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"s6_notes__6__7": {
"value": "Section B. Notes to the Consolidated Financial Statements1. Corporate informationCabka N.V. is a company, registered in the Chamber of Commerce Amsterdam under number 80504493. As of 1 March 2024, the Company has moved its registered office to John M. Keynesplein 10, 1066 EP, Amsterdam, the Netherlands (previously at Johan Cruijff Boulevard 65-71, 1101 DL Amsterdam, The Netherlands).\ue61eCabka N.V is listed on Euronext Amsterdam. It has subsidiaries in the USA, Spain, Germany and Belgium. Throughout this report, the name \u201cCabka\u201d, \u201cCabka Group\u201c, \u201cthe Group\u201d or \u201cthe Company\u2019\u2019 will be used interchangeably to refer to Cabka N.V. including its consolidated subsidiaries. Cabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable pallets- and large container solutions enhancing logistics chain sustainability (the so-called \u201cRTP-Business\u201d) and the \u201cEco-Products-Business\u201d. The latter are sustainable products made from 100% recycled post-consumer plastic waste. They are used, among other things, in construction, road and traffic safety, as well as in gardening and landscaping. With products made approximately 85-90% of recycled plastics Cabka is leading the industry in its integrated approach closing the loop from waste to recycling, to manufacturing.The consolidated financial statements of Cabka N.V. and its subsidiaries for the year ending December 31, 2023 are presented in thousands of Euro, unless indicated otherwise. Statement of compliance The consolidated financial statements as of December 31, 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS IC interpretations (IFRIC), published by the International Accounting Standards Board (IASB) as adopted by the European Union (hereinafter referred to as EU-IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code. The Company financial statements are an integrated part of the 2023 financial statements of Cabka N.V. The financial statements were authorized for issue by the Management Board and Supervisory Board on April 17, 2024.2. Basis of preparationThese consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and also comply with financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code, as far as applicable.2.1 Basis of preparation: Going concern The accompanying consolidated financial statements of the Group have been prepared assuming Cabka N.V. will continue as a going concern. The going concern basis of presentation assumes that we will continue in operation for at least a period of one year after the date these financial statements are issued and contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. In assessing going concern, the Group\u2019s operations and liquidity were considered in preparing forecasts. The Company is compliant with agreed bank covenants. Management\u2019s assessment was based on the assumptions used in the 2024 budget and mid-term strategic plan 2023-2026. This supports the guidance leading to structurally positive EBITDA and cash flows. The main key financial ratios, such as equity-ratio and net debt are at comfortable levels. Based on forecasts, sufficient equity and available cash resources as well as complying with the agreed financial covenant obligations, Management is of the opinion that the going concern of Cabka N.V. is assured.The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. Measurement basisThe consolidated financial statements have been prepared on a historical cost basis, except for financial instruments such as derivatives, Special Shares liabilities, share-based payments and warrants, which are measured at fair value. Refer to Note 3.4 and 7 for fair value measurement.2.3 Accounting judgements and sources of estimation uncertaintyThe preparation of the financial statements necessitates the use of estimates, assumptions and judgements by management. These estimates and assumptions affect the reported amounts of assets, liabilities and contingent assets and liabilities at the statement of financial position date as well as the reported income and expenses for the year. Although estimates are based on management\u2019s best knowledge and judgement of current facts as at the statement of financial position date, the actual outcome may differ from these estimates. As a result, there is a significant risk that the aforementioned causes a potential material adjustment to the carrying amounts of assets and liabilities within the next financial year, see notes:\u2022 Note 15 \u2013 utilization of tax losses \u2022 Note 18 \u2013 impairments of property, plant and equipment \u2022 Note 19 \u2013 lease liabilities \u2022 Note 28 \u2013 accounting for share-based payments \u2022 Note 33 \u2013 provisions \u2022 Note 34 \u2013 financial instruments risk managementWhere relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and assumptions on reported results. 2.4 Presentation of cash flow statement The consolidated statement of cash flows is prepared using the indirect method. The cash flow statement distinguishes between operating, investing and financing activities. Cash flows in foreign currencies are converted at the exchange rate at the dates of the transactions. Currency exchange differences on cash held are separately shown. Payments and receipts of corporate taxes are included as cash flow from operating activities and interest paid is shown as cash flow from financing activities. Cash flows as a result from acquisition/divestment of financial interest in subsidiaries and associates are included as cash flow from investing activities, taking into account the available cash in these interests. Dividends paid are part of the cash flow from financing activities.3. Summary of significant accounting policies Cabka N.V. has consistently applied the following accounting policies to all years presented in these consolidated financial statements. 3.1 Basis of consolidation3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. 3.1.2 Transactions eliminated on consolidationAll intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 3.1.3 Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.3.1.4 Changes in ownership structure A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.3.2 Foreign currenciesThe Group\u2019s consolidated financial statements are presented in Euros, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates 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. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.On consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.3.3 Current and Non-Current ClassificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:\u2022 Expected to be realized or intended to be sold or consumed in the normal operating cycle,\u2022 Held primarily for the purpose of trading,\u2022 Expected to be realized within twelve months after the reporting period, or\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-currentA liability is current when:\u2022 It is expected to be settled in the normal operating cycle,\u2022 It is held primarily for the purpose of trading,\u2022 It is due to be settled within twelve months after the reporting period, or\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.3.4 Fair Value MeasurementThe Group measures financial instruments such as derivatives at fair value through profit and loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes below. For a summary of the categories specific to Cabka, refer to fair value measurement (Note 7).3.5 Property Plant and Equipment 3.5.1 Owned assetsPlant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The costs include the purchase price and any directly attributable transaction costs. Supplier discounts have been deducted. Self-developed assets are stated at cost, net of depreciation and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.Prepayments at the stage of assets under construction are stated at cash value.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:\u2022 Buildings 25 to 50 years\u2022 Technical equipment and machines 3 to 15 years\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.The Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety, and environmental legislation in its assessment of expected useful lives and estimated residual values.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.3.5.2 LeasesAt inception of a contract, the Group 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 assets 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 Group uses the definition of a lease in IFRS 16.The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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:\u2022 Land and buildings, plant, and machinery 3 to 15 years\u2022 Motor vehicles and other equipment 3 to 5 yearsLease LiabilitiesAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.In calculating the present value of lease payments, the Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The group presents right-of-use assets in ''Right-of-Use assets'' and lease liabilities in \u201cFinancial liabilities\u201d in the statement of financial position. Interest on lease liabilities is included in \u201cInterest expense\u201d in the income statement and included in the cash flows from financing activities in the statement of cash flows. The group\u2019s leasing arrangements relate primarily to office buildings, warehouse space, equipment and motor vehicles. Lease expenses \u2013 short-term leases and leases of low-value assetsThe Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and lease of low-value assets. Individual lease assets with a new value of \u20ac 5,000 or less (or any other foreign exchange equivalent) are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis over the lease term.3.6 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. There are only intangible assets with finite useful lives at the Group. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss. Intangible assets at the Group are split into customer relationships, internally developed intangible assets, purchased intangible assets and advance payments charged. Self-developed intangible assets are stated at cost, net of amortization and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.The Group capitalizes and recognizes, as internally generated assets, the automation and development costs arising from the design and development of new assets in order to ensure maximum customization of final products.All categories of intangible assets are considered long term intangible assets and are amortized on a straight line basis over their useful economic life, between 3 and 5 years.3.7 Financial Instruments and other investments Financial instruments are contracts which result in a financial asset with one company and a financial liability or an equity instrument with another. Financial instruments comprise primary financing instruments such as receivables and trade payables or also financial receivables and financial liabilities. Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps. Financial assets and liabilities are categorized as follows:1. Assets and liabilities measured at amortized cost2. Asset and liabilities measured at fair value through profit or loss3. Asset measured at fair value through other comprehensive incomeA financial asset or a financial liability is initially measured at fair value plus, in the case of the first and third category, transaction costs.The subsequent measurement of financial assets and liabilities of the first category is made at amortized cost or by using the effective interest method.Financial assets and liabilities of the second category are measured at fair value on the balance sheet date. Market fluctuations are recognized in the income statement.3.7.1 Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand and are carried out at amortized cost.For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. 3.7.2 Trade and other receivablesTrade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Initial recognition of trade and other receivables at transaction price and then at amortized cost, subsequently carried less impairment losses or expected credit losses (see Note 23). 3.7.3 Trade and other payablesTrade and other payables are initially recorded at fair value and then carried at amortized cost.3.8 InventoriesRaw materials and supplies, spare parts and trading goods are valued at acquisition costs on an average price basis. Finished and work in progress goods are valued at the lower of cost or net realizable value. The production costs include material costs, manufacturing costs, and special costs of production as well as adequate parts of the necessary material costs, manufacturing costs, and the value consumption of the fixed assets. Reasonable costs of the administration costs are also included in those costs.3.9 Impairments 3.9.1 Financial assetsThe Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics.All impairment losses are recognized in the consolidated statement of profit and loss.An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss.3.9.2 Non-financial assetsThe carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash generating unit\u2019). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. 3.9.3 Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss. In the reported year no reversals of impairment losses for other assets occurred. 3.10 ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.3.11 Other assetsOther receivables and other assets are initially recognized at amortized costs. Subsequently carried at the lower of amortized cost or fair market value. Account is taken of all identifiable individual risks and general default risks by means of appropriate value reductions. Specific cases of default lead to the receivable in question being written off.3.12 Revenue from contracts with customersCabka\u2019s business can be split between reusable pallets and large container solutions enhancing logistics chain sustainability (the so-called \u201cRTP-Business\u201d), as well as \u201cEco-Products\u201d which find application mainly in the road safety and construction sector. Cabka receives a recycling fee from suppliers for handling and recycling of specific post-consumer waste, so called mixed plastics.Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.Sale of pallets and containers, Eco products, non-strategic products and customized solutionsRevenue from sale of pallets, containers, Eco products, non-strategic products and customized solutions is recognized at the point in time when control of the asset is transferred to the customer, generally on collection of goods by customers ex works.The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points). In determining the transaction price for the sale of pallets, containers, Eco products and non-strategic products, the Group considers the effects of variable consideration, existence of a significant financing component, noncash consideration, and consideration payable to the customer (if any).Recycling FeesRecycling fees are compensation for assuming the liability to recycle the mixed plastics. When mixed plastics are received, the recycling fee is recognized as a liability. This liability is extinguished when the mixed plastics are recycled in the production process. At that moment, the liability is released to profit and loss as revenue.Sale of materials and freightsRevenue from sale of material is recognized at the point in time when control of the asset is transferred to the customer. Revenue for transportation is recognized over time after measuring its progress toward complete satisfaction of the performance obligation.Revenue for customized solutionsIn relation to customized solutions, the Group recognizes two performance obligations. One is related to the development of the tool, with the purpose of providing customized products to customers, and revenues are recognized over-time using the percentage of completion method; the second performance obligation relates to delivering customized final products with specific characteristics to customers and revenues are recognized at a point in time when products will be delivered. Delivery is defined based on the terms of the sale contract.A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due).A contract liability is recognized if a payment is received, or a payment is due (whichever applies first) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).3.12.1 Other operating incomeOther operating income includes income from all other operating activities which are not related to the principal activities of the Company. Other income is recognized when it is probable that future economic benefits will flow to the Company and when the amount can be measured reliably. Other operating income at Cabka include, but is not limited to, proceeds from insurance, governmental subsidies and gains on sale of fixed assets.3.13 Share capital 3.13.1 Ordinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity.3.13.2 Repurchase, disposal and reissue of share capital (treasury shares)When own shares recognized as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. If treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred respectively to or from other reserves. 3.13.3 DividendsThe holders of ordinary shares are entitled to receive dividends as determined from time to time by the General Meeting of Shareholders. The Management Board has the authority to decide, with the approval of the Supervisory Board, what portion of the profit will be allocated to the reserves. If applicable, the declared but unpaid dividends are recognized as a liability.3.14 Taxes3.14.1 Current income taxCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation reflects the effect of uncertainty in determining the related taxable profit if it is not probable that the taxation authority will accept an uncertain tax treatment. .3.14.2 Deferred taxDeferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognized for taxable temporary differences.Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Cabka Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. 3.14.3 Sales taxExpenses and assets are recognized net of the amount of sales tax, except: \u2022 When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable. \u2022 When receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.3.15 Share-based paymentsEmployees of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled share-based payments transactions) or for cash-payments based on the value of equity instruments (cash-settled share-based payments). Equity-settled share-based paymentsThe cost of equity-settled share-based payments transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 28. That cost is recognized in personnel expenses, together with a corresponding increase in equity (other reserves, as presented in the consolidated statement of changes in equity), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions and any other conditions attached to an award, but without an associated service requirement (non-vesting conditions) are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. Cash-settled transactionsA liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see Note 10). The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using an appropriate valuation model, further details of which are given in Note 28. The approach used to account for vesting conditions when measuring equity-settled share-based payments also applies to cash-settled share-based payments. 3.16 Expenses Expenses are recognized based on the accrual basis of accounting. This means that expenses are recognized when the product is received, or the service is provided regardless of when cash outflow takes place. In relation to the expenses recognized in relation to depreciation and impairments, reference is made to the specific accounting policy as is included in Notes 3.5 and 3.9. In relation to the costs as expensed in relation to inventory, reference is made to the specific accounting policy as is included in Note 3.8. 3.17 Employee benefits The Group has a defined contribution plan for its employees. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments will occur. 3.18 Government Grants The Group receives government grants, such as subsidies for the employment of permanent employees. Grants that compensate the Group for expenses incurred, are recognized in profit or loss as other operating income, unless the conditions for receiving the grant are not met yet. In this situation, the grant is recognized when it becomes receivable. Governmental grants for energy expenses are recognized in the same expense position offsetting the occurred costs. 3.19 New and amended IFRSThe Group applied for the first-time the following standards and amendments, which are effective for annual periods beginning on or after January 1, 2023 (unless otherwise stated). The Group has not early adopted any other standards, interpretation or amendment that has been issued but is not yet effective.NEW OR AMENDED FIRST TIME MAJOR IMPACT STANDARDS AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPInsurance contracts New/ IFRS 17Initial application of IFRS 17 and IFRS 2023 Yes Noamended9 \u2013 comparative information IAS 1, IFRS Practice Amended Disclosure of accounting policies 2023 Yes NoStatement 2IAS 8 Amended Definition of accounting policies 2023 Yes NoDeferred taxes related to assets IAS 12 Amendedand liabilities rising from a single 2023 Yes NotransactionThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.NEW OR AMENDED STANDARDS (IS-SUED BUT NOT FIRST TIME MAJOR IMPACT YET EFFECTIVE) AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPPresentation of financial statements \u2013 IAS 1 Amendedclassification of debt as short and long 2024 Yes Noterm; disclosure of accounting policiesLeasing liabilities at sale-and-leaseback IFRS 16 Amended2024 Yes NotransactionsThe amendments aim to improve the transparency of supply chain finance IAS 7 and arrangements that enables investors Amended2024 Yes NoIFRS 7to assess their effects on a company\u2019s liabilities, cash \ufb02ows and exposure to liquidity risk.The amendments specify when a currency is exchangeable into another currency and when it is not, and how IAS 21 Amended2025 Yes Noan entity determines the exchange rate to apply when a currency is not exchangeable.There are no other IFRSs that have been issued but are not yet effective that are expected to have a material effect on the future consolidated financial statements.3.20 Correction and adjustment of amountsThe Group made specific corrections in 2023 with relates to adjustment of prior year figures. All these changes were immaterial and as such comparative figures remained unadjusted. The changes are the following:a.) Property, plant and equipment: In the current financial year 2023 an adjustment within the movement schedule of PP&E has been made. The adjustment considers all assets, owned by the Group, even if most of them fully depreciated. This resulted in an increase of the NBV for the two asset categories \u201cOther equipment, factory and office equipment\u201d and \u201cPrepayments and asset under construction\u201d of \u20ac 431.000.b) Leases: In the current financial year 2023 an adjustment within the movement schedule of Right of use asset has been made, due to the new IFRS 16 tool implemented by the Group. This resulted in an increase of the NBV for a total amount of \u20ac 329.000.c) Deferred tax liability: In the current financial year 2023 an adjustment for deferred tax liability has been made for a total amount of \u20ac 59.000. This resulted in an increase of net result of the current financial year.4. Significant events and transactionsThe most impactful geopolitical event is the ongoing Russian invasion of Ukraine and political instability due to the conflict between Israel and Palestina. Although effects on energy and material prices are decreased in 2023 compared to the previous year, the ongoing instabilities lead to increased volatility in prices for energy and materials. Until publication of this report, the situation remain uncertain as is the outlook on further consequences for the global economy and financial markets. More specific to the company, the following significant events and transactions occurred during the year:\u2022 At the AGM of June 8, 2023, Frank Roerink was appointed as Chief Financial Officer of Cabka.\u2022 Cabka North America\u2019s plant in St. Louis (MO) fully up and running since July 2023 after 2022 flooding.\u2022 On December 15, 2023, Cabka reached an agreement with a consortium, led by Commerzbank AG, on a total initial debt facility of \u20ac 80,000,000 for four years, including extension options for up to two years as well as an option to increase the facility by an extra \u20ac 20,000,000 for further financial flexibility.\u2022 Consolidation and expansion of our ECO business completed in Q1 2023.\u2022 Divestment of non-strategic PVC business completed in Q4 2023.The (financial) impact of above events are also described in more detail in the company statement preceding the financial section.5. Group informationThe consolidated financial statements of the Group includes:% EQUITY % EQUITY PRINCIPAL COUNTRY OF INTERESTINTERESTNAMEACTIVITIESINCORPORATION20232022Ultimate Cabka N.V., AmsterdamNetherlands 100 100parentCabka Group GmbH, Berlin Holding Germany 100 100Innova Packaging Systems, Ieper Subsidiary Belgium 100 100Cabka Belgium N.V., Ieper Subsidiary Belgium 100 100Cabka Spain S.L.U., Valencia Subsidiary Spain 100 100System Technik GmbH, Weira Subsidiary Germany 100 100Cabka North America Inc., Missouri Subsidiary USA 100 100Cabka GmbH & Co. KG, Weira Subsidiary Germany 100 100Cabka Eco Products GmbH & Co. Subsidiary Germany 100 100KG, WeiraCabka N.V. is the ultimate parent of the Group, for an overview of share ownership in Cabka N.V. we refer to note 16 of the Company financial statements. There are no changes in the ownership structure of the Group during 2023. The holding companyThe immediate and ultimate holding company of Cabka Group GmbH, located in Germany, is Cabka N.V. and is based and listed in the Netherlands. From the holding company in Germany services are provided in various functions, such as IT, HR, Marketing, Finance and Purchasing to the subsidiaries.The subsidiaries in Belgium, Germany, Spain and the US are primarily manufacturing the products for the RTP business as well as for Eco products and providing services to the customers. Recycling activities are spread all over the places.In the subsidiary in Spain, additionally, the Innovation Center is established, primarily focusing on new product developments, automation projects and material developments for the entire group. Exemptions publication The following subsidiaries make use of the exemption provisions pursuant to Section 264 (3) and 264b of the German Commercial Code (HGB) -which is similar to section 403, subsection 1 of Book 2 of the Dutch Civil Code- and waive the disclosure of the 2023 annual financial statements and, in some cases, the preparation of the notes or management report and the audit of the annual financial statements:\u2022 Cabka Group GmbH, Berlin\u2022 Cabka Eco Products GmbH & Co. KG, Weira\u2022 Cabka GmbH & Co. KG, Weira\u2022 System Technik GmbH, WeiraEach of these subsidiaries has filed Cabka \u2019s 264 declaration with the German trade register.6. Revenue from contracts with customers and segment reportingSales of goods and services are recognized in line with the requirements of IFRS 15, Revenue from contracts with customers. Revenue is measured based on the consideration CABKA expects to receive in exchange for the goods or services. Revenue from sales of goods is recognized in the income statement when all rights have been transferred to the buyer. This is usually upon delivery at a fixed point in time, at a fixed or determinable price, and when collectability is reasonably assured. Delivery is defined based on the terms of the sale contract. Revenue from sales of goods includes sales related to development of tooling for delivering customized products. This is recognized over time for the amount of \u20ac 5,781,000, using the percentage of completion method. In 2023, the revenue is 100% recognized as the related projects are completed within the reporting year.The transaction price allocated to the performance obligations has been defined by the stand-alone selling price stated in each contract with customers and may include discounts and variable consideration as upon agreed.Revenue from services is recognized when the respective services have been rendered and is related primarily to freight- and transportation services. Revenue is reported net of sales taxes, returns, discounts and rebates. Rebates to customers are provided for in the same period that the related sales are recorded based on the contract terms. CABKA periodically enters into prepayment contracts with customers whereby it enters into contract liabilities for products to be delivered in a future period. These contract liabilities are recorded as liabilities and presented as part of contract liabilities for \u20ac 511,000 (2022: \u20ac 2,249,000).6.1 Disaggregated revenue informationSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers in primary business segments and geographical markets:Revenues by Product SegmentIN EURO X 1,000 2023 2022 CHANGERTP Europe 125,169 121,355 3%Portfolio 67,972 66,758 2%Customized Solutions 38,388 33,077 16%Contract Manufacturing 18,809 21,520 -13%RTP US 32,749 34,923 -6%Eco Products 11,139 12,802 -13%Recycling Fees 14,140 10,045 41%Others 13,691 29,768 -54%Non-Strategic Products 10,848 21,406 -49%Material Sales & Freight 2,843 8,362 -66%Total 196,888 208,893 -6%Revenues by GeographyIN EURO X 1,000 2023 2022 CHANGEEurope 160,162 170,409 -6%DACH 60,771 64,924 -6%West & Nordics 63,064 76,932 -18%CEE 10,795 5,960 81%South 25,532 22,593 -7%North America 32,601 35,184 25%RoW 4,125 3,300Total 196,888 208,893 -6%Since CABKA is selling primarily products from recycled plastic materials to customers, either in the Reusable Transport Packaging (RTP) segment or in the Eco Products business, the entity recognizes revenue when it satisfies an identified performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service, what mainly is at a certain point in time. Invoices are payable within agreed payment conditions, usually between 30 \u2013 90 days. Recycling Fees are recognized as revenue when the performance obligation, processing of the incoming mixed plastic materials, is fulfilled.Revenue for services is presented under Material Sales & Freight and it is primarily related to transportation services.All of the Group\u2019s segments generate their revenue to the largest extent from the sale of products. These come in such a great variety that a meaningful grouping below the segment information is not monitored at this stage. 6.2 Segment informationFor Management purposes, the Group is such organized, that steering the business results does not occur in product segments, but more on a legal entity level approach. Therefore, the segregation into the two main regions is the most appropriate way of presenting the segments. The segment information is clustered into the geographical regions Europe and North America summarized as following:\u2022 Europe obtains the RTP business and the Eco Product business in the full value chain from inhouse recycling of plastic waste materials, manufacturing of products till sale of products and services. \u2022 North America is focused on the RTP business, obtaining the full value chain from recycling of post-industrial waste, manufacturing and sale of products and services.Segment Performance 2023 NORTH IN EURO X 1,000 EUROPEAMERICA TOTALRevenue 164,208 32,680 196,888Change in inventories of finished goods and work in progress -3,396 -3,963 -7,359Other operating income 7,936 1,386 9, 322Total Operating income 168,748 30,103 198,851Material expenses / expenses for purchased services -84,304 -17,922 -102,226Gross profit 84,444 12,181 96,625Personnel expenses -42,566Amortization/depreciation and impairment of -17,124intangible and tangible fixed assetsOther operating expenses -34,266EBIT 2,669Finance income 308Finance costs -4,186Financial Result -3,878Result before taxes -1,209Income tax expense 332Net result for the year -1,541 Attributable to: Non-controlling interest - Equity holders of CABKA N.V. -1,541The revenue information above is based on the realization of sale assigned to the legal entity either in the US or in Europe. In none of the regions there is specific customer with a revenue share of 10% or above from the total revenue.In the financial year 2023 the US business was still impacted from the flooding occurred mid of 2022, primarily in the first half of the year by the continuation of using external manufacturing capacities to satisfy customer demands. This resulted in higher purchased services leading to a lower gross profit. In the second half of the year the margins improved significantly in the US by establishing as planned the inhouse product manufacturing capacities, but also the inhouse material processing lines to obtain own recycled plastic raw materials to produce finished goods. In Europe the margins were favorably affected by two key developments. First, the RTP business grew, especially in the customized solutions segment, while the energy and raw material markets stabilized at lower levels compared to prior year. Secondly, after the successful relocation of the Eco Products business from the Genthin site to Weira in end of 2022, economies of scales were realized with increased processing capacities for further growth. In the segment performance of 2023 are non-recurring income and expenses, suchas accounting and advisory costs in relation to the listing in 2022 and US flooding-related effects included.Segment Performance 2022 NORTH IN EURO X 1,000 EUROPEAMERICA TOTALRevenue 173,260 35,633 208,893Change in inventories of finished goods and work in progress 4,874 -675 4,199Other operating income 6,165 7,531 13,696Total Operating income 184,299 42,489 226,788Material expenses / expenses for purchased services -108,995 -22,498 -131,493Gross profit 75,304 19,991 95,295Personnel expenses -40,425Amortization/depreciation and impairment of intangible -18,023and tangible fixed assetsOther operating expenses -43,581Share listing expenses -26,764EBIT -33,500Finance income 1,589Finance costs -2,390Financial Result -802Result before taxes -34,302Income tax expense 4,480Net result for the year -29,822 Attributable to: Non-controlling interest -77 Equity holders of CABKA N.V. -29,745In the above segment performance of 2022 are non-recurring income and expenses, such as accounting and advisory costs in relation to the transaction, share listing expenses and US flooding-related effects included. The average FTE of permanent employed personnel per segment can be specified as follows: Full time equivalents2023 2022PER DEPARTMENTEUROPE US TOTAL EUROPE US TOTALProduction 364 40 404 355 47 402Sales & Marketing 32 6 38 40 5 45Innovation Center 40 - 40 43 - 43General & Administration 110 11 121 85 20 105Total 546 57 603 523 72 595Assets and liabilities are not monitored by segment and therefore not presented per segment.The Executive Management Committee monitors the Gross profit of its business units separately for the purpose of making decisions about resource allocation and performance assessment, Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements, The Group\u2019s financing (including finance costs, finance income and other income) is managed on Group basis in close alignment with local Management, Income taxes are managed on legal entity level in close coordination with Group Management,Transfer prices between operating segments are on an arm\u2019s-length basis in a manner similar to transactions with third parties.Finance costs, finance income, other income, and fair value gains and losses on financial assets are not allocated to individual segments as the underlying instruments are managed on a group basis.Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments as they are also managed on a group basis. There were no significant inter-relationships between unobservable inputs that materially affect fair values.7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.8. Other operating incomeThe other operating income is summarized in the overview below: Other operating incomeIN EURO X 1,000 2023 2022Income from insurance 1,328 5,919Other own work capitalized 4,208 4,947Personnel related operating income 913 990Foreign exchange results 279 481Other operating income 2,595 1,359Total other operating income 9,322 13,696Income from proceeds from insurance relates to the St. Louis flooding for an amount of \u20ac 1,174,000 (2022 \u20ac 5,919,000), the remaining \u20ac 154,000 relates to insurance proceeds in Germany. Other own work capitalized in both financial years relates to operational costs, such as personnel expenses, capitalized for inhouse manufactured property and equipment, like molds and assets related to recycle lines. The personnel related operating income amounting to \u20ac 913,000 (2022 \u20ac 990,000) is primarily related to governmental subsidies for the employment of permanent employees, especially for social securities. The category other operating income of \u20ac 2,595,000 (2022 \u20ac 1,359,000) relates mainly to gain on sale of fixed assets, see Note 18, and further to the release of accruals for an amount of \u20ac 207,000 (2022 \u20ac 505,000).9. Material expenses / expenses for purchased services The material expenses and expenses for purchased services are summarized in the overview below:Material expenses / expenses for purchased servicesIN EURO X 1,000 2023 2022 CHANGECost of raw materials, consumables and supplements 74,172 90,342 -18%Cost of purchased services 14,774 18,212 -19%Gas, Power, Water 13,280 22,939 -42%Total material expenses / expenses for purchased services 102,226 131,493 -22%Material costs / expenses for purchased services include direct attributable costs, such as costs for raw materials and production-related materials, energy costs and purchased services. The latter are costs related to the external manufacturing of products and temporary employees, supporting the inhouse production of finished goods. Despite the fact, that Cabka had no direct exposure to the Ukraine / Russia war, the indirect impact \u2013 especially on the energy prices- was significant in 2022. During 2023, the prices for both energy and materials have normalized, decreasing by 42% to \u20ac 13,280,000 (2022 \u20ac 22,939,000) and materials decreasing by 18% to \u20ac 74,172,000 (2022 \u20ac 90,342,000).Purchased services, primarily external manufacturing costs in Europe, were reduced whilst in the US the external production costs remained at similar levels compared to prior year as both years were impacted from the flooding. The utilization of temporary employees, to ensure certain flexibility with excessive capacities, has been reduced as well. 10. Personnel expensesThe personnel expenses are summarized in the overview below:Personnel expensesIN EURO X 1,000 2023 2022 CHANGESalaries and wages 31,622 27,968 13%Social securities and other benefits 7,093 7,002 1%Other staff costs 3,306 3,363 -2%Share-based payment expense 545 2,092 -74%Total personnel expenses 42,566 40,425 5%The stock option programs are further elaborated in the section share-based payments program (see Note 28)Personnel expenses increased by 5% due to growth, inflationary adjustments of labor costs and further strengthening our organization on key vacancies. The average FTE in 2023 is 603 and represents a growth of 1.4 % in the financial year compared to previous year (2022: 595 FTE). Reference is made to Note 6 for further disclosure on FTE\u2019s per segment and per department.11. Accounting for St, Louis floodingAs a result of the floods in 2022 in the greater St. Louis area on July 27, Cabka\u2019s North America plant in Hazelwood (MO) had to be shut down. As of July 2023, the US plant is back at full capacity and no further costs are expected. During the first months of 2023, Cabka had flood related expenses incurred totaling \u20ac 1,006,000 (2022: \u20ac 3,747,000). The above noted expenses are recognized in the other operating expenses (Note 12). Insurance payments received in 2023 led to proceeds of \u20ac 1,174,000 compared to \u20ac 5,919,000 in 2022 (Note 8).12. Other operating expensesThe other operating expense is summarized in the overview below:Other operating expensesIN EURO X 1,000 2023 2022Flood related expenses 1,006 9,525Legal, audit and consulting fees 5,609 6,134Repairs and maintenance 5,267 4,785Transport expenses 4,400 4,331Insurance and fees 2,605 2,302IT services 1,900 2,195Sales and promotion expenses 1,800 2,013Car, travel and representation costs 1,561 1,822Waste and disposal 2,021 1,817Rental costs 1,279 1,518Foreign exchange results 534 347Other costs 6,284 6,793Other operating expenses 34,266 43,582The flood related expenses in 2023 relate to expenses for repairs of \u20ac 1,006,000, refer to Note 11. The category other costs in other operating expenses in 2023 include expenses related to other taxes \u20ac 971,000, IPO related real estate transfer taxes \u20ac 1,085,000, medical & safety \u20ac\ue61e920,000, recruiting training \u20ac 475,000, board compensation fees \u20ac 224,000 and operations totaling \u20ac 2,609,000.Legal, audit and consulting fees relate primarily to freelancer fees of \u20ac 1,586,000, closing and audit fees of \u20ac 1,076,000 business consulting \u20ac 529,000, Remainder of \u20ac 2,418,000 includes, among others, consulting costs for legal, tax, ESG, investor relations and patents, During 2023, the other operating expenses when compared to the prior period decreased by \u20ac 9,317,000. The decrease is primarily driven by the decrease in the flood related expenses of \u20ac 8,519,000. 13. Finance incomeThe Finance income is summarized in the overview below:Finance incomeIN EURO X 1,000 2023 2022Changes in fair value of Special Shares liabilities 105 1,561Interest income 203 27Total finance income 308 1,588The change in fair value of the Special Shares conversion option relates to the revaluation of this financial liability at reporting date and is based on changes in the ordinary share price of Cabka N.V. Further details on the Special Shares and its conversion option are disclosed in Note 31.14. Finance expensesThe Finance costs are summarized in the overview below:Finance costsIN EURO X 1,000 2023 2022Interest on debts and borrowings 3,353 1,622Interest arising from revenue contracts 3 274Interest on lease liabilities (IFRS 16) 218 100Interest on rental purchase liabilities 33 67Other interest and similar expenses 579 327Total finance costs 4,186 2,390Other interest and similar expenses contain the residual arrangement fee of the repaid financing as per end of December 2023 as well as commitment fees and proportional arrangement fees for the syndicated loan which was renewed on December 15, 2023 spread over the contractual period of the financing. Further details and terms on the new syndicated loan are included in note 31.15. Income taxThe Income Tax expenses are summarized in the overview below:Income tax expenses reported in the statement of profit and lossIN EURO X 1,000 2023 2022Current income tax 1,573 2,456Adjustments in respect of current income tax of previous year -75 -223Deferred tax adjustments -1,166 -6,713Income tax expenses reported in the statement of profit and loss 332 -4,480Total income tax paid in 2023 is \u20ac 1,222,000 (2022: \u20ac 2,185,000).The nominal tax rates and amounts in the Netherlands in 2023 are 19% up to \u20ac 200,000 and 25.8% over \u20ac\ue61e200,000 (2022 are 15% up to \u20ac 395,000 and 25.8% over \u20ac 395,000).Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate for 2023 and 2022:Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate:IN EURO X 1,000 2023 2022Result before taxes -1,209 -34,302Income tax expense at statutory tax rate (25.8%) 312 -8,850Effect tax free income 94 -Non-deductible expenses for tax purposes -267 8,176Adjustments in respect of current income tax of previous years 75 -223Impact from the revaluation and previously unrecognized deferred 1,128 -4,963taxes on tax loss carry forwardsRealization of carry forward losses in the Netherlands 369 -Current year losses for which no deferred tax asset is recognized -1,877 -Effect on temporary differences without recognized deferred taxes -451 -37Tax rate changes for deferred taxes - 357Differences to local tax rates -617 1,060Income tax expense reported in the statement of profit or loss -332 -4,480At the effective income rate of -27.47% 13.06%Critical judgements on TaxesDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Deferred taxes are disclosed in Note 26. For 2023, the average nominal tax rate of an entity operating in the Netherlands is 25.8%. The group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect.16. Earnings per shareGenerally, basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, such as the Roll-over shares (see 28). Currently, there is no distinction at Cabka between basic and diluted EPS as there are no items that have a dilutive effect.The following table reflects the income and share data used in the basic and diluted EPS calculations: Earnings per share2023 2022(IN EURO X 1,000)Profit attributable to ordinary equity holders of the parent for -1,541 -29,745basic and diluted earningsWeighted average number of ordinary shares for basic and diluted EPS 24,656,117 23,306,241The weighted average number of shares were mainly impacted in the presented period by the issuance of new shares, especially for the dividend payment. The basic and diluted earnings per share in the financial year 2023 amounts to \u20ac -0.06 (in 2022: \u20ac -1.28).The following instruments were not included in the basic or diluted EPS (Note 32, 33). As the Group has incurred a loss for the financial year ended December 31, 2022, the effect of the instruments below are not included in determining diluted earnings per share as these would decrease the loss per share and hence create an anti-dilutional effect. Therefore, diluted earnings per share equal basic earnings per share.INSTRUMENT HURDLE NUMBER OF POTENTIAL ORDINARY SHARESPSU EUR 11.00 146,545PSU EUR 12.00 146,545SPECIAL SHARES CONVERSION EUR 12.00 586,668DSC2 WARRANTS EUR 12.00 880,000PSU EUR 13.00 146,545DSC3 WARRANTS EUR 13.00 1,320,000PERFORMANCE SHARES EUR 16.00 750,000PERFORMANCE SHARES EUR 18.00 750,000PERFORMANCE SHARES EUR 20.00 750,000PSU and 450,000 of the Performance shares are additionally conditional upon service conditions for the eligible employees.17. Intangible assetsThe carrying value of intangible assets including among others software licenses in the position purchased intangible assets is summarized below:Intangible Assets at December 312023 2022IN EURO X 1,000Customer relationships - 30Internally developed intangible assets 2,108 -Purchased intangible assets 505 657Assets under construction 200 -Total intangible assets 2,813 687The movement during the year for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2023 150 244 5,366 - 5,760Additions - 2,366 145 200 2,711Disposals - - -24 - -24Currency translation - -9 - - -9At December 31, 2023 150 2,601 5,487 200 8,438Accumulated amortization and impairmentvAt January 1, 2023 -120 -244 -4,709 - -5,072Additions -30 -250 -297 - -577Disposals - - 24 - 24Currency translation - 1 - - 1At December 31, 2023 -150 -493 -4,982 - -5,625Net book valueAt December 31, 2023 - 2,108 505 200 2,813Additions to internally developed assets refer to primarily product development costs.The movement during 2022 for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2022 150 244 4,948 - 5,342Additions - - 418 - 418Disposals - - - - -Currency translation - - - - -At December 31, 2022 150 244 5,366 - 5,760Accumulated amortization and impairmentAt January 1, 2022 -90 -199 -4,447 - -4,736Additions -30 -45 -262 - -337Disposals - - - - -Currency translation - - - - -At December 31, 2022 -120 -244 -4,709 - -5,073Net book valueAt December 31, 2022 30 - 657 - 68718. Property, plant and equipmentThe carrying value of property, plant and equipment is summarized below:Property, plant and equipment at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 19,276 15,035Technical equipment and machines 37,515 23,943Other equipment, factory and office equipment 14,183 11,011Prepayments on tangible assets and construction in process 9,820 18,896Property, plant and equipment 80,794 68,885The movement during the year for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2023 30,465 114,964 62,235 18,961 226,625Additions 4,317 8,046 5,333 11,484 29,180Disposals -493 -7,765 -1,308 - - 9,566Transfers 1,942 15,544 2,261 -20,743 -996Adjustment 953 7,287 -8,534 270 -24Currency translation -177 -973 -392 -152 -1,694At December 31, 2023 37,007 137,103 59,595 9,820 243,525Accumulated depreciation and impairmentAt January 1, 2023 -15,431 -91,021 -51,223 -65 -157,740Additions -1,424 -9,083 -4,230 - -14,737Disposals 38 7,168 1,131 - 8,338Transfers - - -15 - -15Adjustment -952 -7,287 8,630 65 456Currency translation 38 635 294 - 968At December 31, 2023 -17,731 -99,587 -45,413 - -162,731Net book valueAt December 31, 2023 19,276 37,515 14,183 9,820 80,794As of December 31, 2023, individual machines were assigned as collateral for liabilities to banks. Further information is provided in note financial liabilities (Note 31). In the reporting year an accounting profit for the sale of land and equipment is realized at an amount of \u20ac 1,356,000, primarily for the land sold in Genthin / Germany and the divestment of the non-strategic PVC assets.Management performed a reassessment of useful lives of assets in the Group and implemented these as per January 1, 2024. The impact for the 2024 financial year is assessed to be not material.The movement during 2022 for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2022 27,956 111,877 57,075 12,843 209,751Additions 2,878 3,815 4,239 13,250 24,182Disposals -1,425 -3,567 -479 -4,066 -9,537Transfers 886 1,488 879 -3,253 -Currency translation 170 1,351 521 187 2,229At December 31, 2022 30,465 114,964 62,235 18,961 226,625Accumulated depreciation and impairmentAt January 1, 2022 -15,364 -81,614 -47,148 -65 -144,191Additions -957 -10,189 -3,982 - -15,128Disposals 944 1,741 314 - 2,999Transfers - - - - -Currency translation -54 -959 -407 - -1,420At December 31, 2022 -15,431 -91,021 -51,223 -65 -157,740Net book valueAt December 31, 2022 15,034 23,943 11,012 18,896 68,88519. LeasesThe Group has lease contracts for various items of land and buildings, plant, machinery, motor vehicles and other equipment used in its operations. Leases of land and buildings, plant and machinery generally have lease terms between 3 and 15 years. Motor vehicles and other equipment generally have lease terms between 3 and 5 years. There are some lease contracts that include extension and purchase options and variable lease payments. These are taken into account accordingly in the calculations.The Group also has certain leases with lease terms of 12 months or less and also with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.The carrying amounts of the right-of-use assets are summarized below:Right-of-use assets at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 5,015 4,034Technical equipment and machines 4,355 4,070Other equipment, factory and office equipment 800 626Property, plant and equipment 10,170 8,730The movement during the year for the right-of-use is as follows:Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2023 5,193 7,279 1,025 13,497Additions 2,088 943448 3,479Disposals - -1,179 -17 -1,196Adjustment -349 14 -20 -355Currency translation - -73 -15 -88At December 31, 2023 6,932 6,984 1,421 15,337Accumulated depreciation And impairmentAt January 1, 2023 -1,159 -3,209 -399 -4,76Additions -898 -1,077 -255 -2,230Disposals - 1,080 18 1,098Adjustment 140 534 9 683Currency translation - 43 7 50At December 31, 2023 -1,917 -2,629 -621 -5,167Net book valueAt December 31, 2023 5,015 4,355 800 10,170Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2022 2,770 7,732 791 11,293Additions 2,423 1,540 203 4,166Disposals - -2,074 - -2,074Currency translation - 81 31 112At December 31, 2022 5,193 7, 279 1,025 13,497Accumulated depreciation And impairmentAt January 1, 2022 -565 -2,220 -172 -2,957Additions -594 -1,738 -227 -2,559Disposals - 749 - 749At December 31, 2022 -1,159 -3,209 -399 -4,767Net book valueAt December 31, 2022 4,0344,070626 8,730The disposals of \u20ac 1,196,000 are primarily related to machines. Set out below are the carrying amounts of lease liabilities and the movements during the period:Carrying amounts of lease liabilities and movements during the periodIN EURO X 1,000 2023 2022As at January 1 7,34 0 8,386Additions 4,265 1,144 Payments -2,470 -2,291Interest 218 100As at December 31 9,353 7, 340Current 2,349 1,998Non-Current 7,004 5,342The maturity analysis of lease liabilities is disclosed in the financial liabilities, Note 31. New lease liabilities in the financial year 2023 are totaling to \u20ac 4,265,000 (2022: \u20ac 1,144,000).The following are the amounts recognized in profit or loss:Lease liabilities recognized in profit or lossIN EURO X 1,000 2023 2022Depreciation expense of right-of-use assets 2,230 2,559Interest expense on lease liabilities218 100 Expense relating to short-term leases / leases of low-value assets 1,166 1,398Total amount recognized in profit or loss 3,614 4,057The Group had total cash outflows for leases of \u20ac 2,470,000 in 2023 (\u20ac 2,291,000 in 2022), excluding short-term leases. The future lease payments for recognized lease contracts are \u20ac 2,349,000 within one year and \u20ac 7,004,000 thereafter. The Group has no lease contracts that have not yet commenced as at December 31, 2023.Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.Incremental Borrowing Rate on LeasesThe Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic stenvironment. The average IBR of all contracts in place as at December 31 2023 is 1.94%.20. Financial assetsThe Financial assets are summarized by maturity in the overview below:2023 2023 2023 2023 2022Financial assets by maturity at December 311-5 > 5 IN EURO X 1,000< 1 YEARYEARSYEARS TOTAL TOTALShares in affiliated companies - - 87 87 87Shares in companies in which - - 3 3 4participations are heldReceivables to affiliated 21 - - 21 4companiesReceivables to shareholders 21 - - 21 21Financial assets 41 - 90 132 116The shares in affiliated companies relate to shares in Cabka Verwaltungs GmbH, Weira, and Cabka Eco Products Verwaltungs GmbH (Weira), which are not included in the consolidation as they are individually and on aggregate not considered to be material for the Group. In accordance with the exemption provided in article 407 sub 1a of Part 9 of Book 2 of the Dutch Civil Code, these group companies are therefore excluded from consolidation.21. Other long-term assetsOther long-term assets relate to purchased interest rate option with a nominal amount of \u20ac\ue61e5,000,000 and an initial term of 5 years. The paid premium was recognized in other assets at purchased date and will be adjusted according to its fair value at the reporting dates. At stDecember 31 2023, the fair value of this instrument was \u20ac 17,000 (2022: \u20ac 85,000).22. InventoriesThe inventories are summarized in the overview below:Inventories at December 31IN EURO X 1,000 2023 2022Raw material, consumables, and supplies 10,990 12,991Work in process 5,736 9,247 Finished goods and merchandise 15,332 19,500Inventories 32,058 41,738Inventories include obsolete stock with a total impact of \u20ac 263.000 on the overall value in the reporting year.23. Trade receivablesThe trade receivables are summarized in the overview below:Trade receivables at December 31IN EURO X 1,000 2023 2022Receivables from third-party customers 27,669 31,870Allowance for expected credit losses (ECL) -95 -101Trade receivables 27, 574 31,769Further information on the ECL calculation is provided in Note 34.24. Other short-term assetsThe other short-term assets are summarized in the overview below:Other short-term assets at December 31IN EURO X 1,000 2023 2022VAT 4,277 1,719Receivables from employees 231 195Energy taxes 1,744 1,771Prepayments 557 146Security deposit 151 148Income tax 2,049 1,423Accrued charges and other assets 3,600 3,365Other short-term assets 12,609 8,767Increase on other short-term assets is primarily driven by the increased VAT position in the short-term assets. Accrued charges and other assets include, amongst others, the arrangement fees at an amount of \u20ac 465,000 for the debt refinancing.25. Cash and cash equivalentsThe cash and cash equivalents are summarized in the overview below:Cash and short-term deposits at December 31IN EURO X 1,000 2023 2022Cash at bank and on hand 7,252 21,035Cash and cash equivalents 7,252 21,035Within the cash at banks an amount of \u20ac 32,000 (2022 \u20ac 33,000) is held as security deposit.26. Deferred taxDeferred tax relates to the following financial positions:Deferred taxes as at December 312023 2022IN EURO X 1,000Deferred tax assets onIntangible assets 52 53Inventories - 11Trade Receivables - 5Provisions 761 560Contract liabilities 765 234Financial liabilities 1,503 1,670Losses available for offsetting against future taxable income 11,227 8,855Deferred tax assets, gross 14,308 11,387Offsetting with deferred tax liabilities -6,341 -4,085Deferred tax assets re\ufb02ected in statement of financial position, net 7,967 7, 302Deferred tax liabilities on Property, plant and equipment 5,340 4,137Financial liabilities 1,089 439Deferred tax liabilities, gross 6,429 4,575Offsetting with deferred tax assets -6,341 -4,085Deferred tax liabilities re\ufb02ected in statement of financial position, 88 490netThe Group has in total \u20ac 61,913,000 tax losses carried forward, thereof recognized \u20ac\ue61e54,405,000 (2022: \u20ac 46,810,000) of tax losses carried forward and unrecognized \u20ac\ue61e7,508,000. Deferred tax assets for any unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. For this purpose, the Group has recognized deferred tax assets for the amount of \u20ac 11,227,000 (2022: \u20ac 8,855,000). Deferred tax assets have been recognized for tax losses resulting from the US \u20ac29,864,000, Germany \u20ac 23,429,000, Belgium \u20ac 1,039,000 and the Netherlands \u20ac 73,000. There are tax losses carried forward amounting \u20ac 670,000 which expires within the following five years. \u20ac 5,194,000 will expire after five years (for which a deferred tax asset of \u20ac 1,299,000 is recognized in full) and \u20ac 56,049,000 can be carried forward indefinitely (for which a deferred tax asset of \u20ac 9,761,000 is recognized, representing \u20ac 48,541,000 of tax losses), However, the amount of tax loss carryforwards that can be utilized in one financial year can be restricted to a certain amount. There are tax losses in the amount of \u20ac 7,508,000 for which no deferred tax assets are recognized in the US due to non-profitable fiscal income yet, mainly driven by the flooding event impacting the results in the years 2022 and 2023.27. Share capital and share premiumShare Capital:In 2023, in total 334,787 new shares were issued (2022: 40,467,969). Subject to the AGM\u2019s approval on June 8, 2023, Cabka issued 334,787 new Ordinary Shares to cover its obligations from the dividend payment, resulting in total shares issued in total 40,802,756 per December 31, 2023.Ordinary shares in treasury decreased in the reporting period by 393,622 shares, predominantly by the issuance of 385,022 VSOP Rollover shares to key employees after the one-year lock-up period in March 2023. Another 8,600 treasury shares netted were issued in course of the business year. The roll-over shares, classified in other reserves in equity, were settled with share premium.The issued share capital of Cabka N.V. as at December 31, 2023 can be specified as follows:NOMINAL SHARE SHARES VALUECAPITALCabka Share Capital(UNITS)IN EUROIN EURO ISINDSC2S / Ordinary shares in treasury 15,994,378 0.01 159,944NL00150002R5Ordinary shares CABKA / 24,710,600 0.01 247,106outstandingNL00150000S7Total ordinary shares 40,704,978 407,050issuedSpecial Shares 97,778 0.01 978Total shares issued 40,802,756 408,028The 97,778 Special Shares are held by the Founders of DSC2 and are not publicly listed. These Special Shares have equal dividend and voting rights as ordinary shares. In accordance with the underlying terms, the Special Shares will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (Note 31).For an overview of the ownership of the ordinary shares issued we refer to Note 16 of the Company financial statements.Share premium: The share premium reserve of \u20ac 77,687,000 (2022: \u20ac 75,125,000) relates to contribution on issued shares in excess of the nominal value of the shares. The share premium is freely distributable, provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution.Limitations in the distribution of shareholder\u2019s equityA free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at 31 December 2023 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to \u20ac 2,108,000 (2022: nil) as further detailed in Note 12 of the Company Financial Statements of Cabka N.V., in which a legal reserve has been formed as required under Dutch Law.28. Share-based paymentsVSOP and Roll-over shares (RoS)Cabka Group GmbH issued in prior years a \u201cVirtual stock-option plan\u201d (hereinafter referred to as \u201cVSOP\u201d) to offer virtual shares in Cabka Group GmbH to employees and members of the management as variable compensation. The VSOP entitled the participating employees to a cash payment in the amount of the excess of the equity value per share over a specified exercise price, provided that the employees remain employed over a specified period of time from grant date.The fair value of the VSOP was estimated, initially and at the end of each reporting period until settled, using a Black-Scholes-Merton option pricing model. Since the VSOP entitles for cash compensation only, it was accounted for as cash-settled share-based payment. The carrying amount of the liability relating to the VSOP at December 31, 2021 was \u20ac 4,168,000.Following the listing of Cabka on March 1,2022, the VSOP agreement was converted in a Rollover Agreement including accelerated vesting. At time of conversion, the liability relating to the VSOP was increased to \u20ac 5,774,000, following the recognition of a share-based payment expense of \u20ac 1,606,000. In accordance with the Rollover Agreement, 1/3rd of the VSOP amount, representing a value of \u20ac 1,957,000 is to be settled in cash of which \u20ac 1,712,000 was paid out in 2022 and the remaining amount in 2023. The other 2/3rd of the VSOP amount, representing a value of \u20ac 3,817,000 has been settled in stock options to acquire ordinary shares of Cabka N.V. (roll-over shares, RoS). These stock options had a lock-up period of one year and were exercisable without any further (service) conditions and an exercise price of zero as of March 1, 2023.The roll-over shares have been accounted for as a modification of an existing cash-settled share-based payment plan into an equity-settled share-based payment, with the existing liability of \u20ac 3,837,000 being reclassified to other reserves in equity as at March 1, 2022. The fair value of the roll-over shares was estimated at the grant date using a Black-Scholes-Merton option pricing model. Since the options are directly exercisable after a one-year period and have no strike price, the fair value of the option was close to the listed stock price of the ordinary shares of Cabka N.V. as at March 1, 2022. During 2023, the roll-over-shares were exercised, resulting in an issuance of 385,022 ordinary shares from treasury.PSU PlanEffective as of March 1, 2022, a performance share unit plan has been adopted (the PSU Plan). The PSU Plan allows key employees a one-off award of performance share units (PSU) where each PSU covers (the value) of one ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU Plan, vesting of the awarded PSUs will occur on different vesting dates subject to the performance condition being met. Performance conditions are market conditions of the quoted share price of Cabka reaching \u20ac 11.00, \u20ac 12.00 and \u20ac 13.00 (hurdles) within five years\u2019 time from grant date. Once a hurdle is met, the PSU vest in three equal installments over a period of three years. The employee is then entitled to receive one ordinary share per PSU without any payment, provided that the employee is still employed at that time. When the hurdles are not achieved within 5 years, the option forfeites. The market conditions are achieved if the share price equals or exceeds the stated hurdles for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 trading days do not have to be consecutive).There are no cash settlement alternatives. The Group accounts for the PSU as an equity-settled share-based payment.The fair value of the PSU is estimated at the grant date using a modified Black-Scholes-Merton option pricing model, considering the market conditions. The total fair value of the grant is recorded as share-based payment expense over the estimated vesting period based on graded vesting. Vesting period was estimated based on the date of highest probability that hurdles are met according to option pricing model applied.PSFinally, the CEO is entitled to Performance Shares (PS) subject to the performance conditions being met. Performance conditions are market conditions of the quoted share price of Cabka reaching \u20ac 16.00, \u20ac 18.00 and \u20ac 20.00 (hurdles). Once a hurdle is met, the CEO is then entitled to receive one ordinary share per PS without any payment, provided that he is still employed at that time.There are no cash settlement alternatives. The Group accounts for the PS as an equity-settled share-based payment.The fair value of the PS was estimated at the grant date in 2022 using a modified Black-Scholes-Merton option pricing model, considering the market conditions. The total fair value of the grant is recorded as share-based payment expense over the estimated vesting period based on graded vesting.As at December 31, 2023 (December 31, 2022), the Group recognized the following share-based payment expenses for the above-mentioned plans in the statement of profit or loss:Share- based payment expenseIN EURO X 1,000 2023 2022VSOP- 1,606PSU380 350PS164 137Share-based payment expenses 545 2,093Movements of equity-settled options during the year:Number of options ROS PS PSUOutstanding at January 1, 2023 387,520 450,000 438,558Granted during the year - - 31,428Forfeited during the year -2,498 - -30,349Exercised during year -385,022 - -Outstanding at December 31, 2023 - 450,000 439,637VSOP options had an exercise price of \u20ac 29.70. All other options have an exercise price of zero. The weighted average quoted share price of the ordinary shares at the date of exercise of the roll-over shares was \u20ac 7.40. None of the options are exercisable as of December 31, 2023. The weighted average remaining contractual life of the option is summarized as follows:Weighted average remaining contractual life of options in years 2023 2022VSOP - -RoS - 0.17PSU 6.26 7.17PS 3.25 4.25Remaining contractual life of PSU options reflects the maximum possible contractual lifespan of 5 years for achieving the hurdles plus a consecutive 3 years vesting period. The PS options granted to the CEO have in principle no contractual lifetime but are linked to a continuous employment clause. Vesting of the PS options is therefore, amongst others, depending of the annual reappointment of the CEO by the General Meeting. As at December 31, 2023, the contractual lifetime is estimated at 3.25 years assuming annual reappointment of the CEO by the General Meeting. The weighted average fair values of options granted in 2023 and 2022 at the respective measurement dates are summarized as follows: Weighted average fair value of options at measurement date (in EUR)2023 2022VSOP - -RoS - 9.90PSU 2.02 4.41PS - 1.55The model inputs are summarized in the overview as follows:Model inputs 2023 2022 2022 2022PSU PS PSU ROSModel used Modified BS Modified BS Modified BS Modified BSMeasurement date June 8, 2023 March 1, 2022 March 1, 2022 March 1, 2022Dividend yield (%) 2.35 1.49 1.49 1.49Expected volatility (%) 32.00 30.00 30.00 25.99Risk-free rate (%) 2.29 - 2.30 -0.43 -0.50 - -0.30 -0.70Expected life of 6.00 \u2013 8.00 4.25 2.42 \u2013 7.03 1.00options (years)Underlying share 6.37 10.05 10.05 10.05price (\u20ac)The expected life of the options is based on expectations at measurement date, considering early exercise behavior generally observed for employees, and is not necessarily indicative of exercise patterns that may occur. Expected life of the PSU (2022) and PS options is less than the maximum contractual lifespan. Expected life of the PSU (2023) is equal to the maximum contractual lifespan. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. Critical judgements on Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them.29. Other reservesThe other reserves comprises the warrant reserve, Performance Shares reserve and share-based payment (IFRS 2) reserve. These reserves are freely distributable provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution. The movement and breakdown of the other reserves can be stated as follows:PERFOR-SHARE- TOTAL MANCE BASED OTHER IN EURO X 1,000 WARRANTSSHARESPAYMENTSRESERVES At January 1, 2022 - - - -Acquisition of DSC2 3,282 - - 3,282Issue of performance shares - 3,449 - 3,449Roll-over of VSOP - - 3,817 3,817Share-based payment expense PSU/PS - - 487 487At January 1, 2023 3,282 3,449 4,304 11,035Issue of performance shares (Note 28) - - 164 164Roll-over of VSOP (Note 28) - - -3,817 -3,817Share-based payment expense PSU - - 380 380(Note 28)At December 31, 2023 3,282 3,449 1,031 7, 762Warrants:The Warrants automatically and mandatorily convert when the closing price of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the respective minimum share price threshold (\u20ac 12.00 / \u20ac 13.00) for such Warrant on 15 trading days out of a 30 consecutive trading day period (whereby such 15 trading days do not have to be consecutive), after which each corresponding Warrant converts into a number of Ordinary Shares based on the pre-determined conversion ratio as further detailed below. As a consequence, a single Warrant cannot convert into an Ordinary Share, other than together with and at the same time as such a number of Warrants that, pursuant to the Warrant Conversion Ratio, entitles such Warrant Holder to a minimum of one Ordinary Share. Upon conversion of Warrants, the Warrant Holders will be charged \u20ac0.10 per Ordinary Share transferred to it in return for his or her conversion of Warrants, of which \u20ac0.01 is required for payment of the nominal value of the Ordinary Share allotted following the conversion, and \u20ac0.09 will be added to the share premium reserve.CON-ORDINARY WARRANTS VERSION SHARES Number of warrants(UNITS)RATIO(UNITS)Warrants for ordinary shares \u2013 hurdle \u20ac 12,00 1,833,334 0.24 880,000Warrants for ordinary shares \u2013 hurdle \u20ac 13,00 1,833,334 0.36 1,320,000Outstanding at December 31, 2023 3,666,668 2,200,000Performance Shares: At initial listing, as agreed between all parties in the Business Combination Agreement, Cabka N.V. issued 1,800,000 \u201cPerformance Shares\u201d to the former majority shareholder of Cabka Group GmbH.These Performance Shares have no dividend rights nor voting rights until they are converted into ordinary shares. For this reason, these performance shares are considered non-substantive rights. Conversion to ordinary shares of Cabka N.V. will only take place if the share price of Cabka N.V. equals or exceeds the following price hurdles for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive): \u2022 At \u20ac 16.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.\u2022 At \u20ac 18.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.\u2022 At \u20ac 20.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.The Performance Shares issued to the former majority shareholder of CABKA are classified as an equity instrument in accordance with IAS 32 as the Performance Shares issued do not contain a contractual obligation to (i) deliver cash or another financial asset, or (ii) to exchange financial assets or financial liabilities that are potentially unfavorable to the combined entity. The Performance Shares do also not contain an obligation for the entity to deliver a variable number of its own equity instruments, but relate to the exchange of a fixed amount of cash (zero) for a fixed number of the entity\u2019s ordinary shares. The fair value of the Performance Shares at grant date March 1, 2022 amounted to \u20ac 3,449,200 and has been recorded in other reserves against share premium.The fair value of the Performance Shares is estimated at grant date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. The fair value is not remeasured at each reporting date in accordance with IAS 32 requirements.30. Foreign currency translation reserveThe foreign currency translation reserve of \u20ac -1,538,000 (2022: \u20ac -1,533,000) comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. This legal reserve is not freely distributable in accordance with Dutch law.31. Financial liabilitiesThe contractual maturities of the Group\u2019s financial liabilities are as follows:Financial liabilities split by remaining term on NON- December, 31 2023CURRENTCURRENTIN EURO X 1,000< 1 YEAR1 - 5 YEARS TOTALSpecial Shares liabilities 1,071 - 1,071Liabilities to banks 16,446 32,292 48,738Lease liabilities (IFRS 16) 2,349 7,005 9,353Rental purchase liabilities 898 3,962 4,860Financial liabilities 20,764 43,259 64,022The financial liabilities of the previous financial year is summarized as follows:Financial liabilities split by remaining term on NON- December, 31 2022CURRENTCURRENTIN EURO X 1,000< 1 YEAR1 - 5 YEARS TOTALSpecial Shares liabilities 1,176 - 1,176Liabilities to banks21,215 30,833 52,048Lease liabilities (IFRS 16) 1,998 5,342 7,340Rental purchase liabilities 2,804 2,283 5,087Others 89 - 89Financial liabilities 27,282 38,458 65,740To cover its financing needs, Cabka uses leasing, long term loans and a syndicated loan which was renewed on December 15, 2023. The new syndicated loan, with a consortium led by Commerzbank AG, has a total initial debt facility of \u20ac 80,000,000 for four years. The facility includes extension options for up to two years as well as an option to increase the facility by an extra \u20ac 20,000,000 for further financial flexibility. Borrowing costs are recognized under finance expenses in the consolidated statement of profit and loss disclosed in Note 14. As of December 31, 2023 \u20ac 35,845,000 of the facilities were unused. The syndicated loan is unsecured and had an initial term of 4 years with a maturity in December 2027. Besides the syndicated loan there are secured long term loans of \u20ac 4,583,00 (thereof \u20ac 3,333,000 subordinated) with a maturity in December 2025. The weighted average interest rate at December 31, 2023 was 5.4 % for liabilities to banks in EUR and 8.2 % for liabilities to banks in USD. The syndicated loan contains several financial covenants which have to be met at specific dates. All financial covenants are met at the reporting date. To reduce the interest rate risk, Cabka uses interest rate derivatives as disclosed in Note 34.Financial liabilities movements are summarized as follows:SPECIAL RENTAL SHARES LIABILITIES LEASE LIA-PURCHASE LIABILI-IN EURO X 1,000TO BANKSBILITITESLIABILITIESTIES OTHERS TOTALAt January 1, 56,469 8,386 7,556 - 142 72,553 2022Cash out\ufb02ows / -9,696 -2,191 -2,900 - -53 -14,840 repaymentsAddition of leases 5,275 1,145 431 - - 6,851 Initial recognition upon acquisition - - - 2,737 - 2,737 of DSC2Fair value changes - - - -1,561 - -1,561 At December 31, 52,048 7,340 5,087 1,176 89 65,7402022Cash out\ufb02ows / -3,310 -2,470 -2,727 - -89 -8,596repaymentsAdditions - 4,483 2,500 - - 6,983Fair value changes - - - -105 - -105At December 31, 48,738 9,353 4,860 1,071 - 64,0222023Rental purchase liabilities and lease liabilities:The rental purchase liabilities result from agreements entered into for the acquisition of property, plant and equipment based on deferred payments, for which the agreement includes the option to purchase the underlying asset. Because of this purchase option, the underlying assets are considered to classify as owned assets under property, plant and equipment rather than right-of use assets. Similarly, the rental purchase liabilities are presented separately from regular lease liabilities. Additions in rental purchase liabilities totaling \u20ac 2,500,000 are cash inflows from sale of an asset.Lease liability additions in total \u20ac 4,483,000 in the reporting year have a non-cash character. Special Shares liabilities: As detailed in Note 27, the Special Shares held by the Founders of DSC2 will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (2022: \u20ac 1,176,000). The fair value of the Special Shares liabilities are estimated at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. During 2023, a fair value gain of \u20ac 105,000 (2022: \u20ac 1,516,000) has been recorded in financial income (Note 13), which is the result of a lower ordinary share price of Cabka N.V. as at December 31, 2023.32. Trade payables, other liabilities and contract liabilitiesThe trade payables and other liabilities are summarised in the overview below:Trade payables and other liabilities at December 3120232022IN EURO X 1,000TOTALTOTALTrade payables 32,578 35,241Personnel related liabilities 3,861 4,985Others 4,888 2,406Other liabilities 8,749 7,391Trade payables and other liabilities 41,327 42,632The category others relate to numerous other liabilities such as VAT, wage taxes and valuation of interest rate derivatives with a nominal amount of \u20ac 5,000,000 and market value of \u20ac 159,000.The contract liabilities are summarized in the overview below:Contract liabilitiesIN EURO X 1,000 2023 2022Received prepayments on contracts 511 2,249Other contract liabilities 3,862 4,527Total contract liabilities 4,373 6,776Other contract liabilities relate to received materials at the Eco-Products-Business which are not processed for recycling yet. Therefore, according to IFRS 15, the received Eco materials which are included in stock as at balance sheet date, are included as other contract liabilities.33. ProvisionsThe provisions are summarized in the overview below:IN EURO X 1,0002023 2022Remaining other provisions 544 519Provisions for sales and marketing 294 213Total provisions 838 732Remaining other provisions include various smaller items, of which a part of the liability position is with uncertain timing towards a specific customer, where returned pallets were received in exchange for new ones. Cabka sold pallets in the past to the customer with a buyback clause, where a certain amount of those were receipt as per end of December 31, 2023. This will result in a future outflow of assets, where the timing is uncertain.34. Financial instruments risk management objectives and policiesThe Group\u2019s principal financial liabilities comprise liabilities to banks and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks. The Group\u2019s senior management is supported by specialists who advise on financial risks and the appropriate financial risk governance framework for the Group. This includes appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialists who have the appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). Cabka uses derivative financial instruments as forwards and swaps to safe guard the foreign currency risk exposure. Derivatives are measured at fair value and are generally recognized in profit or loss. On December 31, 2023, Cabka had foreign exchange derivatives outstanding with a nominal amount of \u20ac 14,034,000 (2022: \u20ac 2,393,000). At December 31, 2023, the fair value of these instruments was \u20ac 325,000 (2022: \u20ac -23,000).Foreign currency sensitivityThe impact on the Group\u2019s profit after tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The main foreign exchange risk results from the relation of USD and GBP against the EUR. If the foreign currencies would have increased against the EUR by 10%, the post-tax loss for the year would have been \u20ac 199,000 higher (2022: \u20ac 45,000 higher). The opposite applies in the case of a weakening of currencies against the year of 10%.Interest rate riskThe Group is exposed to interest rate risk. To economically hedge the interest rate risk Cabka uses interest rate swaps and options. On December 31, 2023, Cabka had outstanding interest rate derivatives with a nominal amount of \u20ac 10,000,000. If the interest rates at December 31, 2023 would have been 100bps higher, the interest expenses would have been \u20ac 202,000 higher (2022: \u20ac 176,000 higher). The opposite applies in the case of a 100 bps decrease in the interest rates, refer to Note 21 and 32.Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework of the Group. Liquidity riskThe Group has implemented a group wide daily cash reporting and monitors its liquidity with a rolling liquidity forecast. Funding contains long term loans and lease contracts as well es short term loans within the syndicated loan to maintain the necessary financial flexibility. The syndicated loan facility matures in December 2027 and contains certain financial covenants. If the financial covenants are not met at the reporting dates, the banks have the right to request repayment of the outstanding loans. For further details on the credit facilities are provided in Note 31. The following tables show the undiscounted future contractual cash flows from financial liabilities at December 31, 2023 and 2022 including contractual interest payments:Contractual cash\ufb02ow of financial NON- liabilities 2023NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE< 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks 48,738 18,400 37,423 55,823Lease liabilities (IFRS 16) 9,353 2,588 7,825 10,413Rental purchase agreement 4,860 898 3,962 4,860Trade payables 32,578 32,578 - 32,578Total 95,529 54,464 49,210 103,674Contractual cash\ufb02ow of financial NON- liabilities 2022NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE < 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks52,048 22,749 31,467 54,216Lease liabilities (IFRS 16) 7,340 2,110 5,551 7,661Rental purchase agreement 5,087 2,804 2,283 5,087Trade payables 35,241 35,241 - 35,241Other financial liabilities 89 89 - 89Total 99,805 62,993 39,301102,294Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).Capital management The Management Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Management Board monitors the return on equity and the level of dividend distributed to ordinary shareholders. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.Commodity price riskThe Group is exposed to energy price changes which are managed using forward contracts. The Group manages other exposures to prices of raw materials and other materials associated with off-take through commercial contracting. If wholesale energy prices would have increased with 10%, the post-tax loss for the year would have been \u20ac 1,328,000 higher (2022: \u20ac2,293,900). The opposite applies in the case of a reduction of the wholesale energy prices of 10% in the year.Climate risk and impact of extreme weatherClimate change and extreme weather events that accompany it, could have a potential financial impact through damages to our infrastructure. This risk materialized at our US subsidiary in St. Louis in August of 2022, when an extraordinary flooding event heavily damaged our production facility. To mitigate such incidents in the future and to further integrate this risk in financial and strategic planning, a scenario analysis of physical climate risks was conducted in 2023 for each one of Cabka\u2019s operational locations as well as the Innovation Center. Fraud and non-compliance Management of Cabka N.V. is aware of the inherent risk of fraud that it faces, both internally and externally, in carrying out its activities. External parties must be able to trust that Cabka N.V. and its employees do business in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn up a code of ethics that is shared with every employee at the start of their employment. The importance of the code of ethics and compliance is periodically emphasized and is subject of discussion between manager and employee. In addition, a separate suppliers code of conduct is available so that external supplier\u2019s actions are in line with those of Cabka. A confidential advisor and tipline, including a whistleblower policy where any abuses can be reported confidentially, have been implemented. The code of ethics, suppliers code of conduct and the whistleblower are available on our website and are therefore also shared ith our external relations. Cabka N.V. has measures in place to significantly reduce its exposure to fraud. An important measure is the restriction of access (both physical and digital) for individuals to only those areas where they perform their day-to-day activities, and segregation of duties (SoD) so that important checks and balances are not combined within the same person. Both the user access and SoD are reviewed and adjusted to be in line with the risk appetite if situations change. A significant number of general IT controls around user access and SoD have been designed. Cabka continues to address and improve the implementation and effectiveness of the IT controls.\ue61eOn top of the foundation of access management and SoD, Cabka also has an authorization matrix to clearly define the responsibilities and authorization limits for each function within the company. This ensures that only the right employees are involved when information is processed or decisions are made with a certain level of (fraud) risk.\ue61e Despite all internal control measures, there remains the risk of management or the board overriding internal controls and the risk of collusion between employees. Transparent decision-making, the governance structure, an open culture in which we dare to call each other to account, the presence of a confidential advisor to report non-ethical actions (anonymously), and periodic internal and external audits on compliance, are measures that must contribute to detecting instances of override of controls. ConclusionManagement is of the opinion that, with all procedures and control measures taken in account, the risk assessment provides a complete overview of the risks the company faces and that adequate procedures are in place to mitigate these risks.35. Commitments and ContingenciesCommitmentsThe Group has no lease contracts that have not yet commenced as at December, 31 2023. Since Cabka is offering a buyback clause for pallets sold to specific customers, where the raw material cost price is determined at fair market prices, there is a potential obligation for Cabka to buy these returned pallets. If this occurs, it will be treated as material expense in the consolidated statement of comprehensive income. Legal claim contingencyThere are no legal claims and contingencies outstanding that could have a material impact on the Group.GuaranteesThe only guarantees provided are to wholly owned subsidiaries within the Group, there are no guarantees provided for unrelated parties or their liabilities. 36. Related party balances and transactions/disclosuresThe following table provides the total amount of non- eliminated transactions with related parties for 2023 and 2022. Transactions between consolidated Group companies are eliminated in the consolidation and therefore not disclosed. PURCHAS-AMOUNTS AMOUNTS SALES TO ES FROM OWED BY OWED TO Related parties 2023RELATED RELATED RELATED RELATED IN EURO X 1,000PARTIESPARTIESPARTIESPARTIESEntity with significant in\ufb02uence over the GroupRAM.ON Finance GmbH - 580 - -DSC Executive Directors Holding B.V. - - - -Brandaris Capital - 6 - -Entities under Common DirectorshipRAM.ON Real Estate GmbH - 442 - -Oceansix GmbH 3 63 1 1Gat & Heike Ramon 2 - 2 -PURCHAS-AMOUNTS AMOUNTS SALES TO ES FROM OWED BY OWED TO Related parties 2022RELATED RELATED RELATED RELATED IN EURO X 1,000PARTIESPARTIESPARTIESPARTIESEntity with significant in\ufb02uence over the GroupRAM.ON Finance GmbH - 395 - -DSC Executive Directors Holding B.V. - 31 - -Brandaris Capital - 6 - 4Entities under Common DirectorshipRAM.ON Real Estate GmbH - 371 - 7Oceansix GmbH 67 105 47 6Gat & Heike Ramon 4 - 1 7Transactions with related parties that are outside the Group are classified as trade receivables and trade payables, respectively (see Notes 23 and 32)The sales to and purchases from related parties are made on terms aiming to be equivalent to transactions at arm\u2019s length. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables.On November 1, 2017, Cabka Group GmbH entered into a rental agreement for the office in Berlin with Ram.on real estate GmbH for a period of 10 years, where total fees are amounting to \u20ac 296,000 in 2023. In addition to that Cabka Spain S.L.U. has a rental agreement with Ram.on real estate GmbH for the office building in Valencia commencing June 5, 2022 for 10 years, with total fees in the fiscal year of \u20ac 146,000. Both agreements are reflected in the Balance Sheet under Right of Use assets (Note 19).In addition to the above-mentioned agreements there is a consultancy agreement between Cabka N.V. (NL) and Ram.ON finance GmbH with effective starting date March 1, 2022 for four years, covering services for high level strategic consulting with regard to the future corporate strategy and positioning of Cabka in the market using the special know-how of the consultant. The fees amount to \u20ac 529,000 in the reporting year. New leasing agreement with Oceansix GmbH on extruders is entered into with a total expense of \u20ac 63,000 recorded in 2023.In addition to the related party transactions as disclosed above, the Group has issued several equity instruments to shareholders and key management employees during the year ended December 31, 2023. Further details on these transactions are provided in Note 27 (Share Capital and Share Premium), Note 28 (Share-based Payments), Note 29 (Other Reserves) and Note 31 (Financial Liabilities).Compensation and share ownership of key management personnel and Supervisory Board of the Group For further disclosure of the compensation of key management personnel and Supervisory Board of the Group we refer to Note 15 of the Company financial statements. For further disclosure of share ownership we refer to Note 16 of the Company financial statements.37. Accounting for the de-SPAC Transaction between Dutch Star Companies Two B.V. and Cabka Group GmbHOn February 28, 2022 the General Meeting of Dutch Star Companies Two B.V. (DSC2) resolved in favor of a business combination with Cabka Group GmbH (CABKA). The (de-SPAC) Transaction was effectuated on March 1, 2022 when DSC2 acquired all shares of CABKA in return for cash and ordinary shares in DSC2 issued to the shareholders of CABKA.On transaction date March 1, 2022, the fair value of the deemed consideration paid by CABKA in return of the identifiable net assets of DSC2 was determined by multiplying the total number of shares in the combined entity held by existing shareholders of DSC2 multiplied by the listed share price of DSC2 per that date, representing a value of \u20ac\ue61e129,208,795.On transaction date March 1, 2022, the fair value of the identifiable net assets of DSC2 amounted to \u20ac 102,445,198, consisting of cash and cash equivalents in the amount of \u20ac 108,452,211 and financial liabilities assumed by CABKA for warrants and special shares issued by DSC2 in the amount of \u20ac 6,007,013. The difference between the fair value of the deemed consideration paid by CABKA and the net assets acquired amounts to \u20ac 26,763,597 and was recorded as a share listing expense in profit or loss in accordance with IFRS 2. This share listing expense represents a non-cash IFRS accounting item that is recorded directly into equity, without impacting the total equity balance of the combined group.Following the Transaction, DSC2 was renamed into Cabka N.V. on March 1, 2022.Transaction costs: Management has analyzed the total costs incurred in the Transaction to determine which were incremental and directly attributable to the issuance of new shares, and therefore qualify to be deducted from equity directly rather than being expensed through profit or loss in accordance with IAS 32. The total incremental and directly attributable costs incurred related to a combination of the issuance of new shares in exchange for cash and the issuance of new shares in exchange for obtaining the stock-listing status. Only the part that could be attributed to the issuance of new shares in exchange for cash was deducted from equity. The percentage for this allocation was determined as the ratio of the total fair value of net assets acquired to the total fair value of the shares issued. Consequently, a total amount of \u20ac 1,661,000 of incremental and directly attributable costs for the issuance of new shares has been deducted from share premium directly. Costs which are not incremental and directly attributable to the issuance of shares in exchange for cash are expensed in profit or loss.Issue of Performance Shares: At closing of the Transaction on March 1, 2022, as agreed between all parties in the Business Combination Agreement dated December 22, 2021, the combined entity issued 1,800,000 \u201cPerformance Shares\u201d to the former majority shareholder of CABKA. Additionally, the combined entity issued 450,000 similar \u201cPerformance Shares\u201d to the CEO of the combined entity (Mr. Tim Litjens). These Performance Shares have no dividend rights nor voting rights until they are converted into ordinary shares. For this reason, these performance shares are considered non substantive rights. Conversion to ordinary shares of Cabka N.V. will only take place if the share price of Cabka N.V. equals or exceeds the following price hurdles for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive):1. At \u20ac 16.00 \u2013 1/3 of the performance shares issued to each party will convert into an equal number of ordinary shares. 2. At \u20ac 18.00 \u2013 1/3 of the performance shares issued to each party will convert into an equal number of ordinary shares. 3. At \u20ac 20.00 \u2013 1/3 of the performance shares issued to each party will convert into an equal number of ordinary shares. The Performance Shares issued to the former majority shareholder of CABKA are classified as an equity instrument in accordance with IAS 32 as the Performance Shares issued do not contain a contractual obligation to (i) deliver cash or another financial asset, or (ii) to exchange financial assets or financial liabilities that are potentially unfavorable to the combined entity. The Performance Shares do also not contain an obligation for the entity to deliver a variable number of its own equity instruments, but relate to the exchange of a fixed amount of cash (zero) for a fixed number of the entity\u2019s ordinary shares. As no service conditions are applicable for the Special Shares issued to the former majority shareholders, the performance shares issued are not in scope of IFRS 2 Share-based Payments. The fair value of the Performance Shares at grant date March 1, 2022 amounted to \u20ac 3,449,200 and has been recorded in other reserves against share premium. The Performance Shares issued to the CEO, however, will only convert into ordinary shares when Mr. Litjens is still engaged with CABKA in the role of CEO of the Group when the above price hurdles are achieved. Due to this service (vesting) condition, the Performance Shares issued to the CEO qualify as compensation for post-Transaction employment services and hence are in scope of IFRS 2 Share-based Payments. The fair value of the Performance Shares at grant date March 1, 2022 amounted to \u20ac 698,186 and are recorded as a share-based payment expense in profit or loss over the estimated vesting period based on graded vesting. For the financial year ending December 31, 2022 a total amount of \u20ac 136,000 has been recorded in profit or loss in connection with this grant.(Re)classification of warrant liabilities assumed by CABKA in the Transaction: At closing of the Transaction on March 1, 2022, all warrants as issued by DSC2 prior to the Transaction are reclassified from financial liabilities into equity instruments. Prior to the closing of the Transaction, all warrants were still redeemable for cash if no business combination was entered into by DSC2 within two years from its IPO in accordance with the underlying terms of the warrants. Because of this redemption clause, the warrants did not meet the fixed-forfixed criterion of IAS 32, and hence did not meet the classification of an equity instrument. Instead, these warrants were classified as financial liabilities measured at fair value through profit or loss (FVTPL), and CABKA is considered to have assumed these liabilities in the Transaction as part of the net assets acquired from DSC2. With the closing of the Transaction on March 1, 2022, however, the redemption clause forfeited automatically in accordance with the underlying terms. Management therefore concludes that the fixed-for-fixed criteria is no longer breached as of that date and reclassified the fair value of the financial liabilities assumed by CABKA in the amount of \u20ac 3,281,668 to other reserves. Further details on the terms and conditions of the warrants can be found in Note 29.(Re)classification of Special Shares issued to Founders of DSC2 (SPAC): Prior to the closing of the Transaction, DSC2 already had issued 293,333 Special Shares to the Founders of the SPAC. In accordance with the underlying terms, a total number of 195,555 Special Shares automatically converted into 1,368,887 ordinary shares on Transaction Date as the underlying conditions were met, being (i) a share price of DSC2 that equaled or exceeded \u20ac 11.00 for a period of 15 trading days out of a 30 consecutive trading day period and (ii) the closing of a Business Combination to be resolved by the General Meeting of DSC2. The remaining 97,778 Special Shares have equal dividend and voting rights as ordinary shares and are therefore considered substantive rights. The 1,368,887 ordinary shares and 97,778 remaining Special Shares were therefore both included in determining the fair value of the deemed consideration paid by CABKA in exchange for the identifiable net assets of DSC2. The remaining 97,778 Special Shares each will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. Management believes that the fair value of this conversion option does not meet the fixed-for-fixed criterion of IAS 32 and therefore classified this conversion option as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at March 1, 2022 amounted to \u20ac 2,725,345 and is considered to be assumed by CABKA in the Transaction as part of the net assets acquired from DSC2.38. Events after the reporting date\u2022 As of 1 January 2024, the Executive Committee has been streamlined, consisting of Tim Litjens CEO, Frank Roerink CFO, Naiara Loro\u00f1o CCO, Geert de Wilde COO, Javier Fernandez CTIO and Irina Mengert CPO.\u2022 As of 19 February 2024, Niek Hoek has been appointed as Chairman of the Supervisory Board. The appointment was supported by the full Board, as part of a rotation following the mid-term internal review. Mr. Manuel Beja will continue as vice chairperson of the Supervisory Board.\u2022 Resignation of CEO Tim Litjens per 30 September 2024 announcedWith reference to Section 2:382a of the Dutch Civil Code, the following fees have been charged to the Company, its subsidiaries and other consolidated entities by BDO Audit & Assurance B.V. and its member firms and affiliates in 2023, and in 2022:20232022OTHER OTHER BDO BDO 2023NETWORK 20232022NETWORK 2022IN EURO X 1,000BDO NLFIRMSTOTALBDO NLFIRMSTOTALAuditor of financial 550 289 839 662 221 883statementsTax advisory - - - - 7 7servicesOther non-audit 23 - 23 - - -servicesFees to the 573 289 862 662 228 890auditorThe fees listed above relate to the services provided to the Company by accounting firms and external independent auditors as referred to in Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta). ",
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"value": "John M. Keynesplein 10, 1066 EP, Amsterdam, the Netherlands",
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"value": "Cabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable pallets- and large container solutions enhancing logistics chain sustainability (the so-called \u201cRTP-Business\u201d) and the \u201cEco-Products-Business\u201d. The latter are sustainable products made from 100% recycled post-consumer plastic waste. They are used, among other things, in construction, road and traffic safety, as well as in gardening and landscaping. With products made approximately 85-90% of recycled plastics Cabka is leading the industry in its integrated approach closing the loop from waste to recycling, to manufacturing.",
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"value": "Statement of compliance The consolidated financial statements as of December 31, 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS IC interpretations (IFRIC), published by the International Accounting Standards Board (IASB) as adopted by the European Union (hereinafter referred to as EU-IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.",
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"value": "The financial statements were authorized for issue by the Management Board and Supervisory Board on April 17, 2024.",
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"value": "2.1 Basis of preparation: Going concern The accompanying consolidated financial statements of the Group have been prepared assuming Cabka N.V. will continue as a going concern. The going concern basis of presentation assumes that we will continue in operation for at least a period of one year after the date these financial statements are issued and contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Management Board has assessed the going concern assumption, as part of the preparation of the consolidated financial statements. In assessing going concern, the Group\u2019s operations and liquidity were considered in preparing forecasts. The Company is compliant with agreed bank covenants. Management\u2019s assessment was based on the assumptions used in the 2024 budget and mid-term strategic plan 2023-2026. This supports the guidance leading to structurally positive EBITDA and cash flows. The main key financial ratios, such as equity-ratio and net debt are at comfortable levels. Based on forecasts, sufficient equity and available cash resources as well as complying with the agreed financial covenant obligations, Management is of the opinion that the going concern of Cabka N.V. is assured.The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. Measurement basisThe consolidated financial statements have been prepared on a historical cost basis, except for financial instruments such as derivatives, Special Shares liabilities, share-based payments and warrants, which are measured at fair value. Refer to Note 3.4 and 7 for fair value measurement.",
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"value": "2.3 Accounting judgements and sources of estimation uncertaintyThe preparation of the financial statements necessitates the use of estimates, assumptions and judgements by management. These estimates and assumptions affect the reported amounts of assets, liabilities and contingent assets and liabilities at the statement of financial position date as well as the reported income and expenses for the year. Although estimates are based on management\u2019s best knowledge and judgement of current facts as at the statement of financial position date, the actual outcome may differ from these estimates. As a result, there is a significant risk that the aforementioned causes a potential material adjustment to the carrying amounts of assets and liabilities within the next financial year, see notes:\u2022 Note 15 \u2013 utilization of tax losses \u2022 Note 18 \u2013 impairments of property, plant and equipment \u2022 Note 19 \u2013 lease liabilities \u2022 Note 28 \u2013 accounting for share-based payments \u2022 Note 33 \u2013 provisions \u2022 Note 34 \u2013 financial instruments risk managementWhere relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and assumptions on reported results.",
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"value": "2.3 Accounting judgements and sources of estimation uncertaintyThe preparation of the financial statements necessitates the use of estimates, assumptions and judgements by management. These estimates and assumptions affect the reported amounts of assets, liabilities and contingent assets and liabilities at the statement of financial position date as well as the reported income and expenses for the year. Although estimates are based on management\u2019s best knowledge and judgement of current facts as at the statement of financial position date, the actual outcome may differ from these estimates. As a result, there is a significant risk that the aforementioned causes a potential material adjustment to the carrying amounts of assets and liabilities within the next financial year, see notes:\u2022 Note 15 \u2013 utilization of tax losses \u2022 Note 18 \u2013 impairments of property, plant and equipment \u2022 Note 19 \u2013 lease liabilities \u2022 Note 28 \u2013 accounting for share-based payments \u2022 Note 33 \u2013 provisions \u2022 Note 34 \u2013 financial instruments risk managementWhere relevant, the group has provided sensitivity analyses demonstrating the impact of changes in key estimates and assumptions on reported results.",
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},
"s6_notes__6__22": {
"value": "2.4 Presentation of cash flow statement The consolidated statement of cash flows is prepared using the indirect method. The cash flow statement distinguishes between operating, investing and financing activities. Cash flows in foreign currencies are converted at the exchange rate at the dates of the transactions. Currency exchange differences on cash held are separately shown. Payments and receipts of corporate taxes are included as cash flow from operating activities and interest paid is shown as cash flow from financing activities. Cash flows as a result from acquisition/divestment of financial interest in subsidiaries and associates are included as cash flow from investing activities, taking into account the available cash in these interests. Dividends paid are part of the cash flow from financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__23": {
"value": "3. Summary of significant accounting policies Cabka N.V. has consistently applied the following accounting policies to all years presented in these consolidated financial statements. 3.1 Basis of consolidation3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. 3.1.2 Transactions eliminated on consolidationAll intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 3.1.3 Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.3.1.4 Changes in ownership structure A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.3.2 Foreign currenciesThe Group\u2019s consolidated financial statements are presented in Euros, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates 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. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.On consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.3.3 Current and Non-Current ClassificationThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:\u2022 Expected to be realized or intended to be sold or consumed in the normal operating cycle,\u2022 Held primarily for the purpose of trading,\u2022 Expected to be realized within twelve months after the reporting period, or\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-currentA liability is current when:\u2022 It is expected to be settled in the normal operating cycle,\u2022 It is held primarily for the purpose of trading,\u2022 It is due to be settled within twelve months after the reporting period, or\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.3.4 Fair Value MeasurementThe Group measures financial instruments such as derivatives at fair value through profit and loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes below. For a summary of the categories specific to Cabka, refer to fair value measurement (Note 7).3.5 Property Plant and Equipment 3.5.1 Owned assetsPlant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The costs include the purchase price and any directly attributable transaction costs. Supplier discounts have been deducted. Self-developed assets are stated at cost, net of depreciation and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.Prepayments at the stage of assets under construction are stated at cash value.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:\u2022 Buildings 25 to 50 years\u2022 Technical equipment and machines 3 to 15 years\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.The Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety, and environmental legislation in its assessment of expected useful lives and estimated residual values.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.3.5.2 LeasesAt inception of a contract, the Group 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 assets 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 Group uses the definition of a lease in IFRS 16.The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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:\u2022 Land and buildings, plant, and machinery 3 to 15 years\u2022 Motor vehicles and other equipment 3 to 5 yearsLease LiabilitiesAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.In calculating the present value of lease payments, the Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The group presents right-of-use assets in ''Right-of-Use assets'' and lease liabilities in \u201cFinancial liabilities\u201d in the statement of financial position. Interest on lease liabilities is included in \u201cInterest expense\u201d in the income statement and included in the cash flows from financing activities in the statement of cash flows. The group\u2019s leasing arrangements relate primarily to office buildings, warehouse space, equipment and motor vehicles. Lease expenses \u2013 short-term leases and leases of low-value assetsThe Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and lease of low-value assets. Individual lease assets with a new value of \u20ac 5,000 or less (or any other foreign exchange equivalent) are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis over the lease term.3.6 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. There are only intangible assets with finite useful lives at the Group. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss. Intangible assets at the Group are split into customer relationships, internally developed intangible assets, purchased intangible assets and advance payments charged. Self-developed intangible assets are stated at cost, net of amortization and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.The Group capitalizes and recognizes, as internally generated assets, the automation and development costs arising from the design and development of new assets in order to ensure maximum customization of final products.All categories of intangible assets are considered long term intangible assets and are amortized on a straight line basis over their useful economic life, between 3 and 5 years.3.7 Financial Instruments and other investments Financial instruments are contracts which result in a financial asset with one company and a financial liability or an equity instrument with another. Financial instruments comprise primary financing instruments such as receivables and trade payables or also financial receivables and financial liabilities. Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps. Financial assets and liabilities are categorized as follows:1. Assets and liabilities measured at amortized cost2. Asset and liabilities measured at fair value through profit or loss3. Asset measured at fair value through other comprehensive incomeA financial asset or a financial liability is initially measured at fair value plus, in the case of the first and third category, transaction costs.The subsequent measurement of financial assets and liabilities of the first category is made at amortized cost or by using the effective interest method.Financial assets and liabilities of the second category are measured at fair value on the balance sheet date. Market fluctuations are recognized in the income statement.3.7.1 Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand and are carried out at amortized cost.For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. 3.7.2 Trade and other receivablesTrade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Initial recognition of trade and other receivables at transaction price and then at amortized cost, subsequently carried less impairment losses or expected credit losses (see Note 23). 3.7.3 Trade and other payablesTrade and other payables are initially recorded at fair value and then carried at amortized cost.3.8 InventoriesRaw materials and supplies, spare parts and trading goods are valued at acquisition costs on an average price basis. Finished and work in progress goods are valued at the lower of cost or net realizable value. The production costs include material costs, manufacturing costs, and special costs of production as well as adequate parts of the necessary material costs, manufacturing costs, and the value consumption of the fixed assets. Reasonable costs of the administration costs are also included in those costs.3.9 Impairments 3.9.1 Financial assetsThe Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics.All impairment losses are recognized in the consolidated statement of profit and loss.An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss.3.9.2 Non-financial assetsThe carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash generating unit\u2019). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. 3.9.3 Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss. In the reported year no reversals of impairment losses for other assets occurred. 3.10 ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.3.11 Other assetsOther receivables and other assets are initially recognized at amortized costs. Subsequently carried at the lower of amortized cost or fair market value. Account is taken of all identifiable individual risks and general default risks by means of appropriate value reductions. Specific cases of default lead to the receivable in question being written off.3.12 Revenue from contracts with customersCabka\u2019s business can be split between reusable pallets and large container solutions enhancing logistics chain sustainability (the so-called \u201cRTP-Business\u201d), as well as \u201cEco-Products\u201d which find application mainly in the road safety and construction sector. Cabka receives a recycling fee from suppliers for handling and recycling of specific post-consumer waste, so called mixed plastics.Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.Sale of pallets and containers, Eco products, non-strategic products and customized solutionsRevenue from sale of pallets, containers, Eco products, non-strategic products and customized solutions is recognized at the point in time when control of the asset is transferred to the customer, generally on collection of goods by customers ex works.The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points). In determining the transaction price for the sale of pallets, containers, Eco products and non-strategic products, the Group considers the effects of variable consideration, existence of a significant financing component, noncash consideration, and consideration payable to the customer (if any).Recycling FeesRecycling fees are compensation for assuming the liability to recycle the mixed plastics. When mixed plastics are received, the recycling fee is recognized as a liability. This liability is extinguished when the mixed plastics are recycled in the production process. At that moment, the liability is released to profit and loss as revenue.Sale of materials and freightsRevenue from sale of material is recognized at the point in time when control of the asset is transferred to the customer. Revenue for transportation is recognized over time after measuring its progress toward complete satisfaction of the performance obligation.Revenue for customized solutionsIn relation to customized solutions, the Group recognizes two performance obligations. One is related to the development of the tool, with the purpose of providing customized products to customers, and revenues are recognized over-time using the percentage of completion method; the second performance obligation relates to delivering customized final products with specific characteristics to customers and revenues are recognized at a point in time when products will be delivered. Delivery is defined based on the terms of the sale contract.A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due).A contract liability is recognized if a payment is received, or a payment is due (whichever applies first) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).3.12.1 Other operating incomeOther operating income includes income from all other operating activities which are not related to the principal activities of the Company. Other income is recognized when it is probable that future economic benefits will flow to the Company and when the amount can be measured reliably. Other operating income at Cabka include, but is not limited to, proceeds from insurance, governmental subsidies and gains on sale of fixed assets.3.13 Share capital 3.13.1 Ordinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity.3.13.2 Repurchase, disposal and reissue of share capital (treasury shares)When own shares recognized as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. If treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred respectively to or from other reserves. 3.13.3 DividendsThe holders of ordinary shares are entitled to receive dividends as determined from time to time by the General Meeting of Shareholders. The Management Board has the authority to decide, with the approval of the Supervisory Board, what portion of the profit will be allocated to the reserves. If applicable, the declared but unpaid dividends are recognized as a liability.3.14 Taxes3.14.1 Current income taxCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation reflects the effect of uncertainty in determining the related taxable profit if it is not probable that the taxation authority will accept an uncertain tax treatment. .3.14.2 Deferred taxDeferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognized for taxable temporary differences.Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Cabka Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. 3.14.3 Sales taxExpenses and assets are recognized net of the amount of sales tax, except: \u2022 When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable. \u2022 When receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.3.15 Share-based paymentsEmployees of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled share-based payments transactions) or for cash-payments based on the value of equity instruments (cash-settled share-based payments). Equity-settled share-based paymentsThe cost of equity-settled share-based payments transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 28. That cost is recognized in personnel expenses, together with a corresponding increase in equity (other reserves, as presented in the consolidated statement of changes in equity), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions and any other conditions attached to an award, but without an associated service requirement (non-vesting conditions) are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. Cash-settled transactionsA liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see Note 10). The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using an appropriate valuation model, further details of which are given in Note 28. The approach used to account for vesting conditions when measuring equity-settled share-based payments also applies to cash-settled share-based payments. 3.16 Expenses Expenses are recognized based on the accrual basis of accounting. This means that expenses are recognized when the product is received, or the service is provided regardless of when cash outflow takes place. In relation to the expenses recognized in relation to depreciation and impairments, reference is made to the specific accounting policy as is included in Notes 3.5 and 3.9. In relation to the costs as expensed in relation to inventory, reference is made to the specific accounting policy as is included in Note 3.8. 3.17 Employee benefits The Group has a defined contribution plan for its employees. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments will occur. 3.18 Government Grants The Group receives government grants, such as subsidies for the employment of permanent employees. Grants that compensate the Group for expenses incurred, are recognized in profit or loss as other operating income, unless the conditions for receiving the grant are not met yet. In this situation, the grant is recognized when it becomes receivable. Governmental grants for energy expenses are recognized in the same expense position offsetting the occurred costs. 3.19 New and amended IFRSThe Group applied for the first-time the following standards and amendments, which are effective for annual periods beginning on or after January 1, 2023 (unless otherwise stated). The Group has not early adopted any other standards, interpretation or amendment that has been issued but is not yet effective.NEW OR AMENDED FIRST TIME MAJOR IMPACT STANDARDS AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPInsurance contracts New/ IFRS 17Initial application of IFRS 17 and IFRS 2023 Yes Noamended9 \u2013 comparative information IAS 1, IFRS Practice Amended Disclosure of accounting policies 2023 Yes NoStatement 2IAS 8 Amended Definition of accounting policies 2023 Yes NoDeferred taxes related to assets IAS 12 Amendedand liabilities rising from a single 2023 Yes NotransactionThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.NEW OR AMENDED STANDARDS (IS-SUED BUT NOT FIRST TIME MAJOR IMPACT YET EFFECTIVE) AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPPresentation of financial statements \u2013 IAS 1 Amendedclassification of debt as short and long 2024 Yes Noterm; disclosure of accounting policiesLeasing liabilities at sale-and-leaseback IFRS 16 Amended2024 Yes NotransactionsThe amendments aim to improve the transparency of supply chain finance IAS 7 and arrangements that enables investors Amended2024 Yes NoIFRS 7to assess their effects on a company\u2019s liabilities, cash \ufb02ows and exposure to liquidity risk.The amendments specify when a currency is exchangeable into another currency and when it is not, and how IAS 21 Amended2025 Yes Noan entity determines the exchange rate to apply when a currency is not exchangeable.There are no other IFRSs that have been issued but are not yet effective that are expected to have a material effect on the future consolidated financial statements.3.20 Correction and adjustment of amountsThe Group made specific corrections in 2023 with relates to adjustment of prior year figures. All these changes were immaterial and as such comparative figures remained unadjusted. The changes are the following:a.) Property, plant and equipment: In the current financial year 2023 an adjustment within the movement schedule of PP&E has been made. The adjustment considers all assets, owned by the Group, even if most of them fully depreciated. This resulted in an increase of the NBV for the two asset categories \u201cOther equipment, factory and office equipment\u201d and \u201cPrepayments and asset under construction\u201d of \u20ac 431.000.b) Leases: In the current financial year 2023 an adjustment within the movement schedule of Right of use asset has been made, due to the new IFRS 16 tool implemented by the Group. This resulted in an increase of the NBV for a total amount of \u20ac 329.000.c) Deferred tax liability: In the current financial year 2023 an adjustment for deferred tax liability has been made for a total amount of \u20ac 59.000. This resulted in an increase of net result of the current financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__24": {
"value": "3.1 Basis of consolidation3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. 3.1.2 Transactions eliminated on consolidationAll intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 3.1.3 Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.3.1.4 Changes in ownership structure A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__27": {
"value": "3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__26": {
"value": "3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__25": {
"value": "3.1.1 SubsidiariesThe consolidated financial statements comprise the financial figures of the Company and its subsidiaries as of December 31, 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated, from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__29": {
"value": "3.1.3 Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__28": {
"value": "3.1.3 Business combinationsBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__30": {
"value": "3.2 Foreign currenciesThe Group\u2019s consolidated financial statements are presented in Euros, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates 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. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.On consolidation, the assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__31": {
"value": "The Group\u2019s consolidated financial statements are presented in Euros, which is also the parent company\u2019s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__33": {
"value": "3.4 Fair Value MeasurementThe Group measures financial instruments such as derivatives at fair value through profit and loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes below. For a summary of the categories specific to Cabka, refer to fair value measurement (Note 7).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__32": {
"value": "3.4 Fair Value MeasurementThe Group measures financial instruments such as derivatives at fair value through profit and loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022 In the principal market for the asset or liability, or\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above. Fair value related disclosures for financial instruments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarized in the following notes below. For a summary of the categories specific to Cabka, refer to fair value measurement (Note 7).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__35": {
"value": "3.5.1 Owned assetsPlant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The costs include the purchase price and any directly attributable transaction costs. Supplier discounts have been deducted. Self-developed assets are stated at cost, net of depreciation and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.Prepayments at the stage of assets under construction are stated at cash value.Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:\u2022 Buildings 25 to 50 years\u2022 Technical equipment and machines 3 to 15 years\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.The Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety, and environmental legislation in its assessment of expected useful lives and estimated residual values.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__34-1": {
"value": "Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:\u2022 Buildings 25 to 50 years\u2022 Technical equipment and machines 3 to 15 years\u2022 Other equipment, factory and office equipment, vehicles 3 to 15 years.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:\u2022 Land and buildings, plant, and machinery 3 to 15 years\u2022 Motor vehicles and other equipment 3 to 5 yearsAll categories of intangible assets are considered long term intangible assets and are amortized on a straight line basis over their useful economic life, between 3 and 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__36": {
"value": "3.5.2 LeasesAt inception of a contract, the Group 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 assets 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 Group uses the definition of a lease in IFRS 16.The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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:\u2022 Land and buildings, plant, and machinery 3 to 15 years\u2022 Motor vehicles and other equipment 3 to 5 yearsLease LiabilitiesAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.In calculating the present value of lease payments, the Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The group presents right-of-use assets in ''Right-of-Use assets'' and lease liabilities in \u201cFinancial liabilities\u201d in the statement of financial position. Interest on lease liabilities is included in \u201cInterest expense\u201d in the income statement and included in the cash flows from financing activities in the statement of cash flows. The group\u2019s leasing arrangements relate primarily to office buildings, warehouse space, equipment and motor vehicles. Lease expenses \u2013 short-term leases and leases of low-value assetsThe Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and lease of low-value assets. Individual lease assets with a new value of \u20ac 5,000 or less (or any other foreign exchange equivalent) are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__40": {
"value": "3.6 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. There are only intangible assets with finite useful lives at the Group. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss. Intangible assets at the Group are split into customer relationships, internally developed intangible assets, purchased intangible assets and advance payments charged. Self-developed intangible assets are stated at cost, net of amortization and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.The Group capitalizes and recognizes, as internally generated assets, the automation and development costs arising from the design and development of new assets in order to ensure maximum customization of final products.All categories of intangible assets are considered long term intangible assets and are amortized on a straight line basis over their useful economic life, between 3 and 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__39": {
"value": "3.6 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. There are only intangible assets with finite useful lives at the Group. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss. Intangible assets at the Group are split into customer relationships, internally developed intangible assets, purchased intangible assets and advance payments charged. Self-developed intangible assets are stated at cost, net of amortization and accumulated impairment losses, if any. The costs include directly attributable transaction costs, such as for material and personnel.The Group capitalizes and recognizes, as internally generated assets, the automation and development costs arising from the design and development of new assets in order to ensure maximum customization of final products.All categories of intangible assets are considered long term intangible assets and are amortized on a straight line basis over their useful economic life, between 3 and 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__41": {
"value": "3.7 Financial Instruments and other investments Financial instruments are contracts which result in a financial asset with one company and a financial liability or an equity instrument with another. Financial instruments comprise primary financing instruments such as receivables and trade payables or also financial receivables and financial liabilities. Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps. Financial assets and liabilities are categorized as follows:1. Assets and liabilities measured at amortized cost2. Asset and liabilities measured at fair value through profit or loss3. Asset measured at fair value through other comprehensive incomeA financial asset or a financial liability is initially measured at fair value plus, in the case of the first and third category, transaction costs.The subsequent measurement of financial assets and liabilities of the first category is made at amortized cost or by using the effective interest method.Financial assets and liabilities of the second category are measured at fair value on the balance sheet date. Market fluctuations are recognized in the income statement.3.7.1 Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand and are carried out at amortized cost.For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. 3.7.2 Trade and other receivablesTrade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Initial recognition of trade and other receivables at transaction price and then at amortized cost, subsequently carried less impairment losses or expected credit losses (see Note 23). 3.7.3 Trade and other payablesTrade and other payables are initially recorded at fair value and then carried at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__44": {
"value": "Financial instruments are contracts which result in a financial asset with one company and a financial liability or an equity instrument with another. Financial instruments comprise primary financing instruments such as receivables and trade payables or also financial receivables and financial liabilities. Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps. Financial assets and liabilities are categorized as follows:1. Assets and liabilities measured at amortized cost2. Asset and liabilities measured at fair value through profit or loss3. Asset measured at fair value through other comprehensive incomeA financial asset or a financial liability is initially measured at fair value plus, in the case of the first and third category, transaction costs.The subsequent measurement of financial assets and liabilities of the first category is made at amortized cost or by using the effective interest method.Financial assets and liabilities of the second category are measured at fair value on the balance sheet date. Market fluctuations are recognized in the income statement.3.7.1 Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand and are carried out at amortized cost.For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management. 3.7.2 Trade and other receivablesTrade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Initial recognition of trade and other receivables at transaction price and then at amortized cost, subsequently carried less impairment losses or expected credit losses (see Note 23).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__43": {
"value": "Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__42": {
"value": "Financial Instruments of the Group include derivative financial instruments such as forward exchange contracts as well as interest rate swaps and currency swaps.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__45": {
"value": "3.7.1 Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash at banks and on hand and are carried out at amortized cost.For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__46": {
"value": "3.7.2 Trade and other receivablesTrade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Initial recognition of trade and other receivables at transaction price and then at amortized cost, subsequently carried less impairment losses or expected credit losses (see Note 23).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__47": {
"value": "3.7.3 Trade and other payablesTrade and other payables are initially recorded at fair value and then carried at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__48": {
"value": "3.8 InventoriesRaw materials and supplies, spare parts and trading goods are valued at acquisition costs on an average price basis. Finished and work in progress goods are valued at the lower of cost or net realizable value. The production costs include material costs, manufacturing costs, and special costs of production as well as adequate parts of the necessary material costs, manufacturing costs, and the value consumption of the fixed assets. Reasonable costs of the administration costs are also included in those costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__49": {
"value": "3.9 Impairments 3.9.1 Financial assetsThe Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics.All impairment losses are recognized in the consolidated statement of profit and loss.An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss.3.9.2 Non-financial assetsThe carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash generating unit\u2019). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. 3.9.3 Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss. In the reported year no reversals of impairment losses for other assets occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__50-1": {
"value": "3.9.1 Financial assetsThe Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics.All impairment losses are recognized in the consolidated statement of profit and loss.An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss.3.9.3 Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss. In the reported year no reversals of impairment losses for other assets occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__51-1": {
"value": "3.9.2 Non-financial assetsThe carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash generating unit\u2019). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss.3.9.3 Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss. In the reported year no reversals of impairment losses for other assets occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__54": {
"value": "3.14.2 Deferred taxDeferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.Deferred tax liabilities are recognized for taxable temporary differences.Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.Cabka Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__55": {
"value": "3.15 Share-based paymentsEmployees of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled share-based payments transactions) or for cash-payments based on the value of equity instruments (cash-settled share-based payments). Equity-settled share-based paymentsThe cost of equity-settled share-based payments transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in Note 28. That cost is recognized in personnel expenses, together with a corresponding increase in equity (other reserves, as presented in the consolidated statement of changes in equity), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions and any other conditions attached to an award, but without an associated service requirement (non-vesting conditions) are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. Cash-settled transactionsA liability is recognized for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in employee benefits expense (see Note 10). The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using an appropriate valuation model, further details of which are given in Note 28. The approach used to account for vesting conditions when measuring equity-settled share-based payments also applies to cash-settled share-based payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__56": {
"value": "3.16 Expenses Expenses are recognized based on the accrual basis of accounting. This means that expenses are recognized when the product is received, or the service is provided regardless of when cash outflow takes place. In relation to the expenses recognized in relation to depreciation and impairments, reference is made to the specific accounting policy as is included in Notes 3.5 and 3.9. In relation to the costs as expensed in relation to inventory, reference is made to the specific accounting policy as is included in Note 3.8.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__57": {
"value": "3.17 Employee benefits The Group has a defined contribution plan for its employees. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments will occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__58": {
"value": "3.18 Government Grants The Group receives government grants, such as subsidies for the employment of permanent employees. Grants that compensate the Group for expenses incurred, are recognized in profit or loss as other operating income, unless the conditions for receiving the grant are not met yet. In this situation, the grant is recognized when it becomes receivable. Governmental grants for energy expenses are recognized in the same expense position offsetting the occurred costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__59": {
"value": "3.19 New and amended IFRSThe Group applied for the first-time the following standards and amendments, which are effective for annual periods beginning on or after January 1, 2023 (unless otherwise stated). The Group has not early adopted any other standards, interpretation or amendment that has been issued but is not yet effective.NEW OR AMENDED FIRST TIME MAJOR IMPACT STANDARDS AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPInsurance contracts New/ IFRS 17Initial application of IFRS 17 and IFRS 2023 Yes Noamended9 \u2013 comparative information IAS 1, IFRS Practice Amended Disclosure of accounting policies 2023 Yes NoStatement 2IAS 8 Amended Definition of accounting policies 2023 Yes NoDeferred taxes related to assets IAS 12 Amendedand liabilities rising from a single 2023 Yes NotransactionThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.NEW OR AMENDED STANDARDS (IS-SUED BUT NOT FIRST TIME MAJOR IMPACT YET EFFECTIVE) AMENDED CONTENTADOPTION EU-ENDORSEDON THE GROUPPresentation of financial statements \u2013 IAS 1 Amendedclassification of debt as short and long 2024 Yes Noterm; disclosure of accounting policiesLeasing liabilities at sale-and-leaseback IFRS 16 Amended2024 Yes NotransactionsThe amendments aim to improve the transparency of supply chain finance IAS 7 and arrangements that enables investors Amended2024 Yes NoIFRS 7to assess their effects on a company\u2019s liabilities, cash \ufb02ows and exposure to liquidity risk.The amendments specify when a currency is exchangeable into another currency and when it is not, and how IAS 21 Amended2025 Yes Noan entity determines the exchange rate to apply when a currency is not exchangeable.There are no other IFRSs that have been issued but are not yet effective that are expected to have a material effect on the future consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__61": {
"value": "3.20 Correction and adjustment of amountsThe Group made specific corrections in 2023 with relates to adjustment of prior year figures. All these changes were immaterial and as such comparative figures remained unadjusted. The changes are the following:a.) Property, plant and equipment: In the current financial year 2023 an adjustment within the movement schedule of PP&E has been made. The adjustment considers all assets, owned by the Group, even if most of them fully depreciated. This resulted in an increase of the NBV for the two asset categories \u201cOther equipment, factory and office equipment\u201d and \u201cPrepayments and asset under construction\u201d of \u20ac 431.000.b) Leases: In the current financial year 2023 an adjustment within the movement schedule of Right of use asset has been made, due to the new IFRS 16 tool implemented by the Group. This resulted in an increase of the NBV for a total amount of \u20ac 329.000.c) Deferred tax liability: In the current financial year 2023 an adjustment for deferred tax liability has been made for a total amount of \u20ac 59.000. This resulted in an increase of net result of the current financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__60": {
"value": "3.20 Correction and adjustment of amountsThe Group made specific corrections in 2023 with relates to adjustment of prior year figures. All these changes were immaterial and as such comparative figures remained unadjusted. The changes are the following:a.) Property, plant and equipment: In the current financial year 2023 an adjustment within the movement schedule of PP&E has been made. The adjustment considers all assets, owned by the Group, even if most of them fully depreciated. This resulted in an increase of the NBV for the two asset categories \u201cOther equipment, factory and office equipment\u201d and \u201cPrepayments and asset under construction\u201d of \u20ac 431.000.b) Leases: In the current financial year 2023 an adjustment within the movement schedule of Right of use asset has been made, due to the new IFRS 16 tool implemented by the Group. This resulted in an increase of the NBV for a total amount of \u20ac 329.000.c) Deferred tax liability: In the current financial year 2023 an adjustment for deferred tax liability has been made for a total amount of \u20ac 59.000. This resulted in an increase of net result of the current financial year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__64": {
"value": "6. Revenue from contracts with customers and segment reportingSales of goods and services are recognized in line with the requirements of IFRS 15, Revenue from contracts with customers. Revenue is measured based on the consideration CABKA expects to receive in exchange for the goods or services. Revenue from sales of goods is recognized in the income statement when all rights have been transferred to the buyer. This is usually upon delivery at a fixed point in time, at a fixed or determinable price, and when collectability is reasonably assured. Delivery is defined based on the terms of the sale contract. Revenue from sales of goods includes sales related to development of tooling for delivering customized products. This is recognized over time for the amount of \u20ac 5,781,000, using the percentage of completion method. In 2023, the revenue is 100% recognized as the related projects are completed within the reporting year.The transaction price allocated to the performance obligations has been defined by the stand-alone selling price stated in each contract with customers and may include discounts and variable consideration as upon agreed.Revenue from services is recognized when the respective services have been rendered and is related primarily to freight- and transportation services. Revenue is reported net of sales taxes, returns, discounts and rebates. Rebates to customers are provided for in the same period that the related sales are recorded based on the contract terms. CABKA periodically enters into prepayment contracts with customers whereby it enters into contract liabilities for products to be delivered in a future period. These contract liabilities are recorded as liabilities and presented as part of contract liabilities for \u20ac 511,000 (2022: \u20ac 2,249,000).6.1 Disaggregated revenue informationSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers in primary business segments and geographical markets:Revenues by Product SegmentIN EURO X 1,000 2023 2022 CHANGERTP Europe 125,169 121,355 3%Portfolio 67,972 66,758 2%Customized Solutions 38,388 33,077 16%Contract Manufacturing 18,809 21,520 -13%RTP US 32,749 34,923 -6%Eco Products 11,139 12,802 -13%Recycling Fees 14,140 10,045 41%Others 13,691 29,768 -54%Non-Strategic Products 10,848 21,406 -49%Material Sales & Freight 2,843 8,362 -66%Total 196,888 208,893 -6%Revenues by GeographyIN EURO X 1,000 2023 2022 CHANGEEurope 160,162 170,409 -6%DACH 60,771 64,924 -6%West & Nordics 63,064 76,932 -18%CEE 10,795 5,960 81%South 25,532 22,593 -7%North America 32,601 35,184 25%RoW 4,125 3,300Total 196,888 208,893 -6%Since CABKA is selling primarily products from recycled plastic materials to customers, either in the Reusable Transport Packaging (RTP) segment or in the Eco Products business, the entity recognizes revenue when it satisfies an identified performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service, what mainly is at a certain point in time. Invoices are payable within agreed payment conditions, usually between 30 \u2013 90 days. Recycling Fees are recognized as revenue when the performance obligation, processing of the incoming mixed plastic materials, is fulfilled.Revenue for services is presented under Material Sales & Freight and it is primarily related to transportation services.All of the Group\u2019s segments generate their revenue to the largest extent from the sale of products. These come in such a great variety that a meaningful grouping below the segment information is not monitored at this stage. 6.2 Segment informationFor Management purposes, the Group is such organized, that steering the business results does not occur in product segments, but more on a legal entity level approach. Therefore, the segregation into the two main regions is the most appropriate way of presenting the segments. The segment information is clustered into the geographical regions Europe and North America summarized as following:\u2022 Europe obtains the RTP business and the Eco Product business in the full value chain from inhouse recycling of plastic waste materials, manufacturing of products till sale of products and services. \u2022 North America is focused on the RTP business, obtaining the full value chain from recycling of post-industrial waste, manufacturing and sale of products and services.Segment Performance 2023 NORTH IN EURO X 1,000 EUROPEAMERICA TOTALRevenue 164,208 32,680 196,888Change in inventories of finished goods and work in progress -3,396 -3,963 -7,359Other operating income 7,936 1,386 9, 322Total Operating income 168,748 30,103 198,851Material expenses / expenses for purchased services -84,304 -17,922 -102,226Gross profit 84,444 12,181 96,625Personnel expenses -42,566Amortization/depreciation and impairment of -17,124intangible and tangible fixed assetsOther operating expenses -34,266EBIT 2,669Finance income 308Finance costs -4,186Financial Result -3,878Result before taxes -1,209Income tax expense 332Net result for the year -1,541 Attributable to: Non-controlling interest - Equity holders of CABKA N.V. -1,541The revenue information above is based on the realization of sale assigned to the legal entity either in the US or in Europe. In none of the regions there is specific customer with a revenue share of 10% or above from the total revenue.In the financial year 2023 the US business was still impacted from the flooding occurred mid of 2022, primarily in the first half of the year by the continuation of using external manufacturing capacities to satisfy customer demands. This resulted in higher purchased services leading to a lower gross profit. In the second half of the year the margins improved significantly in the US by establishing as planned the inhouse product manufacturing capacities, but also the inhouse material processing lines to obtain own recycled plastic raw materials to produce finished goods. In Europe the margins were favorably affected by two key developments. First, the RTP business grew, especially in the customized solutions segment, while the energy and raw material markets stabilized at lower levels compared to prior year. Secondly, after the successful relocation of the Eco Products business from the Genthin site to Weira in end of 2022, economies of scales were realized with increased processing capacities for further growth. In the segment performance of 2023 are non-recurring income and expenses, suchas accounting and advisory costs in relation to the listing in 2022 and US flooding-related effects included.Segment Performance 2022 NORTH IN EURO X 1,000 EUROPEAMERICA TOTALRevenue 173,260 35,633 208,893Change in inventories of finished goods and work in progress 4,874 -675 4,199Other operating income 6,165 7,531 13,696Total Operating income 184,299 42,489 226,788Material expenses / expenses for purchased services -108,995 -22,498 -131,493Gross profit 75,304 19,991 95,295Personnel expenses -40,425Amortization/depreciation and impairment of intangible -18,023and tangible fixed assetsOther operating expenses -43,581Share listing expenses -26,764EBIT -33,500Finance income 1,589Finance costs -2,390Financial Result -802Result before taxes -34,302Income tax expense 4,480Net result for the year -29,822 Attributable to: Non-controlling interest -77 Equity holders of CABKA N.V. -29,745In the above segment performance of 2022 are non-recurring income and expenses, such as accounting and advisory costs in relation to the transaction, share listing expenses and US flooding-related effects included. The average FTE of permanent employed personnel per segment can be specified as follows: Full time equivalents2023 2022PER DEPARTMENTEUROPE US TOTAL EUROPE US TOTALProduction 364 40 404 355 47 402Sales & Marketing 32 6 38 40 5 45Innovation Center 40 - 40 43 - 43General & Administration 110 11 121 85 20 105Total 546 57 603 523 72 595Assets and liabilities are not monitored by segment and therefore not presented per segment.The Executive Management Committee monitors the Gross profit of its business units separately for the purpose of making decisions about resource allocation and performance assessment, Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements, The Group\u2019s financing (including finance costs, finance income and other income) is managed on Group basis in close alignment with local Management, Income taxes are managed on legal entity level in close coordination with Group Management,Transfer prices between operating segments are on an arm\u2019s-length basis in a manner similar to transactions with third parties.Finance costs, finance income, other income, and fair value gains and losses on financial assets are not allocated to individual segments as the underlying instruments are managed on a group basis.Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to those segments as they are also managed on a group basis. There were no significant inter-relationships between unobservable inputs that materially affect fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__63": {
"value": "Sales of goods and services are recognized in line with the requirements of IFRS 15, Revenue from contracts with customers. Revenue is measured based on the consideration CABKA expects to receive in exchange for the goods or services. Revenue from sales of goods is recognized in the income statement when all rights have been transferred to the buyer. This is usually upon delivery at a fixed point in time, at a fixed or determinable price, and when collectability is reasonably assured. Delivery is defined based on the terms of the sale contract. Revenue from sales of goods includes sales related to development of tooling for delivering customized products. This is recognized over time for the amount of \u20ac 5,781,000, using the percentage of completion method. In 2023, the revenue is 100% recognized as the related projects are completed within the reporting year.The transaction price allocated to the performance obligations has been defined by the stand-alone selling price stated in each contract with customers and may include discounts and variable consideration as upon agreed.Revenue from services is recognized when the respective services have been rendered and is related primarily to freight- and transportation services. Revenue is reported net of sales taxes, returns, discounts and rebates. Rebates to customers are provided for in the same period that the related sales are recorded based on the contract terms. CABKA periodically enters into prepayment contracts with customers whereby it enters into contract liabilities for products to be delivered in a future period. These contract liabilities are recorded as liabilities and presented as part of contract liabilities for \u20ac 511,000 (2022: \u20ac 2,249,000).6.1 Disaggregated revenue informationSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers in primary business segments and geographical markets:Revenues by Product SegmentIN EURO X 1,000 2023 2022 CHANGERTP Europe 125,169 121,355 3%Portfolio 67,972 66,758 2%Customized Solutions 38,388 33,077 16%Contract Manufacturing 18,809 21,520 -13%RTP US 32,749 34,923 -6%Eco Products 11,139 12,802 -13%Recycling Fees 14,140 10,045 41%Others 13,691 29,768 -54%Non-Strategic Products 10,848 21,406 -49%Material Sales & Freight 2,843 8,362 -66%Total 196,888 208,893 -6%Revenues by GeographyIN EURO X 1,000 2023 2022 CHANGEEurope 160,162 170,409 -6%DACH 60,771 64,924 -6%West & Nordics 63,064 76,932 -18%CEE 10,795 5,960 81%South 25,532 22,593 -7%North America 32,601 35,184 25%RoW 4,125 3,300Total 196,888 208,893 -6%Since CABKA is selling primarily products from recycled plastic materials to customers, either in the Reusable Transport Packaging (RTP) segment or in the Eco Products business, the entity recognizes revenue when it satisfies an identified performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service, what mainly is at a certain point in time. Invoices are payable within agreed payment conditions, usually between 30 \u2013 90 days. Recycling Fees are recognized as revenue when the performance obligation, processing of the incoming mixed plastic materials, is fulfilled.Revenue for services is presented under Material Sales & Freight and it is primarily related to transportation services.All of the Group\u2019s segments generate their revenue to the largest extent from the sale of products. These come in such a great variety that a meaningful grouping below the segment information is not monitored at this stage.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__62": {
"value": "Sales of goods and services are recognized in line with the requirements of IFRS 15, Revenue from contracts with customers. Revenue is measured based on the consideration CABKA expects to receive in exchange for the goods or services. Revenue from sales of goods is recognized in the income statement when all rights have been transferred to the buyer. This is usually upon delivery at a fixed point in time, at a fixed or determinable price, and when collectability is reasonably assured. Delivery is defined based on the terms of the sale contract. Revenue from sales of goods includes sales related to development of tooling for delivering customized products. This is recognized over time for the amount of \u20ac 5,781,000, using the percentage of completion method. In 2023, the revenue is 100% recognized as the related projects are completed within the reporting year.The transaction price allocated to the performance obligations has been defined by the stand-alone selling price stated in each contract with customers and may include discounts and variable consideration as upon agreed.Revenue from services is recognized when the respective services have been rendered and is related primarily to freight- and transportation services. Revenue is reported net of sales taxes, returns, discounts and rebates. Rebates to customers are provided for in the same period that the related sales are recorded based on the contract terms. CABKA periodically enters into prepayment contracts with customers whereby it enters into contract liabilities for products to be delivered in a future period. These contract liabilities are recorded as liabilities and presented as part of contract liabilities for \u20ac 511,000 (2022: \u20ac 2,249,000).6.1 Disaggregated revenue informationSet out below is the disaggregation of the Group\u2019s revenue from contracts with customers in primary business segments and geographical markets:Revenues by Product SegmentIN EURO X 1,000 2023 2022 CHANGERTP Europe 125,169 121,355 3%Portfolio 67,972 66,758 2%Customized Solutions 38,388 33,077 16%Contract Manufacturing 18,809 21,520 -13%RTP US 32,749 34,923 -6%Eco Products 11,139 12,802 -13%Recycling Fees 14,140 10,045 41%Others 13,691 29,768 -54%Non-Strategic Products 10,848 21,406 -49%Material Sales & Freight 2,843 8,362 -66%Total 196,888 208,893 -6%Revenues by GeographyIN EURO X 1,000 2023 2022 CHANGEEurope 160,162 170,409 -6%DACH 60,771 64,924 -6%West & Nordics 63,064 76,932 -18%CEE 10,795 5,960 81%South 25,532 22,593 -7%North America 32,601 35,184 25%RoW 4,125 3,300Total 196,888 208,893 -6%Since CABKA is selling primarily products from recycled plastic materials to customers, either in the Reusable Transport Packaging (RTP) segment or in the Eco Products business, the entity recognizes revenue when it satisfies an identified performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service, what mainly is at a certain point in time. Invoices are payable within agreed payment conditions, usually between 30 \u2013 90 days. Recycling Fees are recognized as revenue when the performance obligation, processing of the incoming mixed plastic materials, is fulfilled.Revenue for services is presented under Material Sales & Freight and it is primarily related to transportation services.All of the Group\u2019s segments generate their revenue to the largest extent from the sale of products. These come in such a great variety that a meaningful grouping below the segment information is not monitored at this stage.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__65-1": {
"value": "The average FTE of permanent employed personnel per segment can be specified as follows: Full time equivalents2023 2022PER DEPARTMENTEUROPE US TOTAL EUROPE US TOTALProduction 364 40 404 355 47 402Sales & Marketing 32 6 38 40 5 45Innovation Center 40 - 40 43 - 43General & Administration 110 11 121 85 20 105Total 546 57 603 523 72 59510. Personnel expensesThe personnel expenses are summarized in the overview below:Personnel expensesIN EURO X 1,000 2023 2022 CHANGESalaries and wages 31,622 27,968 13%Social securities and other benefits 7,093 7,002 1%Other staff costs 3,306 3,363 -2%Share-based payment expense 545 2,092 -74%Total personnel expenses 42,566 40,425 5%The stock option programs are further elaborated in the section share-based payments program (see Note 28)Personnel expenses increased by 5% due to growth, inflationary adjustments of labor costs and further strengthening our organization on key vacancies. The average FTE in 2023 is 603 and represents a growth of 1.4 % in the financial year compared to previous year (2022: 595 FTE). Reference is made to Note 6 for further disclosure on FTE\u2019s per segment and per department.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__70": {
"value": "7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__69": {
"value": "7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__68": {
"value": "7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__67": {
"value": "7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__66": {
"value": "7. Fair value measurementThe Group\u2019s best estimate is that the book value of the following financial assets and liabilities is considered a reasonable approximation of their fair value: \u2022 trade and other receivables.\u2022 cash and cash equivalents. \u2022 bank loans; lease liabilities and liabilities to other financial institutions.\u2022 trade and other payables.The fair value of the financial instruments for 2023 is as follows:AT TOTAL AMORTIZED MANDATORY CARRYING IN EURO X 1,000COSTSAT FVTPLVALUEAt December 31, 2023Trade and other receivables 28,514 - 28,514Cash and cash equivalents 7,252 - 7,252Financial assets at amortized costs 35,766 - 35,766Other long-term assets (Note 21) - 9 9Financial assets measured at fair value - 9 9Liabilities to banks 48,738 - 48,738Lease liabilities 9,353 - 9,353Rental purchase agreements 4,860 - 4,860Trade and other payables 32,578 -32,578Financial liabilities at amortized costs 95,529 - 95,529Special shares liabilities - 1,071 1,071Other liabilities - 159 159Financial liabilities measured at fair value - 1,230 1,230Below overview summarizes the fair value movements for 2022:TOTAL AT AMORTIZED MANDATORY AT IN EURO X 1,000CARRYING COSTSFVTPLVALUEAt December 31, 2022 Trade and other receivables 32,228 - 32,228Cash and cash equivalents 21,035 - 21,035Financial assets at amortized costs 53,263 - 53,263Other long-term assets - 85 85Financial assets measured at fair value - 85 85Liabilities to banks 52,049 - 52,049Lease liabilities 7,340 - 7, 340Rental purchase agreements 5,087 - 5,087Trade and other payables 35,241 - 35,241Financial liabilities at amortized costs 99,717 - 99,717Special shares liabilities - 1,176 1,176Other liabilities - 23 23Financial liabilities measured at fair value - 1,199 1,199Derivative financial instruments are measured at fair value and are recorded as financial asset or financial liability depending on their fair value (positive or negative). Such fair value measurements are classified as level 2 of the fair value hierarchy of IFRS 13. Special Shares liabilities are measured at fair value based on estimations at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. Further details on the terms are disclosed in Note 31. Such fair value measurements are classified as level 3 of the fair value hierarchy of IFRS 13. There have been no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments. Such transfers may occur where directly observable prices may become available or where market data from independent sources may no longer be available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__73": {
"value": "8. Other operating incomeThe other operating income is summarized in the overview below: Other operating incomeIN EURO X 1,000 2023 2022Income from insurance 1,328 5,919Other own work capitalized 4,208 4,947Personnel related operating income 913 990Foreign exchange results 279 481Other operating income 2,595 1,359Total other operating income 9,322 13,696Income from proceeds from insurance relates to the St. Louis flooding for an amount of \u20ac 1,174,000 (2022 \u20ac 5,919,000), the remaining \u20ac 154,000 relates to insurance proceeds in Germany. Other own work capitalized in both financial years relates to operational costs, such as personnel expenses, capitalized for inhouse manufactured property and equipment, like molds and assets related to recycle lines. The personnel related operating income amounting to \u20ac 913,000 (2022 \u20ac 990,000) is primarily related to governmental subsidies for the employment of permanent employees, especially for social securities. The category other operating income of \u20ac 2,595,000 (2022 \u20ac 1,359,000) relates mainly to gain on sale of fixed assets, see Note 18, and further to the release of accruals for an amount of \u20ac 207,000 (2022 \u20ac 505,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__72": {
"value": "8. Other operating incomeThe other operating income is summarized in the overview below: Other operating incomeIN EURO X 1,000 2023 2022Income from insurance 1,328 5,919Other own work capitalized 4,208 4,947Personnel related operating income 913 990Foreign exchange results 279 481Other operating income 2,595 1,359Total other operating income 9,322 13,696Income from proceeds from insurance relates to the St. Louis flooding for an amount of \u20ac 1,174,000 (2022 \u20ac 5,919,000), the remaining \u20ac 154,000 relates to insurance proceeds in Germany. Other own work capitalized in both financial years relates to operational costs, such as personnel expenses, capitalized for inhouse manufactured property and equipment, like molds and assets related to recycle lines. The personnel related operating income amounting to \u20ac 913,000 (2022 \u20ac 990,000) is primarily related to governmental subsidies for the employment of permanent employees, especially for social securities. The category other operating income of \u20ac 2,595,000 (2022 \u20ac 1,359,000) relates mainly to gain on sale of fixed assets, see Note 18, and further to the release of accruals for an amount of \u20ac 207,000 (2022 \u20ac 505,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__71": {
"value": "8. Other operating incomeThe other operating income is summarized in the overview below: Other operating incomeIN EURO X 1,000 2023 2022Income from insurance 1,328 5,919Other own work capitalized 4,208 4,947Personnel related operating income 913 990Foreign exchange results 279 481Other operating income 2,595 1,359Total other operating income 9,322 13,696Income from proceeds from insurance relates to the St. Louis flooding for an amount of \u20ac 1,174,000 (2022 \u20ac 5,919,000), the remaining \u20ac 154,000 relates to insurance proceeds in Germany. Other own work capitalized in both financial years relates to operational costs, such as personnel expenses, capitalized for inhouse manufactured property and equipment, like molds and assets related to recycle lines. The personnel related operating income amounting to \u20ac 913,000 (2022 \u20ac 990,000) is primarily related to governmental subsidies for the employment of permanent employees, especially for social securities. The category other operating income of \u20ac 2,595,000 (2022 \u20ac 1,359,000) relates mainly to gain on sale of fixed assets, see Note 18, and further to the release of accruals for an amount of \u20ac 207,000 (2022 \u20ac 505,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__76-1": {
"value": "9. Material expenses / expenses for purchased services The material expenses and expenses for purchased services are summarized in the overview below:Material expenses / expenses for purchased servicesIN EURO X 1,000 2023 2022 CHANGECost of raw materials, consumables and supplements 74,172 90,342 -18%Cost of purchased services 14,774 18,212 -19%Gas, Power, Water 13,280 22,939 -42%Total material expenses / expenses for purchased services 102,226 131,493 -22%Material costs / expenses for purchased services include direct attributable costs, such as costs for raw materials and production-related materials, energy costs and purchased services. The latter are costs related to the external manufacturing of products and temporary employees, supporting the inhouse production of finished goods. Despite the fact, that Cabka had no direct exposure to the Ukraine / Russia war, the indirect impact \u2013 especially on the energy prices- was significant in 2022. During 2023, the prices for both energy and materials have normalized, decreasing by 42% to \u20ac 13,280,000 (2022 \u20ac 22,939,000) and materials decreasing by 18% to \u20ac 74,172,000 (2022 \u20ac 90,342,000).Purchased services, primarily external manufacturing costs in Europe, were reduced whilst in the US the external production costs remained at similar levels compared to prior year as both years were impacted from the flooding. The utilization of temporary employees, to ensure certain flexibility with excessive capacities, has been reduced as well.10. Personnel expensesThe personnel expenses are summarized in the overview below:Personnel expensesIN EURO X 1,000 2023 2022 CHANGESalaries and wages 31,622 27,968 13%Social securities and other benefits 7,093 7,002 1%Other staff costs 3,306 3,363 -2%Share-based payment expense 545 2,092 -74%Total personnel expenses 42,566 40,425 5%The stock option programs are further elaborated in the section share-based payments program (see Note 28)Personnel expenses increased by 5% due to growth, inflationary adjustments of labor costs and further strengthening our organization on key vacancies. The average FTE in 2023 is 603 and represents a growth of 1.4 % in the financial year compared to previous year (2022: 595 FTE). Reference is made to Note 6 for further disclosure on FTE\u2019s per segment and per department.11. Accounting for St, Louis floodingAs a result of the floods in 2022 in the greater St. Louis area on July 27, Cabka\u2019s North America plant in Hazelwood (MO) had to be shut down. As of July 2023, the US plant is back at full capacity and no further costs are expected. During the first months of 2023, Cabka had flood related expenses incurred totaling \u20ac 1,006,000 (2022: \u20ac 3,747,000). The above noted expenses are recognized in the other operating expenses (Note 12). Insurance payments received in 2023 led to proceeds of \u20ac 1,174,000 compared to \u20ac 5,919,000 in 2022 (Note 8).12. Other operating expensesThe other operating expense is summarized in the overview below:Other operating expensesIN EURO X 1,000 2023 2022Flood related expenses 1,006 9,525Legal, audit and consulting fees 5,609 6,134Repairs and maintenance 5,267 4,785Transport expenses 4,400 4,331Insurance and fees 2,605 2,302IT services 1,900 2,195Sales and promotion expenses 1,800 2,013Car, travel and representation costs 1,561 1,822Waste and disposal 2,021 1,817Rental costs 1,279 1,518Foreign exchange results 534 347Other costs 6,284 6,793Other operating expenses 34,266 43,582The flood related expenses in 2023 relate to expenses for repairs of \u20ac 1,006,000, refer to Note 11. The category other costs in other operating expenses in 2023 include expenses related to other taxes \u20ac 971,000, IPO related real estate transfer taxes \u20ac 1,085,000, medical & safety \u20ac\ue61e920,000, recruiting training \u20ac 475,000, board compensation fees \u20ac 224,000 and operations totaling \u20ac 2,609,000.Legal, audit and consulting fees relate primarily to freelancer fees of \u20ac 1,586,000, closing and audit fees of \u20ac 1,076,000 business consulting \u20ac 529,000, Remainder of \u20ac 2,418,000 includes, among others, consulting costs for legal, tax, ESG, investor relations and patents, During 2023, the other operating expenses when compared to the prior period decreased by \u20ac 9,317,000. The decrease is primarily driven by the decrease in the flood related expenses of \u20ac 8,519,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__75-1": {
"value": "9. Material expenses / expenses for purchased services The material expenses and expenses for purchased services are summarized in the overview below:Material expenses / expenses for purchased servicesIN EURO X 1,000 2023 2022 CHANGECost of raw materials, consumables and supplements 74,172 90,342 -18%Cost of purchased services 14,774 18,212 -19%Gas, Power, Water 13,280 22,939 -42%Total material expenses / expenses for purchased services 102,226 131,493 -22%Material costs / expenses for purchased services include direct attributable costs, such as costs for raw materials and production-related materials, energy costs and purchased services. The latter are costs related to the external manufacturing of products and temporary employees, supporting the inhouse production of finished goods. Despite the fact, that Cabka had no direct exposure to the Ukraine / Russia war, the indirect impact \u2013 especially on the energy prices- was significant in 2022. During 2023, the prices for both energy and materials have normalized, decreasing by 42% to \u20ac 13,280,000 (2022 \u20ac 22,939,000) and materials decreasing by 18% to \u20ac 74,172,000 (2022 \u20ac 90,342,000).Purchased services, primarily external manufacturing costs in Europe, were reduced whilst in the US the external production costs remained at similar levels compared to prior year as both years were impacted from the flooding. The utilization of temporary employees, to ensure certain flexibility with excessive capacities, has been reduced as well.10. Personnel expensesThe personnel expenses are summarized in the overview below:Personnel expensesIN EURO X 1,000 2023 2022 CHANGESalaries and wages 31,622 27,968 13%Social securities and other benefits 7,093 7,002 1%Other staff costs 3,306 3,363 -2%Share-based payment expense 545 2,092 -74%Total personnel expenses 42,566 40,425 5%The stock option programs are further elaborated in the section share-based payments program (see Note 28)Personnel expenses increased by 5% due to growth, inflationary adjustments of labor costs and further strengthening our organization on key vacancies. The average FTE in 2023 is 603 and represents a growth of 1.4 % in the financial year compared to previous year (2022: 595 FTE). Reference is made to Note 6 for further disclosure on FTE\u2019s per segment and per department.11. Accounting for St, Louis floodingAs a result of the floods in 2022 in the greater St. Louis area on July 27, Cabka\u2019s North America plant in Hazelwood (MO) had to be shut down. As of July 2023, the US plant is back at full capacity and no further costs are expected. During the first months of 2023, Cabka had flood related expenses incurred totaling \u20ac 1,006,000 (2022: \u20ac 3,747,000). The above noted expenses are recognized in the other operating expenses (Note 12). Insurance payments received in 2023 led to proceeds of \u20ac 1,174,000 compared to \u20ac 5,919,000 in 2022 (Note 8).12. Other operating expensesThe other operating expense is summarized in the overview below:Other operating expensesIN EURO X 1,000 2023 2022Flood related expenses 1,006 9,525Legal, audit and consulting fees 5,609 6,134Repairs and maintenance 5,267 4,785Transport expenses 4,400 4,331Insurance and fees 2,605 2,302IT services 1,900 2,195Sales and promotion expenses 1,800 2,013Car, travel and representation costs 1,561 1,822Waste and disposal 2,021 1,817Rental costs 1,279 1,518Foreign exchange results 534 347Other costs 6,284 6,793Other operating expenses 34,266 43,582The flood related expenses in 2023 relate to expenses for repairs of \u20ac 1,006,000, refer to Note 11. The category other costs in other operating expenses in 2023 include expenses related to other taxes \u20ac 971,000, IPO related real estate transfer taxes \u20ac 1,085,000, medical & safety \u20ac\ue61e920,000, recruiting training \u20ac 475,000, board compensation fees \u20ac 224,000 and operations totaling \u20ac 2,609,000.Legal, audit and consulting fees relate primarily to freelancer fees of \u20ac 1,586,000, closing and audit fees of \u20ac 1,076,000 business consulting \u20ac 529,000, Remainder of \u20ac 2,418,000 includes, among others, consulting costs for legal, tax, ESG, investor relations and patents, During 2023, the other operating expenses when compared to the prior period decreased by \u20ac 9,317,000. The decrease is primarily driven by the decrease in the flood related expenses of \u20ac 8,519,000.14. Finance expensesThe Finance costs are summarized in the overview below:Finance costsIN EURO X 1,000 2023 2022Interest on debts and borrowings 3,353 1,622Interest arising from revenue contracts 3 274Interest on lease liabilities (IFRS 16) 218 100Interest on rental purchase liabilities 33 67Other interest and similar expenses 579 327Total finance costs 4,186 2,390Other interest and similar expenses contain the residual arrangement fee of the repaid financing as per end of December 2023 as well as commitment fees and proportional arrangement fees for the syndicated loan which was renewed on December 15, 2023 spread over the contractual period of the financing. Further details and terms on the new syndicated loan are included in note 31.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__74": {
"value": "9. Material expenses / expenses for purchased services The material expenses and expenses for purchased services are summarized in the overview below:Material expenses / expenses for purchased servicesIN EURO X 1,000 2023 2022 CHANGECost of raw materials, consumables and supplements 74,172 90,342 -18%Cost of purchased services 14,774 18,212 -19%Gas, Power, Water 13,280 22,939 -42%Total material expenses / expenses for purchased services 102,226 131,493 -22%Material costs / expenses for purchased services include direct attributable costs, such as costs for raw materials and production-related materials, energy costs and purchased services. The latter are costs related to the external manufacturing of products and temporary employees, supporting the inhouse production of finished goods. Despite the fact, that Cabka had no direct exposure to the Ukraine / Russia war, the indirect impact \u2013 especially on the energy prices- was significant in 2022. During 2023, the prices for both energy and materials have normalized, decreasing by 42% to \u20ac 13,280,000 (2022 \u20ac 22,939,000) and materials decreasing by 18% to \u20ac 74,172,000 (2022 \u20ac 90,342,000).Purchased services, primarily external manufacturing costs in Europe, were reduced whilst in the US the external production costs remained at similar levels compared to prior year as both years were impacted from the flooding. The utilization of temporary employees, to ensure certain flexibility with excessive capacities, has been reduced as well.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__83": {
"value": "12. Other operating expensesThe other operating expense is summarized in the overview below:Other operating expensesIN EURO X 1,000 2023 2022Flood related expenses 1,006 9,525Legal, audit and consulting fees 5,609 6,134Repairs and maintenance 5,267 4,785Transport expenses 4,400 4,331Insurance and fees 2,605 2,302IT services 1,900 2,195Sales and promotion expenses 1,800 2,013Car, travel and representation costs 1,561 1,822Waste and disposal 2,021 1,817Rental costs 1,279 1,518Foreign exchange results 534 347Other costs 6,284 6,793Other operating expenses 34,266 43,582The flood related expenses in 2023 relate to expenses for repairs of \u20ac 1,006,000, refer to Note 11. The category other costs in other operating expenses in 2023 include expenses related to other taxes \u20ac 971,000, IPO related real estate transfer taxes \u20ac 1,085,000, medical & safety \u20ac\ue61e920,000, recruiting training \u20ac 475,000, board compensation fees \u20ac 224,000 and operations totaling \u20ac 2,609,000.Legal, audit and consulting fees relate primarily to freelancer fees of \u20ac 1,586,000, closing and audit fees of \u20ac 1,076,000 business consulting \u20ac 529,000, Remainder of \u20ac 2,418,000 includes, among others, consulting costs for legal, tax, ESG, investor relations and patents, During 2023, the other operating expenses when compared to the prior period decreased by \u20ac 9,317,000. The decrease is primarily driven by the decrease in the flood related expenses of \u20ac 8,519,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__82": {
"value": "12. Other operating expensesThe other operating expense is summarized in the overview below:Other operating expensesIN EURO X 1,000 2023 2022Flood related expenses 1,006 9,525Legal, audit and consulting fees 5,609 6,134Repairs and maintenance 5,267 4,785Transport expenses 4,400 4,331Insurance and fees 2,605 2,302IT services 1,900 2,195Sales and promotion expenses 1,800 2,013Car, travel and representation costs 1,561 1,822Waste and disposal 2,021 1,817Rental costs 1,279 1,518Foreign exchange results 534 347Other costs 6,284 6,793Other operating expenses 34,266 43,582The flood related expenses in 2023 relate to expenses for repairs of \u20ac 1,006,000, refer to Note 11. The category other costs in other operating expenses in 2023 include expenses related to other taxes \u20ac 971,000, IPO related real estate transfer taxes \u20ac 1,085,000, medical & safety \u20ac\ue61e920,000, recruiting training \u20ac 475,000, board compensation fees \u20ac 224,000 and operations totaling \u20ac 2,609,000.Legal, audit and consulting fees relate primarily to freelancer fees of \u20ac 1,586,000, closing and audit fees of \u20ac 1,076,000 business consulting \u20ac 529,000, Remainder of \u20ac 2,418,000 includes, among others, consulting costs for legal, tax, ESG, investor relations and patents, During 2023, the other operating expenses when compared to the prior period decreased by \u20ac 9,317,000. The decrease is primarily driven by the decrease in the flood related expenses of \u20ac 8,519,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__87": {
"value": "13. Finance incomeThe Finance income is summarized in the overview below:Finance incomeIN EURO X 1,000 2023 2022Changes in fair value of Special Shares liabilities 105 1,561Interest income 203 27Total finance income 308 1,588The change in fair value of the Special Shares conversion option relates to the revaluation of this financial liability at reporting date and is based on changes in the ordinary share price of Cabka N.V. Further details on the Special Shares and its conversion option are disclosed in Note 31.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__86": {
"value": "13. Finance incomeThe Finance income is summarized in the overview below:Finance incomeIN EURO X 1,000 2023 2022Changes in fair value of Special Shares liabilities 105 1,561Interest income 203 27Total finance income 308 1,588The change in fair value of the Special Shares conversion option relates to the revaluation of this financial liability at reporting date and is based on changes in the ordinary share price of Cabka N.V. Further details on the Special Shares and its conversion option are disclosed in Note 31.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__89": {
"value": "14. Finance expensesThe Finance costs are summarized in the overview below:Finance costsIN EURO X 1,000 2023 2022Interest on debts and borrowings 3,353 1,622Interest arising from revenue contracts 3 274Interest on lease liabilities (IFRS 16) 218 100Interest on rental purchase liabilities 33 67Other interest and similar expenses 579 327Total finance costs 4,186 2,390Other interest and similar expenses contain the residual arrangement fee of the repaid financing as per end of December 2023 as well as commitment fees and proportional arrangement fees for the syndicated loan which was renewed on December 15, 2023 spread over the contractual period of the financing. Further details and terms on the new syndicated loan are included in note 31.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__90": {
"value": "15. Income taxThe Income Tax expenses are summarized in the overview below:Income tax expenses reported in the statement of profit and lossIN EURO X 1,000 2023 2022Current income tax 1,573 2,456Adjustments in respect of current income tax of previous year -75 -223Deferred tax adjustments -1,166 -6,713Income tax expenses reported in the statement of profit and loss 332 -4,480Total income tax paid in 2023 is \u20ac 1,222,000 (2022: \u20ac 2,185,000).The nominal tax rates and amounts in the Netherlands in 2023 are 19% up to \u20ac 200,000 and 25.8% over \u20ac\ue61e200,000 (2022 are 15% up to \u20ac 395,000 and 25.8% over \u20ac 395,000).Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate for 2023 and 2022:Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate:IN EURO X 1,000 2023 2022Result before taxes -1,209 -34,302Income tax expense at statutory tax rate (25.8%) 312 -8,850Effect tax free income 94 -Non-deductible expenses for tax purposes -267 8,176Adjustments in respect of current income tax of previous years 75 -223Impact from the revaluation and previously unrecognized deferred 1,128 -4,963taxes on tax loss carry forwardsRealization of carry forward losses in the Netherlands 369 -Current year losses for which no deferred tax asset is recognized -1,877 -Effect on temporary differences without recognized deferred taxes -451 -37Tax rate changes for deferred taxes - 357Differences to local tax rates -617 1,060Income tax expense reported in the statement of profit or loss -332 -4,480At the effective income rate of -27.47% 13.06%Critical judgements on TaxesDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Deferred taxes are disclosed in Note 26. For 2023, the average nominal tax rate of an entity operating in the Netherlands is 25.8%. The group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__91": {
"value": "16. Earnings per shareGenerally, basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, such as the Roll-over shares (see 28). Currently, there is no distinction at Cabka between basic and diluted EPS as there are no items that have a dilutive effect.The following table reflects the income and share data used in the basic and diluted EPS calculations: Earnings per share2023 2022(IN EURO X 1,000)Profit attributable to ordinary equity holders of the parent for -1,541 -29,745basic and diluted earningsWeighted average number of ordinary shares for basic and diluted EPS 24,656,117 23,306,241The weighted average number of shares were mainly impacted in the presented period by the issuance of new shares, especially for the dividend payment. The basic and diluted earnings per share in the financial year 2023 amounts to \u20ac -0.06 (in 2022: \u20ac -1.28).The following instruments were not included in the basic or diluted EPS (Note 32, 33). As the Group has incurred a loss for the financial year ended December 31, 2022, the effect of the instruments below are not included in determining diluted earnings per share as these would decrease the loss per share and hence create an anti-dilutional effect. Therefore, diluted earnings per share equal basic earnings per share.INSTRUMENT HURDLE NUMBER OF POTENTIAL ORDINARY SHARESPSU EUR 11.00 146,545PSU EUR 12.00 146,545SPECIAL SHARES CONVERSION EUR 12.00 586,668DSC2 WARRANTS EUR 12.00 880,000PSU EUR 13.00 146,545DSC3 WARRANTS EUR 13.00 1,320,000PERFORMANCE SHARES EUR 16.00 750,000PERFORMANCE SHARES EUR 18.00 750,000PERFORMANCE SHARES EUR 20.00 750,000PSU and 450,000 of the Performance shares are additionally conditional upon service conditions for the eligible employees.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__94-1": {
"value": "17. Intangible assetsThe carrying value of intangible assets including among others software licenses in the position purchased intangible assets is summarized below:Intangible Assets at December 312023 2022IN EURO X 1,000Customer relationships - 30Internally developed intangible assets 2,108 -Purchased intangible assets 505 657Assets under construction 200 -Total intangible assets 2,813 687The movement during the year for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2023 150 244 5,366 - 5,760Additions - 2,366 145 200 2,711Disposals - - -24 - -24Currency translation - -9 - - -9At December 31, 2023 150 2,601 5,487 200 8,438Accumulated amortization and impairmentvAt January 1, 2023 -120 -244 -4,709 - -5,072Additions -30 -250 -297 - -577Disposals - - 24 - 24Currency translation - 1 - - 1At December 31, 2023 -150 -493 -4,982 - -5,625Net book valueAt December 31, 2023 - 2,108 505 200 2,813Additions to internally developed assets refer to primarily product development costs.The movement during 2022 for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2022 150 244 4,948 - 5,342Additions - - 418 - 418Disposals - - - - -Currency translation - - - - -At December 31, 2022 150 244 5,366 - 5,760Accumulated amortization and impairmentAt January 1, 2022 -90 -199 -4,447 - -4,736Additions -30 -45 -262 - -337Disposals - - - - -Currency translation - - - - -At December 31, 2022 -120 -244 -4,709 - -5,073Net book valueAt December 31, 2022 30 - 657 - 68718. Property, plant and equipmentThe carrying value of property, plant and equipment is summarized below:Property, plant and equipment at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 19,276 15,035Technical equipment and machines 37,515 23,943Other equipment, factory and office equipment 14,183 11,011Prepayments on tangible assets and construction in process 9,820 18,896Property, plant and equipment 80,794 68,885The movement during the year for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2023 30,465 114,964 62,235 18,961 226,625Additions 4,317 8,046 5,333 11,484 29,180Disposals -493 -7,765 -1,308 - - 9,566Transfers 1,942 15,544 2,261 -20,743 -996Adjustment 953 7,287 -8,534 270 -24Currency translation -177 -973 -392 -152 -1,694At December 31, 2023 37,007 137,103 59,595 9,820 243,525Accumulated depreciation and impairmentAt January 1, 2023 -15,431 -91,021 -51,223 -65 -157,740Additions -1,424 -9,083 -4,230 - -14,737Disposals 38 7,168 1,131 - 8,338Transfers - - -15 - -15Adjustment -952 -7,287 8,630 65 456Currency translation 38 635 294 - 968At December 31, 2023 -17,731 -99,587 -45,413 - -162,731Net book valueAt December 31, 2023 19,276 37,515 14,183 9,820 80,794As of December 31, 2023, individual machines were assigned as collateral for liabilities to banks. Further information is provided in note financial liabilities (Note 31). In the reporting year an accounting profit for the sale of land and equipment is realized at an amount of \u20ac 1,356,000, primarily for the land sold in Genthin / Germany and the divestment of the non-strategic PVC assets.Management performed a reassessment of useful lives of assets in the Group and implemented these as per January 1, 2024. The impact for the 2024 financial year is assessed to be not material.The movement during 2022 for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2022 27,956 111,877 57,075 12,843 209,751Additions 2,878 3,815 4,239 13,250 24,182Disposals -1,425 -3,567 -479 -4,066 -9,537Transfers 886 1,488 879 -3,253 -Currency translation 170 1,351 521 187 2,229At December 31, 2022 30,465 114,964 62,235 18,961 226,625Accumulated depreciation and impairmentAt January 1, 2022 -15,364 -81,614 -47,148 -65 -144,191Additions -957 -10,189 -3,982 - -15,128Disposals 944 1,741 314 - 2,999Transfers - - - - -Currency translation -54 -959 -407 - -1,420At December 31, 2022 -15,431 -91,021 -51,223 -65 -157,740Net book valueAt December 31, 2022 15,034 23,943 11,012 18,896 68,88519. LeasesThe Group has lease contracts for various items of land and buildings, plant, machinery, motor vehicles and other equipment used in its operations. Leases of land and buildings, plant and machinery generally have lease terms between 3 and 15 years. Motor vehicles and other equipment generally have lease terms between 3 and 5 years. There are some lease contracts that include extension and purchase options and variable lease payments. These are taken into account accordingly in the calculations.The Group also has certain leases with lease terms of 12 months or less and also with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.The carrying amounts of the right-of-use assets are summarized below:Right-of-use assets at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 5,015 4,034Technical equipment and machines 4,355 4,070Other equipment, factory and office equipment 800 626Property, plant and equipment 10,170 8,730The movement during the year for the right-of-use is as follows:Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2023 5,193 7,279 1,025 13,497Additions 2,088 943448 3,479Disposals - -1,179 -17 -1,196Adjustment -349 14 -20 -355Currency translation - -73 -15 -88At December 31, 2023 6,932 6,984 1,421 15,337Accumulated depreciation And impairmentAt January 1, 2023 -1,159 -3,209 -399 -4,76Additions -898 -1,077 -255 -2,230Disposals - 1,080 18 1,098Adjustment 140 534 9 683Currency translation - 43 7 50At December 31, 2023 -1,917 -2,629 -621 -5,167Net book valueAt December 31, 2023 5,015 4,355 800 10,170Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2022 2,770 7,732 791 11,293Additions 2,423 1,540 203 4,166Disposals - -2,074 - -2,074Currency translation - 81 31 112At December 31, 2022 5,193 7, 279 1,025 13,497Accumulated depreciation And impairmentAt January 1, 2022 -565 -2,220 -172 -2,957Additions -594 -1,738 -227 -2,559Disposals - 749 - 749At December 31, 2022 -1,159 -3,209 -399 -4,767Net book valueAt December 31, 2022 4,0344,070626 8,730The disposals of \u20ac 1,196,000 are primarily related to machines. Set out below are the carrying amounts of lease liabilities and the movements during the period:Carrying amounts of lease liabilities and movements during the periodIN EURO X 1,000 2023 2022As at January 1 7,34 0 8,386Additions 4,265 1,144 Payments -2,470 -2,291Interest 218 100As at December 31 9,353 7, 340Current 2,349 1,998Non-Current 7,004 5,342The maturity analysis of lease liabilities is disclosed in the financial liabilities, Note 31. New lease liabilities in the financial year 2023 are totaling to \u20ac 4,265,000 (2022: \u20ac 1,144,000).The following are the amounts recognized in profit or loss:Lease liabilities recognized in profit or lossIN EURO X 1,000 2023 2022Depreciation expense of right-of-use assets 2,230 2,559Interest expense on lease liabilities218 100 Expense relating to short-term leases / leases of low-value assets 1,166 1,398Total amount recognized in profit or loss 3,614 4,057The Group had total cash outflows for leases of \u20ac 2,470,000 in 2023 (\u20ac 2,291,000 in 2022), excluding short-term leases. The future lease payments for recognized lease contracts are \u20ac 2,349,000 within one year and \u20ac 7,004,000 thereafter. The Group has no lease contracts that have not yet commenced as at December 31, 2023.Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.Incremental Borrowing Rate on LeasesThe Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic stenvironment. The average IBR of all contracts in place as at December 31 2023 is 1.94%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__93": {
"value": "17. Intangible assetsThe carrying value of intangible assets including among others software licenses in the position purchased intangible assets is summarized below:Intangible Assets at December 312023 2022IN EURO X 1,000Customer relationships - 30Internally developed intangible assets 2,108 -Purchased intangible assets 505 657Assets under construction 200 -Total intangible assets 2,813 687The movement during the year for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2023 150 244 5,366 - 5,760Additions - 2,366 145 200 2,711Disposals - - -24 - -24Currency translation - -9 - - -9At December 31, 2023 150 2,601 5,487 200 8,438Accumulated amortization and impairmentvAt January 1, 2023 -120 -244 -4,709 - -5,072Additions -30 -250 -297 - -577Disposals - - 24 - 24Currency translation - 1 - - 1At December 31, 2023 -150 -493 -4,982 - -5,625Net book valueAt December 31, 2023 - 2,108 505 200 2,813Additions to internally developed assets refer to primarily product development costs.The movement during 2022 for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2022 150 244 4,948 - 5,342Additions - - 418 - 418Disposals - - - - -Currency translation - - - - -At December 31, 2022 150 244 5,366 - 5,760Accumulated amortization and impairmentAt January 1, 2022 -90 -199 -4,447 - -4,736Additions -30 -45 -262 - -337Disposals - - - - -Currency translation - - - - -At December 31, 2022 -120 -244 -4,709 - -5,073Net book valueAt December 31, 2022 30 - 657 - 687",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__92": {
"value": "17. Intangible assetsThe carrying value of intangible assets including among others software licenses in the position purchased intangible assets is summarized below:Intangible Assets at December 312023 2022IN EURO X 1,000Customer relationships - 30Internally developed intangible assets 2,108 -Purchased intangible assets 505 657Assets under construction 200 -Total intangible assets 2,813 687The movement during the year for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2023 150 244 5,366 - 5,760Additions - 2,366 145 200 2,711Disposals - - -24 - -24Currency translation - -9 - - -9At December 31, 2023 150 2,601 5,487 200 8,438Accumulated amortization and impairmentvAt January 1, 2023 -120 -244 -4,709 - -5,072Additions -30 -250 -297 - -577Disposals - - 24 - 24Currency translation - 1 - - 1At December 31, 2023 -150 -493 -4,982 - -5,625Net book valueAt December 31, 2023 - 2,108 505 200 2,813Additions to internally developed assets refer to primarily product development costs.The movement during 2022 for the intangible assets is as follows:INTERNALLY ASSETS CUSTOMER DEVELOPED PURCHASED UNDER Intangible assetsREL ATION-INTANGIBLE INTANGIBLE CONSTRUC-IN EURO X 1,000SHIPASSETSASSETSTION TOTALHistorical CostAt January 1, 2022 150 244 4,948 - 5,342Additions - - 418 - 418Disposals - - - - -Currency translation - - - - -At December 31, 2022 150 244 5,366 - 5,760Accumulated amortization and impairmentAt January 1, 2022 -90 -199 -4,447 - -4,736Additions -30 -45 -262 - -337Disposals - - - - -Currency translation - - - - -At December 31, 2022 -120 -244 -4,709 - -5,073Net book valueAt December 31, 2022 30 - 657 - 687",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__96": {
"value": "18. Property, plant and equipmentThe carrying value of property, plant and equipment is summarized below:Property, plant and equipment at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 19,276 15,035Technical equipment and machines 37,515 23,943Other equipment, factory and office equipment 14,183 11,011Prepayments on tangible assets and construction in process 9,820 18,896Property, plant and equipment 80,794 68,885The movement during the year for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2023 30,465 114,964 62,235 18,961 226,625Additions 4,317 8,046 5,333 11,484 29,180Disposals -493 -7,765 -1,308 - - 9,566Transfers 1,942 15,544 2,261 -20,743 -996Adjustment 953 7,287 -8,534 270 -24Currency translation -177 -973 -392 -152 -1,694At December 31, 2023 37,007 137,103 59,595 9,820 243,525Accumulated depreciation and impairmentAt January 1, 2023 -15,431 -91,021 -51,223 -65 -157,740Additions -1,424 -9,083 -4,230 - -14,737Disposals 38 7,168 1,131 - 8,338Transfers - - -15 - -15Adjustment -952 -7,287 8,630 65 456Currency translation 38 635 294 - 968At December 31, 2023 -17,731 -99,587 -45,413 - -162,731Net book valueAt December 31, 2023 19,276 37,515 14,183 9,820 80,794As of December 31, 2023, individual machines were assigned as collateral for liabilities to banks. Further information is provided in note financial liabilities (Note 31). In the reporting year an accounting profit for the sale of land and equipment is realized at an amount of \u20ac 1,356,000, primarily for the land sold in Genthin / Germany and the divestment of the non-strategic PVC assets.Management performed a reassessment of useful lives of assets in the Group and implemented these as per January 1, 2024. The impact for the 2024 financial year is assessed to be not material.The movement during 2022 for the property, plant and equipment is as follows:LAND, LAND OTHER RIGHTS AND TECHNICAL EQUIPMENT, ASSETS Property, plant and BUILDINGS EQUIPMENT FACTORY UNDER equipmentON THIRD AND AND OFFICE CONSTRUC-IN EURO X 1,000PARTY LANDMACHINESEQUIPMENTTION TOTALHistorical CostAt January 1, 2022 27,956 111,877 57,075 12,843 209,751Additions 2,878 3,815 4,239 13,250 24,182Disposals -1,425 -3,567 -479 -4,066 -9,537Transfers 886 1,488 879 -3,253 -Currency translation 170 1,351 521 187 2,229At December 31, 2022 30,465 114,964 62,235 18,961 226,625Accumulated depreciation and impairmentAt January 1, 2022 -15,364 -81,614 -47,148 -65 -144,191Additions -957 -10,189 -3,982 - -15,128Disposals 944 1,741 314 - 2,999Transfers - - - - -Currency translation -54 -959 -407 - -1,420At December 31, 2022 -15,431 -91,021 -51,223 -65 -157,740Net book valueAt December 31, 2022 15,034 23,943 11,012 18,896 68,885",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__97": {
"value": "19. LeasesThe Group has lease contracts for various items of land and buildings, plant, machinery, motor vehicles and other equipment used in its operations. Leases of land and buildings, plant and machinery generally have lease terms between 3 and 15 years. Motor vehicles and other equipment generally have lease terms between 3 and 5 years. There are some lease contracts that include extension and purchase options and variable lease payments. These are taken into account accordingly in the calculations.The Group also has certain leases with lease terms of 12 months or less and also with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.The carrying amounts of the right-of-use assets are summarized below:Right-of-use assets at December 31IN EURO X 1,000 2023 2022Land, land rights and buildings 5,015 4,034Technical equipment and machines 4,355 4,070Other equipment, factory and office equipment 800 626Property, plant and equipment 10,170 8,730The movement during the year for the right-of-use is as follows:Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2023 5,193 7,279 1,025 13,497Additions 2,088 943448 3,479Disposals - -1,179 -17 -1,196Adjustment -349 14 -20 -355Currency translation - -73 -15 -88At December 31, 2023 6,932 6,984 1,421 15,337Accumulated depreciation And impairmentAt January 1, 2023 -1,159 -3,209 -399 -4,76Additions -898 -1,077 -255 -2,230Disposals - 1,080 18 1,098Adjustment 140 534 9 683Currency translation - 43 7 50At December 31, 2023 -1,917 -2,629 -621 -5,167Net book valueAt December 31, 2023 5,015 4,355 800 10,170Movement schedule of right-of-use TECHNICAL assetsLAND AND EQUIPMENT / OTHER IN EURO X 1,000BUILDINGSMACHINESEQUIPMENT TOTALHistorical CostAt January 1, 2022 2,770 7,732 791 11,293Additions 2,423 1,540 203 4,166Disposals - -2,074 - -2,074Currency translation - 81 31 112At December 31, 2022 5,193 7, 279 1,025 13,497Accumulated depreciation And impairmentAt January 1, 2022 -565 -2,220 -172 -2,957Additions -594 -1,738 -227 -2,559Disposals - 749 - 749At December 31, 2022 -1,159 -3,209 -399 -4,767Net book valueAt December 31, 2022 4,0344,070626 8,730The disposals of \u20ac 1,196,000 are primarily related to machines. Set out below are the carrying amounts of lease liabilities and the movements during the period:Carrying amounts of lease liabilities and movements during the periodIN EURO X 1,000 2023 2022As at January 1 7,34 0 8,386Additions 4,265 1,144 Payments -2,470 -2,291Interest 218 100As at December 31 9,353 7, 340Current 2,349 1,998Non-Current 7,004 5,342The maturity analysis of lease liabilities is disclosed in the financial liabilities, Note 31. New lease liabilities in the financial year 2023 are totaling to \u20ac 4,265,000 (2022: \u20ac 1,144,000).The following are the amounts recognized in profit or loss:Lease liabilities recognized in profit or lossIN EURO X 1,000 2023 2022Depreciation expense of right-of-use assets 2,230 2,559Interest expense on lease liabilities218 100 Expense relating to short-term leases / leases of low-value assets 1,166 1,398Total amount recognized in profit or loss 3,614 4,057The Group had total cash outflows for leases of \u20ac 2,470,000 in 2023 (\u20ac 2,291,000 in 2022), excluding short-term leases. The future lease payments for recognized lease contracts are \u20ac 2,349,000 within one year and \u20ac 7,004,000 thereafter. The Group has no lease contracts that have not yet commenced as at December 31, 2023.Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.Incremental Borrowing Rate on LeasesThe Group applies the interest rate of the contract if applicable. In case of contracts, where the interest rate implicit in the lease cannot readily be determined, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic stenvironment. The average IBR of all contracts in place as at December 31 2023 is 1.94%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__100-1": {
"value": "21. Other long-term assetsOther long-term assets relate to purchased interest rate option with a nominal amount of \u20ac\ue61e5,000,000 and an initial term of 5 years. The paid premium was recognized in other assets at purchased date and will be adjusted according to its fair value at the reporting dates. At stDecember 31 2023, the fair value of this instrument was \u20ac 17,000 (2022: \u20ac 85,000).24. Other short-term assetsThe other short-term assets are summarized in the overview below:Other short-term assets at December 31IN EURO X 1,000 2023 2022VAT 4,277 1,719Receivables from employees 231 195Energy taxes 1,744 1,771Prepayments 557 146Security deposit 151 148Income tax 2,049 1,423Accrued charges and other assets 3,600 3,365Other short-term assets 12,609 8,767Increase on other short-term assets is primarily driven by the increased VAT position in the short-term assets. Accrued charges and other assets include, amongst others, the arrangement fees at an amount of \u20ac 465,000 for the debt refinancing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__99": {
"value": "21. Other long-term assetsOther long-term assets relate to purchased interest rate option with a nominal amount of \u20ac\ue61e5,000,000 and an initial term of 5 years. The paid premium was recognized in other assets at purchased date and will be adjusted according to its fair value at the reporting dates. At stDecember 31 2023, the fair value of this instrument was \u20ac 17,000 (2022: \u20ac 85,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__101": {
"value": "22. InventoriesThe inventories are summarized in the overview below:Inventories at December 31IN EURO X 1,000 2023 2022Raw material, consumables, and supplies 10,990 12,991Work in process 5,736 9,247 Finished goods and merchandise 15,332 19,500Inventories 32,058 41,738Inventories include obsolete stock with a total impact of \u20ac 263.000 on the overall value in the reporting year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__102": {
"value": "23. Trade receivablesThe trade receivables are summarized in the overview below:Trade receivables at December 31IN EURO X 1,000 2023 2022Receivables from third-party customers 27,669 31,870Allowance for expected credit losses (ECL) -95 -101Trade receivables 27, 574 31,769Further information on the ECL calculation is provided in Note 34.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__105": {
"value": "24. Other short-term assetsThe other short-term assets are summarized in the overview below:Other short-term assets at December 31IN EURO X 1,000 2023 2022VAT 4,277 1,719Receivables from employees 231 195Energy taxes 1,744 1,771Prepayments 557 146Security deposit 151 148Income tax 2,049 1,423Accrued charges and other assets 3,600 3,365Other short-term assets 12,609 8,767Increase on other short-term assets is primarily driven by the increased VAT position in the short-term assets. Accrued charges and other assets include, amongst others, the arrangement fees at an amount of \u20ac 465,000 for the debt refinancing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__104": {
"value": "24. Other short-term assetsThe other short-term assets are summarized in the overview below:Other short-term assets at December 31IN EURO X 1,000 2023 2022VAT 4,277 1,719Receivables from employees 231 195Energy taxes 1,744 1,771Prepayments 557 146Security deposit 151 148Income tax 2,049 1,423Accrued charges and other assets 3,600 3,365Other short-term assets 12,609 8,767Increase on other short-term assets is primarily driven by the increased VAT position in the short-term assets. Accrued charges and other assets include, amongst others, the arrangement fees at an amount of \u20ac 465,000 for the debt refinancing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__108": {
"value": "25. Cash and cash equivalentsThe cash and cash equivalents are summarized in the overview below:Cash and short-term deposits at December 31IN EURO X 1,000 2023 2022Cash at bank and on hand 7,252 21,035Cash and cash equivalents 7,252 21,035Within the cash at banks an amount of \u20ac 32,000 (2022 \u20ac 33,000) is held as security deposit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__106": {
"value": "25. Cash and cash equivalentsThe cash and cash equivalents are summarized in the overview below:Cash and short-term deposits at December 31IN EURO X 1,000 2023 2022Cash at bank and on hand 7,252 21,035Cash and cash equivalents 7,252 21,035Within the cash at banks an amount of \u20ac 32,000 (2022 \u20ac 33,000) is held as security deposit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__107": {
"value": "Within the cash at banks an amount of \u20ac 32,000 (2022 \u20ac 33,000) is held as security deposit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__109": {
"value": "26. Deferred taxDeferred tax relates to the following financial positions:Deferred taxes as at December 312023 2022IN EURO X 1,000Deferred tax assets onIntangible assets 52 53Inventories - 11Trade Receivables - 5Provisions 761 560Contract liabilities 765 234Financial liabilities 1,503 1,670Losses available for offsetting against future taxable income 11,227 8,855Deferred tax assets, gross 14,308 11,387Offsetting with deferred tax liabilities -6,341 -4,085Deferred tax assets re\ufb02ected in statement of financial position, net 7,967 7, 302Deferred tax liabilities on Property, plant and equipment 5,340 4,137Financial liabilities 1,089 439Deferred tax liabilities, gross 6,429 4,575Offsetting with deferred tax assets -6,341 -4,085Deferred tax liabilities re\ufb02ected in statement of financial position, 88 490netThe Group has in total \u20ac 61,913,000 tax losses carried forward, thereof recognized \u20ac\ue61e54,405,000 (2022: \u20ac 46,810,000) of tax losses carried forward and unrecognized \u20ac\ue61e7,508,000. Deferred tax assets for any unused tax losses are recognized to the extent that it is probable that taxable profit will be available against which the unused tax losses can be utilized. For this purpose, the Group has recognized deferred tax assets for the amount of \u20ac 11,227,000 (2022: \u20ac 8,855,000). Deferred tax assets have been recognized for tax losses resulting from the US \u20ac29,864,000, Germany \u20ac 23,429,000, Belgium \u20ac 1,039,000 and the Netherlands \u20ac 73,000. There are tax losses carried forward amounting \u20ac 670,000 which expires within the following five years. \u20ac 5,194,000 will expire after five years (for which a deferred tax asset of \u20ac 1,299,000 is recognized in full) and \u20ac 56,049,000 can be carried forward indefinitely (for which a deferred tax asset of \u20ac 9,761,000 is recognized, representing \u20ac 48,541,000 of tax losses), However, the amount of tax loss carryforwards that can be utilized in one financial year can be restricted to a certain amount. There are tax losses in the amount of \u20ac 7,508,000 for which no deferred tax assets are recognized in the US due to non-profitable fiscal income yet, mainly driven by the flooding event impacting the results in the years 2022 and 2023.",
"dimensions": {
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"s6_notes__6__112": {
"value": "27. Share capital and share premiumShare Capital:In 2023, in total 334,787 new shares were issued (2022: 40,467,969). Subject to the AGM\u2019s approval on June 8, 2023, Cabka issued 334,787 new Ordinary Shares to cover its obligations from the dividend payment, resulting in total shares issued in total 40,802,756 per December 31, 2023.Ordinary shares in treasury decreased in the reporting period by 393,622 shares, predominantly by the issuance of 385,022 VSOP Rollover shares to key employees after the one-year lock-up period in March 2023. Another 8,600 treasury shares netted were issued in course of the business year. The roll-over shares, classified in other reserves in equity, were settled with share premium.The issued share capital of Cabka N.V. as at December 31, 2023 can be specified as follows:NOMINAL SHARE SHARES VALUECAPITALCabka Share Capital(UNITS)IN EUROIN EURO ISINDSC2S / Ordinary shares in treasury 15,994,378 0.01 159,944NL00150002R5Ordinary shares CABKA / 24,710,600 0.01 247,106outstandingNL00150000S7Total ordinary shares 40,704,978 407,050issuedSpecial Shares 97,778 0.01 978Total shares issued 40,802,756 408,028The 97,778 Special Shares are held by the Founders of DSC2 and are not publicly listed. These Special Shares have equal dividend and voting rights as ordinary shares. In accordance with the underlying terms, the Special Shares will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (Note 31).For an overview of the ownership of the ordinary shares issued we refer to Note 16 of the Company financial statements.Share premium: The share premium reserve of \u20ac 77,687,000 (2022: \u20ac 75,125,000) relates to contribution on issued shares in excess of the nominal value of the shares. The share premium is freely distributable, provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution.Limitations in the distribution of shareholder\u2019s equityA free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at 31 December 2023 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to \u20ac 2,108,000 (2022: nil) as further detailed in Note 12 of the Company Financial Statements of Cabka N.V., in which a legal reserve has been formed as required under Dutch Law.",
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"s6_notes__6__111": {
"value": "27. Share capital and share premiumShare Capital:In 2023, in total 334,787 new shares were issued (2022: 40,467,969). Subject to the AGM\u2019s approval on June 8, 2023, Cabka issued 334,787 new Ordinary Shares to cover its obligations from the dividend payment, resulting in total shares issued in total 40,802,756 per December 31, 2023.Ordinary shares in treasury decreased in the reporting period by 393,622 shares, predominantly by the issuance of 385,022 VSOP Rollover shares to key employees after the one-year lock-up period in March 2023. Another 8,600 treasury shares netted were issued in course of the business year. The roll-over shares, classified in other reserves in equity, were settled with share premium.The issued share capital of Cabka N.V. as at December 31, 2023 can be specified as follows:NOMINAL SHARE SHARES VALUECAPITALCabka Share Capital(UNITS)IN EUROIN EURO ISINDSC2S / Ordinary shares in treasury 15,994,378 0.01 159,944NL00150002R5Ordinary shares CABKA / 24,710,600 0.01 247,106outstandingNL00150000S7Total ordinary shares 40,704,978 407,050issuedSpecial Shares 97,778 0.01 978Total shares issued 40,802,756 408,028The 97,778 Special Shares are held by the Founders of DSC2 and are not publicly listed. These Special Shares have equal dividend and voting rights as ordinary shares. In accordance with the underlying terms, the Special Shares will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (Note 31).For an overview of the ownership of the ordinary shares issued we refer to Note 16 of the Company financial statements.Share premium: The share premium reserve of \u20ac 77,687,000 (2022: \u20ac 75,125,000) relates to contribution on issued shares in excess of the nominal value of the shares. The share premium is freely distributable, provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution.Limitations in the distribution of shareholder\u2019s equityA free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at 31 December 2023 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to \u20ac 2,108,000 (2022: nil) as further detailed in Note 12 of the Company Financial Statements of Cabka N.V., in which a legal reserve has been formed as required under Dutch Law.",
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"s6_notes__6__110": {
"value": "27. Share capital and share premiumShare Capital:In 2023, in total 334,787 new shares were issued (2022: 40,467,969). Subject to the AGM\u2019s approval on June 8, 2023, Cabka issued 334,787 new Ordinary Shares to cover its obligations from the dividend payment, resulting in total shares issued in total 40,802,756 per December 31, 2023.Ordinary shares in treasury decreased in the reporting period by 393,622 shares, predominantly by the issuance of 385,022 VSOP Rollover shares to key employees after the one-year lock-up period in March 2023. Another 8,600 treasury shares netted were issued in course of the business year. The roll-over shares, classified in other reserves in equity, were settled with share premium.The issued share capital of Cabka N.V. as at December 31, 2023 can be specified as follows:NOMINAL SHARE SHARES VALUECAPITALCabka Share Capital(UNITS)IN EUROIN EURO ISINDSC2S / Ordinary shares in treasury 15,994,378 0.01 159,944NL00150002R5Ordinary shares CABKA / 24,710,600 0.01 247,106outstandingNL00150000S7Total ordinary shares 40,704,978 407,050issuedSpecial Shares 97,778 0.01 978Total shares issued 40,802,756 408,028The 97,778 Special Shares are held by the Founders of DSC2 and are not publicly listed. These Special Shares have equal dividend and voting rights as ordinary shares. In accordance with the underlying terms, the Special Shares will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (Note 31).For an overview of the ownership of the ordinary shares issued we refer to Note 16 of the Company financial statements.Share premium: The share premium reserve of \u20ac 77,687,000 (2022: \u20ac 75,125,000) relates to contribution on issued shares in excess of the nominal value of the shares. The share premium is freely distributable, provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution.Limitations in the distribution of shareholder\u2019s equityA free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at 31 December 2023 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to \u20ac 2,108,000 (2022: nil) as further detailed in Note 12 of the Company Financial Statements of Cabka N.V., in which a legal reserve has been formed as required under Dutch Law.",
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"s6_notes__6__114": {
"value": "Subject to the AGM\u2019s approval on June 8, 2023, Cabka issued 334,787 new Ordinary Shares to cover its obligations from the dividend payment, resulting in total shares issued in total 40,802,756 per December 31, 2023.",
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"value": "40802756",
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"s6_notes__6__115": {
"value": "28. Share-based paymentsVSOP and Roll-over shares (RoS)Cabka Group GmbH issued in prior years a \u201cVirtual stock-option plan\u201d (hereinafter referred to as \u201cVSOP\u201d) to offer virtual shares in Cabka Group GmbH to employees and members of the management as variable compensation. The VSOP entitled the participating employees to a cash payment in the amount of the excess of the equity value per share over a specified exercise price, provided that the employees remain employed over a specified period of time from grant date.The fair value of the VSOP was estimated, initially and at the end of each reporting period until settled, using a Black-Scholes-Merton option pricing model. Since the VSOP entitles for cash compensation only, it was accounted for as cash-settled share-based payment. The carrying amount of the liability relating to the VSOP at December 31, 2021 was \u20ac 4,168,000.Following the listing of Cabka on March 1,2022, the VSOP agreement was converted in a Rollover Agreement including accelerated vesting. At time of conversion, the liability relating to the VSOP was increased to \u20ac 5,774,000, following the recognition of a share-based payment expense of \u20ac 1,606,000. In accordance with the Rollover Agreement, 1/3rd of the VSOP amount, representing a value of \u20ac 1,957,000 is to be settled in cash of which \u20ac 1,712,000 was paid out in 2022 and the remaining amount in 2023. The other 2/3rd of the VSOP amount, representing a value of \u20ac 3,817,000 has been settled in stock options to acquire ordinary shares of Cabka N.V. (roll-over shares, RoS). These stock options had a lock-up period of one year and were exercisable without any further (service) conditions and an exercise price of zero as of March 1, 2023.The roll-over shares have been accounted for as a modification of an existing cash-settled share-based payment plan into an equity-settled share-based payment, with the existing liability of \u20ac 3,837,000 being reclassified to other reserves in equity as at March 1, 2022. The fair value of the roll-over shares was estimated at the grant date using a Black-Scholes-Merton option pricing model. Since the options are directly exercisable after a one-year period and have no strike price, the fair value of the option was close to the listed stock price of the ordinary shares of Cabka N.V. as at March 1, 2022. During 2023, the roll-over-shares were exercised, resulting in an issuance of 385,022 ordinary shares from treasury.PSU PlanEffective as of March 1, 2022, a performance share unit plan has been adopted (the PSU Plan). The PSU Plan allows key employees a one-off award of performance share units (PSU) where each PSU covers (the value) of one ordinary share of Cabka N.V. Subject to the terms and conditions of the PSU Plan, vesting of the awarded PSUs will occur on different vesting dates subject to the performance condition being met. Performance conditions are market conditions of the quoted share price of Cabka reaching \u20ac 11.00, \u20ac 12.00 and \u20ac 13.00 (hurdles) within five years\u2019 time from grant date. Once a hurdle is met, the PSU vest in three equal installments over a period of three years. The employee is then entitled to receive one ordinary share per PSU without any payment, provided that the employee is still employed at that time. When the hurdles are not achieved within 5 years, the option forfeites. The market conditions are achieved if the share price equals or exceeds the stated hurdles for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 trading days do not have to be consecutive).There are no cash settlement alternatives. The Group accounts for the PSU as an equity-settled share-based payment.The fair value of the PSU is estimated at the grant date using a modified Black-Scholes-Merton option pricing model, considering the market conditions. The total fair value of the grant is recorded as share-based payment expense over the estimated vesting period based on graded vesting. Vesting period was estimated based on the date of highest probability that hurdles are met according to option pricing model applied.PSFinally, the CEO is entitled to Performance Shares (PS) subject to the performance conditions being met. Performance conditions are market conditions of the quoted share price of Cabka reaching \u20ac 16.00, \u20ac 18.00 and \u20ac 20.00 (hurdles). Once a hurdle is met, the CEO is then entitled to receive one ordinary share per PS without any payment, provided that he is still employed at that time.There are no cash settlement alternatives. The Group accounts for the PS as an equity-settled share-based payment.The fair value of the PS was estimated at the grant date in 2022 using a modified Black-Scholes-Merton option pricing model, considering the market conditions. The total fair value of the grant is recorded as share-based payment expense over the estimated vesting period based on graded vesting.As at December 31, 2023 (December 31, 2022), the Group recognized the following share-based payment expenses for the above-mentioned plans in the statement of profit or loss:Share- based payment expenseIN EURO X 1,000 2023 2022VSOP- 1,606PSU380 350PS164 137Share-based payment expenses 545 2,093Movements of equity-settled options during the year:Number of options ROS PS PSUOutstanding at January 1, 2023 387,520 450,000 438,558Granted during the year - - 31,428Forfeited during the year -2,498 - -30,349Exercised during year -385,022 - -Outstanding at December 31, 2023 - 450,000 439,637VSOP options had an exercise price of \u20ac 29.70. All other options have an exercise price of zero. The weighted average quoted share price of the ordinary shares at the date of exercise of the roll-over shares was \u20ac 7.40. None of the options are exercisable as of December 31, 2023. The weighted average remaining contractual life of the option is summarized as follows:Weighted average remaining contractual life of options in years 2023 2022VSOP - -RoS - 0.17PSU 6.26 7.17PS 3.25 4.25Remaining contractual life of PSU options reflects the maximum possible contractual lifespan of 5 years for achieving the hurdles plus a consecutive 3 years vesting period. The PS options granted to the CEO have in principle no contractual lifetime but are linked to a continuous employment clause. Vesting of the PS options is therefore, amongst others, depending of the annual reappointment of the CEO by the General Meeting. As at December 31, 2023, the contractual lifetime is estimated at 3.25 years assuming annual reappointment of the CEO by the General Meeting. The weighted average fair values of options granted in 2023 and 2022 at the respective measurement dates are summarized as follows: Weighted average fair value of options at measurement date (in EUR)2023 2022VSOP - -RoS - 9.90PSU 2.02 4.41PS - 1.55The model inputs are summarized in the overview as follows:Model inputs 2023 2022 2022 2022PSU PS PSU ROSModel used Modified BS Modified BS Modified BS Modified BSMeasurement date June 8, 2023 March 1, 2022 March 1, 2022 March 1, 2022Dividend yield (%) 2.35 1.49 1.49 1.49Expected volatility (%) 32.00 30.00 30.00 25.99Risk-free rate (%) 2.29 - 2.30 -0.43 -0.50 - -0.30 -0.70Expected life of 6.00 \u2013 8.00 4.25 2.42 \u2013 7.03 1.00options (years)Underlying share 6.37 10.05 10.05 10.05price (\u20ac)The expected life of the options is based on expectations at measurement date, considering early exercise behavior generally observed for employees, and is not necessarily indicative of exercise patterns that may occur. Expected life of the PSU (2022) and PS options is less than the maximum contractual lifespan. Expected life of the PSU (2023) is equal to the maximum contractual lifespan. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. Critical judgements on Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them.",
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"s6_notes__6__116-1": {
"value": "29. Other reservesThe other reserves comprises the warrant reserve, Performance Shares reserve and share-based payment (IFRS 2) reserve. These reserves are freely distributable provided that equity is not lower than the sum of share capital and legal reserves as a result of such distribution. The movement and breakdown of the other reserves can be stated as follows:PERFOR-SHARE- TOTAL MANCE BASED OTHER IN EURO X 1,000 WARRANTSSHARESPAYMENTSRESERVES At January 1, 2022 - - - -Acquisition of DSC2 3,282 - - 3,282Issue of performance shares - 3,449 - 3,449Roll-over of VSOP - - 3,817 3,817Share-based payment expense PSU/PS - - 487 487At January 1, 2023 3,282 3,449 4,304 11,035Issue of performance shares (Note 28) - - 164 164Roll-over of VSOP (Note 28) - - -3,817 -3,817Share-based payment expense PSU - - 380 380(Note 28)At December 31, 2023 3,282 3,449 1,031 7, 762Warrants:The Warrants automatically and mandatorily convert when the closing price of the Ordinary Shares of Cabka N.V. on Euronext Amsterdam reaches the respective minimum share price threshold (\u20ac 12.00 / \u20ac 13.00) for such Warrant on 15 trading days out of a 30 consecutive trading day period (whereby such 15 trading days do not have to be consecutive), after which each corresponding Warrant converts into a number of Ordinary Shares based on the pre-determined conversion ratio as further detailed below. As a consequence, a single Warrant cannot convert into an Ordinary Share, other than together with and at the same time as such a number of Warrants that, pursuant to the Warrant Conversion Ratio, entitles such Warrant Holder to a minimum of one Ordinary Share. Upon conversion of Warrants, the Warrant Holders will be charged \u20ac0.10 per Ordinary Share transferred to it in return for his or her conversion of Warrants, of which \u20ac0.01 is required for payment of the nominal value of the Ordinary Share allotted following the conversion, and \u20ac0.09 will be added to the share premium reserve.CON-ORDINARY WARRANTS VERSION SHARES Number of warrants(UNITS)RATIO(UNITS)Warrants for ordinary shares \u2013 hurdle \u20ac 12,00 1,833,334 0.24 880,000Warrants for ordinary shares \u2013 hurdle \u20ac 13,00 1,833,334 0.36 1,320,000Outstanding at December 31, 2023 3,666,668 2,200,000Performance Shares: At initial listing, as agreed between all parties in the Business Combination Agreement, Cabka N.V. issued 1,800,000 \u201cPerformance Shares\u201d to the former majority shareholder of Cabka Group GmbH.These Performance Shares have no dividend rights nor voting rights until they are converted into ordinary shares. For this reason, these performance shares are considered non-substantive rights. Conversion to ordinary shares of Cabka N.V. will only take place if the share price of Cabka N.V. equals or exceeds the following price hurdles for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive): \u2022 At \u20ac 16.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.\u2022 At \u20ac 18.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.\u2022 At \u20ac 20.00 \u2013 600,000 performance shares will automatically convert into an equal number of ordinary shares.The Performance Shares issued to the former majority shareholder of CABKA are classified as an equity instrument in accordance with IAS 32 as the Performance Shares issued do not contain a contractual obligation to (i) deliver cash or another financial asset, or (ii) to exchange financial assets or financial liabilities that are potentially unfavorable to the combined entity. The Performance Shares do also not contain an obligation for the entity to deliver a variable number of its own equity instruments, but relate to the exchange of a fixed amount of cash (zero) for a fixed number of the entity\u2019s ordinary shares. The fair value of the Performance Shares at grant date March 1, 2022 amounted to \u20ac 3,449,200 and has been recorded in other reserves against share premium.The fair value of the Performance Shares is estimated at grant date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. The fair value is not remeasured at each reporting date in accordance with IAS 32 requirements.30. Foreign currency translation reserveThe foreign currency translation reserve of \u20ac -1,538,000 (2022: \u20ac -1,533,000) comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. This legal reserve is not freely distributable in accordance with Dutch law.",
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"s6_notes__6__118": {
"value": "31. Financial liabilitiesThe contractual maturities of the Group\u2019s financial liabilities are as follows:Financial liabilities split by remaining term on NON- December, 31 2023CURRENTCURRENTIN EURO X 1,000< 1 YEAR1 - 5 YEARS TOTALSpecial Shares liabilities 1,071 - 1,071Liabilities to banks 16,446 32,292 48,738Lease liabilities (IFRS 16) 2,349 7,005 9,353Rental purchase liabilities 898 3,962 4,860Financial liabilities 20,764 43,259 64,022The financial liabilities of the previous financial year is summarized as follows:Financial liabilities split by remaining term on NON- December, 31 2022CURRENTCURRENTIN EURO X 1,000< 1 YEAR1 - 5 YEARS TOTALSpecial Shares liabilities 1,176 - 1,176Liabilities to banks21,215 30,833 52,048Lease liabilities (IFRS 16) 1,998 5,342 7,340Rental purchase liabilities 2,804 2,283 5,087Others 89 - 89Financial liabilities 27,282 38,458 65,740To cover its financing needs, Cabka uses leasing, long term loans and a syndicated loan which was renewed on December 15, 2023. The new syndicated loan, with a consortium led by Commerzbank AG, has a total initial debt facility of \u20ac 80,000,000 for four years. The facility includes extension options for up to two years as well as an option to increase the facility by an extra \u20ac 20,000,000 for further financial flexibility. Borrowing costs are recognized under finance expenses in the consolidated statement of profit and loss disclosed in Note 14. As of December 31, 2023 \u20ac 35,845,000 of the facilities were unused. The syndicated loan is unsecured and had an initial term of 4 years with a maturity in December 2027. Besides the syndicated loan there are secured long term loans of \u20ac 4,583,00 (thereof \u20ac 3,333,000 subordinated) with a maturity in December 2025. The weighted average interest rate at December 31, 2023 was 5.4 % for liabilities to banks in EUR and 8.2 % for liabilities to banks in USD. The syndicated loan contains several financial covenants which have to be met at specific dates. All financial covenants are met at the reporting date. To reduce the interest rate risk, Cabka uses interest rate derivatives as disclosed in Note 34.Financial liabilities movements are summarized as follows:SPECIAL RENTAL SHARES LIABILITIES LEASE LIA-PURCHASE LIABILI-IN EURO X 1,000TO BANKSBILITITESLIABILITIESTIES OTHERS TOTALAt January 1, 56,469 8,386 7,556 - 142 72,553 2022Cash out\ufb02ows / -9,696 -2,191 -2,900 - -53 -14,840 repaymentsAddition of leases 5,275 1,145 431 - - 6,851 Initial recognition upon acquisition - - - 2,737 - 2,737 of DSC2Fair value changes - - - -1,561 - -1,561 At December 31, 52,048 7,340 5,087 1,176 89 65,7402022Cash out\ufb02ows / -3,310 -2,470 -2,727 - -89 -8,596repaymentsAdditions - 4,483 2,500 - - 6,983Fair value changes - - - -105 - -105At December 31, 48,738 9,353 4,860 1,071 - 64,0222023Rental purchase liabilities and lease liabilities:The rental purchase liabilities result from agreements entered into for the acquisition of property, plant and equipment based on deferred payments, for which the agreement includes the option to purchase the underlying asset. Because of this purchase option, the underlying assets are considered to classify as owned assets under property, plant and equipment rather than right-of use assets. Similarly, the rental purchase liabilities are presented separately from regular lease liabilities. Additions in rental purchase liabilities totaling \u20ac 2,500,000 are cash inflows from sale of an asset.Lease liability additions in total \u20ac 4,483,000 in the reporting year have a non-cash character. Special Shares liabilities: As detailed in Note 27, the Special Shares held by the Founders of DSC2 will either (i) convert into 7 ordinary shares if the share price of Cabka N.V. equals or exceeds \u20ac 12.00 for any 15 trading days out of a 30 consecutive trading day period (whereby such 15 days trading days do not have to be consecutive) or (ii) convert into 1 ordinary share if this price hurdle is not being achieved before March 1, 2027. This conversion option has been classified as a financial liability measured at fair value through profit or loss (FVTPL). The fair value of the financial liability as at December 31, 2023 amounts to \u20ac 1,071,000 (2022: \u20ac 1,176,000). The fair value of the Special Shares liabilities are estimated at each reporting date using a modified Black-Scholes-Merton option pricing model, taking into account the market conditions. During 2023, a fair value gain of \u20ac 105,000 (2022: \u20ac 1,516,000) has been recorded in financial income (Note 13), which is the result of a lower ordinary share price of Cabka N.V. as at December 31, 2023.",
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"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__120": {
"value": "32. Trade payables, other liabilities and contract liabilitiesThe trade payables and other liabilities are summarised in the overview below:Trade payables and other liabilities at December 3120232022IN EURO X 1,000TOTALTOTALTrade payables 32,578 35,241Personnel related liabilities 3,861 4,985Others 4,888 2,406Other liabilities 8,749 7,391Trade payables and other liabilities 41,327 42,632The category others relate to numerous other liabilities such as VAT, wage taxes and valuation of interest rate derivatives with a nominal amount of \u20ac 5,000,000 and market value of \u20ac 159,000.The contract liabilities are summarized in the overview below:Contract liabilitiesIN EURO X 1,000 2023 2022Received prepayments on contracts 511 2,249Other contract liabilities 3,862 4,527Total contract liabilities 4,373 6,776Other contract liabilities relate to received materials at the Eco-Products-Business which are not processed for recycling yet. Therefore, according to IFRS 15, the received Eco materials which are included in stock as at balance sheet date, are included as other contract liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__119": {
"value": "32. Trade payables, other liabilities and contract liabilitiesThe trade payables and other liabilities are summarised in the overview below:Trade payables and other liabilities at December 3120232022IN EURO X 1,000TOTALTOTALTrade payables 32,578 35,241Personnel related liabilities 3,861 4,985Others 4,888 2,406Other liabilities 8,749 7,391Trade payables and other liabilities 41,327 42,632The category others relate to numerous other liabilities such as VAT, wage taxes and valuation of interest rate derivatives with a nominal amount of \u20ac 5,000,000 and market value of \u20ac 159,000.The contract liabilities are summarized in the overview below:Contract liabilitiesIN EURO X 1,000 2023 2022Received prepayments on contracts 511 2,249Other contract liabilities 3,862 4,527Total contract liabilities 4,373 6,776Other contract liabilities relate to received materials at the Eco-Products-Business which are not processed for recycling yet. Therefore, according to IFRS 15, the received Eco materials which are included in stock as at balance sheet date, are included as other contract liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__121": {
"value": "33. ProvisionsThe provisions are summarized in the overview below:IN EURO X 1,0002023 2022Remaining other provisions 544 519Provisions for sales and marketing 294 213Total provisions 838 732Remaining other provisions include various smaller items, of which a part of the liability position is with uncertain timing towards a specific customer, where returned pallets were received in exchange for new ones. Cabka sold pallets in the past to the customer with a buyback clause, where a certain amount of those were receipt as per end of December 31, 2023. This will result in a future outflow of assets, where the timing is uncertain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__128": {
"value": "34. Financial instruments risk management objectives and policiesThe Group\u2019s principal financial liabilities comprise liabilities to banks and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks. The Group\u2019s senior management is supported by specialists who advise on financial risks and the appropriate financial risk governance framework for the Group. This includes appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialists who have the appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). Cabka uses derivative financial instruments as forwards and swaps to safe guard the foreign currency risk exposure. Derivatives are measured at fair value and are generally recognized in profit or loss. On December 31, 2023, Cabka had foreign exchange derivatives outstanding with a nominal amount of \u20ac 14,034,000 (2022: \u20ac 2,393,000). At December 31, 2023, the fair value of these instruments was \u20ac 325,000 (2022: \u20ac -23,000).Foreign currency sensitivityThe impact on the Group\u2019s profit after tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The main foreign exchange risk results from the relation of USD and GBP against the EUR. If the foreign currencies would have increased against the EUR by 10%, the post-tax loss for the year would have been \u20ac 199,000 higher (2022: \u20ac 45,000 higher). The opposite applies in the case of a weakening of currencies against the year of 10%.Interest rate riskThe Group is exposed to interest rate risk. To economically hedge the interest rate risk Cabka uses interest rate swaps and options. On December 31, 2023, Cabka had outstanding interest rate derivatives with a nominal amount of \u20ac 10,000,000. If the interest rates at December 31, 2023 would have been 100bps higher, the interest expenses would have been \u20ac 202,000 higher (2022: \u20ac 176,000 higher). The opposite applies in the case of a 100 bps decrease in the interest rates, refer to Note 21 and 32.Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework of the Group. Liquidity riskThe Group has implemented a group wide daily cash reporting and monitors its liquidity with a rolling liquidity forecast. Funding contains long term loans and lease contracts as well es short term loans within the syndicated loan to maintain the necessary financial flexibility. The syndicated loan facility matures in December 2027 and contains certain financial covenants. If the financial covenants are not met at the reporting dates, the banks have the right to request repayment of the outstanding loans. For further details on the credit facilities are provided in Note 31. The following tables show the undiscounted future contractual cash flows from financial liabilities at December 31, 2023 and 2022 including contractual interest payments:Contractual cash\ufb02ow of financial NON- liabilities 2023NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE< 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks 48,738 18,400 37,423 55,823Lease liabilities (IFRS 16) 9,353 2,588 7,825 10,413Rental purchase agreement 4,860 898 3,962 4,860Trade payables 32,578 32,578 - 32,578Total 95,529 54,464 49,210 103,674Contractual cash\ufb02ow of financial NON- liabilities 2022NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE < 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks52,048 22,749 31,467 54,216Lease liabilities (IFRS 16) 7,340 2,110 5,551 7,661Rental purchase agreement 5,087 2,804 2,283 5,087Trade payables 35,241 35,241 - 35,241Other financial liabilities 89 89 - 89Total 99,805 62,993 39,301102,294Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).Capital management The Management Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Management Board monitors the return on equity and the level of dividend distributed to ordinary shareholders. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.Commodity price riskThe Group is exposed to energy price changes which are managed using forward contracts. The Group manages other exposures to prices of raw materials and other materials associated with off-take through commercial contracting. If wholesale energy prices would have increased with 10%, the post-tax loss for the year would have been \u20ac 1,328,000 higher (2022: \u20ac2,293,900). The opposite applies in the case of a reduction of the wholesale energy prices of 10% in the year.Climate risk and impact of extreme weatherClimate change and extreme weather events that accompany it, could have a potential financial impact through damages to our infrastructure. This risk materialized at our US subsidiary in St. Louis in August of 2022, when an extraordinary flooding event heavily damaged our production facility. To mitigate such incidents in the future and to further integrate this risk in financial and strategic planning, a scenario analysis of physical climate risks was conducted in 2023 for each one of Cabka\u2019s operational locations as well as the Innovation Center. Fraud and non-compliance Management of Cabka N.V. is aware of the inherent risk of fraud that it faces, both internally and externally, in carrying out its activities. External parties must be able to trust that Cabka N.V. and its employees do business in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn up a code of ethics that is shared with every employee at the start of their employment. The importance of the code of ethics and compliance is periodically emphasized and is subject of discussion between manager and employee. In addition, a separate suppliers code of conduct is available so that external supplier\u2019s actions are in line with those of Cabka. A confidential advisor and tipline, including a whistleblower policy where any abuses can be reported confidentially, have been implemented. The code of ethics, suppliers code of conduct and the whistleblower are available on our website and are therefore also shared ith our external relations. Cabka N.V. has measures in place to significantly reduce its exposure to fraud. An important measure is the restriction of access (both physical and digital) for individuals to only those areas where they perform their day-to-day activities, and segregation of duties (SoD) so that important checks and balances are not combined within the same person. Both the user access and SoD are reviewed and adjusted to be in line with the risk appetite if situations change. A significant number of general IT controls around user access and SoD have been designed. Cabka continues to address and improve the implementation and effectiveness of the IT controls.\ue61eOn top of the foundation of access management and SoD, Cabka also has an authorization matrix to clearly define the responsibilities and authorization limits for each function within the company. This ensures that only the right employees are involved when information is processed or decisions are made with a certain level of (fraud) risk.\ue61e Despite all internal control measures, there remains the risk of management or the board overriding internal controls and the risk of collusion between employees. Transparent decision-making, the governance structure, an open culture in which we dare to call each other to account, the presence of a confidential advisor to report non-ethical actions (anonymously), and periodic internal and external audits on compliance, are measures that must contribute to detecting instances of override of controls. ConclusionManagement is of the opinion that, with all procedures and control measures taken in account, the risk assessment provides a complete overview of the risks the company faces and that adequate procedures are in place to mitigate these risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__123": {
"value": "34. Financial instruments risk management objectives and policiesThe Group\u2019s principal financial liabilities comprise liabilities to banks and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks. The Group\u2019s senior management is supported by specialists who advise on financial risks and the appropriate financial risk governance framework for the Group. This includes appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialists who have the appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). Cabka uses derivative financial instruments as forwards and swaps to safe guard the foreign currency risk exposure. Derivatives are measured at fair value and are generally recognized in profit or loss. On December 31, 2023, Cabka had foreign exchange derivatives outstanding with a nominal amount of \u20ac 14,034,000 (2022: \u20ac 2,393,000). At December 31, 2023, the fair value of these instruments was \u20ac 325,000 (2022: \u20ac -23,000).Foreign currency sensitivityThe impact on the Group\u2019s profit after tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The main foreign exchange risk results from the relation of USD and GBP against the EUR. If the foreign currencies would have increased against the EUR by 10%, the post-tax loss for the year would have been \u20ac 199,000 higher (2022: \u20ac 45,000 higher). The opposite applies in the case of a weakening of currencies against the year of 10%.Interest rate riskThe Group is exposed to interest rate risk. To economically hedge the interest rate risk Cabka uses interest rate swaps and options. On December 31, 2023, Cabka had outstanding interest rate derivatives with a nominal amount of \u20ac 10,000,000. If the interest rates at December 31, 2023 would have been 100bps higher, the interest expenses would have been \u20ac 202,000 higher (2022: \u20ac 176,000 higher). The opposite applies in the case of a 100 bps decrease in the interest rates, refer to Note 21 and 32.Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework of the Group. Liquidity riskThe Group has implemented a group wide daily cash reporting and monitors its liquidity with a rolling liquidity forecast. Funding contains long term loans and lease contracts as well es short term loans within the syndicated loan to maintain the necessary financial flexibility. The syndicated loan facility matures in December 2027 and contains certain financial covenants. If the financial covenants are not met at the reporting dates, the banks have the right to request repayment of the outstanding loans. For further details on the credit facilities are provided in Note 31. The following tables show the undiscounted future contractual cash flows from financial liabilities at December 31, 2023 and 2022 including contractual interest payments:Contractual cash\ufb02ow of financial NON- liabilities 2023NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE< 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks 48,738 18,400 37,423 55,823Lease liabilities (IFRS 16) 9,353 2,588 7,825 10,413Rental purchase agreement 4,860 898 3,962 4,860Trade payables 32,578 32,578 - 32,578Total 95,529 54,464 49,210 103,674Contractual cash\ufb02ow of financial NON- liabilities 2022NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE < 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks52,048 22,749 31,467 54,216Lease liabilities (IFRS 16) 7,340 2,110 5,551 7,661Rental purchase agreement 5,087 2,804 2,283 5,087Trade payables 35,241 35,241 - 35,241Other financial liabilities 89 89 - 89Total 99,805 62,993 39,301102,294Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).Capital management The Management Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Management Board monitors the return on equity and the level of dividend distributed to ordinary shareholders. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.Commodity price riskThe Group is exposed to energy price changes which are managed using forward contracts. The Group manages other exposures to prices of raw materials and other materials associated with off-take through commercial contracting. If wholesale energy prices would have increased with 10%, the post-tax loss for the year would have been \u20ac 1,328,000 higher (2022: \u20ac2,293,900). The opposite applies in the case of a reduction of the wholesale energy prices of 10% in the year.Climate risk and impact of extreme weatherClimate change and extreme weather events that accompany it, could have a potential financial impact through damages to our infrastructure. This risk materialized at our US subsidiary in St. Louis in August of 2022, when an extraordinary flooding event heavily damaged our production facility. To mitigate such incidents in the future and to further integrate this risk in financial and strategic planning, a scenario analysis of physical climate risks was conducted in 2023 for each one of Cabka\u2019s operational locations as well as the Innovation Center. Fraud and non-compliance Management of Cabka N.V. is aware of the inherent risk of fraud that it faces, both internally and externally, in carrying out its activities. External parties must be able to trust that Cabka N.V. and its employees do business in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn up a code of ethics that is shared with every employee at the start of their employment. The importance of the code of ethics and compliance is periodically emphasized and is subject of discussion between manager and employee. In addition, a separate suppliers code of conduct is available so that external supplier\u2019s actions are in line with those of Cabka. A confidential advisor and tipline, including a whistleblower policy where any abuses can be reported confidentially, have been implemented. The code of ethics, suppliers code of conduct and the whistleblower are available on our website and are therefore also shared ith our external relations. Cabka N.V. has measures in place to significantly reduce its exposure to fraud. An important measure is the restriction of access (both physical and digital) for individuals to only those areas where they perform their day-to-day activities, and segregation of duties (SoD) so that important checks and balances are not combined within the same person. Both the user access and SoD are reviewed and adjusted to be in line with the risk appetite if situations change. A significant number of general IT controls around user access and SoD have been designed. Cabka continues to address and improve the implementation and effectiveness of the IT controls.\ue61eOn top of the foundation of access management and SoD, Cabka also has an authorization matrix to clearly define the responsibilities and authorization limits for each function within the company. This ensures that only the right employees are involved when information is processed or decisions are made with a certain level of (fraud) risk.\ue61e Despite all internal control measures, there remains the risk of management or the board overriding internal controls and the risk of collusion between employees. Transparent decision-making, the governance structure, an open culture in which we dare to call each other to account, the presence of a confidential advisor to report non-ethical actions (anonymously), and periodic internal and external audits on compliance, are measures that must contribute to detecting instances of override of controls. ConclusionManagement is of the opinion that, with all procedures and control measures taken in account, the risk assessment provides a complete overview of the risks the company faces and that adequate procedures are in place to mitigate these risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__122": {
"value": "34. Financial instruments risk management objectives and policiesThe Group\u2019s principal financial liabilities comprise liabilities to banks and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, and cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions.The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks. The Group\u2019s senior management is supported by specialists who advise on financial risks and the appropriate financial risk governance framework for the Group. This includes appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialists who have the appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). Cabka uses derivative financial instruments as forwards and swaps to safe guard the foreign currency risk exposure. Derivatives are measured at fair value and are generally recognized in profit or loss. On December 31, 2023, Cabka had foreign exchange derivatives outstanding with a nominal amount of \u20ac 14,034,000 (2022: \u20ac 2,393,000). At December 31, 2023, the fair value of these instruments was \u20ac 325,000 (2022: \u20ac -23,000).Foreign currency sensitivityThe impact on the Group\u2019s profit after tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The main foreign exchange risk results from the relation of USD and GBP against the EUR. If the foreign currencies would have increased against the EUR by 10%, the post-tax loss for the year would have been \u20ac 199,000 higher (2022: \u20ac 45,000 higher). The opposite applies in the case of a weakening of currencies against the year of 10%.Interest rate riskThe Group is exposed to interest rate risk. To economically hedge the interest rate risk Cabka uses interest rate swaps and options. On December 31, 2023, Cabka had outstanding interest rate derivatives with a nominal amount of \u20ac 10,000,000. If the interest rates at December 31, 2023 would have been 100bps higher, the interest expenses would have been \u20ac 202,000 higher (2022: \u20ac 176,000 higher). The opposite applies in the case of a 100 bps decrease in the interest rates, refer to Note 21 and 32.Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework of the Group. Liquidity riskThe Group has implemented a group wide daily cash reporting and monitors its liquidity with a rolling liquidity forecast. Funding contains long term loans and lease contracts as well es short term loans within the syndicated loan to maintain the necessary financial flexibility. The syndicated loan facility matures in December 2027 and contains certain financial covenants. If the financial covenants are not met at the reporting dates, the banks have the right to request repayment of the outstanding loans. For further details on the credit facilities are provided in Note 31. The following tables show the undiscounted future contractual cash flows from financial liabilities at December 31, 2023 and 2022 including contractual interest payments:Contractual cash\ufb02ow of financial NON- liabilities 2023NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE< 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks 48,738 18,400 37,423 55,823Lease liabilities (IFRS 16) 9,353 2,588 7,825 10,413Rental purchase agreement 4,860 898 3,962 4,860Trade payables 32,578 32,578 - 32,578Total 95,529 54,464 49,210 103,674Contractual cash\ufb02ow of financial NON- liabilities 2022NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE < 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks52,048 22,749 31,467 54,216Lease liabilities (IFRS 16) 7,340 2,110 5,551 7,661Rental purchase agreement 5,087 2,804 2,283 5,087Trade payables 35,241 35,241 - 35,241Other financial liabilities 89 89 - 89Total 99,805 62,993 39,301102,294Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).Capital management The Management Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Management Board monitors the return on equity and the level of dividend distributed to ordinary shareholders. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.Commodity price riskThe Group is exposed to energy price changes which are managed using forward contracts. The Group manages other exposures to prices of raw materials and other materials associated with off-take through commercial contracting. If wholesale energy prices would have increased with 10%, the post-tax loss for the year would have been \u20ac 1,328,000 higher (2022: \u20ac2,293,900). The opposite applies in the case of a reduction of the wholesale energy prices of 10% in the year.Climate risk and impact of extreme weatherClimate change and extreme weather events that accompany it, could have a potential financial impact through damages to our infrastructure. This risk materialized at our US subsidiary in St. Louis in August of 2022, when an extraordinary flooding event heavily damaged our production facility. To mitigate such incidents in the future and to further integrate this risk in financial and strategic planning, a scenario analysis of physical climate risks was conducted in 2023 for each one of Cabka\u2019s operational locations as well as the Innovation Center. Fraud and non-compliance Management of Cabka N.V. is aware of the inherent risk of fraud that it faces, both internally and externally, in carrying out its activities. External parties must be able to trust that Cabka N.V. and its employees do business in a reliable, honest and careful manner. Therefore, Cabka N.V. has drawn up a code of ethics that is shared with every employee at the start of their employment. The importance of the code of ethics and compliance is periodically emphasized and is subject of discussion between manager and employee. In addition, a separate suppliers code of conduct is available so that external supplier\u2019s actions are in line with those of Cabka. A confidential advisor and tipline, including a whistleblower policy where any abuses can be reported confidentially, have been implemented. The code of ethics, suppliers code of conduct and the whistleblower are available on our website and are therefore also shared ith our external relations. Cabka N.V. has measures in place to significantly reduce its exposure to fraud. An important measure is the restriction of access (both physical and digital) for individuals to only those areas where they perform their day-to-day activities, and segregation of duties (SoD) so that important checks and balances are not combined within the same person. Both the user access and SoD are reviewed and adjusted to be in line with the risk appetite if situations change. A significant number of general IT controls around user access and SoD have been designed. Cabka continues to address and improve the implementation and effectiveness of the IT controls.\ue61eOn top of the foundation of access management and SoD, Cabka also has an authorization matrix to clearly define the responsibilities and authorization limits for each function within the company. This ensures that only the right employees are involved when information is processed or decisions are made with a certain level of (fraud) risk.\ue61e Despite all internal control measures, there remains the risk of management or the board overriding internal controls and the risk of collusion between employees. Transparent decision-making, the governance structure, an open culture in which we dare to call each other to account, the presence of a confidential advisor to report non-ethical actions (anonymously), and periodic internal and external audits on compliance, are measures that must contribute to detecting instances of override of controls. ConclusionManagement is of the opinion that, with all procedures and control measures taken in account, the risk assessment provides a complete overview of the risks the company faces and that adequate procedures are in place to mitigate these risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__129": {
"value": "Foreign currency sensitivityThe impact on the Group\u2019s profit after tax is due to changes in the fair value of monetary assets and liabilities including non-designated foreign currency derivatives and embedded derivatives. The main foreign exchange risk results from the relation of USD and GBP against the EUR. If the foreign currencies would have increased against the EUR by 10%, the post-tax loss for the year would have been \u20ac 199,000 higher (2022: \u20ac 45,000 higher). The opposite applies in the case of a weakening of currencies against the year of 10%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__124": {
"value": "Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__125": {
"value": "Liquidity riskThe Group has implemented a group wide daily cash reporting and monitors its liquidity with a rolling liquidity forecast. Funding contains long term loans and lease contracts as well es short term loans within the syndicated loan to maintain the necessary financial flexibility. The syndicated loan facility matures in December 2027 and contains certain financial covenants. If the financial covenants are not met at the reporting dates, the banks have the right to request repayment of the outstanding loans. For further details on the credit facilities are provided in Note 31. The following tables show the undiscounted future contractual cash flows from financial liabilities at December 31, 2023 and 2022 including contractual interest payments:Contractual cash\ufb02ow of financial NON- liabilities 2023NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE< 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks 48,738 18,400 37,423 55,823Lease liabilities (IFRS 16) 9,353 2,588 7,825 10,413Rental purchase agreement 4,860 898 3,962 4,860Trade payables 32,578 32,578 - 32,578Total 95,529 54,464 49,210 103,674Contractual cash\ufb02ow of financial NON- liabilities 2022NET BOOK CURRENTCURRENTIN EURO X 1,000VALUE < 1 YEAR 1 - 5 YEARS TOTALLiabilities to banks52,048 22,749 31,467 54,216Lease liabilities (IFRS 16) 7,340 2,110 5,551 7,661Rental purchase agreement 5,087 2,804 2,283 5,087Trade payables 35,241 35,241 - 35,241Other financial liabilities 89 89 - 89Total 99,805 62,993 39,301102,294",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__126": {
"value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).Capital management The Management Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Management Board monitors the return on equity and the level of dividend distributed to ordinary shareholders. Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__127": {
"value": "Trade receivables Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored and any shipments to major customers are generally covered by letters of credit obtained from reputable banks and other financial institutions. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Group does not hold collateral as security. The letters of credit and other forms of credit insurance are considered integral part of trade receivables and considered in the calculation of impairment.Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:Trade receivables overview at De-cember 31, 2023 (Days past due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 22,583 4,139 549 398 27,670Expected credit loss rate 0.09% 0.48% 3.64% 8.78% 0.34%Expected credit loss allowance 20 20 20 35 95For the previous year this is summarized as follows:Trade receivables overview at December 31, 2022 (Days past in due)< 30 30 \u2013 60 60+ IN EURO X 1,000 CURRENTDAYSDAYSDAYS TOTALReceivables outstanding 25,768 4,287 716 1,099 31,870Expected credit loss rate 0.08% 0.47% 2.82% 3.68% 0.32%Expected credit loss allowance 20 20 20 41 101The probability of default for trade receivables was determined on the basis of actual historical bad debt losses. Actual historical bad debt losses are considered on basis of individual companies. The expected probability of default is less than 1%. An expected loss in the amount of \u20ac 95,000 (2022 \u20ac 101,000) was recognized. Additionally individual impairments in the amount of \u20ac 116,000 (2022 \u20ac 55,000) were recognized for trade receivables where actual circumstances lead to high probability of default.For the other financial assets such as other receivables and deposits the assumption is applied that no expected credit loss is needed, due to low credit risk, the expected credit losses are deemed as not significant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__132": {
"value": "35. Commitments and ContingenciesCommitmentsThe Group has no lease contracts that have not yet commenced as at December, 31 2023. Since Cabka is offering a buyback clause for pallets sold to specific customers, where the raw material cost price is determined at fair market prices, there is a potential obligation for Cabka to buy these returned pallets. If this occurs, it will be treated as material expense in the consolidated statement of comprehensive income. Legal claim contingencyThere are no legal claims and contingencies outstanding that could have a material impact on the Group.GuaranteesThe only guarantees provided are to wholly owned subsidiaries within the Group, there are no guarantees provided for unrelated parties or their liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__131": {
"value": "35. Commitments and ContingenciesCommitmentsThe Group has no lease contracts that have not yet commenced as at December, 31 2023. Since Cabka is offering a buyback clause for pallets sold to specific customers, where the raw material cost price is determined at fair market prices, there is a potential obligation for Cabka to buy these returned pallets. If this occurs, it will be treated as material expense in the consolidated statement of comprehensive income. Legal claim contingencyThere are no legal claims and contingencies outstanding that could have a material impact on the Group.GuaranteesThe only guarantees provided are to wholly owned subsidiaries within the Group, there are no guarantees provided for unrelated parties or their liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__130": {
"value": "35. Commitments and ContingenciesCommitmentsThe Group has no lease contracts that have not yet commenced as at December, 31 2023. Since Cabka is offering a buyback clause for pallets sold to specific customers, where the raw material cost price is determined at fair market prices, there is a potential obligation for Cabka to buy these returned pallets. If this occurs, it will be treated as material expense in the consolidated statement of comprehensive income. Legal claim contingencyThere are no legal claims and contingencies outstanding that could have a material impact on the Group.GuaranteesThe only guarantees provided are to wholly owned subsidiaries within the Group, there are no guarantees provided for unrelated parties or their liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__133": {
"value": "36. Related party balances and transactions/disclosuresThe following table provides the total amount of non- eliminated transactions with related parties for 2023 and 2022. Transactions between consolidated Group companies are eliminated in the consolidation and therefore not disclosed. PURCHAS-AMOUNTS AMOUNTS SALES TO ES FROM OWED BY OWED TO Related parties 2023RELATED RELATED RELATED RELATED IN EURO X 1,000PARTIESPARTIESPARTIESPARTIESEntity with significant in\ufb02uence over the GroupRAM.ON Finance GmbH - 580 - -DSC Executive Directors Holding B.V. - - - -Brandaris Capital - 6 - -Entities under Common DirectorshipRAM.ON Real Estate GmbH - 442 - -Oceansix GmbH 3 63 1 1Gat & Heike Ramon 2 - 2 -PURCHAS-AMOUNTS AMOUNTS SALES TO ES FROM OWED BY OWED TO Related parties 2022RELATED RELATED RELATED RELATED IN EURO X 1,000PARTIESPARTIESPARTIESPARTIESEntity with significant in\ufb02uence over the GroupRAM.ON Finance GmbH - 395 - -DSC Executive Directors Holding B.V. - 31 - -Brandaris Capital - 6 - 4Entities under Common DirectorshipRAM.ON Real Estate GmbH - 371 - 7Oceansix GmbH 67 105 47 6Gat & Heike Ramon 4 - 1 7Transactions with related parties that are outside the Group are classified as trade receivables and trade payables, respectively (see Notes 23 and 32)The sales to and purchases from related parties are made on terms aiming to be equivalent to transactions at arm\u2019s length. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables.On November 1, 2017, Cabka Group GmbH entered into a rental agreement for the office in Berlin with Ram.on real estate GmbH for a period of 10 years, where total fees are amounting to \u20ac 296,000 in 2023. In addition to that Cabka Spain S.L.U. has a rental agreement with Ram.on real estate GmbH for the office building in Valencia commencing June 5, 2022 for 10 years, with total fees in the fiscal year of \u20ac 146,000. Both agreements are reflected in the Balance Sheet under Right of Use assets (Note 19).In addition to the above-mentioned agreements there is a consultancy agreement between Cabka N.V. (NL) and Ram.ON finance GmbH with effective starting date March 1, 2022 for four years, covering services for high level strategic consulting with regard to the future corporate strategy and positioning of Cabka in the market using the special know-how of the consultant. The fees amount to \u20ac 529,000 in the reporting year. New leasing agreement with Oceansix GmbH on extruders is entered into with a total expense of \u20ac 63,000 recorded in 2023.In addition to the related party transactions as disclosed above, the Group has issued several equity instruments to shareholders and key management employees during the year ended December 31, 2023. Further details on these transactions are provided in Note 27 (Share Capital and Share Premium), Note 28 (Share-based Payments), Note 29 (Other Reserves) and Note 31 (Financial Liabilities).Compensation and share ownership of key management personnel and Supervisory Board of the Group For further disclosure of the compensation of key management personnel and Supervisory Board of the Group we refer to Note 15 of the Company financial statements. For further disclosure of share ownership we refer to Note 16 of the Company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__134": {
"value": "Compensation and share ownership of key management personnel and Supervisory Board of the Group For further disclosure of the compensation of key management personnel and Supervisory Board of the Group we refer to Note 15 of the Company financial statements. For further disclosure of share ownership we refer to Note 16 of the Company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__135": {
"value": "38. Events after the reporting date\u2022 As of 1 January 2024, the Executive Committee has been streamlined, consisting of Tim Litjens CEO, Frank Roerink CFO, Naiara Loro\u00f1o CCO, Geert de Wilde COO, Javier Fernandez CTIO and Irina Mengert CPO.\u2022 As of 19 February 2024, Niek Hoek has been appointed as Chairman of the Supervisory Board. The appointment was supported by the full Board, as part of a rotation following the mid-term internal review. Mr. Manuel Beja will continue as vice chairperson of the Supervisory Board.\u2022 Resignation of CEO Tim Litjens per 30 September 2024 announcedWith reference to Section 2:382a of the Dutch Civil Code, the following fees have been charged to the Company, its subsidiaries and other consolidated entities by BDO Audit & Assurance B.V. and its member firms and affiliates in 2023, and in 2022:20232022OTHER OTHER BDO BDO 2023NETWORK 20232022NETWORK 2022IN EURO X 1,000BDO NLFIRMSTOTALBDO NLFIRMSTOTALAuditor of financial 550 289 839 662 221 883statementsTax advisory - - - - 7 7servicesOther non-audit 23 - 23 - - -servicesFees to the 573 289 862 662 228 890auditorThe fees listed above relate to the services provided to the Company by accounting firms and external independent auditors as referred to in Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__136": {
"value": "With reference to Section 2:382a of the Dutch Civil Code, the following fees have been charged to the Company, its subsidiaries and other consolidated entities by BDO Audit & Assurance B.V. and its member firms and affiliates in 2023, and in 2022:20232022OTHER OTHER BDO BDO 2023NETWORK 20232022NETWORK 2022IN EURO X 1,000BDO NLFIRMSTOTALBDO NLFIRMSTOTALAuditor of financial 550 289 839 662 221 883statementsTax advisory - - - - 7 7servicesOther non-audit 23 - 23 - - -servicesFees to the 573 289 862 662 228 890auditorThe fees listed above relate to the services provided to the Company by accounting firms and external independent auditors as referred to in Section 1 (a) of the Dutch Accounting Firms Oversight Act (wta).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7245007FC6PAJZL7QM61",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}
}