysia, the significant geographic areas in which the Company operates. Intra-area revenues are based on the sales prices at arm\u2019s length: (\u20ac thousands) The Netherlands Switzerland Austria Singapore Malaysia Other Total Year ended December 31, 2022 Total revenue 120,464 484,664 6,719 730,573 189,705 68,483 1,600,608 Intercompany revenue (119,346) (484,498) (6,719) (13,148) (189,242) (64,785) (877,738) External revenue 1,118 166 - 717,425 463 3,698 722,870 Non-financial assets 16,883 125,191 13,534 3,891 10,268 7,949 177,716 Capital expenditures 534 167 1,425 184 3,783 687 6,780 Year ended December 31, 2021 Total revenue 107,973 548,368 8,904 763,140 214,945 99,049 1,742,379 Intercompany revenue (107,226) (548,368) (8,904) (19,214) (214,410) (94,960) (993,082) External revenue 747 - - 743,926 535 4,089 749,297 Non-financial assets 19,539 103,514 12,658 4,194 5,816 8,685 154,406 Capital expenditures 1,146 335 1,955 347 922 632 5,337 Major customer(s) For the year ended December 31, 2022, no customer represented more than 10% of the Company\u2019s revenue. For the year ended December 31, 2021, one customer represented more than 10% of the Company\u2019s revenue. This customer represented 10.6% of the Company\u2019s revenue. 25. Employee benefits Post-employment benefits Employee post-employment benefit plans have been established in many countries in accordance with legal requirements, customs and local practices in the countries involved. Pension plan parent company Type: Defined contribution plan. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 0.1 million in 2022 and 2021. Pension plan Dutch subsidiaries Type: Defined contribution plan. Industry-wide pension plan managed by Bedrijfstak pensioen-fonds Metalektro and excedent plan for certain employees. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 1.3 million in 2022 and \u20ac 1.2 million in 2021. Pension plan Switzerland Type: Defined benefit plan for guaranteed pension payments. Insured with an independent insurance company. Company obligations: The contributions required are based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the plan is 15 years. Valuation: The pension assets related to this defined benefit plan are netted with the pension liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate is based on the available information at December 31, 2022 and determined as follows: Swiss franc bonds with rating AA as included in the Swiss Bond Index. These bonds are used to determine a yield curve for durations up to 10 years. This yield curve is extended based on the government bond rates for longer duration. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Movement in the present value of the defined benefit obligations: (\u20ac thousands) 2022 2021 Liability for defined benefit obligations at January 1 50,539 49,746 Current service cost 1,323 1,246 Interest expense 132 98 Actuarial gain arising from changes in economic assumptions (11,605) (2,551) Actuarial loss arising from experience 680 769 Plan participants\u2019 contribution 483 431 Benefits paid through pension assets (709) (1,501) Foreign currency translation 2,262 2,301 Liability for defined benefit obligations at December 31 43,105 50,539 Total defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income: (\u20ac thousands) Year ended December 31, 2022 2021 Current service costs 1,323 1,246 Interest expense on benefit obligation 132 98 Interest income on plan assets (112) (79) Administration expenses 33 31 Defined benefit cost recognized in net income 1,376 1,296 Remeasurement from changes in financial assumptions and experience (10,925) (1,782) Return on plan assets (excluding amounts in net interest) 6,929 (640) Defined benefit cost (benefit) recognized in comprehensive income (2,620) (1,126) Movement in the fair value of plan assets: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 42,030 39,540 Interest income 112 79 Return on plan assets (excluding amounts included in net interest) (6,929) 640 Plan participants\u2019 contribution 483 431 Company contributions 1,054 961 Benefits paid through pension assets (709) (1,501) Administration expenses (33) (31) Foreign currency translation 1,928 1,911 Fair value of plan assets at December 31 37,936 42,030 The major categories of plan assets as a percentage of the fair value of total plan assets are as follows: December 31, 2022 December 31, 2021 Qualified insurance policies 31% 35% Bonds 19% 19% Real estate 20% 16% Equities 22% 21% Other/cash 8% 9% Total 100% 100% The insurance policies cover in principle the minimum funding requirements. Future contributions can be increased due to changes in the annuity factors. This is subject to decision of the Company. Net pension liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Defined benefit obligations 43,105 50,539 Fair value of plan assets (37,936) (42,030) Net liability 5,169 8,509 Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 1.2 million. Sensitivity analysis The calculation of the defined benefit obligations is sensitive to the assumptions as set out above. The following table summarizes how the defined benefit obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit obligations 0.5% increase 0.5% decrease Discount rate (2,669) 3,173 Salary increase 233 (221) The above sensitivities are based on the average duration of the defined benefit obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit obligation at the end of the reporting period of the assumptions concerned. Pension plan Austria Type: Voluntary defined benefit plan for guaranteed pension payments covering certain persons, as well as a defined benefit plan for severance payments in accordance with Austrian labor law. Both plans are insured with an independent insurance company. Company obligations: The contributions required based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the pension plan is 5 years and the plan for severance payments is 16 years. Valuation: The pension assets related to this defined benefit plan do not qualify as plan assets and are therefore presented separately, not netted with the pension liability. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the project unit cost method. Remeasurements are recognized in accumulated other comprehensive income (loss). There were no gains or losses from changes in demographic and financial assumptions for either pension or severance payment plan. Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Movements in the present value of the defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) Pension liabilities Severance obligations 2022 Total Liability for defined benefit and severance obligations at January 1 657 4,719 5,376 Current service cost 22 204 226 Interest expense 7 45 52 Actuarial gain recognized (224) (1,351) (1,575) Benefits paid (8) - (8) Liability for defined benefit and severance obligations at December 31 454 3,617 4,071 (\u20ac thousands) Pension liabilities Severance obligations 2021 Total Liability for defined benefit and severance obligations at January 1 692 4,900 5,592 Current service cost 24 224 248 Interest expense 3 24 27 Actuarial loss recognized (55) (429) (484) Benefits paid (7) - (7) Liability for defined benefit and severance obligations at December 31 657 4,719 5,376 The accumulated defined benefit obligation amounts to \u20ac 4.1 million at December 31, 2022. Future expected benefit payments to (former) employees regarding pensions and leave over the next five years are considered immaterial. A summary of the components of the defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 226 248 Interest expense on benefit obligation 52 27 Defined benefit cost recognized in net income 278 275 Remeasurement gain recognized (1,575) (484) Defined benefit cost (benefit) recognized in comprehensive income (1,297) (209) Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 0.2 million. Sensitivity analysis The calculation of the defined benefit and severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the defined benefit and severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit and severance obligations 0.5% increase 0.5% decrease Discount rate (258) 282 Salary increase 251 (232) The above sensitivities are based on the average duration of the defined benefit and severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit and severance obligations at the end of the reporting period of the assumptions concerned. Severance plan Korea Type: Defined benefit plan for severance payments in accordance with Korean law. The plan is partially covered through an independent insurance company. Company obligations: The current plan is unfunded and the Company is responsible for the payment of the severance payment upon the termination of the employee contract. Duration: The weighted average duration for severance payments is six years. Valuation: The assets related to this defined benefit plan are netted with the liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% Movements in the present value of the severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Liability for severance obligations at January 1 2,278 2,325 Current service cost 211 217 Interest expense 56 47 Actuarial loss (gain) recognized (291) 65 Benefits paid (partly through plan assets) (206) (354) Foreign currency translation 2 (22) Liability severance obligations at December 31 2,050 2,278 The accumulated defined benefit obligation amounts to \u20ac 2.1 million at December 31, 2022. Total expected benefits payable under this plan amount to \u20ac 0.3 million in 2023. A summary of the components of the defined benefit cost recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 211 217 Interest expense on severance obligation 56 47 Interest income on plan assets (4) (5) Defined benefit cost recognized in net income 263 259 Remeasurement loss (gain) recognized (291) 65 Return on plan assets (excluding amounts in net interest) 2 3 Defined benefit cost recognized in comprehensive income (26) 327 Changes in assets related to the liability for severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 183 249 Interest income 4 5 Return on plan assets (excluding amounts included in net interest) (2) (3) Benefits paid through pension assets (8) (65) Foreign currency translation - (3) Fair value of plan assets at December 31 177 183 Net liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Severance obligations 2,050 2,278 Fair value of plan assets (177) (183) Net liability 1,873 2,095 Sensitivity analysis The calculation of the severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Severance obligations 0.5% increase 0.5% decrease Discount rate (43) 45 Salary increase 27 (44) The above sensitivities are based on the average duration of the severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the severance obligations at the end of the reporting period of the assumptions concerned. Pension plan - other countries The Company\u2019s US, Malaysian, Chinese and Singapore subsidiaries have defined contribution plans that supplement the governmental benefits provided under local legislation. Share-based payments Remuneration Policy In 2019, the Company adopted the Remuneration Policy 2020-2023, which is mainly a prolongation of the Remuneration Policy 2017-2019. The total number of ordinary shares that will be awarded may not exceed 1.5% of the total number of outstanding shares at December 31 of the year prior to the year in which the award is made. Under the Remuneration Policy 2020-2023, the Supervisory Board may, at its own discretion and upon recommendation of the Remuneration and Nomination Committee, award additional shares to a member of the Board of Management as a reward for extraordinary achievements of excellent performance, up to a maximum of 120,000 shares. In February 2022, the Supervisory Board at its own discretion and upon recommendation by the Remuneration and Nomination Committee, awarded the member of the Board of Management 70,000 shares, which vested on February 17, 2022. 2017 and 2020 Framework Incentive Plan The performance shares awarded to the member of the Board of Management and other employees under the 2017 and 2020 Framework Incentive Plan will vest at the end of the three-year performance period, depending on the actual performance of the Company. If at target performance is achieved, 100% of the performance shares awarded will vest. The maximum number of shares that can vest amounts to 150% of the target number of performance shares conditionally awarded. After the three-year performance period the actual number of performance shares that vests, subject to continued employment, will be determined based on: \u2022 Net income as a percentage of revenue (\u201cNIR\u201d) over a three-year performance period (50%). \u2022 The Company\u2019s Total Shareholder Return (\u201cTSR\u201d) relative to that of the TSR peer group consisting of 19 peer companies operating in the semiconductor industry (50%). The TSR comparator group consists of the following companies: TSR comparator group (excluding Besi) Aixtron SE Lam Research Corporation 1Applied Materials, Inc. MKS Instruments, Inc. ASM International N.V. Nova Ltd. ASML Holding N.V. Onto Innovation, Inc. ASM Pacific Technology Ltd. FormFactor, Inc. Axcelis Technologies, Inc. S\u00dcSS MicroTec SE Cohu, Inc. Tokyo Electron Ltd. DISCO Corporation Tokyo Seimitsu Co., Ltd. Entegris, Inc. Veeco Instruments, Inc. Kulicke & Soffa Industries, Inc. 1 In 2021, Brooks Automation, Inc. divested its semiconductor solutions group. Therefore, Brooks Automation, Inc. is replaced by MKS Instruments, Inc. as from 2022. Vesting is determined based on the following schedule, whereby as from the 2020 Framework Incentive Plan the straight-line vesting percentages are being applied on a pro rate basis between rank 12 and rank 3 for awards made as from 2020: Besi TSR ranking relative to comparator group Vesting percentage Top 3 75% Rank 4 \u2013 Rank 6 50% (at target) Rank 7 \u2013 Rank 12 25% Rank 13 \u2013 Rank 20 0% Summary of outstanding performance shares Following is a summary of changes in performance shares (award numbers adjusted for the two-for-one stock split): 2022 2021 Outstanding at January 1 382,234 391,209 Performance shares granted (at target level) 74,996 119,679 Shares discretionary granted to the Board of Management 70,000 100,000 Shares discretionary granted to key employees 57,200 73,600 Performance adjustments 53,227 19,580 Performance shares settled in equity instruments (re-issued from treasury shares) (306,774) (310,614) Performance shares forfeited (18,296) (11,220) Outstanding at December 31 312,587 382,234 The market price of the Company\u2018s ordinary shares at the date of grant of the performance shares in 2022 and 2021 was \u20ac 58.74 and \u20ac 67.32, respectively. The market price of the Company\u2019s ordinary shares at the date of grant of the additional shares to the member of the Board of Management was \u20ac 74.62 (2021: \u20ac 57.30) and the market price at the date of grant to key employees was \u20ac 65.88 (2021: \u20ac 61.90). The following table shows the outstanding at target number of performance shares conditionally awarded to the Board of Management and selected key employees, in accordance with the Besi 2020 Framework Incentive Plan: Performance shares Year of grant Three-year performance period Number of performance shares 2020 2020-2022 131,223 2021 2021-2023 109,943 2022 2022-2024 71,421 Total 312,587 Fair value measurement performance shares 2020 Framework Incentive Plan (Board of Management and other key employees) For the awards made in 2022, the fair value at the grant date of the 50% portion with a TSR performance condition was \u20ac 40.48 (2021: \u20ac 59.33) and has been derived using a Monte Carlo Simulation model. The significant inputs into the model were: 2022 2021 Market price of the Company\u2019s ordinary shares (in euro) 58.74 67.32 Expected volatility 45.7% 44.0% Expected dividend yield 5.51% 2.49% Vesting period (in years) 3 3 Risk-free interest rate 0.49% (0.68%) For the 2022 awards, the fair value at the grant date of the 50% portion with a NIR performance condition was \u20ac 49.78 (2021: \u20ac 62.47). This fair value has been derived from the market price of the Company\u2018s ordinary shares at the grant date, adjusted based on the present value for expected dividends over the three-year vesting period. The expenses related to share-based payment plans recognized in the Consolidated Statement of Operations are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Performance shares granted and delivered to the Board of Management 5,223 5,730 Performance shares granted and delivered to key employees 3,762 4,556 Conditional performance shares Board of Management 1,327 1,320 Conditional performance shares key employees 4,947 4,803 Total expense recognized as personnel expenses 15,259 16,409 26. Related-party transactions BE Semiconductor Industries N.V. and all its subsidiaries are consolidated and all transactions between these entities have been eliminated in these financial statements. There are no non-consolidated companies considered as related parties. The Board of Management and the Supervisory Board are considered \u201cKey Management Personnel\u201d in accordance with IAS 24. The remuneration of the Board of Management and the Supervisory Board is as follows. Remuneration of the Board of Management The remuneration of the member of the Board of Management is determined by the Supervisory Board, all with due observance of the Remuneration Policy adopted by the General Meeting of Shareholders. The Supervisory Board is required to present any scheme providing for the remuneration of the member of the Board of Management in the form of shares or options to the General Meeting of Shareholders for adoption. The total cash remuneration and related costs of the member of the Board of Management for the years ended December 31, 2022 and 2021, are as follows: (\u20ac) Year ended December 31, 2022 2021 1 Salaries and other short-term employee benefits1,732,910 1,733,678 2 Post-employment benefits12,430 21,340 Equity compensation benefits: Incentive Plan 1,326,796 1,320,399 Equity compensation benefits: Discretionary grant 5,223,400 5,730,000 Total 8,295,536 8,805,417 1 Salaries include a bonus earned over the applicable year, which will be payable in the second quarter of the year thereafter. Furthermore, other benefits include expense compensation, medical insurance and social security premiums.2 The pension arrangements for the member of the Board of Management are defined contribution plans. The Company does not have further pension obligations beyond an annual contribution. Remuneration of the Supervisory Board The aggregate remuneration paid to current members of the Supervisory Board was \u20ac 339 in 2022 and \u20ac 337 in 2021. The remuneration of the Supervisory Board is determined by the General Meeting of Shareholders. For further details for the remuneration of the Board of Management and the Supervisory Board reference is made to the Remuneration Report in this Annual Report. Ordinary shares and performance shares held by the member of the Board of Management The aggregate number of ordinary shares held by the current member of the Board of Management is as follows: Ordinary number of shares December 31, 2022 December 31, 2021 Board of Management 1,516,837 1,505,728 Performance shares Year of grant Three-year performance period Number of performance shares Board of Management 2020 2020-2022 31,920 2021 2021-2023 25,143 2022 2022-2024 13,927 Total 70,990 The performance shares awarded will vest at the end of the three-year performance period, depending on the actual performance of the Company. 27. Selected operating expenses and additional information Personnel expenses for all employees are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Wages and salaries 102,359 91,704 COVID-19 related grants and exemptions - (198) Social security expenses 12,140 10,572 Pension and retirement expenses defined contribution 5,888 5,044 Pension and retirement expenses defined benefit 1,724 1,631 Share-based compensation plans 15,259 16,409 Total personnel expenses 137,370 125,162 The COVID-19 related grants and exemptions relate to the Company\u2019s subsidiaries in Singapore and China and are unconditional. The average number of fulltime equivalent employees during 2022 and 2021 was 1,686 and 1,577, respectively. For pension and retirement expenses, reference is made to Note 25. The total number of fulltime equivalent employees per department is: December 31, 2022 December 31, 2021 Sales and Marketing 432 421 Manufacturing and Assembly 657 660 Research and Development 434 410 General and Administrative 152 154 Total number of personnel 1,675 1,645 As of December 31, 2022 and 2021, a total of 153 and 153 fulltime equivalent employees, respectively, were employed in the Netherlands. 28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.29. Income taxes Deferred tax assets (liabilities) consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets 19,563 27,436 Deferred tax liabilities (13,303) (10,970) Total deferred tax assets (liabilities), net 6,260 16,466 The items giving rise to the deferred tax assets (liabilities), net are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets (liabilities) Swiss tax credits 17,429 24,216 Lease liabilities 3,008 1,927 Provision for pensions 1,885 2,708 Inventories 1,677 1,954 Operating losses carry forward 1,660 2,108 Interest 593 390 Right of use assets (2,962) (1,913) Convertible Notes (8,417) (5,579) Intangible assets (9,182) (9,865) Other items 569 520 Total deferred tax assets (liabilities), net 6,260 16,466 Following is a summary of changes in items giving rise to deferred tax assets (liabilities), net: (\u20ac thousands) January 1, 2022 Profit and loss 2022 Other comprehensive income Equity Foreign currency translation December 31, 2022 Deferred tax assets (liabilities), net Swiss tax credits 24,216 (7,772) - - 985 17,429 Lease liabilities 1,927 1,029 - - 52 3,008 Provision for pensions 2,708 (17) (825) - 19 1,885 Inventories 1,954 (250) - - (27) 1,677 Operating losses carry forward 2,108 (447) - - (1) 1,660 Interest 390 203 - - - 593 Right of use assets (1,913) (997) - - (52) (2,962) Convertible Notes (5,579) 980 - (3,818) - (8,417) Intangible assets (9,865) 683 - - - (9,182) Other items 520 350 (355) - 54 569 Total 16,466 (6,238) (1,180) (3,818) 1,030 6,260 (\u20ac thousands) January 1, 2021Profit and loss 2021Other comprehensive incomeEquity Foreign currency translationDecember 31, 2021Deferred tax assets (liabilities), net Swiss tax credits 18,581 4,672 - - 963 24,216 Lease liabilities 1,895 (12) - - 44 1,927 Provision for pensions 2,952 55 (342) - 43 2,708 Inventories 1,036 909 - - 9 1,954 Operating losses carry forward 2,281 (260) - - 87 2,108 Interest 1,419 (1,029) - - - 390 Right of use assets (1,888) 19 - - (44) (1,913) Convertible Notes (7,770) 1,349 - 842 - (5,579) Intangible assets (9,839) (24) - - (2) (9,865) Other items 417 129 (31) - 5 520 Total 9,084 5,808 (373) 842 1,105 16,466 Up to and including 2019, Besi\u2019s Swiss operations had a mixed company status on Cantonal and Communal level. Effective January 1, 2020, the Federal Act on Tax Reform and AHV Financial (\u201cSwiss Tax Reform\u201d) became effective, abolishing the current privileged corporate tax regimes. Upon transition, the Company has decided to use the current law step up method, which creates tax free reserves. These tax free reserves can be depreciated against taxable income on Cantonal and Communal level for a period of five years (years 2020 up to and including 2024) and to a maximum of 70% of the taxable income. In 2021, Besi\u2019s Swiss operations obtained an approval for the Swiss Principal Company regime regarding its Singapore distribution activities effective from January 1, 2018. As part of the Swiss Tax Reform, effective January 1, 2020, this regime was abolished and upon transition, tax free reserves were created on Federal level, which can be depreciated against taxable income for a period of ten years in equal installments (years 2020 up to and including 2029). The Company recorded a net deferred tax asset of \u20ac 1.8 million in 2021. In 2022, the Company received an approval for application of an adjusted valuation model for the step-up potential calculation, which resulted in an increase of the tax free reserves. As such, the Company recorded \u20ac 2.6 million net additional deferred tax assets and \u20ac 0.9 million tax refunds relating to prior years. In 2022, the Company utilized \u20ac 7.2 million of the deferred tax assets related to the tax free reserves on Cantonal, Communal and Federal level. Based on the results in 2022 and the updated projections for the Company\u2019s Swiss operations for the years 2023 and 2024, the Company recorded an additional valuation allowance on the deferred tax asset of \u20ac 3.4 million (2021: upward valuation of \u20ac 10.6 million). An amount of \u20ac 5.8 million related to the Swiss Tax Reform is not recognized, as the Company does not expect to utilize these tax credits within five years as per the Company\u2019s policy. The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. The deferred tax assets for operating losses carry forward are related to the US operations of the Company. In assessing the recoverability of deferred tax assets, the Company considers whether it is probable that sufficient taxable profits will be available to realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The US carry forwards amounted to \u20ac 1.7 million as of December 31, 2022 and expire during the period of 2023 and thereafter. The net deferred tax asset related to the US carry forward amounts are expected to be fully recovered. The Dutch carry forwards relating to operating losses were utilized in 2021. In 2021, the Dutch Government increased the statutory tax rate to 25.8% from 2021 onwards. Under the Dutch innovation box regime, qualifying income that results from endeavors in the field of research and development, is taxed at an effective Dutch corporation tax rate of 9%. In 2019, the Company has been granted the Dutch innovation box regime, effective January 1, 2015 for the years up to and including 2022. The distinction in recognized and unrecognized tax losses carry forward and tax credits is as follows: (\u20ac millions) Recognized 2022 Unrecognized Recognized 2021 Unrecognized USA 1.7 - 2.1 - Austria - - 0.1 - Total tax losses carried forward 1.7 - 2.2 - Switzerland tax free reserves 17.4 5.8 24.2 2.1 Total 19.1 5.8 26.4 2.1 The aggregate deferred tax related to items recognized outside of profit and loss amounts to \u20ac 5.0 million. The Dutch domestic statutory tax rate is 25.8% for the year ended December 31, 2022 (2021: 25.0%). The reconciliation between the actual income tax shown in the Consolidated Statement of Operations and the expense (benefit) that would be expected based on the application of the domestic tax rate to income before income tax is as follows: (\u20ac thousands) Year ended December 31, 2022 in % of income before taxes Year ended December 31, 2021 in % of income before taxes Expected income tax expense based on domestic rate 71,076 25.8% 75,960 25.0% Foreign tax rate differential (32,313) (11.8%) (33,030) (10.8%) Recognition of Swiss tax credit (2,553) (0.9%) (1,772) (0.6%) Non-deductible expenses 2,956 1.1% 314 0.1% Tax incentive (6,298) (2.3%) (6,579) (2.2%) Tax exempt income (725) (0.3%) (475) (0.2%) Valuation allowance adjustments 3,404 1.2% (11,040) (3.6%) Changes in enacted tax rates 720 0.3% (76) (0.0%) Adjustments prior years (1,396) (0.5%) (2,377) (0.8%) Other (28) 0.0% 496 0.2% Income tax expense reported 34,843 12.6% 21,421 7.1% The difference between the effective tax rate and the statutory rate in the Netherlands is mainly due to different statutory tax rates in the countries in which Besi operates outside the Netherlands, primarily in Switzerland. The tax incentives mainly relates to the application of the innovation box regime in the Netherlands and preferential tax rate in Singapore. The adjustment of the valuation allowance of \u20ac 3.4 million in 2022 relates to the revaluation of tax credits at Besi Switzerland due to the 2022 financial performance and revised projections. The income tax expense shown in the Consolidated Statement of Operations consists of the following: (\u20ac thousands) Year ended December 31, 2022 2021 Current 28,605 27,229 Deferred 6,238 (5,808) Total 34,843 21,421 There are no income tax consequences attached to the proposed payment of dividends by the Company to its shareholders. Tax risk Given the international business structure of the Company and the increasing number and amounts of intercompany transactions certain tax risks hereto may exist. Profits are allocated to countries where factual economic activities are executed in accordance with national and international rules and standards and intragroup transactions have a business rationale. Besi has controls and procedures in place, including oversight, to manage its tax risks. These risk management and governance arrangements are embedded in an Internal Besi Framework. Besi has appropriate tax knowledge in-house to deal with its tax affairs, supplementing this with external advice where appropriate. Besi monitors new and developing tax legislation, ensures appropriate training is provided to its staff, and adapts procedures and processes to comply with changes. In Austria a tax audit is ongoing of which the outcome is not known yet. 30. Earnings per share The following table reconciles ordinary shares outstanding at the beginning of the year to average shares outstanding used to compute income per share. 2022 2021 Shares outstanding at beginning of the year 77,969,623 72,865,911 Shares re-issued from treasury shares for the vesting of performance stock awards (LTI) 179,574 137,014 Shares re-issued from treasury shares for the vesting of shares discretionary granted 127,200 173,600 Shares re-issued from treasury shares for partial conversion of the 2016 and 2017 Convertible Notes 328,335 5,508,946 Shares issued for partial conversion of the 2017 Convertible Notes 2,578,896 - Shares bought under the share repurchase program (2,695,702) (715,848) Shares outstanding at end of the year 78,487,926 77,969,623 Average shares outstanding - basic 79,311,366 76,309,749 Dilutive effect of outstanding performance shares 380,590 487,525 Dilutive effect of all outstanding Convertible Notes 5,834,201 8,561,022 Average shares outstanding - diluted 85,526,157 85,358,296 Net income in 2022 used in calculating dilutive earnings per share amounts to \u20ac 248.3 million (2021: \u20ac 289.3 million) and is adjusted for the after tax effects of interest charges related to the 2016, 2017, 2020 and 2022 Convertible Notes amounting to \u20ac 7.6 million in 2022 (2021: \u20ac 6.9 million). 31. Financial instruments, financial risk management objectives and policies Fair value of financial instruments The Company assumes that the book value of the Company\u2019s financial instruments, which consist of cash and cash equivalents, deposits, trade receivables and accounts payable, does not significantly differ from their fair value due to the short maturity of those instruments and to the fact that interest rates are floating or approximate the rates currently available to the Company. For the valuation of the Convertible Notes reference is made to Note 18. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The fair values of other financial assets and financial liabilities, together with the carrying amounts in the Consolidated Statements of Financial Position, are as follows: (\u20ac thousands) Note Carrying amount December 31, 2022 Level Fair value Financial assets Forward foreign currency exchange contracts 7 6,803 2 6,803 Marketable securities for pension liability 12 522 1, 2 522 1Deposits4 25,000 2 24,265 Total 32,325 31,590 Financial liabilities Forward foreign currency exchange contracts 16 98 2 98 2 Long-term debt18 325,176 1 402,036 Total 325,274 402,134 1 Relates to a two-years deposit, maturing in December 2023. The fair value of all other deposits does not significantly differ from their book values due to their short maturity and remaining tenor. 2 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. (\u20ac thousands) Note Carrying amount December 31, 2021 Level Fair value Financial assets Forward foreign currency exchange contracts 7 4,605 2 4,605 Marketable securities for pension liability 12 607 1, 2 607 Total 5,212 5,212 Financial liabilities Forward foreign currency exchange contracts 16 5,105 2 5,105 1 Long-term debt18 301,802 1 517,025 Total 306,907 522,130 1 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. There were no transfers between levels during the years ended December 31, 2022 and December 31, 2021. The only recurring fair value measurement is the valuation of forward exchange contracts for hedging purposes. According to IFRS 13 this measurement is categorized as Level 2. Non-recurring fair value measurements were not applicable in the reporting period. Financial risk management objectives and policies Risk management framework The Company is exposed to a variety of financial risks, such as foreign currency risk, interest rate risk, credit risk, market risk, liquidity risk and capital risk. These risks are inherent to the way the Company operates as a multinational with a number of local operating companies. The Company\u2019s overall risk management policy is established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to risk limits. Risk management policies and systems are managed at central level and reviewed regularly to reflect changes in market conditions and the Company\u2019s activities. All material findings that result from the use of the Company\u2019s risk management policy are discussed with our Audit Committee and Supervisory Board. The Company, through its training, management standards and procedures, such as guidelines and instructions governing hedging of financial risks, developed a disciplined and constructive control environment in which all employees understand their roles and obligations. In addition, the Company performs several reviews at all significant operating companies, such as reviews of the foreign currency positions. The Company\u2019s policies, specifically regarding foreign currency hedging, interest rate, credit, market and liquidity risks, are further described in the remainder of this Note. Foreign currency risk Due to the international scope of the Company\u2019s operations, the Company is exposed to the risk of adverse movements in foreign currency exchange rates. These movements typically also affect economic growth, inflation, interest rates, government actions and other factors. These changes can cause the Company to adjust its financing and operating strategies. The Company is primarily exposed to fluctuations in the value of the euro, Swiss franc, Singapore dollar, Malaysian ringgit and Chinese renminbi against the US dollar and US dollar-linked currencies. Furthermore, due to the Company\u2019s ongoing transfer of the supply chain to Asia, the Company is increasingly exposed to fluctuations of the Malaysian ringgit, Chinese renminbi and Singapore dollar against the euro, Swiss franc and US dollar. As a consequence of the global nature of Besi\u2019s businesses, its operations, reported financial results and cash flows are exposed to the risks associated with fluctuations in exchange rates between the euro and other major world currencies. Besi\u2019s currency risk exposure primarily occurs because the Company generates a portion of its revenue in currencies other than the euro while the major share of the corresponding cost of sales is incurred in euro, Swiss franc, Malaysian ringgit and Chinese renminbi. The percentage of its consolidated net revenue which is represented in US dollar amounted to approximately 72% and 78% of total revenue for the years ended December 31, 2022 and 2021, respectively, whereas revenue denominated in euro amounted to approximately 28% in 2022. Approximately 27% of its costs and expenses were denominated in euro, 30% in Malaysian ringgit, 14% in Chinese renminbi, 10% in US dollar and the remaining 19% in various currencies. In order to mitigate the impact of currency exchange rate fluctuations, Besi continually assesses its remaining exposure to currency risks and hedges such risks through the use of derivative financial instruments. The Company seeks to protect itself from adverse movements in foreign currency exchange rates by hedging firmly committed sales contracts, which are denominated in foreign currencies through the use of forward foreign currency exchange contracts. In addition, the Company also uses forward foreign currency exchange contracts to hedge balance sheet positions that are denominated in a foreign currency. During 2022 and 2021, the Company did not have any derivative financial instruments that were held for trading or speculative purposes. Furthermore, the Company does not use financial instruments to hedge the translation risk related to equity and intercompany loans of a permanent nature. The Company has adopted the cash flow hedge model in line with IFRS 9. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income, which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. Due to cash flow hedge transactions, \u20ac 4,830 was reported as other comprehensive income at December 31, 2022. The amount in 2022 recycled from equity in revenue in the Consolidated Statement of Operations was \u20ac 12,635. The cash flow hedging reserve included in equity comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred. The ineffective part of the hedges recognized, directly in the Consolidated Statement of Operations was a loss of \u20ac 924 in 2022 and a loss of \u20ac 81 in 2021. The movement of the cash flow hedging reserve is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 639 1,401 Amount recognized in equity 12,635 (5,002) Amount recycled in Consolidated Statement of Operations (9,368) 4,159 Amount reclassified to Consolidated Statement of Operations due to ineffectiveness 924 81 Balance at December 31 4,830 639 The Company has exposure to credit risk to the extent that the counterparty to the transaction fails to perform according to the term of the contract. The amount of such credit risk, measured as the fair value of all forward foreign currency exchange contracts that have a positive fair value position, was \u20ac 6,803 and \u20ac 4,605 at December 31, 2022 and 2021, respectively. The Company believes that the risk of significant loss from credit risk is remote, because it deals with credit-worthy financial institutions. The Company does not, in the normal course of business, demand collateral from the counterparties. A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) The Company\u2019s principal financial liabilities, other than derivatives, comprise of bank loans and overdrafts, Convertible Notes, financial leases and trade payables. The main purpose of these financial liabilities is to finance the Company\u2019s operations. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The Company enters into derivative transactions exclusively with forward currency contracts. The purpose of these transactions is to manage the currency risks arising from the Company\u2019s operations. The Company\u2019s policy is, and has been throughout 2022 and 2021, that no trading in derivatives shall be undertaken. The main risks arising from the Company\u2019s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The following table presents a sensitivity analysis of the Company\u2018s profit before tax (due to changes in the fair value of monetary assets and liabilities) and the Company\u2019s equity (due to changes in the fair value of forward exchange contracts) related to reasonable potential changes in the US dollar exchange rate compared to the euro, Swiss franc and Malaysian ringgit, with all other variables held constant. This comparison is done as most transactions are in US dollar and are hedged against the local currencies of the main operations in the Netherlands, Switzerland and Malaysia. The analysis includes the effects of fair value changes of the financial instruments used to hedge the currency exposures and focuses only on balance sheet positions. The discussion below of changes in currency exchange rates does not incorporate other economic factors. For example, the sensitivity analysis does not take into account the possibility that rates can move in opposite directions and that gains from one category may or may not be offset by losses from another category. As currency exchange rates change, translation of the statements of operations of Besi\u2019s international business into euro affects year over year comparability. (\u20ac thousands) Effect on profit before tax 2022 Effect on equity Effect on profit before tax 2021 Effect on equity Increase/decrease in US dollar rate compared to euro +10% - (2,300) - (2,600) -10% - 2,300 - 2,600 Increase/decrease in US dollar rate compared to Swiss franc +10% - (12,000) - (15,300) -10% - 12,000 - 15,300 The current outstanding forward exchange contracts have been included in this calculation. Interest rate risk The Company has interest-bearing assets and liabilities exposing it to fluctuations in market interest rates. The Company is hardly exposed to the risk of changes in market interest rates through borrowing activities due to very limited debt with floating interest rates. Given the Company\u2019s cash position, fluctuations in market interest rates are affecting the Company\u2019s results. An increase of interest rates will have a positive effect, while a decrease of market interest rates will negatively impact the Company\u2019s results. No derivative interest rate related swaps have been entered into for trading or speculative purposes or to manage interest exposures. Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Cash and cash equivalents The Company is managing the credit risk from balances with banks and cash equivalents in accordance with the Company\u2019s cash investment policy. In addition to preserving the principal amount main objectives of this policy are maintaining appropriate liquidity for business operations, diversifying cash investments to minimize risk from inappropriate investments and concentrating the Company\u2019s cash at the highest level, i.e. BE Semiconductor Industries N.V. Diversification is aimed by distributing the cash and cash equivalents over at least five counterparties including money market funds. Cash pool arrangements based on zero-balancing are in place to concentrate cash enabling BE Semiconductor Industries N.V. to fulfil the role of internal bank. The Company invests cash and cash equivalents in (short-term) deposits with financial institutions that have good credit ratings and in AA and AAA money market funds that invest in highly rated short-term debt securities of governments, financial institutions and corporates. These investments are readily convertible to a known amount in cash and are subject to an insignificant risk of change in value. Trade receivables and other receivables The Company has established a credit policy under which credit evaluations are performed on all customers requiring credit over specified thresholds. The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. As the Company\u2019s revenue is generated by shipments to Asian manufacturing operations of leading US, European and Asian semiconductor manufacturers and subcontractors, an industry and geographical concentration of credit risk exists, however, this risk is reduced through the long-term relationships with its customers. Ageing of trade receivables and other receivables: (\u20ac thou- sands) Total Impaired Current Past due < 30 days30\u201360 days 60\u201390 days 90\u2013120 days > 120 days 2022 166,432 (855) 132,991 8,026 11,476 2,405 1,430 10,959 2021 188,488 (856) 142,005 15,104 18,040 5,313 2,606 6,276 Expected credit loss assessment The Company recognizes an allowance for expected credit losses (\u201cECLs\u201d). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition the Company has compared the outcome based on historical losses with the credit ratings of its largest individual customers. Based on the above, an amount of \u20ac 855 of impairment has been recognized on trade receivables and contract assets as per December 31, 2022. Forward exchange contracts The forward exchange contracts are with multiple counterparties that have high credit ratings. Currently, the Company does not expect any counterparty to fail to meet its obligations. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Company\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Company. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company\u2019s liquidity needs are affected by many factors including uncertainties of the global economy and the semiconductor industry resulting in fluctuating cash requirements. The Company believes that it will have sufficient liquidity to meet its current liabilities including expected capital expenditures and repayment obligations in 2022. The Company monitors its risk to a shortage of funds by reviewing cash flows of all entities throughout the year. The Company intends to return cash to the shareholders on a regular basis in the form of dividend payments and, subject to actual and anticipated liquidity requirements and other relevant factors, share buybacks. The table below summarizes the maturity profile of the Company\u2019s financial liabilities at December 31, 2022 and 2021, based on contractual undiscounted payments: (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 year Total December 31, 2022 Convertible Notes (assuming no conversion) - - 2,400 182,500 175,000 359,900 Other long-term debt - - - 2,042 - 2,042 Lease liabilities (Note 19) - 1,120 2,518 8,845 6,947 19,430 Interest payable convertible - 563 4,066 17,788 4,922 27,339 Trade payable 13,920 27,486 25 - - 41,431 Other payables 2,903 8,938 29,280 - - 41,121 Total 16,823 38,107 38,289 211,175 186,869 491,263 (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 years Total December 31, 2021 Convertible Notes (assuming no conversion) - - - 174,800 150,000 324,800 Other long-term debt - - - 1,548 - 1,548 Lease liabilities (Note 19) - 887 2,643 6,836 417 10,783 Interest payable convertible - 563 1,485 6,284 1,125 9,457 Trade payable 23,075 51,592 44 - - 74,711 Other payables 1,946 14,654 22,322 - - 38,922 Total 25,021 67,696 26,494 189,468 151,542 460,221 It is not expected that the cash flows included in the maturity profile could occur significantly earlier, or at significantly different amounts. Capital management The primary objective of the Company\u2019s capital management is to ensure healthy capital ratios, with focus on liquidity and financial stability throughout the industry cycles, in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may make a dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2022 and December 31, 2021. The Company only regards equity as capital. This capital is managed using solvency ratio (excluding intangible assets) and return on investment. (\u20ac thousands, except for percentages) 2022 2021 Equity 628,535 619,274 Solvency ratio 55.4% 54.1% Solvency ratio (excluding intangible fixed assets) 49.7% 49.1% Return on average equity 38.6% 57.0% The return on average equity is calculated using the opening and closing balance of equity and the net income of 2022. The total number of ordinary shares that will be awarded under the 2020 Framework Incentive Plan may not exceed 1.5% of the total number of outstanding shares at December 31 of the year prior to the year in which the award is made. 32. Events after the balance sheet date There are no events to report. ",
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"s32_notes__6__6-1": {
"value": "DividendsProposed for approval at the Annual General Meeting of Shareholders to be held on April 26, 2023 (not recognized as a liability as at December 31, 2022 and December 31, 2021):(\u20ac thousands) December 31, December 31,2022 2021\u20ac 2.85 per ordinary share (2021: \u20ac 3.33) 223,691 259,639The Board of Management proposes to allocate the part of the net income for the year 2022 remaining after payment of the dividend to the retained earnings. The SupervisoryBoard has approved this proposal.21. EquityAt December 31, 2022 and December 31, 2021, Besi\u2019s authorized share capital consisted of160,000,000 ordinary shares, nominal value \u20ac 0.01 per share, and 160,000,000 preferenceshares, nominal value \u20ac 0.01 per share.At December 31, 2022 and December 31, 2021, 78,487,926 and 77,969,623 ordinary shares were outstanding, excluding treasury shares of 2,658,812 and 598,219, respectively. No preference shares were outstanding at December 31, 2022 and December 31, 2021. All issued shares have been paid in full. Changes in other reserves during 2022 and 2021 are as follows: (\u20ac thousands) Accumulated other comprehensive income (loss) Legal reserve currency translation adjustment Legal reserve capitalized R&D expenses Legal reserve cash flow hedging Legal reserve subsidiaries Total other reserves Balance at January 1, 2022 (11,613) 44,771 67,945 607 4,418 106,128 Total comprehensive income (loss) for the period 4,521 9,467 - 3,867 - 17,855 Transfer from retained earnings - - 12,899 - 103 13,002 Balance at December 31, 2022 (7,092) 54,238 80,844 4,474 4,521 136,985 Balance at January 1, 2021 (13,523) 23,451 49,681 1,401 3,406 64,416 Total comprehensive income (loss) for the period 1,910 21,320 - (794) - 22,436 Transfer from retained earnings - - 18,264 - 1,012 19,276 Balance at December 31, 2021 (11,613) 44,771 67,945 607 4,418 106,128Accumulated other comprehensive income (loss) consists of: (\u20ac thousands) December 31, 2022 December 31, 2021 Actuarial gains (losses) (8,633) (13,979) Deferred taxes 778 1,603 Other 763 763 Accumulated other comprehensive income (loss) (7,092) (11,613) ",
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"value": "DividendsProposed for approval at the Annual General Meeting of Shareholders to be held on April 26, 2023 (not recognized as a liability as at December 31, 2022 and December 31, 2021):(\u20ac thousands) December 31, December 31,2022 2021\u20ac 2.85 per ordinary share (2021: \u20ac 3.33) 223,691 259,639The Board of Management proposes to allocate the part of the net income for the year 2022 remaining after payment of the dividend to the retained earnings. The SupervisoryBoard has approved this proposal.21. Equity",
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"language": "en",
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"value": "2.85",
"decimals": 2,
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"value": "3.33",
"decimals": 2,
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"value": "223691000",
"decimals": -3,
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"value": "22. Commitments and contingenciesThe Company has an unconditional obligation related to the purchase of materials andequipment totaling \u20ac 143.2 million and \u20ac 225.0 million as of December 31, 2022 and 2021,respectively.",
"dimensions": {
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"language": "en",
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"pp-value-272-3": {
"value": "22. Commitments and contingenciesThe Company has an unconditional obligation related to the purchase of materials andequipment totaling \u20ac 143.2 million and \u20ac 225.0 million as of December 31, 2022 and 2021,respectively.",
"dimensions": {
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"language": "en",
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"value": "23. RevenueDisaggregation of revenue The following table disaggregates the geographical distribution of the Company\u2019s revenue billed to customers: (\u20ac thousands) Year ended December 31, 2022 2021 China 187,572 282,041 Malaysia 87,437 63,283 Taiwan 86,884 65,014 Korea 73,339 63,834 United States 59,263 40,170 Ireland 46,036 76,448 Thailand 38,724 34,033 Japan 16,463 40,543 1 Other Asia Pacific58,219 33,941 1 Other Europe43,708 38,747 1 Rest of the World25,225 11,243 Total revenue 722,870 749,297 1 Countries with revenue representing more than 5% of consolidated revenue in 2022 or 2021 are separately disclosed. The following table disaggregates the Company\u2019s revenue of the three different operating segments: (\u20ac thousands) Year ended December 31, 2022 2021 Die Attach 572,373 617,677 Packaging 117,808 114,444 Plating 32,689 17,176 Total revenue 722,870 749,297 The Company\u2019s revenue is generated by shipments to leading US, European and Asian multinational chip manufacturers, assembly subcontractors and electronics and industrial companies.Contract balancesThe following table provides information about receivables, contract liabilities and other payables from contracts with customers: (\u20ac thousands) December 31, 2022 December 31, 2021 Receivables, which are included in trade receivables and other receivables 148,749 176,473 Contract liabilities 14,825 11,415 Volume rebates 9,490 8,105 Significant changes in the contract liabilities are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 11,415 6,493 Revenue recognized that was included in the contract liability balance at the beginning of the period (9,815) (5,571) Increases due to cash received, excluding amounts recognized as revenue during the period 12,720 10,094 Foreign currency translation 505 399 Balance at December 31 14,825 11,415 An amount of \u20ac 927 in the contract liabilities as per December 31, 2022 is expected to be recognized after more than one year and is presented under other non-current liabilities. Transaction price allocated to the remaining performance obligations The following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less: (\u20ac thousands) December 31, 2022 December 31, 2021 Within 12 months 20,732 58,753 From 12-36 months 492 1,491 Total 21,224 60,244 24. Segment, geographic and customer information Major customer(s) For the year ended December 31, 2022, no customer represented more than 10% of the Company\u2019s revenue. For the year ended December 31, 2021, one customer represented more than 10% of the Company\u2019s revenue. This customer represented 10.6% of the Company\u2019s revenue. ",
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"pp-value-273-3": {
"value": "23. RevenueDisaggregation of revenue The following table disaggregates the geographical distribution of the Company\u2019s revenue billed to customers: (\u20ac thousands) Year ended December 31, 2022 2021 China 187,572 282,041 Malaysia 87,437 63,283 Taiwan 86,884 65,014 Korea 73,339 63,834 United States 59,263 40,170 Ireland 46,036 76,448 Thailand 38,724 34,033 Japan 16,463 40,543 1 Other Asia Pacific58,219 33,941 1 Other Europe43,708 38,747 1 Rest of the World25,225 11,243 Total revenue 722,870 749,297 1 Countries with revenue representing more than 5% of consolidated revenue in 2022 or 2021 are separately disclosed. The following table disaggregates the Company\u2019s revenue of the three different operating segments: (\u20ac thousands) Year ended December 31, 2022 2021 Die Attach 572,373 617,677 Packaging 117,808 114,444 Plating 32,689 17,176 Total revenue 722,870 749,297 The Company\u2019s revenue is generated by shipments to leading US, European and Asian multinational chip manufacturers, assembly subcontractors and electronics and industrial companies.Contract balancesThe following table provides information about receivables, contract liabilities and other payables from contracts with customers: (\u20ac thousands) December 31, 2022 December 31, 2021 Receivables, which are included in trade receivables and other receivables 148,749 176,473 Contract liabilities 14,825 11,415 Volume rebates 9,490 8,105 Significant changes in the contract liabilities are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 11,415 6,493 Revenue recognized that was included in the contract liability balance at the beginning of the period (9,815) (5,571) Increases due to cash received, excluding amounts recognized as revenue during the period 12,720 10,094 Foreign currency translation 505 399 Balance at December 31 14,825 11,415 An amount of \u20ac 927 in the contract liabilities as per December 31, 2022 is expected to be recognized after more than one year and is presented under other non-current liabilities. Transaction price allocated to the remaining performance obligations The following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partly unsatisfied) at the reporting date. The Company applies the practical expedient in IFRS 15.121 and does not disclose information about the remaining performance obligations that have original expected durations of one year or less: (\u20ac thousands) December 31, 2022 December 31, 2021 Within 12 months 20,732 58,753 From 12-36 months 492 1,491 Total 21,224 60,244 24. Segment, geographic and customer information Major customer(s) For the year ended December 31, 2022, no customer represented more than 10% of the Company\u2019s revenue. For the year ended December 31, 2021, one customer represented more than 10% of the Company\u2019s revenue. This customer represented 10.6% of the Company\u2019s revenue. ",
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"pp-value-273-4": {
"value": "23. RevenueContract balancesThe following table provides information about receivables, contract liabilities and other payables from contracts with customers: (\u20ac thousands) December 31, 2022 December 31, 2021 Receivables, which are included in trade receivables and other receivables 148,749 176,473 Contract liabilities 14,825 11,415 Volume rebates 9,490 8,105 Significant changes in the contract liabilities are as follows: (\u20ac thousands) 2022 2021 Balance at January 1 11,415 6,493 Revenue recognized that was included in the contract liability balance at the beginning of the period (9,815) (5,571) Increases due to cash received, excluding amounts recognized as revenue during the period 12,720 10,094 Foreign currency translation 505 399 Balance at December 31 14,825 11,415 An amount of \u20ac 927 in the contract liabilities as per December 31, 2022 is expected to be recognized after more than one year and is presented under other non-current liabilities. ",
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"pp-value-285-4": {
"value": "24. Segment, geographic and customer information Geographical information The following table summarizes revenue, non-financial assets and total assets of the Company\u2019s operations in the Netherlands, Switzerland, Austria, Singapore and Malaysia, the significant geographic areas in which the Company operates. Intra-area revenues are based on the sales prices at arm\u2019s length: (\u20ac thousands) The Netherlands Switzerland Austria Singapore Malaysia Other Total Year ended December 31, 2022 Total revenue 120,464 484,664 6,719 730,573 189,705 68,483 1,600,608 Intercompany revenue (119,346) (484,498) (6,719) (13,148) (189,242) (64,785) (877,738) External revenue 1,118 166 - 717,425 463 3,698 722,870 Non-financial assets 16,883 125,191 13,534 3,891 10,268 7,949 177,716 Capital expenditures 534 167 1,425 184 3,783 687 6,780 Year ended December 31, 2021 Total revenue 107,973 548,368 8,904 763,140 214,945 99,049 1,742,379 Intercompany revenue (107,226) (548,368) (8,904) (19,214) (214,410) (94,960) (993,082) External revenue 747 - - 743,926 535 4,089 749,297 Non-financial assets 19,539 103,514 12,658 4,194 5,816 8,685 154,406 Capital expenditures 1,146 335 1,955 347 922 632 5,337 ",
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"pp-value-288-9": {
"value": "25. Employee benefits Post-employment benefits Employee post-employment benefit plans have been established in many countries in accordance with legal requirements, customs and local practices in the countries involved. Pension plan parent company Type: Defined contribution plan. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 0.1 million in 2022 and 2021. Pension plan Dutch subsidiaries Type: Defined contribution plan. Industry-wide pension plan managed by Bedrijfstak pensioen-fonds Metalektro and excedent plan for certain employees. Company obligations: No continuing obligations other than the annual payments. Contributions: \u20ac 1.3 million in 2022 and \u20ac 1.2 million in 2021. Pension plan Switzerland Type: Defined benefit plan for guaranteed pension payments. Insured with an independent insurance company. Company obligations: The contributions required are based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the plan is 15 years. Valuation: The pension assets related to this defined benefit plan are netted with the pension liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate is based on the available information at December 31, 2022 and determined as follows: Swiss franc bonds with rating AA as included in the Swiss Bond Index. These bonds are used to determine a yield curve for durations up to 10 years. This yield curve is extended based on the government bond rates for longer duration. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 2.25% 0.26% Future salary increases 2.50% 1.75% Future pension increases 0.10% 0.10% Movement in the present value of the defined benefit obligations: (\u20ac thousands) 2022 2021 Liability for defined benefit obligations at January 1 50,539 49,746 Current service cost 1,323 1,246 Interest expense 132 98 Actuarial gain arising from changes in economic assumptions (11,605) (2,551) Actuarial loss arising from experience 680 769 Plan participants\u2019 contribution 483 431 Benefits paid through pension assets (709) (1,501) Foreign currency translation 2,262 2,301 Liability for defined benefit obligations at December 31 43,105 50,539 Total defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income: (\u20ac thousands) Year ended December 31, 2022 2021 Current service costs 1,323 1,246 Interest expense on benefit obligation 132 98 Interest income on plan assets (112) (79) Administration expenses 33 31 Defined benefit cost recognized in net income 1,376 1,296 Remeasurement from changes in financial assumptions and experience (10,925) (1,782) Return on plan assets (excluding amounts in net interest) 6,929 (640) Defined benefit cost (benefit) recognized in comprehensive income (2,620) (1,126) Movement in the fair value of plan assets: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 42,030 39,540 Interest income 112 79 Return on plan assets (excluding amounts included in net interest) (6,929) 640 Plan participants\u2019 contribution 483 431 Company contributions 1,054 961 Benefits paid through pension assets (709) (1,501) Administration expenses (33) (31) Foreign currency translation 1,928 1,911 Fair value of plan assets at December 31 37,936 42,030 The major categories of plan assets as a percentage of the fair value of total plan assets are as follows: December 31, 2022 December 31, 2021 Qualified insurance policies 31% 35% Bonds 19% 19% Real estate 20% 16% Equities 22% 21% Other/cash 8% 9% Total 100% 100% The insurance policies cover in principle the minimum funding requirements. Future contributions can be increased due to changes in the annuity factors. This is subject to decision of the Company. Net pension liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Defined benefit obligations 43,105 50,539 Fair value of plan assets (37,936) (42,030) Net liability 5,169 8,509 Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 1.2 million. Sensitivity analysis The calculation of the defined benefit obligations is sensitive to the assumptions as set out above. The following table summarizes how the defined benefit obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit obligations 0.5% increase 0.5% decrease Discount rate (2,669) 3,173 Salary increase 233 (221) The above sensitivities are based on the average duration of the defined benefit obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit obligation at the end of the reporting period of the assumptions concerned. Pension plan Austria Type: Voluntary defined benefit plan for guaranteed pension payments covering certain persons, as well as a defined benefit plan for severance payments in accordance with Austrian labor law. Both plans are insured with an independent insurance company. Company obligations: The contributions required based on the agreement with the insurer. The Company does not hold any transferable financial instruments as plan assets. Duration: The weighted average duration of the pension plan is 5 years and the plan for severance payments is 16 years. Valuation: The pension assets related to this defined benefit plan do not qualify as plan assets and are therefore presented separately, not netted with the pension liability. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the project unit cost method. Remeasurements are recognized in accumulated other comprehensive income (loss). There were no gains or losses from changes in demographic and financial assumptions for either pension or severance payment plan. Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 3.90% 1.00% Future salary increases (severance payments) 3.50% 3.00% Movements in the present value of the defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) Pension liabilities Severance obligations 2022 Total Liability for defined benefit and severance obligations at January 1 657 4,719 5,376 Current service cost 22 204 226 Interest expense 7 45 52 Actuarial gain recognized (224) (1,351) (1,575) Benefits paid (8) - (8) Liability for defined benefit and severance obligations at December 31 454 3,617 4,071 (\u20ac thousands) Pension liabilities Severance obligations 2021 Total Liability for defined benefit and severance obligations at January 1 692 4,900 5,592 Current service cost 24 224 248 Interest expense 3 24 27 Actuarial loss recognized (55) (429) (484) Benefits paid (7) - (7) Liability for defined benefit and severance obligations at December 31 657 4,719 5,376 The accumulated defined benefit obligation amounts to \u20ac 4.1 million at December 31, 2022. Future expected benefit payments to (former) employees regarding pensions and leave over the next five years are considered immaterial. A summary of the components of the defined benefit cost (benefit) recognized in the Consolidated Statement of Operations and Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 226 248 Interest expense on benefit obligation 52 27 Defined benefit cost recognized in net income 278 275 Remeasurement gain recognized (1,575) (484) Defined benefit cost (benefit) recognized in comprehensive income (1,297) (209) Changes in assets related to the liability for defined benefit and severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 607 581 Return on assets (85) 26 Fair value of assets at December 31 522 607 The plan assets consisted of investment funds. Total expected payments or contributions to the defined benefit plan for 2023 amount to \u20ac 0.2 million. Sensitivity analysis The calculation of the defined benefit and severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the defined benefit and severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Defined benefit and severance obligations 0.5% increase 0.5% decrease Discount rate (258) 282 Salary increase 251 (232) The above sensitivities are based on the average duration of the defined benefit and severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the defined benefit and severance obligations at the end of the reporting period of the assumptions concerned. Severance plan Korea Type: Defined benefit plan for severance payments in accordance with Korean law. The plan is partially covered through an independent insurance company. Company obligations: The current plan is unfunded and the Company is responsible for the payment of the severance payment upon the termination of the employee contract. Duration: The weighted average duration for severance payments is six years. Valuation: The assets related to this defined benefit plan are netted with the liability. The cost of providing benefits under the defined benefit plan is calculated using the project unit cost method. Remeasurements are reported in accumulated other comprehensive income (loss). Discount rate: The discount rate was derived by reference to appropriate benchmark yields on high quality corporate bonds. Principal actuarial assumptions at the reporting date: December 31, 2022 December 31, 2021 Discount rate 5.40% 2.60% Future salary increases 3.63% 3.50% Movements in the present value of the severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Liability for severance obligations at January 1 2,278 2,325 Current service cost 211 217 Interest expense 56 47 Actuarial loss (gain) recognized (291) 65 Benefits paid (partly through plan assets) (206) (354) Foreign currency translation 2 (22) Liability severance obligations at December 31 2,050 2,278 The accumulated defined benefit obligation amounts to \u20ac 2.1 million at December 31, 2022. Total expected benefits payable under this plan amount to \u20ac 0.3 million in 2023. A summary of the components of the defined benefit cost recognized in the Consolidated Statement of Operations and Consolidated Statement of Comprehensive Income is as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Current service cost 211 217 Interest expense on severance obligation 56 47 Interest income on plan assets (4) (5) Defined benefit cost recognized in net income 263 259 Remeasurement loss (gain) recognized (291) 65 Return on plan assets (excluding amounts in net interest) 2 3 Defined benefit cost recognized in comprehensive income (26) 327 Changes in assets related to the liability for severance obligations recognized in the Consolidated Statement of Financial Position are as follows: (\u20ac thousands) 2022 2021 Fair value of plan assets at January 1 183 249 Interest income 4 5 Return on plan assets (excluding amounts included in net interest) (2) (3) Benefits paid through pension assets (8) (65) Foreign currency translation - (3) Fair value of plan assets at December 31 177 183 Net liability: (\u20ac thousands) December 31, 2022 December 31, 2021 Severance obligations 2,050 2,278 Fair value of plan assets (177) (183) Net liability 1,873 2,095 Sensitivity analysis The calculation of the severance obligations is sensitive to the assumptions as set out earlier. The following table summarizes how the severance obligation at the end of the reporting period would have increased (decreased) as a result of a change in the respective assumptions by 0.5%. (\u20ac thousands) Severance obligations 0.5% increase 0.5% decrease Discount rate (43) 45 Salary increase 27 (44) The above sensitivities are based on the average duration of the severance obligations determined at the date of the last full actuarial valuation at December 31, 2022 and are applied to adjust the severance obligations at the end of the reporting period of the assumptions concerned. Pension plan - other countries The Company\u2019s US, Malaysian, Chinese and Singapore subsidiaries have defined contribution plans that supplement the governmental benefits provided under local legislation. 27. Selected operating expenses and additional information Personnel expenses for all employees are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Wages and salaries 102,359 91,704 COVID-19 related grants and exemptions - (198) Social security expenses 12,140 10,572 Pension and retirement expenses defined contribution 5,888 5,044 Pension and retirement expenses defined benefit 1,724 1,631 Share-based compensation plans 15,259 16,409 Total personnel expenses 137,370 125,162 The COVID-19 related grants and exemptions relate to the Company\u2019s subsidiaries in Singapore and China and are unconditional. ",
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"pp-value-288-10": {
"value": "25. Employee benefits Share-based payments Remuneration Policy In 2019, the Company adopted the Remuneration Policy 2020-2023, which is mainly a prolongation of the Remuneration Policy 2017-2019. The total number of ordinary shares that will be awarded may not exceed 1.5% of the total number of outstanding shares at December 31 of the year prior to the year in which the award is made. Under the Remuneration Policy 2020-2023, the Supervisory Board may, at its own discretion and upon recommendation of the Remuneration and Nomination Committee, award additional shares to a member of the Board of Management as a reward for extraordinary achievements of excellent performance, up to a maximum of 120,000 shares. In February 2022, the Supervisory Board at its own discretion and upon recommendation by the Remuneration and Nomination Committee, awarded the member of the Board of Management 70,000 shares, which vested on February 17, 2022. 2017 and 2020 Framework Incentive Plan The performance shares awarded to the member of the Board of Management and other employees under the 2017 and 2020 Framework Incentive Plan will vest at the end of the three-year performance period, depending on the actual performance of the Company. If at target performance is achieved, 100% of the performance shares awarded will vest. The maximum number of shares that can vest amounts to 150% of the target number of performance shares conditionally awarded. After the three-year performance period the actual number of performance shares that vests, subject to continued employment, will be determined based on: \u2022 Net income as a percentage of revenue (\u201cNIR\u201d) over a three-year performance period (50%). \u2022 The Company\u2019s Total Shareholder Return (\u201cTSR\u201d) relative to that of the TSR peer group consisting of 19 peer companies operating in the semiconductor industry (50%). The TSR comparator group consists of the following companies: TSR comparator group (excluding Besi) Aixtron SE Lam Research Corporation 1Applied Materials, Inc. MKS Instruments, Inc. ASM International N.V. Nova Ltd. ASML Holding N.V. Onto Innovation, Inc. ASM Pacific Technology Ltd. FormFactor, Inc. Axcelis Technologies, Inc. S\u00dcSS MicroTec SE Cohu, Inc. Tokyo Electron Ltd. DISCO Corporation Tokyo Seimitsu Co., Ltd. Entegris, Inc. Veeco Instruments, Inc. Kulicke & Soffa Industries, Inc. 1 In 2021, Brooks Automation, Inc. divested its semiconductor solutions group. Therefore, Brooks Automation, Inc. is replaced by MKS Instruments, Inc. as from 2022. Vesting is determined based on the following schedule, whereby as from the 2020 Framework Incentive Plan the straight-line vesting percentages are being applied on a pro rate basis between rank 12 and rank 3 for awards made as from 2020: Besi TSR ranking relative to comparator group Vesting percentage Top 3 75% Rank 4 \u2013 Rank 6 50% (at target) Rank 7 \u2013 Rank 12 25% Rank 13 \u2013 Rank 20 0% Summary of outstanding performance shares Following is a summary of changes in performance shares (award numbers adjusted for the two-for-one stock split): 2022 2021 Outstanding at January 1 382,234 391,209 Performance shares granted (at target level) 74,996 119,679 Shares discretionary granted to the Board of Management 70,000 100,000 Shares discretionary granted to key employees 57,200 73,600 Performance adjustments 53,227 19,580 Performance shares settled in equity instruments (re-issued from treasury shares) (306,774) (310,614) Performance shares forfeited (18,296) (11,220) Outstanding at December 31 312,587 382,234 The market price of the Company\u2018s ordinary shares at the date of grant of the performance shares in 2022 and 2021 was \u20ac 58.74 and \u20ac 67.32, respectively. The market price of the Company\u2019s ordinary shares at the date of grant of the additional shares to the member of the Board of Management was \u20ac 74.62 (2021: \u20ac 57.30) and the market price at the date of grant to key employees was \u20ac 65.88 (2021: \u20ac 61.90). The following table shows the outstanding at target number of performance shares conditionally awarded to the Board of Management and selected key employees, in accordance with the Besi 2020 Framework Incentive Plan: Performance shares Year of grant Three-year performance period Number of performance shares 2020 2020-2022 131,223 2021 2021-2023 109,943 2022 2022-2024 71,421 Total 312,587 Fair value measurement performance shares 2020 Framework Incentive Plan (Board of Management and other key employees) For the awards made in 2022, the fair value at the grant date of the 50% portion with a TSR performance condition was \u20ac 40.48 (2021: \u20ac 59.33) and has been derived using a Monte Carlo Simulation model. The significant inputs into the model were: 2022 2021 Market price of the Company\u2019s ordinary shares (in euro) 58.74 67.32 Expected volatility 45.7% 44.0% Expected dividend yield 5.51% 2.49% Vesting period (in years) 3 3 Risk-free interest rate 0.49% (0.68%) For the 2022 awards, the fair value at the grant date of the 50% portion with a NIR performance condition was \u20ac 49.78 (2021: \u20ac 62.47). This fair value has been derived from the market price of the Company\u2018s ordinary shares at the grant date, adjusted based on the present value for expected dividends over the three-year vesting period. The expenses related to share-based payment plans recognized in the Consolidated Statement of Operations are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Performance shares granted and delivered to the Board of Management 5,223 5,730 Performance shares granted and delivered to key employees 3,762 4,556 Conditional performance shares Board of Management 1,327 1,320 Conditional performance shares key employees 4,947 4,803 Total expense recognized as personnel expenses 15,259 16,409 ",
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"pp-value-353-2": {
"value": "26. Related-party transactions BE Semiconductor Industries N.V. and all its subsidiaries are consolidated and all transactions between these entities have been eliminated in these financial statements. There are no non-consolidated companies considered as related parties. The Board of Management and the Supervisory Board are considered \u201cKey Management Personnel\u201d in accordance with IAS 24. The remuneration of the Board of Management and the Supervisory Board is as follows. Remuneration of the Board of Management The remuneration of the member of the Board of Management is determined by the Supervisory Board, all with due observance of the Remuneration Policy adopted by the General Meeting of Shareholders. The Supervisory Board is required to present any scheme providing for the remuneration of the member of the Board of Management in the form of shares or options to the General Meeting of Shareholders for adoption. The total cash remuneration and related costs of the member of the Board of Management for the years ended December 31, 2022 and 2021, are as follows: (\u20ac) Year ended December 31, 2022 2021 1 Salaries and other short-term employee benefits1,732,910 1,733,678 2 Post-employment benefits12,430 21,340 Equity compensation benefits: Incentive Plan 1,326,796 1,320,399 Equity compensation benefits: Discretionary grant 5,223,400 5,730,000 Total 8,295,536 8,805,417 1 Salaries include a bonus earned over the applicable year, which will be payable in the second quarter of the year thereafter. Furthermore, other benefits include expense compensation, medical insurance and social security premiums.2 The pension arrangements for the member of the Board of Management are defined contribution plans. The Company does not have further pension obligations beyond an annual contribution. Remuneration of the Supervisory Board The aggregate remuneration paid to current members of the Supervisory Board was \u20ac 339 in 2022 and \u20ac 337 in 2021. The remuneration of the Supervisory Board is determined by the General Meeting of Shareholders. For further details for the remuneration of the Board of Management and the Supervisory Board reference is made to the Remuneration Report in this Annual Report. Ordinary shares and performance shares held by the member of the Board of Management The aggregate number of ordinary shares held by the current member of the Board of Management is as follows: Ordinary number of shares December 31, 2022 December 31, 2021 Board of Management 1,516,837 1,505,728 Performance shares Year of grant Three-year performance period Number of performance shares Board of Management 2020 2020-2022 31,920 2021 2021-2023 25,143 2022 2022-2024 13,927 Total 70,990 The performance shares awarded will vest at the end of the three-year performance period, depending on the actual performance of the Company. ",
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"value": " The Board of Management and the Supervisory Board are considered \u201cKey Management Personnel\u201d in accordance with IAS 24. The remuneration of the Board of Management and the Supervisory Board is as follows. Remuneration of the Board of Management The remuneration of the member of the Board of Management is determined by the Supervisory Board, all with due observance of the Remuneration Policy adopted by the General Meeting of Shareholders. The Supervisory Board is required to present any scheme providing for the remuneration of the member of the Board of Management in the form of shares or options to the General Meeting of Shareholders for adoption. The total cash remuneration and related costs of the member of the Board of Management for the years ended December 31, 2022 and 2021, are as follows: (\u20ac) Year ended December 31, 2022 2021 1 Salaries and other short-term employee benefits1,732,910 1,733,678 2 Post-employment benefits12,430 21,340 Equity compensation benefits: Incentive Plan 1,326,796 1,320,399 Equity compensation benefits: Discretionary grant 5,223,400 5,730,000 Total 8,295,536 8,805,417 1 Salaries include a bonus earned over the applicable year, which will be payable in the second quarter of the year thereafter. Furthermore, other benefits include expense compensation, medical insurance and social security premiums.2 The pension arrangements for the member of the Board of Management are defined contribution plans. The Company does not have further pension obligations beyond an annual contribution. Remuneration of the Supervisory Board The aggregate remuneration paid to current members of the Supervisory Board was \u20ac 339 in 2022 and \u20ac 337 in 2021. The remuneration of the Supervisory Board is determined by the General Meeting of Shareholders. For further details for the remuneration of the Board of Management and the Supervisory Board reference is made to the Remuneration Report in this Annual Report. Ordinary shares and performance shares held by the member of the Board of Management The aggregate number of ordinary shares held by the current member of the Board of Management is as follows: Ordinary number of shares December 31, 2022 December 31, 2021 Board of Management 1,516,837 1,505,728 Performance shares Year of grant Three-year performance period Number of performance shares Board of Management 2020 2020-2022 31,920 2021 2021-2023 25,143 2022 2022-2024 13,927 Total 70,990 The performance shares awarded will vest at the end of the three-year performance period, depending on the actual performance of the Company. ",
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"pp-value-365-5": {
"value": " 27. Selected operating expenses and additional information The average number of fulltime equivalent employees during 2022 and 2021 was 1,686 and 1,577, respectively. For pension and retirement expenses, reference is made to Note 25. The total number of fulltime equivalent employees per department is: December 31, 2022 December 31, 2021 Sales and Marketing 432 421 Manufacturing and Assembly 657 660 Research and Development 434 410 General and Administrative 152 154 Total number of personnel 1,675 1,645 As of December 31, 2022 and 2021, a total of 153 and 153 fulltime equivalent employees, respectively, were employed in the Netherlands. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-373-2": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
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},
"pp-value-373-3": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-373-4": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-373-5": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-373-6": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-373-7": {
"value": "28. Financial income and expense The components of financial income and expense are as follows: (\u20ac thousands) Year ended December 31, 2022 2021 Interest income 1,634 238 Subtotal financial income 1,634 238 Interest expense (12,203) (10,962) Net cost of hedging (7,559) (2,867) Net foreign currency results (498) (152) Subtotal financial expense (20,260) (13,981) Financial income (expense), net (18,626) (13,743) The increase in net cost of hedging is related to a significant increase in US dollar interest rates relative to euro and Swiss franc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-374-5": {
"value": "29. Income taxes Deferred tax assets (liabilities) consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets 19,563 27,436 Deferred tax liabilities (13,303) (10,970) Total deferred tax assets (liabilities), net 6,260 16,466 The items giving rise to the deferred tax assets (liabilities), net are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets (liabilities) Swiss tax credits 17,429 24,216 Lease liabilities 3,008 1,927 Provision for pensions 1,885 2,708 Inventories 1,677 1,954 Operating losses carry forward 1,660 2,108 Interest 593 390 Right of use assets (2,962) (1,913) Convertible Notes (8,417) (5,579) Intangible assets (9,182) (9,865) Other items 569 520 Total deferred tax assets (liabilities), net 6,260 16,466 Following is a summary of changes in items giving rise to deferred tax assets (liabilities), net: (\u20ac thousands) January 1, 2022 Profit and loss 2022 Other comprehensive income Equity Foreign currency translation December 31, 2022 Deferred tax assets (liabilities), net Swiss tax credits 24,216 (7,772) - - 985 17,429 Lease liabilities 1,927 1,029 - - 52 3,008 Provision for pensions 2,708 (17) (825) - 19 1,885 Inventories 1,954 (250) - - (27) 1,677 Operating losses carry forward 2,108 (447) - - (1) 1,660 Interest 390 203 - - - 593 Right of use assets (1,913) (997) - - (52) (2,962) Convertible Notes (5,579) 980 - (3,818) - (8,417) Intangible assets (9,865) 683 - - - (9,182) Other items 520 350 (355) - 54 569 Total 16,466 (6,238) (1,180) (3,818) 1,030 6,260 (\u20ac thousands) January 1, 2021Profit and loss 2021Other comprehensive incomeEquity Foreign currency translationDecember 31, 2021Deferred tax assets (liabilities), net Swiss tax credits 18,581 4,672 - - 963 24,216 Lease liabilities 1,895 (12) - - 44 1,927 Provision for pensions 2,952 55 (342) - 43 2,708 Inventories 1,036 909 - - 9 1,954 Operating losses carry forward 2,281 (260) - - 87 2,108 Interest 1,419 (1,029) - - - 390 Right of use assets (1,888) 19 - - (44) (1,913) Convertible Notes (7,770) 1,349 - 842 - (5,579) Intangible assets (9,839) (24) - - (2) (9,865) Other items 417 129 (31) - 5 520 Total 9,084 5,808 (373) 842 1,105 16,466 Up to and including 2019, Besi\u2019s Swiss operations had a mixed company status on Cantonal and Communal level. Effective January 1, 2020, the Federal Act on Tax Reform and AHV Financial (\u201cSwiss Tax Reform\u201d) became effective, abolishing the current privileged corporate tax regimes. Upon transition, the Company has decided to use the current law step up method, which creates tax free reserves. These tax free reserves can be depreciated against taxable income on Cantonal and Communal level for a period of five years (years 2020 up to and including 2024) and to a maximum of 70% of the taxable income. In 2021, Besi\u2019s Swiss operations obtained an approval for the Swiss Principal Company regime regarding its Singapore distribution activities effective from January 1, 2018. As part of the Swiss Tax Reform, effective January 1, 2020, this regime was abolished and upon transition, tax free reserves were created on Federal level, which can be depreciated against taxable income for a period of ten years in equal installments (years 2020 up to and including 2029). The Company recorded a net deferred tax asset of \u20ac 1.8 million in 2021. In 2022, the Company received an approval for application of an adjusted valuation model for the step-up potential calculation, which resulted in an increase of the tax free reserves. As such, the Company recorded \u20ac 2.6 million net additional deferred tax assets and \u20ac 0.9 million tax refunds relating to prior years. In 2022, the Company utilized \u20ac 7.2 million of the deferred tax assets related to the tax free reserves on Cantonal, Communal and Federal level. Based on the results in 2022 and the updated projections for the Company\u2019s Swiss operations for the years 2023 and 2024, the Company recorded an additional valuation allowance on the deferred tax asset of \u20ac 3.4 million (2021: upward valuation of \u20ac 10.6 million). An amount of \u20ac 5.8 million related to the Swiss Tax Reform is not recognized, as the Company does not expect to utilize these tax credits within five years as per the Company\u2019s policy. The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. The deferred tax assets for operating losses carry forward are related to the US operations of the Company. In assessing the recoverability of deferred tax assets, the Company considers whether it is probable that sufficient taxable profits will be available to realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The US carry forwards amounted to \u20ac 1.7 million as of December 31, 2022 and expire during the period of 2023 and thereafter. The net deferred tax asset related to the US carry forward amounts are expected to be fully recovered. The Dutch carry forwards relating to operating losses were utilized in 2021. In 2021, the Dutch Government increased the statutory tax rate to 25.8% from 2021 onwards. Under the Dutch innovation box regime, qualifying income that results from endeavors in the field of research and development, is taxed at an effective Dutch corporation tax rate of 9%. In 2019, the Company has been granted the Dutch innovation box regime, effective January 1, 2015 for the years up to and including 2022. The distinction in recognized and unrecognized tax losses carry forward and tax credits is as follows: (\u20ac millions) Recognized 2022 Unrecognized Recognized 2021 Unrecognized USA 1.7 - 2.1 - Austria - - 0.1 - Total tax losses carried forward 1.7 - 2.2 - Switzerland tax free reserves 17.4 5.8 24.2 2.1 Total 19.1 5.8 26.4 2.1 The aggregate deferred tax related to items recognized outside of profit and loss amounts to \u20ac 5.0 million. The Dutch domestic statutory tax rate is 25.8% for the year ended December 31, 2022 (2021: 25.0%). The reconciliation between the actual income tax shown in the Consolidated Statement of Operations and the expense (benefit) that would be expected based on the application of the domestic tax rate to income before income tax is as follows: (\u20ac thousands) Year ended December 31, 2022 in % of income before taxes Year ended December 31, 2021 in % of income before taxes Expected income tax expense based on domestic rate 71,076 25.8% 75,960 25.0% Foreign tax rate differential (32,313) (11.8%) (33,030) (10.8%) Recognition of Swiss tax credit (2,553) (0.9%) (1,772) (0.6%) Non-deductible expenses 2,956 1.1% 314 0.1% Tax incentive (6,298) (2.3%) (6,579) (2.2%) Tax exempt income (725) (0.3%) (475) (0.2%) Valuation allowance adjustments 3,404 1.2% (11,040) (3.6%) Changes in enacted tax rates 720 0.3% (76) (0.0%) Adjustments prior years (1,396) (0.5%) (2,377) (0.8%) Other (28) 0.0% 496 0.2% Income tax expense reported 34,843 12.6% 21,421 7.1% The difference between the effective tax rate and the statutory rate in the Netherlands is mainly due to different statutory tax rates in the countries in which Besi operates outside the Netherlands, primarily in Switzerland. The tax incentives mainly relates to the application of the innovation box regime in the Netherlands and preferential tax rate in Singapore. The adjustment of the valuation allowance of \u20ac 3.4 million in 2022 relates to the revaluation of tax credits at Besi Switzerland due to the 2022 financial performance and revised projections. The income tax expense shown in the Consolidated Statement of Operations consists of the following: (\u20ac thousands) Year ended December 31, 2022 2021 Current 28,605 27,229 Deferred 6,238 (5,808) Total 34,843 21,421 There are no income tax consequences attached to the proposed payment of dividends by the Company to its shareholders. Tax risk Given the international business structure of the Company and the increasing number and amounts of intercompany transactions certain tax risks hereto may exist. Profits are allocated to countries where factual economic activities are executed in accordance with national and international rules and standards and intragroup transactions have a business rationale. Besi has controls and procedures in place, including oversight, to manage its tax risks. These risk management and governance arrangements are embedded in an Internal Besi Framework. Besi has appropriate tax knowledge in-house to deal with its tax affairs, supplementing this with external advice where appropriate. Besi monitors new and developing tax legislation, ensures appropriate training is provided to its staff, and adapts procedures and processes to comply with changes. In Austria a tax audit is ongoing of which the outcome is not known yet. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-374-6": {
"value": "29. Income taxes Deferred tax assets (liabilities) consist of the following: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets 19,563 27,436 Deferred tax liabilities (13,303) (10,970) Total deferred tax assets (liabilities), net 6,260 16,466 The items giving rise to the deferred tax assets (liabilities), net are as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Deferred tax assets (liabilities) Swiss tax credits 17,429 24,216 Lease liabilities 3,008 1,927 Provision for pensions 1,885 2,708 Inventories 1,677 1,954 Operating losses carry forward 1,660 2,108 Interest 593 390 Right of use assets (2,962) (1,913) Convertible Notes (8,417) (5,579) Intangible assets (9,182) (9,865) Other items 569 520 Total deferred tax assets (liabilities), net 6,260 16,466 Following is a summary of changes in items giving rise to deferred tax assets (liabilities), net: (\u20ac thousands) January 1, 2022 Profit and loss 2022 Other comprehensive income Equity Foreign currency translation December 31, 2022 Deferred tax assets (liabilities), net Swiss tax credits 24,216 (7,772) - - 985 17,429 Lease liabilities 1,927 1,029 - - 52 3,008 Provision for pensions 2,708 (17) (825) - 19 1,885 Inventories 1,954 (250) - - (27) 1,677 Operating losses carry forward 2,108 (447) - - (1) 1,660 Interest 390 203 - - - 593 Right of use assets (1,913) (997) - - (52) (2,962) Convertible Notes (5,579) 980 - (3,818) - (8,417) Intangible assets (9,865) 683 - - - (9,182) Other items 520 350 (355) - 54 569 Total 16,466 (6,238) (1,180) (3,818) 1,030 6,260 (\u20ac thousands) January 1, 2021Profit and loss 2021Other comprehensive incomeEquity Foreign currency translationDecember 31, 2021Deferred tax assets (liabilities), net Swiss tax credits 18,581 4,672 - - 963 24,216 Lease liabilities 1,895 (12) - - 44 1,927 Provision for pensions 2,952 55 (342) - 43 2,708 Inventories 1,036 909 - - 9 1,954 Operating losses carry forward 2,281 (260) - - 87 2,108 Interest 1,419 (1,029) - - - 390 Right of use assets (1,888) 19 - - (44) (1,913) Convertible Notes (7,770) 1,349 - 842 - (5,579) Intangible assets (9,839) (24) - - (2) (9,865) Other items 417 129 (31) - 5 520 Total 9,084 5,808 (373) 842 1,105 16,466 Up to and including 2019, Besi\u2019s Swiss operations had a mixed company status on Cantonal and Communal level. Effective January 1, 2020, the Federal Act on Tax Reform and AHV Financial (\u201cSwiss Tax Reform\u201d) became effective, abolishing the current privileged corporate tax regimes. Upon transition, the Company has decided to use the current law step up method, which creates tax free reserves. These tax free reserves can be depreciated against taxable income on Cantonal and Communal level for a period of five years (years 2020 up to and including 2024) and to a maximum of 70% of the taxable income. In 2021, Besi\u2019s Swiss operations obtained an approval for the Swiss Principal Company regime regarding its Singapore distribution activities effective from January 1, 2018. As part of the Swiss Tax Reform, effective January 1, 2020, this regime was abolished and upon transition, tax free reserves were created on Federal level, which can be depreciated against taxable income for a period of ten years in equal installments (years 2020 up to and including 2029). The Company recorded a net deferred tax asset of \u20ac 1.8 million in 2021. In 2022, the Company received an approval for application of an adjusted valuation model for the step-up potential calculation, which resulted in an increase of the tax free reserves. As such, the Company recorded \u20ac 2.6 million net additional deferred tax assets and \u20ac 0.9 million tax refunds relating to prior years. In 2022, the Company utilized \u20ac 7.2 million of the deferred tax assets related to the tax free reserves on Cantonal, Communal and Federal level. Based on the results in 2022 and the updated projections for the Company\u2019s Swiss operations for the years 2023 and 2024, the Company recorded an additional valuation allowance on the deferred tax asset of \u20ac 3.4 million (2021: upward valuation of \u20ac 10.6 million). An amount of \u20ac 5.8 million related to the Swiss Tax Reform is not recognized, as the Company does not expect to utilize these tax credits within five years as per the Company\u2019s policy. The key assumptions used by management for the projections for the Company\u2019s Swiss operations are consistent with the assumptions used for the impairment test on capitalized goodwill and are based on: \u2022 The Company\u2019s budget for 2023. \u2022 Revenue forecasts for 2024 as per market growth estimates from TechInsights, a leading independent analyst for the semiconductor and semiconductor equipment industries, and the Company\u2019s estimated market shares. \u2022 Bottom-up estimates for gross profit, research and development and selling, general and administrative expenses as per management\u2019s strategic planning. The Company estimates that possible adverse or positive changes in key assumptions (10% lower or higher aggregate revenue over the two-year projection period) would result in an adjustment in the valuation of the deferred tax asset of approximately \u20ac 1.8 million. The deferred tax assets for operating losses carry forward are related to the US operations of the Company. In assessing the recoverability of deferred tax assets, the Company considers whether it is probable that sufficient taxable profits will be available to realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The US carry forwards amounted to \u20ac 1.7 million as of December 31, 2022 and expire during the period of 2023 and thereafter. The net deferred tax asset related to the US carry forward amounts are expected to be fully recovered. The Dutch carry forwards relating to operating losses were utilized in 2021. In 2021, the Dutch Government increased the statutory tax rate to 25.8% from 2021 onwards. Under the Dutch innovation box regime, qualifying income that results from endeavors in the field of research and development, is taxed at an effective Dutch corporation tax rate of 9%. In 2019, the Company has been granted the Dutch innovation box regime, effective January 1, 2015 for the years up to and including 2022. The distinction in recognized and unrecognized tax losses carry forward and tax credits is as follows: (\u20ac millions) Recognized 2022 Unrecognized Recognized 2021 Unrecognized USA 1.7 - 2.1 - Austria - - 0.1 - Total tax losses carried forward 1.7 - 2.2 - Switzerland tax free reserves 17.4 5.8 24.2 2.1 Total 19.1 5.8 26.4 2.1 The aggregate deferred tax related to items recognized outside of profit and loss amounts to \u20ac 5.0 million. The Dutch domestic statutory tax rate is 25.8% for the year ended December 31, 2022 (2021: 25.0%). The reconciliation between the actual income tax shown in the Consolidated Statement of Operations and the expense (benefit) that would be expected based on the application of the domestic tax rate to income before income tax is as follows: (\u20ac thousands) Year ended December 31, 2022 in % of income before taxes Year ended December 31, 2021 in % of income before taxes Expected income tax expense based on domestic rate 71,076 25.8% 75,960 25.0% Foreign tax rate differential (32,313) (11.8%) (33,030) (10.8%) Recognition of Swiss tax credit (2,553) (0.9%) (1,772) (0.6%) Non-deductible expenses 2,956 1.1% 314 0.1% Tax incentive (6,298) (2.3%) (6,579) (2.2%) Tax exempt income (725) (0.3%) (475) (0.2%) Valuation allowance adjustments 3,404 1.2% (11,040) (3.6%) Changes in enacted tax rates 720 0.3% (76) (0.0%) Adjustments prior years (1,396) (0.5%) (2,377) (0.8%) Other (28) 0.0% 496 0.2% Income tax expense reported 34,843 12.6% 21,421 7.1% The difference between the effective tax rate and the statutory rate in the Netherlands is mainly due to different statutory tax rates in the countries in which Besi operates outside the Netherlands, primarily in Switzerland. The tax incentives mainly relates to the application of the innovation box regime in the Netherlands and preferential tax rate in Singapore. The adjustment of the valuation allowance of \u20ac 3.4 million in 2022 relates to the revaluation of tax credits at Besi Switzerland due to the 2022 financial performance and revised projections. The income tax expense shown in the Consolidated Statement of Operations consists of the following: (\u20ac thousands) Year ended December 31, 2022 2021 Current 28,605 27,229 Deferred 6,238 (5,808) Total 34,843 21,421 There are no income tax consequences attached to the proposed payment of dividends by the Company to its shareholders. Tax risk Given the international business structure of the Company and the increasing number and amounts of intercompany transactions certain tax risks hereto may exist. Profits are allocated to countries where factual economic activities are executed in accordance with national and international rules and standards and intragroup transactions have a business rationale. Besi has controls and procedures in place, including oversight, to manage its tax risks. These risk management and governance arrangements are embedded in an Internal Besi Framework. Besi has appropriate tax knowledge in-house to deal with its tax affairs, supplementing this with external advice where appropriate. Besi monitors new and developing tax legislation, ensures appropriate training is provided to its staff, and adapts procedures and processes to comply with changes. In Austria a tax audit is ongoing of which the outcome is not known yet. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-416-2": {
"value": " 30. Earnings per share The following table reconciles ordinary shares outstanding at the beginning of the year to average shares outstanding used to compute income per share. 2022 2021 Shares outstanding at beginning of the year 77,969,623 72,865,911 Shares re-issued from treasury shares for the vesting of performance stock awards (LTI) 179,574 137,014 Shares re-issued from treasury shares for the vesting of shares discretionary granted 127,200 173,600 Shares re-issued from treasury shares for partial conversion of the 2016 and 2017 Convertible Notes 328,335 5,508,946 Shares issued for partial conversion of the 2017 Convertible Notes 2,578,896 - Shares bought under the share repurchase program (2,695,702) (715,848) Shares outstanding at end of the year 78,487,926 77,969,623 Average shares outstanding - basic 79,311,366 76,309,749 Dilutive effect of outstanding performance shares 380,590 487,525 Dilutive effect of all outstanding Convertible Notes 5,834,201 8,561,022 Average shares outstanding - diluted 85,526,157 85,358,296 Net income in 2022 used in calculating dilutive earnings per share amounts to \u20ac 248.3 million (2021: \u20ac 289.3 million) and is adjusted for the after tax effects of interest charges related to the 2016, 2017, 2020 and 2022 Convertible Notes amounting to \u20ac 7.6 million in 2022 (2021: \u20ac 6.9 million). ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-417-5": {
"value": "31. Financial instruments, financial risk management objectives and policies Fair value of financial instruments The Company assumes that the book value of the Company\u2019s financial instruments, which consist of cash and cash equivalents, deposits, trade receivables and accounts payable, does not significantly differ from their fair value due to the short maturity of those instruments and to the fact that interest rates are floating or approximate the rates currently available to the Company. For the valuation of the Convertible Notes reference is made to Note 18. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The fair values of other financial assets and financial liabilities, together with the carrying amounts in the Consolidated Statements of Financial Position, are as follows: (\u20ac thousands) Note Carrying amount December 31, 2022 Level Fair value Financial assets Forward foreign currency exchange contracts 7 6,803 2 6,803 Marketable securities for pension liability 12 522 1, 2 522 1Deposits4 25,000 2 24,265 Total 32,325 31,590 Financial liabilities Forward foreign currency exchange contracts 16 98 2 98 2 Long-term debt18 325,176 1 402,036 Total 325,274 402,134 1 Relates to a two-years deposit, maturing in December 2023. The fair value of all other deposits does not significantly differ from their book values due to their short maturity and remaining tenor. 2 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. (\u20ac thousands) Note Carrying amount December 31, 2021 Level Fair value Financial assets Forward foreign currency exchange contracts 7 4,605 2 4,605 Marketable securities for pension liability 12 607 1, 2 607 Total 5,212 5,212 Financial liabilities Forward foreign currency exchange contracts 16 5,105 2 5,105 1 Long-term debt18 301,802 1 517,025 Total 306,907 522,130 1 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. There were no transfers between levels during the years ended December 31, 2022 and December 31, 2021. The only recurring fair value measurement is the valuation of forward exchange contracts for hedging purposes. According to IFRS 13 this measurement is categorized as Level 2. Non-recurring fair value measurements were not applicable in the reporting period. Financial risk management objectives and policies A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) ",
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"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-6": {
"value": "31. Financial instruments, financial risk management objectives and policies Financial risk management objectives and policies Risk management framework The Company is exposed to a variety of financial risks, such as foreign currency risk, interest rate risk, credit risk, market risk, liquidity risk and capital risk. These risks are inherent to the way the Company operates as a multinational with a number of local operating companies. The Company\u2019s overall risk management policy is established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to risk limits. Risk management policies and systems are managed at central level and reviewed regularly to reflect changes in market conditions and the Company\u2019s activities. All material findings that result from the use of the Company\u2019s risk management policy are discussed with our Audit Committee and Supervisory Board. The Company, through its training, management standards and procedures, such as guidelines and instructions governing hedging of financial risks, developed a disciplined and constructive control environment in which all employees understand their roles and obligations. In addition, the Company performs several reviews at all significant operating companies, such as reviews of the foreign currency positions. The Company\u2019s policies, specifically regarding foreign currency hedging, interest rate, credit, market and liquidity risks, are further described in the remainder of this Note. Foreign currency risk Due to the international scope of the Company\u2019s operations, the Company is exposed to the risk of adverse movements in foreign currency exchange rates. These movements typically also affect economic growth, inflation, interest rates, government actions and other factors. These changes can cause the Company to adjust its financing and operating strategies. The Company is primarily exposed to fluctuations in the value of the euro, Swiss franc, Singapore dollar, Malaysian ringgit and Chinese renminbi against the US dollar and US dollar-linked currencies. Furthermore, due to the Company\u2019s ongoing transfer of the supply chain to Asia, the Company is increasingly exposed to fluctuations of the Malaysian ringgit, Chinese renminbi and Singapore dollar against the euro, Swiss franc and US dollar. As a consequence of the global nature of Besi\u2019s businesses, its operations, reported financial results and cash flows are exposed to the risks associated with fluctuations in exchange rates between the euro and other major world currencies. Besi\u2019s currency risk exposure primarily occurs because the Company generates a portion of its revenue in currencies other than the euro while the major share of the corresponding cost of sales is incurred in euro, Swiss franc, Malaysian ringgit and Chinese renminbi. The percentage of its consolidated net revenue which is represented in US dollar amounted to approximately 72% and 78% of total revenue for the years ended December 31, 2022 and 2021, respectively, whereas revenue denominated in euro amounted to approximately 28% in 2022. Approximately 27% of its costs and expenses were denominated in euro, 30% in Malaysian ringgit, 14% in Chinese renminbi, 10% in US dollar and the remaining 19% in various currencies. In order to mitigate the impact of currency exchange rate fluctuations, Besi continually assesses its remaining exposure to currency risks and hedges such risks through the use of derivative financial instruments. The Company seeks to protect itself from adverse movements in foreign currency exchange rates by hedging firmly committed sales contracts, which are denominated in foreign currencies through the use of forward foreign currency exchange contracts. In addition, the Company also uses forward foreign currency exchange contracts to hedge balance sheet positions that are denominated in a foreign currency. During 2022 and 2021, the Company did not have any derivative financial instruments that were held for trading or speculative purposes. Furthermore, the Company does not use financial instruments to hedge the translation risk related to equity and intercompany loans of a permanent nature. The Company has adopted the cash flow hedge model in line with IFRS 9. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income, which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. Due to cash flow hedge transactions, \u20ac 4,830 was reported as other comprehensive income at December 31, 2022. The amount in 2022 recycled from equity in revenue in the Consolidated Statement of Operations was \u20ac 12,635. The cash flow hedging reserve included in equity comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred. The ineffective part of the hedges recognized, directly in the Consolidated Statement of Operations was a loss of \u20ac 924 in 2022 and a loss of \u20ac 81 in 2021. The movement of the cash flow hedging reserve is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 639 1,401 Amount recognized in equity 12,635 (5,002) Amount recycled in Consolidated Statement of Operations (9,368) 4,159 Amount reclassified to Consolidated Statement of Operations due to ineffectiveness 924 81 Balance at December 31 4,830 639 The Company has exposure to credit risk to the extent that the counterparty to the transaction fails to perform according to the term of the contract. The amount of such credit risk, measured as the fair value of all forward foreign currency exchange contracts that have a positive fair value position, was \u20ac 6,803 and \u20ac 4,605 at December 31, 2022 and 2021, respectively. The Company believes that the risk of significant loss from credit risk is remote, because it deals with credit-worthy financial institutions. The Company does not, in the normal course of business, demand collateral from the counterparties. A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) The Company\u2019s principal financial liabilities, other than derivatives, comprise of bank loans and overdrafts, Convertible Notes, financial leases and trade payables. The main purpose of these financial liabilities is to finance the Company\u2019s operations. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The Company enters into derivative transactions exclusively with forward currency contracts. The purpose of these transactions is to manage the currency risks arising from the Company\u2019s operations. The Company\u2019s policy is, and has been throughout 2022 and 2021, that no trading in derivatives shall be undertaken. The main risks arising from the Company\u2019s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The following table presents a sensitivity analysis of the Company\u2018s profit before tax (due to changes in the fair value of monetary assets and liabilities) and the Company\u2019s equity (due to changes in the fair value of forward exchange contracts) related to reasonable potential changes in the US dollar exchange rate compared to the euro, Swiss franc and Malaysian ringgit, with all other variables held constant. This comparison is done as most transactions are in US dollar and are hedged against the local currencies of the main operations in the Netherlands, Switzerland and Malaysia. The analysis includes the effects of fair value changes of the financial instruments used to hedge the currency exposures and focuses only on balance sheet positions. The discussion below of changes in currency exchange rates does not incorporate other economic factors. For example, the sensitivity analysis does not take into account the possibility that rates can move in opposite directions and that gains from one category may or may not be offset by losses from another category. As currency exchange rates change, translation of the statements of operations of Besi\u2019s international business into euro affects year over year comparability. (\u20ac thousands) Effect on profit before tax 2022 Effect on equity Effect on profit before tax 2021 Effect on equity Increase/decrease in US dollar rate compared to euro +10% - (2,300) - (2,600) -10% - 2,300 - 2,600 Increase/decrease in US dollar rate compared to Swiss franc +10% - (12,000) - (15,300) -10% - 12,000 - 15,300 The current outstanding forward exchange contracts have been included in this calculation. Interest rate risk The Company has interest-bearing assets and liabilities exposing it to fluctuations in market interest rates. The Company is hardly exposed to the risk of changes in market interest rates through borrowing activities due to very limited debt with floating interest rates. Given the Company\u2019s cash position, fluctuations in market interest rates are affecting the Company\u2019s results. An increase of interest rates will have a positive effect, while a decrease of market interest rates will negatively impact the Company\u2019s results. No derivative interest rate related swaps have been entered into for trading or speculative purposes or to manage interest exposures. Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Cash and cash equivalents The Company is managing the credit risk from balances with banks and cash equivalents in accordance with the Company\u2019s cash investment policy. In addition to preserving the principal amount main objectives of this policy are maintaining appropriate liquidity for business operations, diversifying cash investments to minimize risk from inappropriate investments and concentrating the Company\u2019s cash at the highest level, i.e. BE Semiconductor Industries N.V. Diversification is aimed by distributing the cash and cash equivalents over at least five counterparties including money market funds. Cash pool arrangements based on zero-balancing are in place to concentrate cash enabling BE Semiconductor Industries N.V. to fulfil the role of internal bank. The Company invests cash and cash equivalents in (short-term) deposits with financial institutions that have good credit ratings and in AA and AAA money market funds that invest in highly rated short-term debt securities of governments, financial institutions and corporates. These investments are readily convertible to a known amount in cash and are subject to an insignificant risk of change in value. Trade receivables and other receivables The Company has established a credit policy under which credit evaluations are performed on all customers requiring credit over specified thresholds. The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. As the Company\u2019s revenue is generated by shipments to Asian manufacturing operations of leading US, European and Asian semiconductor manufacturers and subcontractors, an industry and geographical concentration of credit risk exists, however, this risk is reduced through the long-term relationships with its customers. Ageing of trade receivables and other receivables: (\u20ac thou- sands) Total Impaired Current Past due < 30 days30\u201360 days 60\u201390 days 90\u2013120 days > 120 days 2022 166,432 (855) 132,991 8,026 11,476 2,405 1,430 10,959 2021 188,488 (856) 142,005 15,104 18,040 5,313 2,606 6,276 Expected credit loss assessment The Company recognizes an allowance for expected credit losses (\u201cECLs\u201d). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition the Company has compared the outcome based on historical losses with the credit ratings of its largest individual customers. Based on the above, an amount of \u20ac 855 of impairment has been recognized on trade receivables and contract assets as per December 31, 2022. Forward exchange contracts The forward exchange contracts are with multiple counterparties that have high credit ratings. Currently, the Company does not expect any counterparty to fail to meet its obligations. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Company\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Company. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company\u2019s liquidity needs are affected by many factors including uncertainties of the global economy and the semiconductor industry resulting in fluctuating cash requirements. The Company believes that it will have sufficient liquidity to meet its current liabilities including expected capital expenditures and repayment obligations in 2022. The Company monitors its risk to a shortage of funds by reviewing cash flows of all entities throughout the year. The Company intends to return cash to the shareholders on a regular basis in the form of dividend payments and, subject to actual and anticipated liquidity requirements and other relevant factors, share buybacks. The table below summarizes the maturity profile of the Company\u2019s financial liabilities at December 31, 2022 and 2021, based on contractual undiscounted payments: (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 year Total December 31, 2022 Convertible Notes (assuming no conversion) - - 2,400 182,500 175,000 359,900 Other long-term debt - - - 2,042 - 2,042 Lease liabilities (Note 19) - 1,120 2,518 8,845 6,947 19,430 Interest payable convertible - 563 4,066 17,788 4,922 27,339 Trade payable 13,920 27,486 25 - - 41,431 Other payables 2,903 8,938 29,280 - - 41,121 Total 16,823 38,107 38,289 211,175 186,869 491,263 (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 years Total December 31, 2021 Convertible Notes (assuming no conversion) - - - 174,800 150,000 324,800 Other long-term debt - - - 1,548 - 1,548 Lease liabilities (Note 19) - 887 2,643 6,836 417 10,783 Interest payable convertible - 563 1,485 6,284 1,125 9,457 Trade payable 23,075 51,592 44 - - 74,711 Other payables 1,946 14,654 22,322 - - 38,922 Total 25,021 67,696 26,494 189,468 151,542 460,221 It is not expected that the cash flows included in the maturity profile could occur significantly earlier, or at significantly different amounts. ",
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},
"pp-value-417-7": {
"value": "31. Financial instruments, financial risk management objectives and policies Financial risk management objectives and policies Credit risk Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities for cash and cash equivalents and derivative financial instruments. With its treasury and cash investment policies the Company manages exposure to credit risks on an ongoing basis including monitoring of the creditworthiness of counterparties. The Company does not anticipate on non-performance by counterparties given their high creditworthiness expressed in good credit rates. The Company\u2019s maximum exposure to credit risk for financial instruments are the carrying amounts of financial assets as illustrated in the table at the beginning of Note 31. The Company does not hold collateral as security. Cash and cash equivalents The Company is managing the credit risk from balances with banks and cash equivalents in accordance with the Company\u2019s cash investment policy. In addition to preserving the principal amount main objectives of this policy are maintaining appropriate liquidity for business operations, diversifying cash investments to minimize risk from inappropriate investments and concentrating the Company\u2019s cash at the highest level, i.e. BE Semiconductor Industries N.V. Diversification is aimed by distributing the cash and cash equivalents over at least five counterparties including money market funds. Cash pool arrangements based on zero-balancing are in place to concentrate cash enabling BE Semiconductor Industries N.V. to fulfil the role of internal bank. The Company invests cash and cash equivalents in (short-term) deposits with financial institutions that have good credit ratings and in AA and AAA money market funds that invest in highly rated short-term debt securities of governments, financial institutions and corporates. These investments are readily convertible to a known amount in cash and are subject to an insignificant risk of change in value. Trade receivables and other receivables The Company has established a credit policy under which credit evaluations are performed on all customers requiring credit over specified thresholds. The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company\u2019s customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk. As the Company\u2019s revenue is generated by shipments to Asian manufacturing operations of leading US, European and Asian semiconductor manufacturers and subcontractors, an industry and geographical concentration of credit risk exists, however, this risk is reduced through the long-term relationships with its customers. Ageing of trade receivables and other receivables: (\u20ac thou- sands) Total Impaired Current Past due < 30 days30\u201360 days 60\u201390 days 90\u2013120 days > 120 days 2022 166,432 (855) 132,991 8,026 11,476 2,405 1,430 10,959 2021 188,488 (856) 142,005 15,104 18,040 5,313 2,606 6,276 ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-417-8": {
"value": "31. Financial instruments, financial risk management objectives and policies A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) Forward exchange contracts The forward exchange contracts are with multiple counterparties that have high credit ratings. Currently, the Company does not expect any counterparty to fail to meet its obligations. ",
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-9": {
"value": "31. Financial instruments, financial risk management objectives and policies Foreign currency risk Due to the international scope of the Company\u2019s operations, the Company is exposed to the risk of adverse movements in foreign currency exchange rates. These movements typically also affect economic growth, inflation, interest rates, government actions and other factors. These changes can cause the Company to adjust its financing and operating strategies. The Company is primarily exposed to fluctuations in the value of the euro, Swiss franc, Singapore dollar, Malaysian ringgit and Chinese renminbi against the US dollar and US dollar-linked currencies. Furthermore, due to the Company\u2019s ongoing transfer of the supply chain to Asia, the Company is increasingly exposed to fluctuations of the Malaysian ringgit, Chinese renminbi and Singapore dollar against the euro, Swiss franc and US dollar. As a consequence of the global nature of Besi\u2019s businesses, its operations, reported financial results and cash flows are exposed to the risks associated with fluctuations in exchange rates between the euro and other major world currencies. Besi\u2019s currency risk exposure primarily occurs because the Company generates a portion of its revenue in currencies other than the euro while the major share of the corresponding cost of sales is incurred in euro, Swiss franc, Malaysian ringgit and Chinese renminbi. The percentage of its consolidated net revenue which is represented in US dollar amounted to approximately 72% and 78% of total revenue for the years ended December 31, 2022 and 2021, respectively, whereas revenue denominated in euro amounted to approximately 28% in 2022. Approximately 27% of its costs and expenses were denominated in euro, 30% in Malaysian ringgit, 14% in Chinese renminbi, 10% in US dollar and the remaining 19% in various currencies. In order to mitigate the impact of currency exchange rate fluctuations, Besi continually assesses its remaining exposure to currency risks and hedges such risks through the use of derivative financial instruments. The Company seeks to protect itself from adverse movements in foreign currency exchange rates by hedging firmly committed sales contracts, which are denominated in foreign currencies through the use of forward foreign currency exchange contracts. In addition, the Company also uses forward foreign currency exchange contracts to hedge balance sheet positions that are denominated in a foreign currency. During 2022 and 2021, the Company did not have any derivative financial instruments that were held for trading or speculative purposes. Furthermore, the Company does not use financial instruments to hedge the translation risk related to equity and intercompany loans of a permanent nature. The Company has adopted the cash flow hedge model in line with IFRS 9. In this hedging model, the effective part of a hedge transaction is reported as a component of other comprehensive income, which is reclassified to earnings in the same period(s) in which the hedged forecasted transaction affects earnings. Due to cash flow hedge transactions, \u20ac 4,830 was reported as other comprehensive income at December 31, 2022. The amount in 2022 recycled from equity in revenue in the Consolidated Statement of Operations was \u20ac 12,635. The cash flow hedging reserve included in equity comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred. The ineffective part of the hedges recognized, directly in the Consolidated Statement of Operations was a loss of \u20ac 924 in 2022 and a loss of \u20ac 81 in 2021. The movement of the cash flow hedging reserve is as follows: (\u20ac thousands) 2022 2021 Balance at January 1 639 1,401 Amount recognized in equity 12,635 (5,002) Amount recycled in Consolidated Statement of Operations (9,368) 4,159 Amount reclassified to Consolidated Statement of Operations due to ineffectiveness 924 81 Balance at December 31 4,830 639 The Company has exposure to credit risk to the extent that the counterparty to the transaction fails to perform according to the term of the contract. The amount of such credit risk, measured as the fair value of all forward foreign currency exchange contracts that have a positive fair value position, was \u20ac 6,803 and \u20ac 4,605 at December 31, 2022 and 2021, respectively. The Company believes that the risk of significant loss from credit risk is remote, because it deals with credit-worthy financial institutions. The Company does not, in the normal course of business, demand collateral from the counterparties. A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) The Company\u2019s principal financial liabilities, other than derivatives, comprise of bank loans and overdrafts, Convertible Notes, financial leases and trade payables. The main purpose of these financial liabilities is to finance the Company\u2019s operations. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The Company enters into derivative transactions exclusively with forward currency contracts. The purpose of these transactions is to manage the currency risks arising from the Company\u2019s operations. The Company\u2019s policy is, and has been throughout 2022 and 2021, that no trading in derivatives shall be undertaken. The main risks arising from the Company\u2019s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The following table presents a sensitivity analysis of the Company\u2018s profit before tax (due to changes in the fair value of monetary assets and liabilities) and the Company\u2019s equity (due to changes in the fair value of forward exchange contracts) related to reasonable potential changes in the US dollar exchange rate compared to the euro, Swiss franc and Malaysian ringgit, with all other variables held constant. This comparison is done as most transactions are in US dollar and are hedged against the local currencies of the main operations in the Netherlands, Switzerland and Malaysia. The analysis includes the effects of fair value changes of the financial instruments used to hedge the currency exposures and focuses only on balance sheet positions. The discussion below of changes in currency exchange rates does not incorporate other economic factors. For example, the sensitivity analysis does not take into account the possibility that rates can move in opposite directions and that gains from one category may or may not be offset by losses from another category. As currency exchange rates change, translation of the statements of operations of Besi\u2019s international business into euro affects year over year comparability. (\u20ac thousands) Effect on profit before tax 2022 Effect on equity Effect on profit before tax 2021 Effect on equity Increase/decrease in US dollar rate compared to euro +10% - (2,300) - (2,600) -10% - 2,300 - 2,600 Increase/decrease in US dollar rate compared to Swiss franc +10% - (12,000) - (15,300) -10% - 12,000 - 15,300 The current outstanding forward exchange contracts have been included in this calculation. Interest rate risk The Company has interest-bearing assets and liabilities exposing it to fluctuations in market interest rates. The Company is hardly exposed to the risk of changes in market interest rates through borrowing activities due to very limited debt with floating interest rates. Given the Company\u2019s cash position, fluctuations in market interest rates are affecting the Company\u2019s results. An increase of interest rates will have a positive effect, while a decrease of market interest rates will negatively impact the Company\u2019s results. No derivative interest rate related swaps have been entered into for trading or speculative purposes or to manage interest exposures. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Company\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Company. ",
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"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-10": {
"value": "31. Financial instruments, financial risk management objectives and policies Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company\u2019s liquidity needs are affected by many factors including uncertainties of the global economy and the semiconductor industry resulting in fluctuating cash requirements. The Company believes that it will have sufficient liquidity to meet its current liabilities including expected capital expenditures and repayment obligations in 2022. The Company monitors its risk to a shortage of funds by reviewing cash flows of all entities throughout the year. The Company intends to return cash to the shareholders on a regular basis in the form of dividend payments and, subject to actual and anticipated liquidity requirements and other relevant factors, share buybacks. The table below summarizes the maturity profile of the Company\u2019s financial liabilities at December 31, 2022 and 2021, based on contractual undiscounted payments: (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 year Total December 31, 2022 Convertible Notes (assuming no conversion) - - 2,400 182,500 175,000 359,900 Other long-term debt - - - 2,042 - 2,042 Lease liabilities (Note 19) - 1,120 2,518 8,845 6,947 19,430 Interest payable convertible - 563 4,066 17,788 4,922 27,339 Trade payable 13,920 27,486 25 - - 41,431 Other payables 2,903 8,938 29,280 - - 41,121 Total 16,823 38,107 38,289 211,175 186,869 491,263 (\u20ac thousands) On demand Less than 3 months 3 to 12 months 1 to 5 years > 5 years Total December 31, 2021 Convertible Notes (assuming no conversion) - - - 174,800 150,000 324,800 Other long-term debt - - - 1,548 - 1,548 Lease liabilities (Note 19) - 887 2,643 6,836 417 10,783 Interest payable convertible - 563 1,485 6,284 1,125 9,457 Trade payable 23,075 51,592 44 - - 74,711 Other payables 1,946 14,654 22,322 - - 38,922 Total 25,021 67,696 26,494 189,468 151,542 460,221 It is not expected that the cash flows included in the maturity profile could occur significantly earlier, or at significantly different amounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-11": {
"value": "31. Financial instruments, financial risk management objectives and policies The Company\u2019s principal financial liabilities, other than derivatives, comprise of bank loans and overdrafts, Convertible Notes, financial leases and trade payables. The main purpose of these financial liabilities is to finance the Company\u2019s operations. The Company has various financial assets such as trade receivables and cash and short-term deposits, which arise directly from its operations. The Company enters into derivative transactions exclusively with forward currency contracts. The purpose of these transactions is to manage the currency risks arising from the Company\u2019s operations. The Company\u2019s policy is, and has been throughout 2022 and 2021, that no trading in derivatives shall be undertaken. The main risks arising from the Company\u2019s financial instruments are foreign currency risk, interest rate risk, credit risk and liquidity risk. The following table presents a sensitivity analysis of the Company\u2018s profit before tax (due to changes in the fair value of monetary assets and liabilities) and the Company\u2019s equity (due to changes in the fair value of forward exchange contracts) related to reasonable potential changes in the US dollar exchange rate compared to the euro, Swiss franc and Malaysian ringgit, with all other variables held constant. This comparison is done as most transactions are in US dollar and are hedged against the local currencies of the main operations in the Netherlands, Switzerland and Malaysia. The analysis includes the effects of fair value changes of the financial instruments used to hedge the currency exposures and focuses only on balance sheet positions. The discussion below of changes in currency exchange rates does not incorporate other economic factors. For example, the sensitivity analysis does not take into account the possibility that rates can move in opposite directions and that gains from one category may or may not be offset by losses from another category. As currency exchange rates change, translation of the statements of operations of Besi\u2019s international business into euro affects year over year comparability. (\u20ac thousands) Effect on profit before tax 2022 Effect on equity Effect on profit before tax 2021 Effect on equity Increase/decrease in US dollar rate compared to euro +10% - (2,300) - (2,600) -10% - 2,300 - 2,600 Increase/decrease in US dollar rate compared to Swiss franc +10% - (12,000) - (15,300) -10% - 12,000 - 15,300 The current outstanding forward exchange contracts have been included in this calculation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-12": {
"value": "31. Financial instruments, financial risk management objectives and policies Fair value of financial instruments The Company assumes that the book value of the Company\u2019s financial instruments, which consist of cash and cash equivalents, deposits, trade receivables and accounts payable, does not significantly differ from their fair value due to the short maturity of those instruments and to the fact that interest rates are floating or approximate the rates currently available to the Company. For the valuation of the Convertible Notes reference is made to Note 18. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The fair values of other financial assets and financial liabilities, together with the carrying amounts in the Consolidated Statements of Financial Position, are as follows: (\u20ac thousands) Note Carrying amount December 31, 2022 Level Fair value Financial assets Forward foreign currency exchange contracts 7 6,803 2 6,803 Marketable securities for pension liability 12 522 1, 2 522 1Deposits4 25,000 2 24,265 Total 32,325 31,590 Financial liabilities Forward foreign currency exchange contracts 16 98 2 98 2 Long-term debt18 325,176 1 402,036 Total 325,274 402,134 1 Relates to a two-years deposit, maturing in December 2023. The fair value of all other deposits does not significantly differ from their book values due to their short maturity and remaining tenor. 2 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. (\u20ac thousands) Note Carrying amount December 31, 2021 Level Fair value Financial assets Forward foreign currency exchange contracts 7 4,605 2 4,605 Marketable securities for pension liability 12 607 1, 2 607 Total 5,212 5,212 Financial liabilities Forward foreign currency exchange contracts 16 5,105 2 5,105 1 Long-term debt18 301,802 1 517,025 Total 306,907 522,130 1 The fair value of the Convertible Notes included in the long-term debt are based on the closing prices of the Notes on the Deutsche B\u00f6rse Freiverkehr market. There were no transfers between levels during the years ended December 31, 2022 and December 31, 2021. The only recurring fair value measurement is the valuation of forward exchange contracts for hedging purposes. According to IFRS 13 this measurement is categorized as Level 2. Non-recurring fair value measurements were not applicable in the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-417-13": {
"value": "31. Financial instruments, financial risk management objectives and policies A summary of the Company\u2019s most important forward foreign currency exchange contracts at foreign currency contract rate is set forth below: (\u20ac thousands) Nominal Value Average rate Maturity Fair Value, net December 31, 2022 To sell US dollars for Swiss francs 194,637 1.064 < 4 months 4,673 To sell US dollars for euros 44,628 1.033 < 4 months 1,685 To buy Malaysian ringgits for Swiss franc 5,832 4.762 < 1 month (16) To sell Malaysian ringgits for euros 17,027 4.627 < 2 months 291 To sell euros for Swiss francs 23,200 0.982 < 2 months (12) Other FX pair contracts 30,268 - < 2 months 84 Total 315,592 6,705 December 31, 2021 To sell US dollars for Swiss francs 309,023 1.084 < 6 months 3,902 To sell US dollars for euros 55,359 1.148 < 4 months (708) To buy Malaysian ringgits for Swiss franc 9,007 4.568 < 1 month (6) To sell Swiss francs for euros 97,764 1.080 < 2 months (3,993) To sell euros for Swiss francs 31,100 1.052 < 3 months 581 Other FX pair contracts 35,292 - < 2 months (276) Total 537,545 (500) The contracts to sell US dollars for euros and Swiss francs predominantly apply for hedge accounting. All other forward foreign currency exchange contracts are economic hedges. At December 31, 2022 and 2021, the unrealized gain (loss) on forward foreign currency exchange contracts that were designated as a hedge of firmly committed transactions amounted to \u20ac 6,705 and (\u20ac 500), respectively. The fair value of the Company\u2019s forward foreign currency exchange contracts, which are categorized as Level 2 is as follows: (\u20ac thousands) 2022 Positive Negative 2021 Positive Negative Forward foreign currency exchange contracts Fair value 6,803 98 4,605 5,105 The fair value of the forward foreign currency exchange contracts is included in the Company\u2019s other receivables and the other payables. The Company recorded no changes in the fair value of the financial instruments that were attributable to changes in the credit risk of the forward exchange contracts. All foreign exchange currency contracts have a maturity of less than twelve months. The cash flows related to foreign currency contracts with positive fair values and related to foreign currency contracts with negative fair values may be settled gross or net and are expected to occur as follows: (\u20ac thousands) December 31, 2022 December 31, 2021 Proceeds 322,297 537,545 Payments (315,592) (538,045) Net 6,705 (500) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-493-2": {
"value": "Capital management The primary objective of the Company\u2019s capital management is to ensure healthy capital ratios, with focus on liquidity and financial stability throughout the industry cycles, in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may make a dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2022 and December 31, 2021. The Company only regards equity as capital. This capital is managed using solvency ratio (excluding intangible assets) and return on investment. (\u20ac thousands, except for percentages) 2022 2021 Equity 628,535 619,274 Solvency ratio 55.4% 54.1% Solvency ratio (excluding intangible fixed assets) 49.7% 49.1% Return on average equity 38.6% 57.0% The return on average equity is calculated using the opening and closing balance of equity and the net income of 2022. The total number of ordinary shares that will be awarded under the 2020 Framework Incentive Plan may not exceed 1.5% of the total number of outstanding shares at December 31 of the year prior to the year in which the award is made. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-494-2": {
"value": " 32. Events after the balance sheet date There are no events to report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245007A1YFLI2GNYX06",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}