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1.\u00a0 \u00a0 Corporate Information
Cabka N.V. is a company, registered with the Chamber of Commerce
Amsterdam under number 80504493. As of March 1, 2024, the Company
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).
Cabka 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 \u2018\u2019the 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 \u201cRTP-Business\u201d)
and producing sustainable products made from 100% recycled post-
consumer plastic waste ( the \u201cEco-Products-Business\u201d) .
These products are used, for example, 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, 2024 are presented in thousands of
Euro, unless indicated otherwise.
Statement of compliance
The consolidated financial statements as of December 31, 2024 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 2024
financial statements of Cabka N.V. The financial statements were
authorized for issue by the Management Board and Supervisory Board on
14 April 2025.
4.\u00a0 \u00a0 Significant Events and Transactions
As of the publication of this report, the markets we operate in remain
volatile and uncertain. The effects on energy and material prices have
substantially decreased since their peak in 2022. However the ongoing
Russian invasion of Ukraine and the political instability due to the Israeli-
Palestinian conflict, continues to put pressure on the demand and on
prices.
More specific to the company, the following significant events and
transactions occurred during the year:
\u2022 As of February 19, 2024, Niek Hoek was appointed as Chair of the
Supervisory Board.
\u2022 At the EGM of August 1, 2024, Alexander Masharov was appointed as
Chief Executive Officer of Cabka
\u2022 In August 2024, Cabka successfully negotiated with the bank to waive
and adjust certain financial covenants until end of Q2 2025, refer to
note 30 for further information.
\u2022 As of September 30, 2024, Tim Litjens stepped down as CEO.
\u2022 As of November 13, 2024 Oliver Seidl was nominated for appointment
as an interim member of the Supervisory Board, following the
resignation of Manuel Beja. This appointment is subject to the approval
of the Annual General Meeting of Shareholders.
The (financial) impact of the above events is also described in more
detail in the company statement preceding the financial section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "Cabka N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "John M. Keynesplein 10, 1066 EP, Amsterdam, The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "he Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "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 \u201cRTP-Business\u201d) and producing sustainable products made from 100% recycled post-consumer plastic waste ( the \u201cEco-Products-Business\u201d) . These products are used, for example, 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "
Statement of compliance
The consolidated financial statements as of December 31, 2024 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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "The financial statements were
authorized for issue by the Management Board and Supervisory Board on
14 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
2.\u00a0 \u00a0 Basis of Preparation
These 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.
The annual report has been prepared in ESEF and is in accordance with
the requirements as set out in the Delegated Regulation (EU) 2019/815
with regard to the regulatory technical standards on the specification of
a single electronic reporting format (hereinafter: the RTS on ESEF).
2.1\u00a0 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 the company will
continue to operate for at least a period of 12 months 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.
In preparing the annual financial statements, management has assessed
the Group\u2019s ability to continue as a going concern and has considered
the principal risks and uncertainties that could impact its financial
position and the company\u2019s future performance. As part of this
assessment, management has taken into account the Group\u2019s current
financial position, projected cash flows, available funding, and potential
mitigating actions.
Based on this review, management acknowledges the existence of a
material uncertainty that may cast significant doubt on the Group\u2019s
ability to continue as a going concern. This uncertainty arises due to the
following factors:
\u2022 Macro-Economic Factors: The ongoing economic instability and
market volatility have adversely impacted the Group's sales and
financial performance over the past few years. It is expected that the
economic and political situation will remain challenging for the
upcoming period, with customers continuing to be cautious with their
capital expenditure, continuing to impact our sales and EBITDA in
2025.
\u2022 Decline in sales & Negative net result: The Group's sales have
declined by 8% from \u20ac196.9 million in 2023 to \u20ac181.9 million in 2024.
This decline is primarily due to lower volumes in our US Customized
Solutions and continued soft demand in our Contract Manufacturing
segment. The Group reported a net result of \u20ac-9.4 million in 2024,
compared to the net result of \u20ac-1.5 million in 2023. This significant
decline in net result is attributed to the lower sales and the reduction
of the deferred tax asset in the US.
\u2022 Net Debt: The Group's net debt increased to \u20ac72.0 million in 2024,
including lease obligations, compared to \u20ac56.8 million in 2023. This
increase in net debt was driven by lower cash flows from operations of
\u20ac16.4 million, cash flows invested into capital expenditures of \u20ac18.0
million, interest of \u20ac4.7 million, leasing and financing of \u20ac5.2 million
and a \u20ac3.7 million dividend payment over 2023.
\u2022 Breach of Covenants: In August 2024, the Group successfully obtained
a suspension of one covenant and an increase of another covenant.
However, this suspension and increase of the debt financing covenants
is only temporary and is valid up until the end of Q2 2025. After this
period, the company will need to comply with the initially prescribed
covenants of the bank. Should the company not comply with the
prescribed covenants and be unable to timely negotiate a waiver, the
banks have the right to cancel the debt facility and request repayment
of the entire debt facility. Based on the current financial outlook,
management revised their forecast for sales and EBITDA over 2025,
which is expected to be at least at the same level as 2024. Due to the
updated forecast, management anticipates that another breach of
covenants could likely occur in the upcoming year.
Management is actively implementing several measures to address
these uncertainties and mitigate the associated risks:
\u2022 Cost Optimization initiative: The Company has implemented a cash-
saving and operational excellence program, \u201cSHIFT,\u201d which is designed
to stabilize the company\u2019s net debt via balancing the cash inflow and
outflow. The program focuses on reducing our cost base and
increasing our operational excellence and profitability. The company is
also strictly managing its capital expenditures in 2025, with the
expectation that this will be below the levels of 2024 and will mainly
focus on next-generation solutions that will further enhance our
profitability.
\u2022 Efforts to boost sales: The company has significantly strengthened its
sales force, with the first positive effects noted from the close to
double-digit sales growth in our Portfolio business. Despite having key
customers in the US restricting their CAPEX spending for the time
being, the company is actively working on proof-of-concept trials with
other potential customers, which can potentially close the sales gap
we currently experience in our customized solutions segment.
\u2022 Strategic Partnerships: Exploring strategic partnerships and
collaborations to enhance revenue streams and market presence.
\u2022 Efforts to strengthen our balance sheet: Strengthening the balance
sheet is actively considered and assessed.
\u2022 Balance cash inflow and outflow: Cabka has sufficient room to draw
down additional funds from its current debt facility, if needed.
However, the company\u2019s aim for 2025 is to balance the cash inflow and
outflow, therefore aiming to stabilize our net debt. Cabka's
management is engaging in proactive discussions with the banks, which
are still ongoing and the outcome of which is currently uncertain.
These are constructive discussions with the bank to agree the
appropriate terms of the financial covenants. The objective is to align
and renegotiate the terms of the debt facility and the financial
covenants to reflect the current financial realities and operational
challenges.
While management remains confident in the Group\u2019s ability to implement
appropriate measures to address these challenges, there still exists a
material uncertainty on the continuation of the credit facility which may
cast doubt on the Company's ability to continue as a going concern.\u00a0
As a result, these conditions indicate the existence of a material
uncertainty that may cast significant doubt on the Group\u2019s ability to
continue as a going concern. Nevertheless, the financial statements have
been prepared on a going concern basis, as management is confident
that market conditions will improve over time. Management also believes
that they will will be successful in strengthening the balance sheet,
including securing support from lenders.
In light of all of the above, management has assessed the going concern
assumption, which is the basis on which Cabka's consolidated financial
statements for the period ended on December 31, 2024 have been
prepared.
2.2\u00a0 Measurement Basis
The 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "
2.1\u00a0 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 the company will
continue to operate for at least a period of 12 months 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.
In preparing the annual financial statements, management has assessed
the Group\u2019s ability to continue as a going concern and has considered
the principal risks and uncertainties that could impact its financial
position and the company\u2019s future performance. As part of this
assessment, management has taken into account the Group\u2019s current
financial position, projected cash flows, available funding, and potential
mitigating actions.
Based on this review, management acknowledges the existence of a
material uncertainty that may cast significant doubt on the Group\u2019s
ability to continue as a going concern. This uncertainty arises due to the
following factors:
\u2022 Macro-Economic Factors: The ongoing economic instability and
market volatility have adversely impacted the Group's sales and
financial performance over the past few years. It is expected that the
economic and political situation will remain challenging for the
upcoming period, with customers continuing to be cautious with their
capital expenditure, continuing to impact our sales and EBITDA in
2025.
\u2022 Decline in sales & Negative net result: The Group's sales have
declined by 8% from \u20ac196.9 million in 2023 to \u20ac181.9 million in 2024.
This decline is primarily due to lower volumes in our US Customized
Solutions and continued soft demand in our Contract Manufacturing
segment. The Group reported a net result of \u20ac-9.4 million in 2024,
compared to the net result of \u20ac-1.5 million in 2023. This significant
decline in net result is attributed to the lower sales and the reduction
of the deferred tax asset in the US.
\u2022 Net Debt: The Group's net debt increased to \u20ac72.0 million in 2024,
including lease obligations, compared to \u20ac56.8 million in 2023. This
increase in net debt was driven by lower cash flows from operations of
\u20ac16.4 million, cash flows invested into capital expenditures of \u20ac18.0
million, interest of \u20ac4.7 million, leasing and financing of \u20ac5.2 million
and a \u20ac3.7 million dividend payment over 2023.
\u2022 Breach of Covenants: In August 2024, the Group successfully obtained
a suspension of one covenant and an increase of another covenant.
However, this suspension and increase of the debt financing covenants
is only temporary and is valid up until the end of Q2 2025. After this
period, the company will need to comply with the initially prescribed
covenants of the bank. Should the company not comply with the
prescribed covenants and be unable to timely negotiate a waiver, the
banks have the right to cancel the debt facility and request repayment
of the entire debt facility. Based on the current financial outlook,
management revised their forecast for sales and EBITDA over 2025,
which is expected to be at least at the same level as 2024. Due to the
updated forecast, management anticipates that another breach of
covenants could likely occur in the upcoming year.
Management is actively implementing several measures to address
these uncertainties and mitigate the associated risks:
\u2022 Cost Optimization initiative: The Company has implemented a cash-
saving and operational excellence program, \u201cSHIFT,\u201d which is designed
to stabilize the company\u2019s net debt via balancing the cash inflow and
outflow. The program focuses on reducing our cost base and
increasing our operational excellence and profitability. The company is
also strictly managing its capital expenditures in 2025, with the
expectation that this will be below the levels of 2024 and will mainly
focus on next-generation solutions that will further enhance our
profitability.
\u2022 Efforts to boost sales: The company has significantly strengthened its
sales force, with the first positive effects noted from the close to
double-digit sales growth in our Portfolio business. Despite having key
customers in the US restricting their CAPEX spending for the time
being, the company is actively working on proof-of-concept trials with
other potential customers, which can potentially close the sales gap
we currently experience in our customized solutions segment.
\u2022 Strategic Partnerships: Exploring strategic partnerships and
collaborations to enhance revenue streams and market presence.
\u2022 Efforts to strengthen our balance sheet: Strengthening the balance
sheet is actively considered and assessed.
\u2022 Balance cash inflow and outflow: Cabka has sufficient room to draw
down additional funds from its current debt facility, if needed.
However, the company\u2019s aim for 2025 is to balance the cash inflow and
outflow, therefore aiming to stabilize our net debt. Cabka's
management is engaging in proactive discussions with the banks, which
are still ongoing and the outcome of which is currently uncertain.
These are constructive discussions with the bank to agree the
appropriate terms of the financial covenants. The objective is to align
and renegotiate the terms of the debt facility and the financial
covenants to reflect the current financial realities and operational
challenges.
While management remains confident in the Group\u2019s ability to implement
appropriate measures to address these challenges, there still exists a
material uncertainty on the continuation of the credit facility which may
cast doubt on the Company's ability to continue as a going concern.\u00a0
As a result, these conditions indicate the existence of a material
uncertainty that may cast significant doubt on the Group\u2019s ability to
continue as a going concern. Nevertheless, the financial statements have
been prepared on a going concern basis, as management is confident
that market conditions will improve over time. Management also believes
that they will will be successful in strengthening the balance sheet,
including securing support from lenders.
In light of all of the above, management has assessed the going concern
assumption, which is the basis on which Cabka's consolidated financial
statements for the period ended on December 31, 2024 have been
prepared.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The 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 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses
demonstrating the impact of changes in key estimates and assumptions
on reported results.
2.4\u00a0 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 shown separately.
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 resulting 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.\u00a0 \u00a0 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\u00a0 Basis of Consolidation
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2024. 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\u00a0 Transactions Eliminated on Consolidation
All intragroup 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\u00a0 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\u00a0 Foreign Currencies
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. 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\u00a0 Current and Non-Current Classification
The 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-current.
A 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 It does not have the right at the end of the reporting period to defer
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\u00a0 Fair Value Measurement
The 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's 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 reassessing
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\u00a0 Property Plant and Equipment
3.5.1\u00a0 Owned Assets
Plant 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 20 to 25 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\u00a0 Leases
At 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 a 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 assets
The 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 years
Lease Liabilities
At 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 \u201cRight-of-Use assets\u201d 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 assets
The 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 leases of low-value assets. Individual lease assets
with a new value of \u20ac\u00a05,000 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 a
straight-line basis over the lease term.
3.6\u00a0 Intangible Assets
Research expenditures are recognized as expenses as incurred.
Development costs that are directly attributable to the design and
testing of identifiable and unique products controlled by the group are
recognized as intangible assets if, and only if:
\u2022 it is probable that the expected future economic benefits that are
attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably
An intangible asset arising from development (or from the development
phase of an internal project) shall be recognized if, and only if, an entity
can demonstrate all of the following:
(a) the technical feasibility of completing the intangible asset so that it
will be available for use or sale.
(b) its intention to complete the intangible asset and use or sell it.
(c) its ability to use or sell the intangible asset.
(d) how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness
of the intangible asset.
(e) the availability of adequate technical, financial and other resources
to complete the development and to use or sell the intangible asset.
(f) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
Other development expenditures that do not meet these criteria are
recognized as an expense as incurred.
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.
Intangible 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.
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful
economic lives, between 3 and 5 years.
3.7\u00a0 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
derivatives and currency swaps. Financial assets and liabilities are
categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A 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.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-
derivative) financial instrument, to mitigate the impact of potential
volatility in the income statement of changes in the fair value of the
derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying
the hedging strategy, the component transactions and methodology
used for effectiveness measurement. Cabka uses the following hedge
accounting method for interest rate derivatives:
Changes in the carrying value of financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognized directly in equity and any ineffective portion of
the hedge is recognized immediately in the income statement.
Amounts deferred in equity in respect of cash flow hedges are
subsequently recognized in the income statement in the same period in
which the hedged item affects net profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised or no longer qualifies for hedge
accounting. At that time, any cumulative gains or losses relating to cash
flow hedges recognized in equity are initially retained in equity and
subsequently recognized in the income statement in the same periods in
which the previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at banks and on hand and are carried 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\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a
consideration that is unconditional. Initial recognition of trade and other
receivables takes place at transaction price and then at amortized cost,
and are subsequently carried less impairment losses or expected credit
losses (see Note 22). The Group uses non-recourse factoring, accounts
receivable are removed from the balance sheet once sold to the factor.
The cash received is recognized, and factoring fees or discounts are
recorded in the income statement. A retention amount and/or deferred
purchase price is recognized as receivable against the factor.
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
3.8\u00a0 Inventories
Raw 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\u00a0 Impairments
3.9.1\u00a0 Financial Assets
The 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\u00a0 Non-financial Assets
The 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).
\u00a0
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\u00a0 Reversal of Impairment Losses
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. No
reversals of impairment losses for other assets occurred in the reporting
year.
3.10\u00a0 Provisions
Provisions 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.
The process of determining the amount of the provision involves
judgment and estimation. Management assesses the circumstances
surrounding the obligation, considers historical data and other relevant
information to estimate the future costs and the likelihood of various
possible outcomes.
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\u00a0 Other Assets
Other receivables and other assets are initially recognized at fair market
value. 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\u00a0 Revenue from Contracts with Customers
Cabka\u2019s business can be split between reusable pallets and large
container solutions enhancing logistics chain sustainability (the \u201cRTP-
Business\u201d), and \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 specific post-consumer waste, i.e.,
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 solutions
Revenue from the 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 a variable consideration, existence of a
significant financing component, a non-cash consideration, and a
consideration payable to the customer (if any).
Recycling Fees
Recycling 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 freights
Revenue from the 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 solutions
In connection with 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 the products will be
delivered. Delivery is defined based on the terms of the sales contract.
A receivable is recognized if a 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\u00a0 Other Operating Income
Other 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 includes, but is
not limited to, proceeds from insurance, governmental subsidies and
gains on the sale of fixed assets.
3.13\u00a0 Share Capital
3.13.1\u00a0 Ordinary Shares
Ordinary 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\u00a0 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\u00a0 Dividends
The 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\u00a0 Taxes
3.14.1\u00a0 Current Income Tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities.
Current income tax related to items recognized directly in equity is
recorded in equity rather than in the statement of profit or loss.
Management periodically reviews the positions taken in tax returns,
especially in cases where tax regulations are open to interpretation. This
review reflects the impact of uncertainty in determining the related
taxable profit if it is unlikely that the taxation authority will accept an
uncertain tax treatment.
3.14.2\u00a0 Deferred Tax
Deferred 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
reassessed 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\u00a0 Sales Tax
Expenses 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\u00a0 Share-Based Payments
Employees of the Group receive remuneration in the form of share-
based payments, whereby employees render services as a 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 payments
The 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 provided in
Note 27.
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 transactions
A 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 provided in Note 27. 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\u00a0 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.
For 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. For 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\u00a0 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.\u00a0
3.18\u00a0 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\u00a0 New and Amended IFRS
The Group applied, for the first time, the following standards and
amendments, which are effective for annual periods beginning on or
after January 1, 2024 (unless otherwise stated). The Group did not early
adopt any other standards, interpretations, or amendments that were
issued but are not yet effective.
New or Amended
Standards (Issued\u00a0
but not yet
Effective)
Amended
Content
First Time Adoption
EU-Endorsed
Major Impact on the
Group
IAS 1
Amended
Presentation of financial statements \u2013 classification of debt as short and long
term; disclosure of accounting policies
2024
Yes
No
IFRS 16
Amended
Leasing liabilities at sale-and-leaseback transactions
2024
Yes
No
IAS 7 and IFRS 7
Amended
The amendments aim to improve the transparency of supply chain finance
arrangements that enables investors to assess their effects on a company\u2019s
liabilities, cash flows and exposure to liquidity risk.
2024
Yes
No
The new and amended standards and interpretations that were issued,
but are 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 (Issued\u00a0
but not yet
Effective)
Amended
Content
First Time Adoption
EU-Endorsed
Major Impact on the
Group
IAS 21
Amended
The amendments specify when a currency is exchangeable into another
currency and when it is not, and how an entity determines the exchange rate
to apply when a currency is not exchangeable.
2025
Yes
No
IFRS 9 and IFRS
7
Amended
The amendments clarify the requirements related to the date of recognition
and derecognition of financial assets and financial liabilities, with an exception
for derecognition of financial liabilities settled via an electronic transfer.
The requirements for assessing contractual cash flow characteristics of
financial assets.
Characteristics of non-recourse loans and contractually linked instruments.
The Amendments also introduce certain disclosure requirements for financial
instruments.
2025
Yes
No
IFRS 19
Amended
IFRS 19 permits certain entities to apply the full measurement requirements of
IFRS Accounting Standards, but with significantly reduced disclosures.
2025
Yes
No
IFRS 18
Amended
This latest IFRS Accounting Standard sets out significant new requirements for
how financial statements are presented, with particular focus on the
statement of profit or loss, including requirements for mandatory sub-totals to
be presented, aggregation and disaggregation of information, as well as
disclosures related to management-defined performance measures
2027
Yes
No
There are no other IFRSs that have been issued but are not yet effective
that are expected to have a material effect on future consolidated
financial statements.
3.20\u00a0 Correction and Adjustment of Amounts
During 2024, the company performed a comprehensive reassessment on
the classification of certain costs within our financial statements, in
order to enhance the transparency and accuracy of our financial
reporting.
As a result of this reassessment, the company made two reclassifications
in the statement of profit and loss and other comprehensive income.
These reclassifications were deemed necessary to better represent the
financial results of our operations.
Transportation cost related to finished goods sold, previously included
within operating expenses, has been reclassified to expenses for
materials, energy and purchased services, given that these costs better
reflect the direct costs involved in production and sale of our goods.
In addition, gains related to FX, previously included within other
operating income, have been reclassified to financial income, and losses
related to FX, previously included within operating expenses, have been
reclassified to financial expenses.
The reclassifications have been adjusted in the FY2023 comparative year,
as disclosed in the consolidated financial statements for the FY2024.
The restatements did not impact the company statement of profit or loss
nor equity. The impact of the restatement is disclosed in the following
table:
In Euro x\u00a01,000
notes
2023
Restatement
2023 (Restated)
Revenue
6
196,888
196,888
Change in inventories of finished
goods and work in progress
22
-7,359
-7,359
Other operating income
8
9,322
-279
9,044
Total Operating income
198,851
-279
198,573
Material expenses / expenses for
purchased services
9
-102,226
-4,380
-106,606
Personnel expenses
10
-42,566
-42,566
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
17, 18
-17,124
-17,124
Other operating expenses
12
-34,266
4,914
-29,352
Share listing expenses
37
-
-
Total Operating expenses
-196,182
534
-195,647
Finance income
13
308
279
587
Finance expenses
14
-4,186
-534
-4,720
Net Financial Result
-3,878
-255
-4,133
Result before taxes
-1,209
-
-1,209
Income tax (expense)/income
15
-332
-332
Result for the year
-1,541
-
-1,541
Attributable to:
Non-controlling interest
-
-
Equity holders of CABKA N.V.
-1,541
-
-1,541
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The 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 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses
demonstrating the impact of changes in key estimates and assumptions
on reported results.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "
2.3\u00a0 Accounting Judgements and Sources of Estimation Uncertainty
The 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 14 \u2013 utilization of tax losses
\u2022 Note 17 \u2013 impairments of property, plant and equipment
\u2022 Note 18 \u2013 lease liabilities
\u2022 Note 27 \u2013 accounting for share-based payments
Where relevant, the group has provided sensitivity analyses
demonstrating the impact of changes in key estimates and assumptions
on reported results.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
2.4\u00a0 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 shown separately.
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 resulting 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "
3.1\u00a0 Basis of Consolidation
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2024. 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\u00a0 Transactions Eliminated on Consolidation
All intragroup 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\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2024. 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\u00a0 Transactions Eliminated on Consolidation
All intragroup assets and liabilities, equity, income, expenses, and cash
flows relating to transactions between members of the Group are
Transactions with related parties that are outside the Group are
classified as trade receivables and trade payables, respectively (see
Notes 22 and 31).
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 year end are unsecured and interest free and settlement
occurs in cash. No guarantees have been provided or received for any
related party receivables or payables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
3.1.1\u00a0 Subsidiaries
The consolidated financial statements comprise the financial figures of
the Company and its subsidiaries as of December 31, 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "
3.2\u00a0 Foreign Currencies
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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
3.4\u00a0 Fair Value Measurement
The 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's 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 reassessing
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
3.4\u00a0 Fair Value Measurement
The 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's 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 reassessing
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
3.5\u00a0 Property Plant and Equipment
3.5.1\u00a0 Owned Assets
Plant 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 20 to 25 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
Depreciation is calculated on a straight-line basis over the estimated
useful lives of the assets, as follows:
\u2022 Buildings 20 to 25 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 years
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful
economic lives, between 3 and 5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
3.5.2\u00a0 Leases
At 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 a 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 assets
The 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 years
Lease Liabilities
At 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 \u201cRight-of-Use assets\u201d 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 assets
The 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 leases of low-value assets. Individual lease assets
with a new value of \u20ac\u00a05,000 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 a
straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
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.
Incremental Borrowing Rate on Leases
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, the Group 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. The average IBR of
all contracts in place as at December 31, 2024 is 1.78% (2023:1.94%).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
3.6\u00a0 Intangible Assets
Research expenditures are recognized as expenses as incurred.
Development costs that are directly attributable to the design and
testing of identifiable and unique products controlled by the group are
recognized as intangible assets if, and only if:
\u2022 it is probable that the expected future economic benefits that are
attributable to the asset will flow to the entity; and
\u2022 the cost of the asset can be measured reliably
An intangible asset arising from development (or from the development
phase of an internal project) shall be recognized if, and only if, an entity
can demonstrate all of the following:
(a) the technical feasibility of completing the intangible asset so that it
will be available for use or sale.
(b) its intention to complete the intangible asset and use or sell it.
(c) its ability to use or sell the intangible asset.
(d) how the intangible asset will generate probable future economic
benefits. Among other things, the entity can demonstrate the
existence of a market for the output of the intangible asset or the
intangible asset itself or, if it is to be used internally, the usefulness
of the intangible asset.
(e) the availability of adequate technical, financial and other resources
to complete the development and to use or sell the intangible asset.
(f) its ability to measure reliably the expenditure attributable to the
intangible asset during its development.
Other development expenditures that do not meet these criteria are
recognized as an expense as incurred.
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.
Intangible 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.
All categories of intangible assets are considered long-term intangible
assets and are amortized on a straight-line basis over their useful
economic lives, between 3 and 5 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
3.7\u00a0 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
derivatives and currency swaps. Financial assets and liabilities are
categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A 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.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-
derivative) financial instrument, to mitigate the impact of potential
volatility in the income statement of changes in the fair value of the
derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying
the hedging strategy, the component transactions and methodology
used for effectiveness measurement. Cabka uses the following hedge
accounting method for interest rate derivatives:
Changes in the carrying value of financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognized directly in equity and any ineffective portion of
the hedge is recognized immediately in the income statement.
Amounts deferred in equity in respect of cash flow hedges are
subsequently recognized in the income statement in the same period in
which the hedged item affects net profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised or no longer qualifies for hedge
accounting. At that time, any cumulative gains or losses relating to cash
flow hedges recognized in equity are initially retained in equity and
subsequently recognized in the income statement in the same periods in
which the previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at banks and on hand and are carried 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\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a
consideration that is unconditional. Initial recognition of trade and other
receivables takes place at transaction price and then at amortized cost,
and are subsequently carried less impairment losses or expected credit
losses (see Note 22). The Group uses non-recourse factoring, accounts
receivable are removed from the balance sheet once sold to the factor.
The cash received is recognized, and factoring fees or discounts are
recorded in the income statement. A retention amount and/or deferred
purchase price is recognized as receivable against the factor.
3.7.3\u00a0 Trade and Other Payables
Trade 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "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
derivatives and currency swaps. Financial assets and liabilities are
categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A 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.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-
derivative) financial instrument, to mitigate the impact of potential
volatility in the income statement of changes in the fair value of the
derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying
the hedging strategy, the component transactions and methodology
used for effectiveness measurement. Cabka uses the following hedge
accounting method for interest rate derivatives:
Changes in the carrying value of financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognized directly in equity and any ineffective portion of
the hedge is recognized immediately in the income statement.
Amounts deferred in equity in respect of cash flow hedges are
subsequently recognized in the income statement in the same period in
which the hedged item affects net profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised or no longer qualifies for hedge
accounting. At that time, any cumulative gains or losses relating to cash
flow hedges recognized in equity are initially retained in equity and
subsequently recognized in the income statement in the same periods in
which the previously hedged item affects net profit or loss.
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at banks and on hand and are carried 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\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a
consideration that is unconditional. Initial recognition of trade and other
receivables takes place at transaction price and then at amortized cost,
and are subsequently carried less impairment losses or expected credit
losses (see Note 22). The Group uses non-recourse factoring, accounts
receivable are removed from the balance sheet once sold to the factor.
The cash received is recognized, and factoring fees or discounts are
recorded in the income statement. A retention amount and/or deferred
purchase price is recognized as receivable against the factor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "
Financial Instruments of the Group include derivative financial
instruments such as forward exchange contracts as well as interest rate
derivatives and currency swaps. Financial assets and liabilities are
categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A 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.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-
derivative) financial instrument, to mitigate the impact of potential
volatility in the income statement of changes in the fair value of the
derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying
the hedging strategy, the component transactions and methodology
used for effectiveness measurement. Cabka uses the following hedge
accounting method for interest rate derivatives:
Changes in the carrying value of financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognized directly in equity and any ineffective portion of
the hedge is recognized immediately in the income statement.
Amounts deferred in equity in respect of cash flow hedges are
subsequently recognized in the income statement in the same period in
which the hedged item affects net profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised or no longer qualifies for hedge
accounting. At that time, any cumulative gains or losses relating to cash
flow hedges recognized in equity are initially retained in equity and
subsequently recognized in the income statement in the same periods in
which the previously hedged item affects net profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "
Financial Instruments of the Group include derivative financial
instruments such as forward exchange contracts as well as interest rate
derivatives and currency swaps. Financial assets and liabilities are
categorized as follows:
1. Assets and liabilities measured at amortized cost
2. Assets and liabilities measured at fair value through profit or loss
3. Assets measured at fair value through other comprehensive income
A 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.
The Company enter into derivative financial instruments (derivatives) in
order to manage interest and currency fluctuation. Hedge accounting
allows derivatives to be designated as a hedge of another (non-
derivative) financial instrument, to mitigate the impact of potential
volatility in the income statement of changes in the fair value of the
derivative instruments.
To qualify for hedge accounting, documentation is prepared specifying
the hedging strategy, the component transactions and methodology
used for effectiveness measurement. Cabka uses the following hedge
accounting method for interest rate derivatives:
Changes in the carrying value of financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognized directly in equity and any ineffective portion of
the hedge is recognized immediately in the income statement.
Amounts deferred in equity in respect of cash flow hedges are
subsequently recognized in the income statement in the same period in
which the hedged item affects net profit or loss.
Changes in the fair value of derivatives that do not qualify for hedge
accounting are recognized in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument expires
or is sold, terminated, exercised or no longer qualifies for hedge
accounting. At that time, any cumulative gains or losses relating to cash
flow hedges recognized in equity are initially retained in equity and
subsequently recognized in the income statement in the same periods in
which the previously hedged item affects net profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
3.7.1\u00a0 Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at banks and on hand and are carried 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
3.7.2\u00a0 Trade and Other Receivables
Trade and other receivables represent the Group\u2019s right to a
consideration that is unconditional. Initial recognition of trade and other
receivables takes place at transaction price and then at amortized cost,
and are subsequently carried less impairment losses or expected credit
losses (see Note 22). The Group uses non-recourse factoring, accounts
receivable are removed from the balance sheet once sold to the factor.
The cash received is recognized, and factoring fees or discounts are
recorded in the income statement. A retention amount and/or deferred
purchase price is recognized as receivable against the factor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
3.7.3\u00a0 Trade and Other Payables
Trade 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
3.7.3\u00a0 Trade and Other Payables
Trade and other payables are initially recorded at fair value and then
carried at amortized cost.
3.10\u00a0 Provisions
Provisions 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.
The process of determining the amount of the provision involves
judgment and estimation. Management assesses the circumstances
surrounding the obligation, considers historical data and other relevant
information to estimate the future costs and the likelihood of various
possible outcomes.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "
3.8\u00a0 Inventories
Raw 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "
3.9.1\u00a0 Financial Assets
The 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\u00a0 Non-financial Assets
The 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).
\u00a0
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\u00a0 Reversal of Impairment Losses
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. No
reversals of impairment losses for other assets occurred in the reporting
year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "value": "
3.9.1\u00a0 Financial Assets
The 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\u00a0 Reversal of Impairment Losses
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. No
reversals of impairment losses for other assets occurred in the reporting
year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
3.9.2\u00a0 Non-financial Assets
The 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).
\u00a0
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\u00a0 Reversal of Impairment Losses
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. No
reversals of impairment losses for other assets occurred in the reporting
year", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
3.10\u00a0 Provisions
Provisions 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.
The process of determining the amount of the provision involves
judgment and estimation. Management assesses the circumstances
surrounding the obligation, considers historical data and other relevant
information to estimate the future costs and the likelihood of various
possible outcomes.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
3.12\u00a0 Revenue from Contracts with Customers
Cabka\u2019s business can be split between reusable pallets and large
container solutions enhancing logistics chain sustainability (the \u201cRTP-
Business\u201d), and \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 specific post-consumer waste, i.e.,
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 solutions
Revenue from the 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 a variable consideration, existence of a
significant financing component, a non-cash consideration, and a
consideration payable to the customer (if any).
Recycling Fees
Recycling 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 freights
Revenue from the 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 solutions
In connection with 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 the products will be
delivered. Delivery is defined based on the terms of the sales contract.
A receivable is recognized if a 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).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
3.13.1\u00a0 Ordinary Shares
Ordinary 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\u00a0 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
3.13.2\u00a0 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "
3.13.3\u00a0 Dividends
The 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
3.14.1\u00a0 Current Income Tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities.
Current income tax related to items recognized directly in equity is
recorded in equity rather than in the statement of profit or loss.
Management periodically reviews the positions taken in tax returns,
especially in cases where tax regulations are open to interpretation. This
review reflects the impact of uncertainty in determining the related
taxable profit if it is unlikely that the taxation authority will accept an
uncertain tax treatment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
3.14.2\u00a0 Deferred Tax
Deferred 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
reassessed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
3.14.3\u00a0 Sales Tax
Expenses 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
3.15\u00a0 Share-Based Payments
Employees of the Group receive remuneration in the form of share-
based payments, whereby employees render services as a 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 payments
The 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 provided in
Note 27.
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 transactions
A 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 provided in Note 27. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
3.16\u00a0 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.
For 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. For 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "
3.17\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
3.18\u00a0 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
3.20\u00a0 Correction and Adjustment of Amounts
During 2024, the company performed a comprehensive reassessment on
the classification of certain costs within our financial statements, in
order to enhance the transparency and accuracy of our financial
reporting.
As a result of this reassessment, the company made two reclassifications
in the statement of profit and loss and other comprehensive income.
These reclassifications were deemed necessary to better represent the
financial results of our operations.
Transportation cost related to finished goods sold, previously included
within operating expenses, has been reclassified to expenses for
materials, energy and purchased services, given that these costs better
reflect the direct costs involved in production and sale of our goods.
In addition, gains related to FX, previously included within other
operating income, have been reclassified to financial income, and losses
related to FX, previously included within operating expenses, have been
reclassified to financial expenses.
The reclassifications have been adjusted in the FY2023 comparative year,
as disclosed in the consolidated financial statements for the FY2024.
The restatements did not impact the company statement of profit or loss
nor equity. The impact of the restatement is disclosed in the following
table:
In Euro x\u00a01,000
notes
2023
Restatement
2023 (Restated)
Revenue
6
196,888
196,888
Change in inventories of finished
goods and work in progress
22
-7,359
-7,359
Other operating income
8
9,322
-279
9,044
Total Operating income
198,851
-279
198,573
Material expenses / expenses for
purchased services
9
-102,226
-4,380
-106,606
Personnel expenses
10
-42,566
-42,566
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
17, 18
-17,124
-17,124
Other operating expenses
12
-34,266
4,914
-29,352
Share listing expenses
37
-
-
Total Operating expenses
-196,182
534
-195,647
Finance income
13
308
279
587
Finance expenses
14
-4,186
-534
-4,720
Net Financial Result
-3,878
-255
-4,133
Result before taxes
-1,209
-
-1,209
Income tax (expense)/income
15
-332
-332
Result for the year
-1,541
-
-1,541
Attributable to:
Non-controlling interest
-
-
Equity holders of CABKA N.V.
-1,541
-
-1,541
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "3.20\u00a0 Correction and Adjustment of AmountsDuring 2024, the company performed a comprehensive reassessment on the classification of certain costs within our financial statements, in order to enhance the transparency and accuracy of our financial reporting.As a result of this reassessment, the company made two reclassifications in the statement of profit and loss and other comprehensive income. These reclassifications were deemed necessary to better represent the financial results of our operations. Transportation cost related to finished goods sold, previously included within operating expenses, has been reclassified to expenses for materials, energy and purchased services, given that these costs better reflect the direct costs involved in production and sale of our goods.In addition, gains related to FX, previously included within other operating income, have been reclassified to financial income, and losses related to FX, previously included within operating expenses, have been reclassified to financial expenses. The reclassifications have been adjusted in the FY2023 comparative year, as disclosed in the consolidated financial statements for the FY2024.The restatements did not impact the company statement of profit or loss nor equity. The impact of the restatement is disclosed in the following table: In Euro x\u00a01,000 notes 2023 Restatement 2023 (Restated) Revenue 6 196,888196,888Change in inventories of finished goods and work in progress22 -7,359-7,359Other operating income 8 9,322-2799,044Total Operating income 198,851-279198,573Material expenses / expenses for purchased services9 -102,226-4,380-106,606Personnel expenses 10 -42,566-42,566Amortization/depreciation and impairment of intangible and tangible fixed assets17, 18 -17,124-17,124Other operating expenses 12 -34,2664,914-29,352Share listing expenses 37 --Total Operating expenses -196,182534-195,647Finance income 13 308279587Finance expenses 14 -4,186-534-4,720Net Financial Result -3,878-255-4,133Result before taxes -1,209--1,209Income tax (expense)/income 15 -332-332Result for the year -1,541--1,541Attributable to: Non-controlling interest --Equity holders of CABKA N.V. -1,541--1,541", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
5.\u00a0 \u00a0 Group Information
The consolidated financial statements of the Group includes:
Name
Principal
Activities
Country of
Incorporation
% Equity
Interest
2024
2023
Cabka N.V., Amsterdam
Ultimate
parent
Netherlands
100
100
Cabka Group GmbH, Berlin
Holding
Germany
100
100
Cabka N.V. Belgium (formally known
as Innova Packaging Systems)
Subsidiary
Belgium
100
100
Cabka Belgium N.V., Herstal
Subsidiary
Belgium
100
100
Cabka Spain S.L.U., Valencia
Subsidiary
Spain
100
100
System Technik GmbH, Weira
Subsidiary
Germany
100
100
Cabka North America Inc., Missouri
Subsidiary
USA
100
100
Cabka GmbH & Co. KG, Weira
Subsidiary
Germany
100
100
Cabka Eco Products GmbH & Co.
KG, Weira
Subsidiary
Germany
100
100
Cabka N.V. is the ultimate parent of the Group. For an overview of share
ownership in Cabka N.V,. we refer to note 52 of the Company financial
statements. There were no changes in the ownership structure of the
Group during 2024.
The holding company
The immediate and ultimate holding company of Cabka Group GmbH,
located in Germany, is Cabka N.V. and is based and listed in the
Netherlands. Cabka N.V. and Cabka Group GmbH both provide services
in various functions, such as IT, HR, Marketing, Finance and Purchasing to
the subsidiaries.
The subsidiaries in Belgium, Germany, Spain and the US primarily
manufacture the products for the RTP business as well as for Eco
products and provide services to customers. Recycling activities are
spread over various locations.
The subsidiary in Spain contains the Innovation Center, which focuses
primarily on new product development, automation projects and
material developments for the entire group.
Exemptions publication
Cabka N.V. has issued joint and several liability for the following
subsidiaries. These subsidiaries makes 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 2024 annual financial
statements and, in some cases, the preparation of the notes or
management report and the audit of the annual financial statements:
* Cabka Group GmbH, Berlin
* Cabka Eco Products GmbH & Co. KG, Weira
* Cabka GmbH & Co. KG, Weira
* System Technik GmbH, Weira
Each of these subsidiaries has filed Cabka \u2019s 264 declaration with the
German trade register.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have issued
rental guarantees to secure our obligations. As of the reporting date, the
total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
In connection to liabilities to banks, individual machines have been
pledged as collateral. As of the reporting date, the total value of these
pledged assets amounts to \u20ac2.2 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
6.\u00a0 \u00a0 Revenue from Contracts with Customers and
Segment Reporting
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 the sale of goods includes sales related to the
development of tooling for delivering customized products. This is
recognized over time for the amount of \u20ac1,888,000, using the
percentage of completion method. The revenue was fully recognized in
2024 as the related projects were completed within the reporting year.
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 \u20ac240,000 (2023: \u20ac511,000).
6.1\u00a0 Disaggregated Revenue Information
Set ou t below is the disaggregation of the Group\u2019s revenue from
contracts with customers in primary business segments and geographical
markets:
Revenues by Product Segment
In Euro x\u00a01,000
2024
2023
Change
RTP Europe
124,873
125,169
-%
Portfolio
77,475
71,589
8%
Customized Solutions
34,519
34,746
-1%
Contract Manufacturing
12,879
18,833
-32%
RTP US
21,189
32,749
-35%
Eco Products
12,558
11,139
13%
Recycling Fees
13,779
14,140
-3%
Others
9,470
13,691
-31%
Non-Strategic Products
5,410
10,848
-50%
Material Sales & Freight
4,059
2,843
43%
Total
181,868
196,888
-8%
During 2024, the company updated the product segmentation of certain
customers to better reflect their strategic positioning within our revenue
segments. Consequently, the revenue figures by product segment for
2023 have been realigned to match the new segmentation for a more
accurate comparison.
The realignment of prior year revenue figures change did not affect the
total revenue reported for the prior year, however it did impact the
revenue recorded for Portfolio Europe, as it increased by \u20ac3.6 million
compared to the published numbers over 2023, and Customized
solutions Europe decreased with the same amount.
Revenues by Geography
In Euro x\u00a01,000
2024
2023
Change
Europe
154,848
160,162
-3%
DACH
58,874
60,771
-3%
West & Nordics
59,959
63,064
-5%
CEE
10,037
10,795
-7%
South
25,977
25,532
2%
North America
21,499
32,601
-34%
RoW
5,521
4,125
34%
Total
181,868
196,888
-8%
Since Cabka is primarily selling products made 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, which is
mainly 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 is
primarily related to transportation services.
All of the Group\u2019s segments generate their revenue to the largest extent
from the sale of products. In view of the large variety of products,\u00a0 a
meaningful grouping below the segment information is not monitored at
this stage.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
6.\u00a0 \u00a0 Revenue from Contracts with Customers and
Segment Reporting
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 the sale of goods includes sales related to the
development of tooling for delivering customized products. This is
recognized over time for the amount of \u20ac1,888,000, using the
percentage of completion method. The revenue was fully recognized in
2024 as the related projects were completed within the reporting year.
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 \u20ac240,000 (2023: \u20ac511,000).
6.1\u00a0 Disaggregated Revenue Information
Set ou t below is the disaggregation of the Group\u2019s revenue from
contracts with customers in primary business segments and geographical
markets:
Revenues by Product Segment
In Euro x\u00a01,000
2024
2023
Change
RTP Europe
124,873
125,169
-%
Portfolio
77,475
71,589
8%
Customized Solutions
34,519
34,746
-1%
Contract Manufacturing
12,879
18,833
-32%
RTP US
21,189
32,749
-35%
Eco Products
12,558
11,139
13%
Recycling Fees
13,779
14,140
-3%
Others
9,470
13,691
-31%
Non-Strategic Products
5,410
10,848
-50%
Material Sales & Freight
4,059
2,843
43%
Total
181,868
196,888
-8%
During 2024, the company updated the product segmentation of certain
customers to better reflect their strategic positioning within our revenue
segments. Consequently, the revenue figures by product segment for
2023 have been realigned to match the new segmentation for a more
accurate comparison.
The realignment of prior year revenue figures change did not affect the
total revenue reported for the prior year, however it did impact the
revenue recorded for Portfolio Europe, as it increased by \u20ac3.6 million
compared to the published numbers over 2023, and Customized
solutions Europe decreased with the same amount.
Revenues by Geography
In Euro x\u00a01,000
2024
2023
Change
Europe
154,848
160,162
-3%
DACH
58,874
60,771
-3%
West & Nordics
59,959
63,064
-5%
CEE
10,037
10,795
-7%
South
25,977
25,532
2%
North America
21,499
32,601
-34%
RoW
5,521
4,125
34%
Total
181,868
196,888
-8%
Since Cabka is primarily selling products made 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, which is
mainly 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 is
primarily related to transportation services.
All of the Group\u2019s segments generate their revenue to the largest extent
from the sale of products. In view of the large variety of products,\u00a0 a
meaningful grouping below the segment information is not monitored at
this stage.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
6.2\u00a0 Segment Information
For Management purposes, the Group is structured to steer business
results at the legal entity level rather than by product segments.
Consequently, the most appropriate way to present the segments is by
dividing them into two main geographical regions: Europe and North
America.
In Europe, the group operates both the RTP business and the Eco
Product business, encompassing the entire value chain from in-house
recycling of plastic waste materials to the manufacturing of products and
sale of products and services.
In North America, the focus is on the RTP business, covering the full
value chain from recycling post-industrial waste to the manufacturing
and sale of products and services.
Segment Performance 2024
In Euro x\u00a01,000
Europe
North America
Total
Revenue
160,369
21,499
181,868
Change in inventories of
finished goods and work in
progress
2,061
-202
1,859
Other operating income
8,453
217
8,670
Total Operating income
170,883
21,514
192,397
Material expenses / expenses
for purchased services
-88,866
-10,954
-99,820
Gross profit
82,017
10,560
92,577
Personnel expenses
-44,910
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
-20,169
Other operating expenses
-29,154
EBIT
-1,656
Finance income
1,864
Finance costs
-5,932
Financial Result
-4,068
Result before taxes
-5,723
Income tax expense
-3,631
Net result for the year
-9,355
Attributable to:
Equity holders of CABKA N.V.
-9,355
The revenue information above is based on the realization of sales of
goods and services assigned to the legal entity either in the US or in
Europe. There is no specific customer in any of the regions with a
revenue share of 10% or more of the total revenue.
In the above segment performance view are one-off non-recurring
income and expenses, such as non-recoverable VAT relating to share
listing expenses, non-operational employee related expenses, and the
release of the deferred tax asset accrued for in the US.
In the financial year 2023, the US business was still impacted by the
flooding that occurred in mid-2022 at Cabka\u2019s production site in St.
Louis. This occurred primarily in the first half of the year due to the
continuation of having to use external manufacturing capacity to meet
customer demand. This resulted in higher purchased services costs
leading to a lower gross profit. In the second half of the year, margins
improved significantly in the US when returning, as planned, to the in-
house product manufacturing capacity as well as the in-house material
processing lines to obtain own recycled plastic raw materials to produce
finished goods.
In Europe, margins were affected favorably 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 the previous year. Secondly, after the successful
relocation of the Eco Products business from the Genthin site to Weira
at end of 2022, economies of scales were realized with increased
processing capacity for further growth.
Segment Performance 2023
In Euro x\u00a01,000
Europe
North America
Total
Revenue
164,208
32,680
196,888
Change in inventories of
finished goods and work in
progress
-3,395
-3,964
-7,359
Other operating income
7,683
1,361
9,044
Total Operating income
168,496
30,078
198,573
Material expenses / expenses
for purchased services
-88,340
-18,267
-106,606
Gross profit
80,156
11,811
91,967
Personnel expenses
-42,566
Amortization/depreciation and
impairment of intangible and
tangible fixed assets
-17,124
Other operating expenses
-29,352
EBIT
2,926
Finance income
587
Finance costs
-4,720
Financial Result
-4,133
Result before taxes
-1,209
Income tax expense
-332
Net result for the year
-1,541
Attributable to:
Equity holders of CABKA N.V.
-1,541
The average number of FTEs with permanent employment contracts can
be specified as follows:
Full Time Equivalents
2024
Per Department
Europe
US
TOTAL
Production
381
60
441
Sales & Marketing
45
7
52
Innovation Center
32
0
32
General & Administration
78
8
86
Total
536
75
611
Full Time Equivalents
2023
Per Department
Europe
US
TOTAL
Production
365
40
404
Sales & Marketing
32
6
38
Innovation Center
40
0
40
General & Administration
110
11
121
Total
547
57
603
Assets 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 a Group basis in close alignment with local Management.
Income taxes are managed on the 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, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "
6.2\u00a0 Segment Information
For Management purposes, the Group is structured to steer business
results at the legal entity level rather than by product segments.
Consequently, the most appropriate way to present the segments is by
dividing them into two main geographical regions: Europe and North
America.
In Europe, the group operates both the RTP business and the Eco
Product business, encompassing the entire value chain from in-house
recycling of plastic waste materials to the manufacturing of products and
sale of products and services.
In North America, the focus is on the RTP business, covering the full
value chain from recycling post-industrial waste to the manufacturing
and sale of products and services.
Assets 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 a Group basis in close alignment with local Management.
Income taxes are managed on the 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, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
The average number of FTEs with permanent employment contracts can
be specified as follows:
Full Time Equivalents
2024
Per Department
Europe
US
TOTAL
Production
381
60
441
Sales & Marketing
45
7
52
Innovation Center
32
0
32
General & Administration
78
8
86
Total
536
75
611
Full Time Equivalents
2023
Per Department
Europe
US
TOTAL
Production
365
40
404
Sales & Marketing
32
6
38
Innovation Center
40
0
40
General & Administration
110
11
121
Total
547
57
603
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2024
2023
Change
Salaries and wages
34,563
31,622
9%
Social securities and other
benefits
7,382
7,093
4%
Other staff costs
3,288
3,306
-1%
Share-based payment expense
-324
545
-159%
Total personnel expenses
44,910
42,566
6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior
years, which is the result of employees whom have left the company in
2024 and thereby have forfeited their right to the stock options.
Personnel expenses increased by 6% compared to prior year. Included in
the salaries and wages for 2024, were non operational restructuring
costs related to employee severance packages totaling \u20ac0.7 million. The
remaining increases were due to inflationary adjustments of labor costs
and further strengthening our organization by filling key vacancies. While
there were some declines in wage costs due to restructurings
implemented, these savings were offset by the costs associated with
termination packages.
The average number of FTE in 2024 is 611 and represents a growth of 1%
in the financial year compared to the previous year (2023: 603 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
7.\u00a0 \u00a0 Fair Value Measurement
The Group's 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.
\u2022 other liabilities
The fair value of the financial instruments for 2024 is as follows:
Fair value measurement
IN EUR x 1.000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2024
Trade and other receivables
19,860
\u2014
19,860
Cash and cash equivalents
4,388
\u2014
4,388
Financial assets at amortized
costs
24,248
\u2014
24,248
Liabilities to banks
61,961
\u2014
61,961
Lease liabilities
10,802
\u2014
10,802
Lease purchase agreements
3,388
\u2014
3,388
Trade and other payables
29,037
\u2014
29,037
Financial liabilities at
amortized costs
105,189
\u2014
105,189
Special shares liabilities
\u2014
205
205
Other liabilities - derivatives
\u2014
510
510
Financial liabilities measured
at fair value
\u2014
716
716
The overview below summarizes the fair value movements for 2023:
IN EUR x 1,000
At Amortized Cost
Mandatory at
FVTPL
Total Carrying
Value
At December 31, 2023
Trade and other receivables
28,514
\u2014
28,514
Cash and cash equivalents
7,252
\u2014
7,252
Financial assets at amortized
costs
35,766
\u2014
35,766
Other long-term assets (Note
21)
\u2014
9
9
Financial assets measured at
fair value
\u2014
9
9
Liabilities to banks
48,738
\u2014
48,738
Lease liabilities
9,353
\u2014
9,353
Rental purchase agreements
4,860
\u2014
4,860
Trade and other payables
32,578
\u2014
32,578
Financial liabilities at
amortized costs
95,529
\u2014
95,529
Special shares liabilities
\u2014
1,071
1,071
Other liabilities
\u2014
159
159
Financial liabilities measured
at fair value
\u2014
1,230
1,230
Derivative financial instruments are measured at fair value and are
recorded as a 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
of the terms are disclosed in Note 30. 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.
There were no significant interrelationships between unobservable
inputs that materially affect fair values.
19.\u00a0 \u00a0 Financial Assets
Financial assets are summarized by maturity in the overview below:
Financial assets by
maturity at December 31
2024
2024
2024
2024
2023
In Euro x\u00a01,000
< 1 year
1-5 years
> 5 years
Total
Total
Shares in affiliated
companies
-
-
87
87
87
Shares in companies in
which participations are
held
-
-
3
3
3
Receivables to affiliated
companies
5
20
-
25
21
Receivables to
shareholders
-
21
-
21
21
Financial assets
5
41
90
136
132
The 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.
33.\u00a0 \u00a0 Financial Instruments Risk Management
Objectives and Policies
The 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 risk
Foreign 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 such as forwards and swaps
to safeguard its foreign currency risk exposure. Derivatives are measured
at fair value and are generally recognized in profit or loss. On December
31, 2024, Cabka had foreign exchange derivatives outstanding with a
nominal amount of \u20ac36,132,000 (2023: \u20ac14,034,000). At December 31,
2024, the fair value of these instruments was \u20ac-390,000 (2023:
\u20ac325,000).
Foreign currency sensitivity
The 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.
The main foreign exchange risk results from changes in the value of the
USD relative to the EUR. If the foreign currencies would have risen
against the EUR by 10%, the post-tax loss for the year would have been
\u20ac55,000 higher (2023: \u20ac199,000 higher). The opposite applies in the case
of a weakening of these foreign currencies relative to the euro of 10%.
Interest rate risk
The Group is exposed to interest rate risk. Cabka uses interest rate
swaps and options to economically hedge the interest rate risk. On
December 31, 2024, Cabka had outstanding interest rate derivatives for a
nominal amount of \u20ac30,000,000. If the interest rates at December 31,
2024 would have been 100bps higher, the interest expenses would have
been \u20ac198,000 higher (2023: \u20ac202,000 higher). If the interest rates at
December 31, 2024 would have been 100bps lower, the interest expenses
would have been \u20ac227,000 lower (2023: \u20ac202,000 lower.) refer to Note
20 and 31. The Fair value of the interest rate derivatives would have been
\u20ac96,000 higher, if the interest rates at December 31, 2024 was 100bps
higher, impacting OCI by \u20ac96,000. The opposite applies in the case of a
100 bps decrease in the interest rates.
Derivatives are only used for economic hedging purposes and not as
speculative investments. The full fair value of hedging derivatives is
classified as a non-current asset or liability where the remaining maturity
of the hedged item is more than 12 months. On December 31, 2024 the
fair value included under other non current liabilities was \u20ac510,000
(2023: nil).
The ineffective portion of the derivative is deemed insignificant.
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 aim of the management of market risk
exposure is to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions
are carried out within the Group\u2019s treasury framework.
Liquidity risk
The Group has implemented group- wide daily cash reporting and
monitors its liquidity with a rolling liquidity forecast. Funding contains
long-term loans and lease contracts as well as 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. Further details of the credit facilities are provided in
Note 30.
The following tables show the undiscounted future contractual cash
flows from financial liabilities at December 31, 2024 and 2023 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Contractual cashflow of
financial liabilities 2023
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
48,738
18,400
37,423
-
55,823
Lease liabilities
(IFRS 16)
9,353
2,588
6,152
1,673
10,413
Rental purchase
agreement
4,860
898
3,962
-
4,860
Trade payables
32,578
32,578
-
-
32,578
Total
95,529
54,464
47,537
1,673
103,674
Credit risk
Credit 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. Creditworthiness 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 categories 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.
Information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix is provided below:
Trade receivables overview at December 31, 2024 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2023 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
22,583
4,139
549
398
27,670
Expected credit loss rate
0.09%
0.48%
3.64%
8.78%
0.34%
Expected credit loss allowance
20
20
20
35
95
The 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 the basis of individual companies. The
expected probability of default is less than 1%. An expected loss in the
amount of \u20ac91,000 (2023:\u00a0\u20ac95,000) was recognized. Additionally no
individual impairments for 2024 (2023: \u20ac116,000) were recognized for
trade receivables where actual circumstances lead to a high probability
of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to
low credit risk, the expected credit losses are deemed not significant.
Commodity price risk
The 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. Without the hedges in place, if wholesale
energy prices would have increased by 10%, the post-tax loss for the
year would have been \u20ac1,353,000 higher (2023: \u20ac1,328,000). The
opposite applies in the case of a decrease in the wholesale energy prices
by 10% in the year under review.
\u00a0
Climate risk and the impact of extreme weather events
Climate change and the subsequent increase in the frequency of\u00a0
extreme weather events can potentially impact Cabka\u2019s infrastructure
and business activities. This risk materialized at our North American
entity in St. Louis in August 2022, when an extraordinary flooding event
caused severe damage to our production facility. Furthermore, Valencia
saw a devastating flood in October 2024. While this event did not directly
impact Cabka\u2019s Innovation Center, it did affect some of our employees
and has underscored the need for adequate risk management. To
prevent and mitigate such incidents in the future and to further integrate
this risk in financial and strategic planning, a comprehensive scenario
analysis of physical climate risks was conducted in 2024 for each one of
Cabka\u2019s manufacturing locations as well as for the Innovation Center.
Fraud and non-compliance
The 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 a subject of discussion
between manager and employee. In addition, a separate suppliers code
of conduct is available so that external suppliers\u2019 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 with 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 design and effectiveness of its IT controls.\u00a0
In addition to 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 authorized employees are involved when information is
processed or decisions are made with a certain level of (fraud) risk.\u00a0
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 to (anonymously), and periodic internal and external
audits on compliance, are measures that must contribute to detecting
instances of overriding controls.
Conclusion
Management is of the opinion that, taking into account all procedures
and control measures, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
8.\u00a0 \u00a0 Other Operating Income
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2024
2023 (Restated) 18
Income from insurance
118
1,328
Other own work capitalized
6,711
4,208
Personnel related operating income
968
913
Other operating income
872
2,595
Total other operating income
8,670
9,044
During 2024 the company did not receive any further proceeds from
insurance relating to the St. Louis flooding (2023: \u20ac1,174,000), The
company did however receive \u20ac118,000 which related to insurance
proceeds in Germany. Other own work capitalized in both financial years
relates to operational costs, such as personnel expenses, capitalized for
in-house manufactured property and equipment, such as molds and
assets related to recycle lines. The personnel related operating income
amounting to \u20ac968,000 (2023: \u20ac913,000) and is primarily related to
governmental subsidies for the employment of permanent staff,
especially for social securities.
The category other operating income of \u20ac872,000 (2023: \u20ac2,595,000)
relates to gains on the sale of fixed assets amounting to \u20ac145,000, see
Note 17, and further to the release of accruals from previous periods
amounting to \u20ac431,000 (2023: \u20ac265,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "
8.\u00a0 \u00a0 Other Operating Income
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2024
2023 (Restated) 18
Income from insurance
118
1,328
Other own work capitalized
6,711
4,208
Personnel related operating income
968
913
Other operating income
872
2,595
Total other operating income
8,670
9,044
During 2024 the company did not receive any further proceeds from
insurance relating to the St. Louis flooding (2023: \u20ac1,174,000), The
company did however receive \u20ac118,000 which related to insurance
proceeds in Germany. Other own work capitalized in both financial years
relates to operational costs, such as personnel expenses, capitalized for
in-house manufactured property and equipment, such as molds and
assets related to recycle lines. The personnel related operating income
amounting to \u20ac968,000 (2023: \u20ac913,000) and is primarily related to
governmental subsidies for the employment of permanent staff,
especially for social securities.
The category other operating income of \u20ac872,000 (2023: \u20ac2,595,000)
relates to gains on the sale of fixed assets amounting to \u20ac145,000, see
Note 17, and further to the release of accruals from previous periods
amounting to \u20ac431,000 (2023: \u20ac265,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
8.\u00a0 \u00a0 Other Operating Income
Other operating income is summarized in the overview below:
Other operating income
In Euro x\u00a01,000
2024
2023 (Restated) 18
Income from insurance
118
1,328
Other own work capitalized
6,711
4,208
Personnel related operating income
968
913
Other operating income
872
2,595
Total other operating income
8,670
9,044
During 2024 the company did not receive any further proceeds from
insurance relating to the St. Louis flooding (2023: \u20ac1,174,000), The
company did however receive \u20ac118,000 which related to insurance
proceeds in Germany. Other own work capitalized in both financial years
relates to operational costs, such as personnel expenses, capitalized for
in-house manufactured property and equipment, such as molds and
assets related to recycle lines. The personnel related operating income
amounting to \u20ac968,000 (2023: \u20ac913,000) and is primarily related to
governmental subsidies for the employment of permanent staff,
especially for social securities.
The category other operating income of \u20ac872,000 (2023: \u20ac2,595,000)
relates to gains on the sale of fixed assets amounting to \u20ac145,000, see
Note 17, and further to the release of accruals from previous periods
amounting to \u20ac431,000 (2023: \u20ac265,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized
in the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2024
2023 (Restated)18
Change
Cost of raw materials,
consumables and supplements
68,216
74,172
-8%
Cost of purchased services
12,346
14,774
-16%
Transportation costs
5,594
4,380
28%
Gas, Power, Water
13,664
13,280
3%
Total material expenses /
expenses for purchased
services
99,820
106,606
-6%
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 in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year, since we have our own internal production
back on track as of the second half of 2023 after the flooding. The
utilization of temporary staff to ensure a certain flexibility for extra
capacity was reduced as well.
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2024
2023
Change
Salaries and wages
34,563
31,622
9%
Social securities and other
benefits
7,382
7,093
4%
Other staff costs
3,288
3,306
-1%
Share-based payment expense
-324
545
-159%
Total personnel expenses
44,910
42,566
6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior
years, which is the result of employees whom have left the company in
2024 and thereby have forfeited their right to the stock options.
Personnel expenses increased by 6% compared to prior year. Included in
the salaries and wages for 2024, were non operational restructuring
costs related to employee severance packages totaling \u20ac0.7 million. The
remaining increases were due to inflationary adjustments of labor costs
and further strengthening our organization by filling key vacancies. While
there were some declines in wage costs due to restructurings
implemented, these savings were offset by the costs associated with
termination packages.
The average number of FTE in 2024 is 611 and represents a growth of 1%
in the financial year compared to the previous year (2023: 603 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2024
2023 (Restated) 19
Flood related expenses
53
1,006
Legal, audit and consulting fees
4,519
5,609
Repairs and maintenance
5,183
5,267
Transport expenses
8
20
Insurance and fees
2,943
2,605
IT services
1,959
1,900
Sales and promotion expenses
1,797
1,800
Car, travel and representation costs
2,002
1,561
Waste and disposal
2,889
2,021
Rental costs
1,379
1,279
Other costs
6,422
6,284
Other operating expenses
29,154
29,352
The flood-related expenses in 2024 relate to expenses for repairs of
\u20ac53,000 (2023: \u20ac1,006,000).
The category other costs in other operating expenses in 2024 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,024,000 (2023: \u20ac971,000), medical & safety costs
\u20ac1,013,000 (2023: \u20ac920,000),\u00a0 a dispute we currently have on a VAT
position related to the IPO of 2022 amounting to \u20ac744,000, costs related
to the small fire that occurred in our operating plant in Weira amounting
to \u20ac557,000, recruiting and\u00a0 training costs \u20ac435,000 (2023: \u20ac475,000),
board compensation fees \u20ac236,000 (2023: \u20ac224,000), R&D costs not
capitalized of \u20ac108,000 and operations totaling \u20ac2,305,000 (2023:
\u20ac2,609,000). In 2024, there were no further IPO related real estate
transfer taxes included in other operating expenses (2023: \u20ac1,085,000).
Legal, audit and consulting fees relate primarily to fees paid to
freelancers of \u20ac1,004,000 (2023: \u20ac1,586,000), closing and audit fees of
\u20ac902,000 (2023: \u20ac1,076,000). The remaining amount of \u20ac2,612,000 (2023:
\u20ac2,418,000) includes, among other costs, consulting costs for legal, tax,
ESG, investor relations and patents.
When compared to the prior period, other operating expenses
decreased by \u20ac198,000 during 2024. This decrease was primarily driven
by the decrease in the flood-related expenses of \u20ac\u00a0953,000.
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2024
2023 (Restated)
Interest on debts and borrowings
3,484
3,353
Interest arising from revenue contracts
74
3
Interest on lease liabilities (IFRS 16)
256
218
Interest on rental purchase liabilities
163
33
Other interest and similar expenses
836
579
Foreign exchange loss
1,119
534
Total finance costs
5,932
4,720
Other interest and similar expenses contain the residual arrangement
fee of the repaid financing as per the end of December 2024 as well as
commitment fees and proportional arrangement fees for the syndicated
loan. Further details and terms of the syndicated loan are included in
note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized
in the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2024
2023 (Restated)18
Change
Cost of raw materials,
consumables and supplements
68,216
74,172
-8%
Cost of purchased services
12,346
14,774
-16%
Transportation costs
5,594
4,380
28%
Gas, Power, Water
13,664
13,280
3%
Total material expenses /
expenses for purchased
services
99,820
106,606
-6%
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 in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year, since we have our own internal production
back on track as of the second half of 2023 after the flooding. The
utilization of temporary staff to ensure a certain flexibility for extra
capacity was reduced as well.
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2024
2023
Change
Salaries and wages
34,563
31,622
9%
Social securities and other
benefits
7,382
7,093
4%
Other staff costs
3,288
3,306
-1%
Share-based payment expense
-324
545
-159%
Total personnel expenses
44,910
42,566
6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior
years, which is the result of employees whom have left the company in
2024 and thereby have forfeited their right to the stock options.
Personnel expenses increased by 6% compared to prior year. Included in
the salaries and wages for 2024, were non operational restructuring
costs related to employee severance packages totaling \u20ac0.7 million. The
remaining increases were due to inflationary adjustments of labor costs
and further strengthening our organization by filling key vacancies. While
there were some declines in wage costs due to restructurings
implemented, these savings were offset by the costs associated with
termination packages.
The average number of FTE in 2024 is 611 and represents a growth of 1%
in the financial year compared to the previous year (2023: 603 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2024
2023 (Restated) 19
Flood related expenses
53
1,006
Legal, audit and consulting fees
4,519
5,609
Repairs and maintenance
5,183
5,267
Transport expenses
8
20
Insurance and fees
2,943
2,605
IT services
1,959
1,900
Sales and promotion expenses
1,797
1,800
Car, travel and representation costs
2,002
1,561
Waste and disposal
2,889
2,021
Rental costs
1,379
1,279
Other costs
6,422
6,284
Other operating expenses
29,154
29,352
The flood-related expenses in 2024 relate to expenses for repairs of
\u20ac53,000 (2023: \u20ac1,006,000).
The category other costs in other operating expenses in 2024 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,024,000 (2023: \u20ac971,000), medical & safety costs
\u20ac1,013,000 (2023: \u20ac920,000),\u00a0 a dispute we currently have on a VAT
position related to the IPO of 2022 amounting to \u20ac744,000, costs related
to the small fire that occurred in our operating plant in Weira amounting
to \u20ac557,000, recruiting and\u00a0 training costs \u20ac435,000 (2023: \u20ac475,000),
board compensation fees \u20ac236,000 (2023: \u20ac224,000), R&D costs not
capitalized of \u20ac108,000 and operations totaling \u20ac2,305,000 (2023:
\u20ac2,609,000). In 2024, there were no further IPO related real estate
transfer taxes included in other operating expenses (2023: \u20ac1,085,000).
Legal, audit and consulting fees relate primarily to fees paid to
freelancers of \u20ac1,004,000 (2023: \u20ac1,586,000), closing and audit fees of
\u20ac902,000 (2023: \u20ac1,076,000). The remaining amount of \u20ac2,612,000 (2023:
\u20ac2,418,000) includes, among other costs, consulting costs for legal, tax,
ESG, investor relations and patents.
When compared to the prior period, other operating expenses
decreased by \u20ac198,000 during 2024. This decrease was primarily driven
by the decrease in the flood-related expenses of \u20ac\u00a0953,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
9.\u00a0 \u00a0 Material Expenses / Expenses for Purchased
Services
Material expenses and expenses for purchased services are summarized
in the overview below:
Material expenses / expenses
for purchased services
In Euro x\u00a01,000
2024
2023 (Restated)18
Change
Cost of raw materials,
consumables and supplements
68,216
74,172
-8%
Cost of purchased services
12,346
14,774
-16%
Transportation costs
5,594
4,380
28%
Gas, Power, Water
13,664
13,280
3%
Total material expenses /
expenses for purchased
services
99,820
106,606
-6%
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 in-house production of finished goods.
Purchased services, primarily external manufacturing costs in Europe,
decreased whereas external production costs decreased in the US
compared to the prior year, since we have our own internal production
back on track as of the second half of 2023 after the flooding. The
utilization of temporary staff to ensure a certain flexibility for extra
capacity was reduced as well.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "
10.\u00a0 \u00a0 Personnel Expenses
Personnel expenses are summarized in the overview below:
Personnel expenses
In Euro x\u00a01,000
2024
2023
Change
Salaries and wages
34,563
31,622
9%
Social securities and other
benefits
7,382
7,093
4%
Other staff costs
3,288
3,306
-1%
Share-based payment expense
-324
545
-159%
Total personnel expenses
44,910
42,566
6%
The stock option programs are further elaborated in the section share-
based payments program (see Note 27). During the year, Cabka N.V.
released a part of the accrued stock options expense raised in prior
years, which is the result of employees whom have left the company in
2024 and thereby have forfeited their right to the stock options.
Personnel expenses increased by 6% compared to prior year. Included in
the salaries and wages for 2024, were non operational restructuring
costs related to employee severance packages totaling \u20ac0.7 million. The
remaining increases were due to inflationary adjustments of labor costs
and further strengthening our organization by filling key vacancies. While
there were some declines in wage costs due to restructurings
implemented, these savings were offset by the costs associated with
termination packages.
The average number of FTE in 2024 is 611 and represents a growth of 1%
in the financial year compared to the previous year (2023: 603 FTEs).
Reference is made to Note 6 for further disclosure on FTEs per segment
and per department.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2024
2023 (Restated) 19
Flood related expenses
53
1,006
Legal, audit and consulting fees
4,519
5,609
Repairs and maintenance
5,183
5,267
Transport expenses
8
20
Insurance and fees
2,943
2,605
IT services
1,959
1,900
Sales and promotion expenses
1,797
1,800
Car, travel and representation costs
2,002
1,561
Waste and disposal
2,889
2,021
Rental costs
1,379
1,279
Other costs
6,422
6,284
Other operating expenses
29,154
29,352
The flood-related expenses in 2024 relate to expenses for repairs of
\u20ac53,000 (2023: \u20ac1,006,000).
The category other costs in other operating expenses in 2024 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,024,000 (2023: \u20ac971,000), medical & safety costs
\u20ac1,013,000 (2023: \u20ac920,000),\u00a0 a dispute we currently have on a VAT
position related to the IPO of 2022 amounting to \u20ac744,000, costs related
to the small fire that occurred in our operating plant in Weira amounting
to \u20ac557,000, recruiting and\u00a0 training costs \u20ac435,000 (2023: \u20ac475,000),
board compensation fees \u20ac236,000 (2023: \u20ac224,000), R&D costs not
capitalized of \u20ac108,000 and operations totaling \u20ac2,305,000 (2023:
\u20ac2,609,000). In 2024, there were no further IPO related real estate
transfer taxes included in other operating expenses (2023: \u20ac1,085,000).
Legal, audit and consulting fees relate primarily to fees paid to
freelancers of \u20ac1,004,000 (2023: \u20ac1,586,000), closing and audit fees of
\u20ac902,000 (2023: \u20ac1,076,000). The remaining amount of \u20ac2,612,000 (2023:
\u20ac2,418,000) includes, among other costs, consulting costs for legal, tax,
ESG, investor relations and patents.
When compared to the prior period, other operating expenses
decreased by \u20ac198,000 during 2024. This decrease was primarily driven
by the decrease in the flood-related expenses of \u20ac\u00a0953,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "
11.\u00a0 \u00a0 Other Operating Expenses
Other operating expenses are summarized in the overview below:
Other operating expenses
In Euro x\u00a01,000
2024
2023 (Restated) 19
Flood related expenses
53
1,006
Legal, audit and consulting fees
4,519
5,609
Repairs and maintenance
5,183
5,267
Transport expenses
8
20
Insurance and fees
2,943
2,605
IT services
1,959
1,900
Sales and promotion expenses
1,797
1,800
Car, travel and representation costs
2,002
1,561
Waste and disposal
2,889
2,021
Rental costs
1,379
1,279
Other costs
6,422
6,284
Other operating expenses
29,154
29,352
The flood-related expenses in 2024 relate to expenses for repairs of
\u20ac53,000 (2023: \u20ac1,006,000).
The category other costs in other operating expenses in 2024 mainly
include expenses related to other taxes for real estate and city and
province taxes \u20ac1,024,000 (2023: \u20ac971,000), medical & safety costs
\u20ac1,013,000 (2023: \u20ac920,000),\u00a0 a dispute we currently have on a VAT
position related to the IPO of 2022 amounting to \u20ac744,000, costs related
to the small fire that occurred in our operating plant in Weira amounting
to \u20ac557,000, recruiting and\u00a0 training costs \u20ac435,000 (2023: \u20ac475,000),
board compensation fees \u20ac236,000 (2023: \u20ac224,000), R&D costs not
capitalized of \u20ac108,000 and operations totaling \u20ac2,305,000 (2023:
\u20ac2,609,000). In 2024, there were no further IPO related real estate
transfer taxes included in other operating expenses (2023: \u20ac1,085,000).
Legal, audit and consulting fees relate primarily to fees paid to
freelancers of \u20ac1,004,000 (2023: \u20ac1,586,000), closing and audit fees of
\u20ac902,000 (2023: \u20ac1,076,000). The remaining amount of \u20ac2,612,000 (2023:
\u20ac2,418,000) includes, among other costs, consulting costs for legal, tax,
ESG, investor relations and patents.
When compared to the prior period, other operating expenses
decreased by \u20ac198,000 during 2024. This decrease was primarily driven
by the decrease in the flood-related expenses of \u20ac\u00a0953,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2024
2023 (Restated)19
Changes in fair value of Special Shares liabilities
866
105
Interest income
447
203
Foreign exchange gain
551
279
Total finance income
1,864
587
The change in fair value of the Special Shares conversion option relates
to the revaluation of this financial liability on the reporting date and is
based on changes in the ordinary share price of Cabka N.V. Further
details on the Special Shares and the conversion option are disclosed in
Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2024
2023 (Restated)19
Changes in fair value of Special Shares liabilities
866
105
Interest income
447
203
Foreign exchange gain
551
279
Total finance income
1,864
587
The change in fair value of the Special Shares conversion option relates
to the revaluation of this financial liability on the reporting date and is
based on changes in the ordinary share price of Cabka N.V. Further
details on the Special Shares and the conversion option are disclosed in
Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2024
2023 (Restated)19
Changes in fair value of Special Shares liabilities
866
105
Interest income
447
203
Foreign exchange gain
551
279
Total finance income
1,864
587
The change in fair value of the Special Shares conversion option relates
to the revaluation of this financial liability on the reporting date and is
based on changes in the ordinary share price of Cabka N.V. Further
details on the Special Shares and the conversion option are disclosed in
Note 30.
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2024
2023 (Restated)
Interest on debts and borrowings
3,484
3,353
Interest arising from revenue contracts
74
3
Interest on lease liabilities (IFRS 16)
256
218
Interest on rental purchase liabilities
163
33
Other interest and similar expenses
836
579
Foreign exchange loss
1,119
534
Total finance costs
5,932
4,720
Other interest and similar expenses contain the residual arrangement
fee of the repaid financing as per the end of December 2024 as well as
commitment fees and proportional arrangement fees for the syndicated
loan. Further details and terms of the syndicated loan are included in
note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "
12.\u00a0 \u00a0 Finance Income
Finance income is summarized in the overview below:
Finance income
In Euro x\u00a01,000
2024
2023 (Restated)19
Changes in fair value of Special Shares liabilities
866
105
Interest income
447
203
Foreign exchange gain
551
279
Total finance income
1,864
587
The change in fair value of the Special Shares conversion option relates
to the revaluation of this financial liability on the reporting date and is
based on changes in the ordinary share price of Cabka N.V. Further
details on the Special Shares and the conversion option are disclosed in
Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2024
2023 (Restated)
Interest on debts and borrowings
3,484
3,353
Interest arising from revenue contracts
74
3
Interest on lease liabilities (IFRS 16)
256
218
Interest on rental purchase liabilities
163
33
Other interest and similar expenses
836
579
Foreign exchange loss
1,119
534
Total finance costs
5,932
4,720
Other interest and similar expenses contain the residual arrangement
fee of the repaid financing as per the end of December 2024 as well as
commitment fees and proportional arrangement fees for the syndicated
loan. Further details and terms of the syndicated loan are included in
note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
13.\u00a0 \u00a0 Finance Expenses
Finance expenses are summarized in the overview below:
Finance expenses
In Euro x\u00a01,000
2024
2023 (Restated)
Interest on debts and borrowings
3,484
3,353
Interest arising from revenue contracts
74
3
Interest on lease liabilities (IFRS 16)
256
218
Interest on rental purchase liabilities
163
33
Other interest and similar expenses
836
579
Foreign exchange loss
1,119
534
Total finance costs
5,932
4,720
Other interest and similar expenses contain the residual arrangement
fee of the repaid financing as per the end of December 2024 as well as
commitment fees and proportional arrangement fees for the syndicated
loan. Further details and terms of the syndicated loan are included in
note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
Other interest and similar expenses contain the residual arrangement
fee of the repaid financing as per the end of December 2024 as well as
commitment fees and proportional arrangement fees for the syndicated
loan. Further details and terms of the syndicated loan are included in
note 30.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
14.\u00a0 \u00a0 Income Tax
Income tax expenses are summarized in the overview below:
Income tax expenses reported in the
statement of profit and loss
In Euro x\u00a01,000
2024
2023
Current income tax
408
1,573
Adjustments in respect of current income tax of
previous year
-
-75
Deferred tax adjustments
3,223
-1,166
Income tax expenses reported in the
statement of profit and loss
3,631
332
Total income tax paid in 2024 is \u20ac1,509,000 (2023: \u20ac1,222,000).
The nominal tax rates and amount in 2024 are 19% up to an amount of
\u20ac200,000 and 25.8% above \u20ac200,000.
Reconciliation of tax expense and the accounting profit multiplied by the
domestic tax rate for 2024 and 2023:
Reconciliation of tax expense and the
accounting profit multiplied by domestic tax
rate:
In Euro x\u00a01,000
2024
2023
Result before taxes
-5,723
-1,209
Income tax expense at statutory tax rate (25.8%)
1,506
312
Effect tax free income
440
94
Non-deductible expenses for tax purposes
-222
-267
Adjustments in respect of current income tax of
previous years
-33
75
Interest due to special balance of Cabka Group
GmbH and Trade Tax
860
-
Release of previously recognized deferred taxes
on loss carry forwards
-4,114
-
Impact from the revaluation and previously
unrecognized deferred taxes on tax loss carry
forwards
338
1,128
Realization of carry forward losses in the
Netherlands
-
369
Current year losses for which no deferred tax
asset is recognized
-1,926
-1,877
Effect on temporary differences without
recognized deferred taxes
190
451
Tax rate changes for deferred taxes
-
-
Differences to local tax rates
-671
-617
Income tax expense reported in the statement
of profit or loss
-3,631
-332
At the effective income rate of
-63.45%
-27.46%
Critical judgements on Taxes
Deferred 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\u2019s 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 tax assets are disclosed in Note
25.
For 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "1509000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-443": { "value": "1222000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "
15.\u00a0 \u00a0 Earnings per Share
Generally, basic Earnings Per Share (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 note 27). 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 share
In Euro
2024
2023
Profit attributable to ordinary equity holders of
the parent for basic and diluted earnings
-9,354,956
-1,541,206
Weighted average number of ordinary shares
for basic and diluted EPS
24,710,600
24,656,117
The weighted average number of shares were mainly impacted in 2023
by the issuance of new shares for the dividend payment, which was
partially settled in shares and partially in cash. During 2024, no new
shares were issued. The basic and diluted earnings per share in the
financial year 2024 amounts to \u20ac-0.38 (in 2023: \u20ac \u20ac-0.06).
The following instruments were not included in the basic or diluted EPS
(Note 31, 32). As the Group has incurred a loss for the financial year
ended December 31, 2023, 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-dilution effect.
Therefore, diluted earnings per share equal basic earnings per share.
Instrument
Hurdle
Number of
Potential
Ordinary Shares
PSU
EUR 11.00
146,545
PSU
EUR 12.00
146,545
SPECIAL SHARES CONVERSION
EUR 12.00
586,668
DSC2 WARRANTS
EUR 12.00
880,000
IPSU
EUR 13.00
146,545
DSC3 WARRANTS
EUR 13.00
1,320,000
PERFORMANCE SHARES
EUR 16.00
750,000
PERFORMANCE SHARES
EUR 18.00
750,000
PERFORMANCE SHARES
EUR 20.00
750,000
PSU and 450,000 of the Performance shares are additionally conditional
upon service conditions for the eligible employees.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "
15.\u00a0 \u00a0 Earnings per Share
Generally, basic Earnings Per Share (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 note 27). 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 share
In Euro
2024
2023
Profit attributable to ordinary equity holders of
the parent for basic and diluted earnings
-9,354,956
-1,541,206
Weighted average number of ordinary shares
for basic and diluted EPS
24,710,600
24,656,117
The weighted average number of shares were mainly impacted in 2023
by the issuance of new shares for the dividend payment, which was
partially settled in shares and partially in cash. During 2024, no new
shares were issued. The basic and diluted earnings per share in the
financial year 2024 amounts to \u20ac-0.38 (in 2023: \u20ac \u20ac-0.06).
The following instruments were not included in the basic or diluted EPS
(Note 31, 32). As the Group has incurred a loss for the financial year
ended December 31, 2023, 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-dilution effect.
Therefore, diluted earnings per share equal basic earnings per share.
Instrument
Hurdle
Number of
Potential
Ordinary Shares
PSU
EUR 11.00
146,545
PSU
EUR 12.00
146,545
SPECIAL SHARES CONVERSION
EUR 12.00
586,668
DSC2 WARRANTS
EUR 12.00
880,000
IPSU
EUR 13.00
146,545
DSC3 WARRANTS
EUR 13.00
1,320,000
PERFORMANCE SHARES
EUR 16.00
750,000
PERFORMANCE SHARES
EUR 18.00
750,000
PERFORMANCE SHARES
EUR 20.00
750,000
PSU 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "-0.38", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-447": { "value": "-0.38", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-449": { "value": "
16.\u00a0 \u00a0 Intangible Assets
The carrying value of intangible assets including among others software
licenses in the item purchased intangible assets is summarized below:
Intangible Assets at December 31
In Euro x\u00a01,000
2024
2023
Goodwill
-
-
Customer relationships
-
-
Internally generated intangible assets
2,081
2,108
Purchased intangible assets
478
505
Assets under construction
158
200
Total intangible assets
2,718
2,813
The movement during the year for intangible assets is as follows:
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2023
150
244
5,366
-
5,760
Additions
-
2,366
145
200
2,711
Disposals
-
-
-24
-
-24
Transfers
-
-
-
-
-
Currency translation
-
-9
-
-
-9
At December 31, 2023
150
2,601
5,487
200
8,438
Accumulated amortization and
impairment
At January 1, 2023
-120
-244
-4,709
-
-5,072
Additions
-30
-250
-297
-
-577
Disposals
-
-
24
-
24
Transfers
-
-
-
-
-
Currency translation
-
1
-
-
1
At December 31, 2023
-150
-493
-4,982
-
-5,625
Net book value
At December 31, 2023
-
2,108
505
200
2,813
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2024
150
2,601
5,487
200
8,438
Additions
-
339
340
-42
637
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
28
-
-
28
At December 31, 2024
150
2,968
5,827
158
9,103
Accumulated amortization and
impairment
At January 1, 2024
-150
-493
-4,982
-
-5,625
Additions
-
-388
-367
-
-755
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-6
-
-
-6
At December 31, 2024
-150
-886
-5,349
-
-6,385
Net book value
At December 31, 2024
-
2,081
478
158
2,718
Additions to internally developed assets refer primarily to product
development costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "
16.\u00a0 \u00a0 Intangible Assets
The carrying value of intangible assets including among others software
licenses in the item purchased intangible assets is summarized below:
Intangible Assets at December 31
In Euro x\u00a01,000
2024
2023
Goodwill
-
-
Customer relationships
-
-
Internally generated intangible assets
2,081
2,108
Purchased intangible assets
478
505
Assets under construction
158
200
Total intangible assets
2,718
2,813
The movement during the year for intangible assets is as follows:
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2023
150
244
5,366
-
5,760
Additions
-
2,366
145
200
2,711
Disposals
-
-
-24
-
-24
Transfers
-
-
-
-
-
Currency translation
-
-9
-
-
-9
At December 31, 2023
150
2,601
5,487
200
8,438
Accumulated amortization and
impairment
At January 1, 2023
-120
-244
-4,709
-
-5,072
Additions
-30
-250
-297
-
-577
Disposals
-
-
24
-
24
Transfers
-
-
-
-
-
Currency translation
-
1
-
-
1
At December 31, 2023
-150
-493
-4,982
-
-5,625
Net book value
At December 31, 2023
-
2,108
505
200
2,813
Intangible assets
In Euro x\u00a01,000
Customer
Relationship
Internally
developed
intangible
assets
Purchased
intangible
assets
Assets
under
construction
Total
Historical Cost
At January 1, 2024
150
2,601
5,487
200
8,438
Additions
-
339
340
-42
637
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
28
-
-
28
At December 31, 2024
150
2,968
5,827
158
9,103
Accumulated amortization and
impairment
At January 1, 2024
-150
-493
-4,982
-
-5,625
Additions
-
-388
-367
-
-755
Disposals
-
-
-
-
-
Transfers
-
-
-
-
-
Currency translation
-
-6
-
-
-6
At December 31, 2024
-150
-886
-5,349
-
-6,385
Net book value
At December 31, 2024
-
2,081
478
158
2,718
Additions to internally developed assets refer primarily to product
development costs.
17.\u00a0 \u00a0 Property, Plant and Equipment
The carrying value of property, plant and equipment is summarized
below:
Property, plant and equipment at December
31
In Euro x\u00a01,000
2024
2023
Land, land rights and buildings
21,384
19,276
Technical equipment and machines
38,166
37,515
Other equipment, factory and office equipment
14,948
14,183
Prepayments on tangible assets and
construction in process
9,439
9,820
Property, plant and equipment
83,937
80,794
The movement during the year for property, plant and equipment is as follows:
Movement schedule of property, plant
and equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2023
30,465
114,964
62,235
18,961
226,625
Additions
4,317
8,046
5,333
11,484
29,180
Disposals
-493
-7,765
-1,308
-
-9,566
Transfers
1,942
15,544
2,261
-20,743
-996
Adjustment
953
7,287
-8,534
270
-24
Currency translation
-177
-973
-392
-152
-1,694
At December 31, 2023
37,007
137,103
59,595
9,820
243,525
Accumulated depreciation
And impairment
At January 1, 2023
-15,431
-91,021
-51,223
-65
-157,740
Additions
-1,424
-9,083
-4,230
-
-14,737
Disposals
38
7,168
1,131
-
8,338
Transfers
-
-
-15
-
-15
Adjustment
-952
-7,287
8,630
65
456
Currency translation
38
635
294
-
968
At December 31, 2023
-17,731
-99,587
-45,413
-
-162,731
Net book value
At December 31, 2023
19,276
37,516
14,183
9,820
80,794
Movement schedule of property, plant
and equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2024
37,007
137,103
59,595
9,820
243,525
Additions
3,340
9,698
5,363
-487
17,916
Disposals
-
-
-296
-
-296
Currency translation
482
2,173
745
105
3,506
At December 31, 2024
40,830
148,975
65,408
9,439
264,651
Accumulated depreciation
And impairment
At January 1, 2024
-17,731
-99,587
-45,413
-
-162,731
Additions
-1,632
-10,084
-4,756
-
-16,473
Disposals
-
146
288
-
434
Currency translation
-83
-1,282
-580
-
-1,944
At December 31, 2024
-19,446
-110,808
-50,461
-
-180,715
Net book value
At December 31, 2024
21,384
38,167
14,947
9,439
83,937
The movement during the year for the right-of-use is as follows:
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2023
5,193
7,279
1,025
13,497
Additions\u00a0
2,088
943
448
3,479
Disposals\u00a0
-
-1,179
-17
-1,196
Adjustment
-349
14
-20
-355
Currency translation\u00a0
-
-73
-15
-88
At December 31, 2023
6,932
6,984
1,421
15,337
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2023
-1,159
-3,209
-399
-4,768
Additions\u00a0
-898
-1,077
-255
-2,230
Disposals\u00a0
-
1,080
18
1,098
Adjustment
140
534
9
683
Currency translation
-
43
7
50
At December 31, 2023
-1,917
-2,629
-620
-5,167
Net book value\u00a0
At December 31, 2023
5,015
4,355
800
10,170
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2024
6,932
6,984
1,421
15,337
Additions\u00a0
1,461
-
2,905
4,366
Disposals\u00a0
-
-
-198
-198
Adjustment\u00a0
-
-
-
-
Currency translation\u00a0
-
97
22
119
At December 31, 2024
8,393
7,081
4,150
19,624
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2024
-1,917
-2,629
-620
-5,166
Additions\u00a0
-1,149
-1,269
-535
-2,953
Disposals\u00a0
-
-
194
194
Adjustment\u00a0
-
-
-
-
Currency translation\u00a0
-
-68
-11
-79
At December 31, 2024
-3,066
-3,966
-973
-8,005
Net book value\u00a0
At December 31, 2024
5,327
3,115
3,177
11,619
The following lease related expenses are recognized in profit or loss:
Lease liabilities recognized in profit or loss
In Euro x\u00a01,000
2024
2023
Depreciation expense of right-of-use assets
2,956
2,230
Interest expense on lease liabilities
256
218
Expense relating to short-term leases / leases
of low-value assets
1,667
1,166
Total amount recognized in profit or loss
4,879
3,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "
17.\u00a0 \u00a0 Property, Plant and Equipment
The carrying value of property, plant and equipment is summarized
below:
Property, plant and equipment at December
31
In Euro x\u00a01,000
2024
2023
Land, land rights and buildings
21,384
19,276
Technical equipment and machines
38,166
37,515
Other equipment, factory and office equipment
14,948
14,183
Prepayments on tangible assets and
construction in process
9,439
9,820
Property, plant and equipment
83,937
80,794
The movement during the year for property, plant and equipment is as follows:
Movement schedule of property, plant
and equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2023
30,465
114,964
62,235
18,961
226,625
Additions
4,317
8,046
5,333
11,484
29,180
Disposals
-493
-7,765
-1,308
-
-9,566
Transfers
1,942
15,544
2,261
-20,743
-996
Adjustment
953
7,287
-8,534
270
-24
Currency translation
-177
-973
-392
-152
-1,694
At December 31, 2023
37,007
137,103
59,595
9,820
243,525
Accumulated depreciation
And impairment
At January 1, 2023
-15,431
-91,021
-51,223
-65
-157,740
Additions
-1,424
-9,083
-4,230
-
-14,737
Disposals
38
7,168
1,131
-
8,338
Transfers
-
-
-15
-
-15
Adjustment
-952
-7,287
8,630
65
456
Currency translation
38
635
294
-
968
At December 31, 2023
-17,731
-99,587
-45,413
-
-162,731
Net book value
At December 31, 2023
19,276
37,516
14,183
9,820
80,794
Movement schedule of property, plant
and equipment
In Euro x\u00a01,000
Land, land rights
and buildings on
third party land
Technical
equipment and
machines
Other equipment,
factory and office
equipment
Assets under
construction
Total
Historical Cost
At January 1, 2024
37,007
137,103
59,595
9,820
243,525
Additions
3,340
9,698
5,363
-487
17,916
Disposals
-
-
-296
-
-296
Currency translation
482
2,173
745
105
3,506
At December 31, 2024
40,830
148,975
65,408
9,439
264,651
Accumulated depreciation
And impairment
At January 1, 2024
-17,731
-99,587
-45,413
-
-162,731
Additions
-1,632
-10,084
-4,756
-
-16,473
Disposals
-
146
288
-
434
Currency translation
-83
-1,282
-580
-
-1,944
At December 31, 2024
-19,446
-110,808
-50,461
-
-180,715
Net book value
At December 31, 2024
21,384
38,167
14,947
9,439
83,937
As of December 31, 2024, individual machines up to an amount of \u20ac2.2 million were assigned as collateral for
liabilities to banks. The carrying amount of financial assets it has pledged as collateral for liabilities or contingent
liabilities, including amounts that have been reclassified in accordance with paragraph 3.2.23(a) of IFRS 9, and the
terms and conditions relating to the pledge.
Further information is provided in the note financial liabilities (Note 34).
In 2023, an accounting profit on the sale of land and equipment was realized for an amount of \u20ac1,356,000,
primarily for the land sold in Genthin (Germany) and the divestment of the non-strategic PVC assets.
Management performed a reassessment of the useful lives of assets in the Group and implemented this
reassessment as of January 1, 2024. The impact for the 2024 financial year is assessed to be not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-451": { "value": "
18.\u00a0 \u00a0 Leases
The 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. 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 31
In Euro x\u00a01,000
2024
2023
Land and buildings\u00a0
5,328
5,015
Technical equipment and machines\u00a0
3,115
4,355
Other equipment, factory and office
equipment\u00a0
3,177
800
Total right-of-use assets\u00a0
11,619
10,170
The movement during the year for the right-of-use is as follows:
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2023
5,193
7,279
1,025
13,497
Additions\u00a0
2,088
943
448
3,479
Disposals\u00a0
-
-1,179
-17
-1,196
Adjustment
-349
14
-20
-355
Currency translation\u00a0
-
-73
-15
-88
At December 31, 2023
6,932
6,984
1,421
15,337
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2023
-1,159
-3,209
-399
-4,768
Additions\u00a0
-898
-1,077
-255
-2,230
Disposals\u00a0
-
1,080
18
1,098
Adjustment
140
534
9
683
Currency translation
-
43
7
50
At December 31, 2023
-1,917
-2,629
-620
-5,167
Net book value\u00a0
At December 31, 2023
5,015
4,355
800
10,170
Movement schedule of right-of-use assets\u00a0\u00a0
In Euro x\u00a01,000
Land and
buildings\u00a0
Technical
equipment and
machines\u00a0
Other equipment\u00a0
Total\u00a0
Historical Cost\u00a0
At January 1, 2024
6,932
6,984
1,421
15,337
Additions\u00a0
1,461
-
2,905
4,366
Disposals\u00a0
-
-
-198
-198
Adjustment\u00a0
-
-
-
-
Currency translation\u00a0
-
97
22
119
At December 31, 2024
8,393
7,081
4,150
19,624
Accumulated depreciation\u00a0
And impairment\u00a0
At January 1, 2024
-1,917
-2,629
-620
-5,166
Additions\u00a0
-1,149
-1,269
-535
-2,953
Disposals\u00a0
-
-
194
194
Adjustment\u00a0
-
-
-
-
Currency translation\u00a0
-
-68
-11
-79
At December 31, 2024
-3,066
-3,966
-973
-8,005
Net book value\u00a0
At December 31, 2024
5,327
3,115
3,177
11,619
The disposals in 2024 \u20ac198,000 and 2023 of \u20ac1,196,000 are primarily
related to machines.
The carrying amounts of lease liabilities and the movements during the
period are set out below:
Carrying amounts of lease liabilities\u00a0and
movements during the period\u00a0
In Euro x\u00a01,000
2024
2023
As at January 1
9,353
7,340
Additions\u00a0\u00a0
4,391
4,265
Payments\u00a0
-3,198
-2,470
Interest\u00a0
256
218
As at December 31
10,802
9,353
Current\u00a0
3,654
2,349
Non-Current\u00a0
7,148
7,004
The maturity analysis of lease liabilities is disclosed in the financial
liabilities, Note 30. New lease liabilities in the financial year 2024
amounted to in total \u20ac4,391,000 (2023: \u20ac4,265,000).
The following lease related expenses are recognized in profit or loss:
Lease liabilities recognized in profit or loss
In Euro x\u00a01,000
2024
2023
Depreciation expense of right-of-use assets
2,956
2,230
Interest expense on lease liabilities
256
218
Expense relating to short-term leases / leases
of low-value assets
1,667
1,166
Total amount recognized in profit or loss
4,879
3,614
The Group had total cash outflows for leases of \u20ac2,942,000 in 2024
(\u20ac2,470,000 in 2023), excluding short-term leases.
The future lease payments for recognized lease contracts are
\u20ac3,654,000 (2023: \u20ac2,349,000) within one year and \u20ac7,148,000 (2023:
\u20ac7,004,000) thereafter. The Group has no lease contracts that have not
yet commenced as at December 31, 2024.
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 Leases
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, the Group 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. The average IBR of
all contracts in place as at December 31, 2024 is 1.78% (2023:1.94%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-452": { "value": "2942000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-453": { "value": "2470000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-454": { "value": "
Incremental Borrowing Rate on Leases
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, the Group 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. The average IBR of
all contracts in place as at December 31, 2024 is 1.78% (2023:1.94%).
Borrowing
costs are recognized under finance expenses in the consolidated
statement of profit and loss disclosed in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-456": { "value": "
20.\u00a0 \u00a0 Other Long-term Assets
Other long-term assets relate to a purchased interest rate option with a
nominal amount of \u20ac5,000,000 and an initial term of 5 years. The paid
premium was recognized in other assets at the purchase date and will be
adjusted according to its fair value at the reporting dates. At December
31, 2024, the fair value of this instrument was \u20ac0 (2023: \u20ac17,000).
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2024
2023
VAT
2,637
4,277
Receivables from employees
230
231
Energy taxes
1,888
1,744
Prepayments
-87
557
Security deposit
176
151
Income tax
1,449
2,049
Accrued charges and other assets
2,775
3,600
Other short-term assets
9,067
12,609
The decrease in other short-term assets is primarily due to the a
reduction in the VAT item within the short-term assets, following the
release of a \u20ac744,000 VAT position that related to the IPO of 2022. The
company still holds a remaining VAT position of \u20ac330,000, for which
there still exists a level of uncertainty whether this would be
recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-455": { "value": "
20.\u00a0 \u00a0 Other Long-term Assets
Other long-term assets relate to a purchased interest rate option with a
nominal amount of \u20ac5,000,000 and an initial term of 5 years. The paid
premium was recognized in other assets at the purchase date and will be
adjusted according to its fair value at the reporting dates. At December
31, 2024, the fair value of this instrument was \u20ac0 (2023: \u20ac17,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-457": { "value": "
21.\u00a0 \u00a0 Inventories
Inventories are summarized in the overview below:
Inventories at December 31
In Euro x\u00a01,000
2024
2023
Raw material, consumables, and supplies
12,939
10,990
Work in process
5,474
5,737
Finished goods and merchandise
17,794
15,332
Inventories
36,208
32,058
Inventories include obsolete stock with a total impact of \u20ac501,000 (2023:
\u20ac263,000) on the overall value in the reporting year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-458": { "value": "
22.\u00a0 \u00a0 Trade Receivables
Trade receivables are summarized in the overview below:
Trade receivables at December 31
In Euro x\u00a01,000
2024
2023
Receivables from third-party customers
19,633
27,669
Allowance for expected credit losses (ECL)
-91
-95
Trade receivables
19,542
27,574
Further information on the Expected Credit Loss (ECL) calculation is
provided in Note 33.
In 2024, Cabka N.V. entered into a non-recourse factoring agreement
with a factory company for some of its affiliates. Under this agreement,
the company sells its accounts receivable to the factor at a discount,
and the factor assumes the credit risk associated with the receivables.
As a result, the receivables are derecognized from the company's
balance sheet upon transfer to the factor.
As of December 31, 2024, the total amount of receivables transferred
from the balance sheet under this agreement was \u20ac8.3 million. This
arrangement has improved the company's liquidity position by providing
immediate cash flow while mitigating the risk of debtor insolvency. The
factoring fees and any discounts applied to the receivables are recorded
as financing expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-460": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2024
2023
VAT
2,637
4,277
Receivables from employees
230
231
Energy taxes
1,888
1,744
Prepayments
-87
557
Security deposit
176
151
Income tax
1,449
2,049
Accrued charges and other assets
2,775
3,600
Other short-term assets
9,067
12,609
The decrease in other short-term assets is primarily due to the a
reduction in the VAT item within the short-term assets, following the
release of a \u20ac744,000 VAT position that related to the IPO of 2022. The
company still holds a remaining VAT position of \u20ac330,000, for which
there still exists a level of uncertainty whether this would be
recoverable.\u00a0
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-461": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2024
2023
VAT
2,637
4,277
Receivables from employees
230
231
Energy taxes
1,888
1,744
Prepayments
-87
557
Security deposit
176
151
Income tax
1,449
2,049
Accrued charges and other assets
2,775
3,600
Other short-term assets
9,067
12,609
The decrease in other short-term assets is primarily due to the a
reduction in the VAT item within the short-term assets, following the
release of a \u20ac744,000 VAT position that related to the IPO of 2022. The
company still holds a remaining VAT position of \u20ac330,000, for which
there still exists a level of uncertainty whether this would be
recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-459": { "value": "
23.\u00a0 \u00a0 Other Short-term Assets
Other short-term assets are summarized in the overview below:
Other short-term assets at December 31
In Euro x\u00a01,000
2024
2023
VAT
2,637
4,277
Receivables from employees
230
231
Energy taxes
1,888
1,744
Prepayments
-87
557
Security deposit
176
151
Income tax
1,449
2,049
Accrued charges and other assets
2,775
3,600
Other short-term assets
9,067
12,609
The decrease in other short-term assets is primarily due to the a
reduction in the VAT item within the short-term assets, following the
release of a \u20ac744,000 VAT position that related to the IPO of 2022. The
company still holds a remaining VAT position of \u20ac330,000, for which
there still exists a level of uncertainty whether this would be
recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-463": { "value": "
24.\u00a0 \u00a0 Cash and Cash Equivalents
Cash and cash equivalents are summarized in the overview below:
Cash and short-term deposits at December 31
In Euro x\u00a01,000
2024
2023
Cash at bank and on hand\u00a0
4,388
7,252
Cash and cash equivalents\u00a0
4,388
7,252
Within the cash at banks an amount of \u20ac5,000 (2023 \u20ac32,000) is held as
security deposit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-462": { "value": "
24.\u00a0 \u00a0 Cash and Cash Equivalents
Cash and cash equivalents are summarized in the overview below:
Cash and short-term deposits at December 31
In Euro x\u00a01,000
2024
2023
Cash at bank and on hand\u00a0
4,388
7,252
Cash and cash equivalents\u00a0
4,388
7,252
Within the cash at banks an amount of \u20ac5,000 (2023 \u20ac32,000) is held as
security deposit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-464": { "value": "
Within the cash at banks an amount of \u20ac5,000 (2023 \u20ac32,000) is held as
security deposit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-465": { "value": "
25.\u00a0 \u00a0 Deferred Taxes
Deferred taxes relate to the following financial items:
Deferred taxes as at December 31
In Euro x\u00a01,000
2024
2023
Deferred tax assets on\u00a0
Intangible assets\u00a0
-
52
Inventories\u00a0
-
-
Trade Receivables\u00a0
-
-
Provisions\u00a0
-
761
Contract liabilities\u00a0
-252
765
Financial liabilities\u00a0
1,070
1,503
Losses available for offsetting against future
taxable income\u00a0
5,203
11,227
Deferred tax assets, gross\u00a0
6,020
14,308
Offsetting with deferred tax liabilities\u00a0
-112
-6,341
Deferred tax assets reflected in statement of
financial position, net\u00a0
5,908
7,967
Deferred tax liabilities on\u00a0\u00a0
Property, plant and equipment\u00a0
142
5,340
Financial liabilities\u00a0
-
1,089
Deferred tax liabilities, gross\u00a0
142
6,429
Offsetting with deferred tax assets\u00a0
-112
-6,341
Deferred tax liabilities reflected in statement
of financial position, net
29
88
The Group has in total of \u20ac83,413,000 tax losses carried forward for
which \u20ac33,978,000 (2023:\u00a0\u20ac54,405,000) recognized tax losses carried
forward and \u20ac49,435,000 unrecognized. 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 \u20ac5,203,000 (2023: \u20ac11,227,000). Deferred tax assets
have been recognized for tax losses resulting from Germany
\u20ac32,568,000, Belgium \u20ac54,000 and the Netherlands \u20ac1,355,000. There
are tax losses carried forward amounting to \u20ac2,074,000 which expire
within the following five years and \u20ac4,163,000 will expire after five years.
The group has \u20ac79,553,000 for which the tax losses can be carried
forward indefinitely. However, the amount of carry forward tax losses
that can be utilized in one financial year can be restricted to a certain
amount.
At the time of publication of this report, the tax assessment for the US
operation was not finalized yet. Hence, the numbers mentioned above
are based on the US commercial result and not the fiscal result.
Management reassessed the deferred tax asset which was accumulated
in the US including the effects of the devastating flooding of 2022. The
company adopts a conservative stance by only recognizing a deferred
asset where there is a high degree of certainty regarding the future
profits. Management decided based on the strict guidelines from IFRS
and out of prudence to reduce the deferred tax asset accumulated in
the US with an amount of \u20ac4,103,000. This adjustment has no impact on
the fiscal position of the company as it aims for building a growing and
profitable US operation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-466": { "value": "
26.\u00a0 \u00a0 Share Capital and Share Premium
Share Capital:
In 2024, in no additional shares were issued (2023: 334,787).
The issued share capital of Cabka N.V. as at December 31, 2024 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R
5\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
The 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 \u20ac12.00 for any 15 trading days out
of a 30 consecutive trading-day period (whereby such 15 trading days do
not have to be consecutive) or (ii) convert into 1 ordinary share if this
price hurdle is not 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, 2024 amounts to \u20ac205,000 (2023: \u20ac1,071,000) (Note 30).
For an overview of the ownership of the ordinary shares issued, we refer
to Note 52 of the Company financial statements.
Share premium:
The share premium reserve of \u20ac73,995,000 (2023:\u20ac77,687,000) relates to
contributions 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.
During the reporting period, the Group recognized the following
amounts as distributions to owners:
Dividends
2024
2023
Total dividends declared and paid value in EUR
-3,706,590
-3,656,584
Dividends per share in EUR
0.15
0.15
These amounts are presented in the statement of changes in equity and
the notes to the financial statements.
Limitations in the distribution of shareholder\u2019s equity
A free distribution is restricted for the amount of capitalized internal
development costs as carried on the consolidated statement of financial
position. As at December 31, 2024 the amount of capitalized
development costs as carried in the consolidated statement of financial
position amounts to\u00a0\u20ac2,081,000 (2023: \u20ac2,108,000) as further detailed in
Note 48 of the Company Financial Statements of Cabka N.V., in which a
legal reserve has been formed as required under Dutch Law.
28.\u00a0 \u00a0 Other Reserves
Other reserves comprise 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 other reserves can be stated as
follows:
Other reserves
In Euro x\u00a01,000
Warrants
Performance
Shares
Share-based
payments
Reserve for Cash
Flow Hedges
Total other
reserves
At January 1, 2023
3,282
3,449
4,304
-
11,035
Issue of performance shares (Note 28)
-
-
164
-
164
Roll-over of VSOP (Note 28)
-
-
-3,817
-
-3,817
Share-based payment expense PSU (Note 28)
-
-
380
-
380
At December 31, 2023
3,282
3,449
1,031
-
7,762
At December 2024
3,282
3,449
1,031
-
7,762
Issue of performance shares (Note 28)
-
-
68
-
68
Issue of RSU (Note 28)
-
-
79
-
79
Release of performance shares (Note 28)
-
-
-370
-
-370
Movement of PSU (Note 28)
-
-
-101
-
-101
Decrease of reserve cash flow hedges (Note 28)
-
-
-
-510
-510
At December 31, 2024
3,282
3,449
707
-510
6,928
Warrants:
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 (\u20ac12.00 / \u20ac13.00)
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 predetermined 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 Holder will be charged \u20ac0.10
per Ordinary Share transferred to the Warrant Holder 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.
Number of warrants
Warrants (units)
Conversion ratio
Ordinary shares
(units)
Warrants for ordinary shares \u2013
hurdle \u20ac 12,00
1,833,334
0.24
880,000
Warrants for ordinary shares \u2013
hurdle \u20ac 13,00
1,833,334
0.36
1,320,000
Outstanding at December 31,
2023
3,666,668
2,200,000
Performance 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 do not have to be consecutive):
\u2022 At \u20ac16.00 \u2013 600,000 performance shares will automatically convert
into an equal number of ordinary shares.
\u2022 At \u20ac18.00 \u2013 600,000 performance shares will automatically convert
into an equal number of ordinary shares.
\u2022 At \u20ac20.00 \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 the grant date March 1, 2022 amounted to
\u20ac3,449,200 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.
29.\u00a0 \u00a0 Foreign Currency Translation Reserve
The foreign currency translation reserve of \u20ac-1,482,000 (2023:
\u20ac-1,372,000) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-467": { "value": "
26.\u00a0 \u00a0 Share Capital and Share Premium
Share Capital:
In 2024, in no additional shares were issued (2023: 334,787).
The issued share capital of Cabka N.V. as at December 31, 2024 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R
5\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
The 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 \u20ac12.00 for any 15 trading days out
of a 30 consecutive trading-day period (whereby such 15 trading days do
not have to be consecutive) or (ii) convert into 1 ordinary share if this
price hurdle is not 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, 2024 amounts to \u20ac205,000 (2023: \u20ac1,071,000) (Note 30).
For an overview of the ownership of the ordinary shares issued, we refer
to Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-468": { "value": "
The issued share capital of Cabka N.V. as at December 31, 2024 can be
specified as follows:
Cabka Share
Capital\u00a0
Shares
Nominal value
Share capital
ISIN
(units)
in EUR
in EUR
Ordinary
shares in
treasury\u00a0
15,994,378
0.01
159,944
DSC2S /
NL00150002R
5\u00a0
Ordinary
shares
outstanding\u00a0
24,710,600
0.01
247,106
CABKA /
NL00150000S7
\u00a0
Total ordinary
shares issued\u00a0
40,704,978
407,050
Special Shares\u00a0
97,778
0.01
978
Total shares
issued\u00a0
40,802,756
408,028
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-469": { "value": "
During the reporting period, the Group recognized the following
amounts as distributions to owners:
Dividends
2024
2023
Total dividends declared and paid value in EUR
-3,706,590
-3,656,584
Dividends per share in EUR
0.15
0.15
These amounts are presented in the statement of changes in equity and
the notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-470": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-471": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-472": { "value": "
27.\u00a0 \u00a0 Share-Based Payments
PSU Plan
Effective as of March 1, 2022, a performance share unit plan was 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 \u20ac11.00, \u20ac12.00 and \u20ac13.00 (hurdles) within five years\u2019 time from
the 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 forfeits. 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 a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the
highest probability that hurdles are met according to the option pricing
model applied.
No more grants under the PSU program will be issued.
PS
Finally, the former CEO was 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 \u20ac16.00,
\u20ac18.00 and \u20ac20.00 (hurdles). After the former CEO, Tim Litjens, stepped
down as of October 1, 2024, all his PS rights were terminated without any
vesting or payout.
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 a
share-based payment expense over the estimated vesting period based
on graded vesting.
RSU
Effective as of August 1, 2024, a restricted stock unit plan was adopted
(the RSU Plan). Under the plan, eligible employees are granted RSUs,
which represent a promise to deliver shares of the company's stock at a
future date, subject to certain vesting conditions. The grant will be
adjustable (from 0% to 130%) based on the job performance of the
relevant participant. The adjustment of the grant will be determined
after the vesting period of the stock options and/or RSUs based on the
achievement of a cumulative three-year EBITDA target, which EBITDA
target will be determined by the Supervisory Board. Accelerated vesting
will be subject to the approval of the Supervisory Board and the
Supervisory Board will have the right to overwrite and/or adjust any
grant of stock options and/or RSUs.
Participants will not be allowed to exercise stock options or sell shares
received pursuant to the vesting of RSUs within the first 5 years following
the date of grant.
Non-vested stock options cannot be exercised and non-vested RSUs
cannot be settled. If a participant leaves the Company, all granted but
unvested stock options will be forfeited.
There are no cash settlement alternatives. The Group accounts for the
RSU as an equity-settled share-based payment.
The fair value of the RSU is estimated at the grant date using a modified
Black-Scholes-Merton option pricing model, considering the vesting
conditions. The total fair value of the grant is recorded as a share-based
payment expense over the estimated vesting period based on graded
vesting. The vesting period was estimated based on the date of the
highest probability that hurdles are met according to the option pricing
model applied.
As at December 31, 2024 (December 31, 2023), the Group recognized the
following share-based payment expenses for the above-mentioned plans
in the statement of profit or loss:
Share- based payment expense
In Euro x\u00a01,000
2024
2023
VSOP
-
-
PSU
-101
380
PS
-301
164
RSU
79
-
Share-based payment expenses
-324
545
Movements of equity-settled options during the year:
Number of options\u00a0
RSU
PS\u00a0
PSU\u00a0
Outstanding at January 1,
2024
-
450,000
439,637
Granted during the year\u00a0
154,668
-
10,000
Forfeited during the year\u00a0
-
-450,000
-177,853
Exercised during year\u00a0
-
-
-
Outstanding at December 31,
2024
154,668
-
271,784
All option programs have an exercise price of zero. None of the options
were exercisable as of December 31, 2024. The weighted average
remaining contractual life of the option can be summarized as follows:
Weighted average remaining contractual life
of options in years
2024
2023
RSU
4.00
-
PSU
4.34
6.26
PS
-
3.25
The remaining contractual life of PSU options reflects the maximum
possible contractual lifespan of 5 years for achieving the hurdles plus a
consecutive 3-year vesting period. The PS options granted to the CEO
have in principle no contractual life but were linked to a continuous
employment clause.\u00a0 After the former CEO, Tim Litjens, stepped down all
his PS rights were terminated.
The weighted average fair values of options granted in 2024 and 2023 at
the respective measurement dates are summarized as follows:
Weighted average fair value of options at
measurement date (in EUR)
In Euro
2024
2023
VSOP\u00a0
-
-
RSU
2.00
-
PSU\u00a0
4.03
2.02
PS
-
-
The model inputs are summarized in the overview as follows:
Model inputs\u00a0\u00a0
2024
2024
2023
PSU\u00a0
RSU
PSU\u00a0
Model used\u00a0
Modified BS\u00a0
Modified BS\u00a0
Modified BS\u00a0
Measurement
date\u00a0
January 1,
2024
August 1, 2024
June 8, 2023
Dividend yield
(%)
2.46
-
2.35
Expected
volatility\u00a0(%)
31.00
30.00
32.00
Risk-free rate
(%)
1.92
2.10
2.29 - 2.30
Expected life
of options
(years)
5.00 \u2013 7.00\u00a0
5.00
6.00 \u2013 8.00
Underlying
share price (\u20ac)
\u20ac6.10
\u20ac3.58
\u20ac6.37
The expected life of the options is based on expectations at the
measurement date, considering early exercise behavior generally
observed for employees, and is not necessarily indicative of exercise
patterns that may occur. The expected life of the PSU (2022) is less than
the maximum contractual life. The expected life of the PSU 2023 & (2024)
is equal to the maximum contractual life. 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 payments
Estimating 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-473": { "value": "
28.\u00a0 \u00a0 Other Reserves
Other reserves comprise 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 other reserves can be stated as
follows:
Other reserves
In Euro x\u00a01,000
Warrants
Performance
Shares
Share-based
payments
Reserve for Cash
Flow Hedges
Total other
reserves
At January 1, 2023
3,282
3,449
4,304
-
11,035
Issue of performance shares (Note 28)
-
-
164
-
164
Roll-over of VSOP (Note 28)
-
-
-3,817
-
-3,817
Share-based payment expense PSU (Note 28)
-
-
380
-
380
At December 31, 2023
3,282
3,449
1,031
-
7,762
At December 2024
3,282
3,449
1,031
-
7,762
Issue of performance shares (Note 28)
-
-
68
-
68
Issue of RSU (Note 28)
-
-
79
-
79
Release of performance shares (Note 28)
-
-
-370
-
-370
Movement of PSU (Note 28)
-
-
-101
-
-101
Decrease of reserve cash flow hedges (Note 28)
-
-
-
-510
-510
At December 31, 2024
3,282
3,449
707
-510
6,928
Warrants:
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 (\u20ac12.00 / \u20ac13.00)
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 predetermined 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 Holder will be charged \u20ac0.10
per Ordinary Share transferred to the Warrant Holder 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.
Number of warrants
Warrants (units)
Conversion ratio
Ordinary shares
(units)
Warrants for ordinary shares \u2013
hurdle \u20ac 12,00
1,833,334
0.24
880,000
Warrants for ordinary shares \u2013
hurdle \u20ac 13,00
1,833,334
0.36
1,320,000
Outstanding at December 31,
2023
3,666,668
2,200,000
Performance 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 do not have to be consecutive):
\u2022 At \u20ac16.00 \u2013 600,000 performance shares will automatically convert
into an equal number of ordinary shares.
\u2022 At \u20ac18.00 \u2013 600,000 performance shares will automatically convert
into an equal number of ordinary shares.
\u2022 At \u20ac20.00 \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 the grant date March 1, 2022 amounted to
\u20ac3,449,200 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.
29.\u00a0 \u00a0 Foreign Currency Translation Reserve
The foreign currency translation reserve of \u20ac-1,482,000 (2023:
\u20ac-1,372,000) 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-474": { "value": "
Warrants:
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 (\u20ac12.00 / \u20ac13.00)
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 predetermined 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-476": { "value": "
30.\u00a0 \u00a0 Financial Liabilities
The contractual maturities of the Group\u2019s financial liabilities are as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
The financial liabilities of the previous financial year can be summarized
as follows:
Financial liabilities split by remaining term on December 31, 2023
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
1,071
-
1,071
Liabilities to banks
16,446
32,292
48,738
Lease liabilities (IFRS 16)
2,349
7,005
9,354
Rental purchase liabilities
898
3,962
4,860
Others
-
-
-
Financial liabilities
20,764
43,259
64,023
To cover its financing needs, Cabka uses leasing, long-term loans and a
syndicated loan which was renewed on December 15, 2023. The
syndicated loan, with a consortium led by Commerzbank AG, has a total
initial debt facility of \u20ac80,000,000 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 \u20ac20,000,000 for further financial flexibility. Borrowing
costs are recognized under finance expenses in the consolidated
statement of profit and loss disclosed in Note 13.
As of December 31, 2024 \u20ac20,200,000 of the facilities were unused. The
syndicated loan is unsecured and has an initial term of 4 years with a
maturity in December 2027. Besides the syndicated loan there are
secured long-term loans of \u20ac2,292,000 (of which \u20ac1,667,000 is
subordinated) with a maturity in December 2025. The weighted average
interest rate at December 31, 2024 was 5.3% for liabilities to banks in
EUR. The syndicated loan contains several financial covenants which
have to be met at specific dates. In August 2024, Cabka successfully
obtained a suspension of one covenant and an increase of another
covenant until the end of Q2 2025.
At reporting date, all agreed levels of the financial covenants were met.
To reduce the interest rate risk, Cabka uses interest rate derivatives as
disclosed in Note 33.
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2023
52,048
7,340
5,087
1,176
89
65,740
Cash outflows / repayments
-3,310
-2,470
-2,727
-
-89
-8,596
Additions
-
4,483
2,500
-
-
6,983
Fair value changes
-
-
-
-105
-
-105
At December 31, 2023
48,738
9,353
4,860
1,071
-
64,022
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
Rental 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 classified 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 \u20ac0 (2023: \u20ac2,500,000) are cash inflows from
sale of an asset.
Lease liability additions of in total \u20ac4,391,000 (2023: \u20ac4,483,000) in the
reporting year have a non-cash character.
Special Shares liabilities:
As detailed in Note 26, 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 \u20ac12.00 for any 15 trading days out of a 30
consecutive trading-day period (whereby such 15 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, 2024 amounts to \u20ac205,000 (2023: \u20ac1,071,000).
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 2024, a fair
value gain of \u20ac866,000 (2023: \u20ac105,000) has been recorded in financial
income (Note 12), which is the result of a lower ordinary share price of
Cabka N.V. as at December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-475": { "value": "
30.\u00a0 \u00a0 Financial Liabilities
The contractual maturities of the Group\u2019s financial liabilities are as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
The financial liabilities of the previous financial year can be summarized
as follows:
Financial liabilities split by remaining term on December 31, 2023
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
1,071
-
1,071
Liabilities to banks
16,446
32,292
48,738
Lease liabilities (IFRS 16)
2,349
7,005
9,354
Rental purchase liabilities
898
3,962
4,860
Others
-
-
-
Financial liabilities
20,764
43,259
64,023
To cover its financing needs, Cabka uses leasing, long-term loans and a
syndicated loan which was renewed on December 15, 2023. The
syndicated loan, with a consortium led by Commerzbank AG, has a total
initial debt facility of \u20ac80,000,000 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 \u20ac20,000,000 for further financial flexibility. Borrowing
costs are recognized under finance expenses in the consolidated
statement of profit and loss disclosed in Note 13.
As of December 31, 2024 \u20ac20,200,000 of the facilities were unused. The
syndicated loan is unsecured and has an initial term of 4 years with a
maturity in December 2027. Besides the syndicated loan there are
secured long-term loans of \u20ac2,292,000 (of which \u20ac1,667,000 is
subordinated) with a maturity in December 2025. The weighted average
interest rate at December 31, 2024 was 5.3% for liabilities to banks in
EUR. The syndicated loan contains several financial covenants which
have to be met at specific dates. In August 2024, Cabka successfully
obtained a suspension of one covenant and an increase of another
covenant until the end of Q2 2025.
At reporting date, all agreed levels of the financial covenants were met.
To reduce the interest rate risk, Cabka uses interest rate derivatives as
disclosed in Note 33.
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2023
52,048
7,340
5,087
1,176
89
65,740
Cash outflows / repayments
-3,310
-2,470
-2,727
-
-89
-8,596
Additions
-
4,483
2,500
-
-
6,983
Fair value changes
-
-
-
-105
-
-105
At December 31, 2023
48,738
9,353
4,860
1,071
-
64,022
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
Rental 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 classified 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 \u20ac0 (2023: \u20ac2,500,000) are cash inflows from
sale of an asset.
Lease liability additions of in total \u20ac4,391,000 (2023: \u20ac4,483,000) in the
reporting year have a non-cash character.
Special Shares liabilities:
As detailed in Note 26, 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 \u20ac12.00 for any 15 trading days out of a 30
consecutive trading-day period (whereby such 15 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, 2024 amounts to \u20ac205,000 (2023: \u20ac1,071,000).
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 2024, a fair
value gain of \u20ac866,000 (2023: \u20ac105,000) has been recorded in financial
income (Note 12), which is the result of a lower ordinary share price of
Cabka N.V. as at December 31, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-477": { "value": "
The contractual maturities of the Group\u2019s financial liabilities are as
follows:
Financial liabilities split by remaining term on December 31, 2024
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
205
-
205
Liabilities to banks
31,961
30,000
61,961
Lease liabilities (IFRS 16)
3,654
7,148
10,802
Rental purchase liabilities
1,639
1,749
3,388
Others
-
-
-
Financial liabilities
37,460
38,897
76,357
The financial liabilities of the previous financial year can be summarized
as follows:
Financial liabilities split by remaining term on December 31, 2023
In Euro x\u00a01,000
Current
Non-current
Total
Special Shares liabilities
1,071
-
1,071
Liabilities to banks
16,446
32,292
48,738
Lease liabilities (IFRS 16)
2,349
7,005
9,354
Rental purchase liabilities
898
3,962
4,860
Others
-
-
-
Financial liabilities
20,764
43,259
64,023
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-478": { "value": "
Financial liabilities movements can be summarized as follows:
Financial liabilities movements
In Euro x\u00a01,000
Liabilities to
banks
Lease liabilities
Rental purchase
liabilities
Special shares
liabilities
Others
Total
At January 1, 2023
52,048
7,340
5,087
1,176
89
65,740
Cash outflows / repayments
-3,310
-2,470
-2,727
-
-89
-8,596
Additions
-
4,483
2,500
-
-
6,983
Fair value changes
-
-
-
-105
-
-105
At December 31, 2023
48,738
9,353
4,860
1,071
-
64,022
At January 1, 2024
48,738
9,353
4,860
1,071
-
64,022
Cash outflows / repayments
-2,292
-2,942
-1,472
-
-
-6,706
Additions
15,515
4,391
-
-
-
19,906
Fair value changes
-
-
-
-866
-
-866
At December 31, 2024
61,961
10,802
3,388
205
-
76,357
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-479": { "value": "2500000.0", "decimals": -3, "dimensions": { "concept": "cab:ProceedsFromSaleAndLeaseBackClassifiedAsFinancingActivities", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-484": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2024
2023
Received prepayments on contracts
240
511
Other contract liabilities
2,901
3,862
Total contract liabilities
3,141
4,373
Other contract liabilities relate to materials received at the Eco-
Products-Business which were not yet processed for recycling.
Therefore, according to IFRS 15, the received Eco materials which are
included in stock as at the balance sheet date, are included as other
contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-483": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2024
2023
Received prepayments on contracts
240
511
Other contract liabilities
2,901
3,862
Total contract liabilities
3,141
4,373
Other contract liabilities relate to materials received at the Eco-
Products-Business which were not yet processed for recycling.
Therefore, according to IFRS 15, the received Eco materials which are
included in stock as at the balance sheet date, are included as other
contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-482": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2024
2023
Received prepayments on contracts
240
511
Other contract liabilities
2,901
3,862
Total contract liabilities
3,141
4,373
Other contract liabilities relate to materials received at the Eco-
Products-Business which were not yet processed for recycling.
Therefore, according to IFRS 15, the received Eco materials which are
included in stock as at the balance sheet date, are included as other
contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-481": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2024
2023
Received prepayments on contracts
240
511
Other contract liabilities
2,901
3,862
Total contract liabilities
3,141
4,373
Other contract liabilities relate to materials received at the Eco-
Products-Business which were not yet processed for recycling.
Therefore, according to IFRS 15, the received Eco materials which are
included in stock as at the balance sheet date, are included as other
contract liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-480": { "value": "
31.\u00a0 \u00a0 Trade Payables, Other Liabilities and Contract
Liabilities
Trade payables and other liabilities are summarized in the overview
below:
Trade payables and other liabilities at
December 31
In Euro x\u00a01,000
2024
2023
Trade payables
29,037
32,578
Personnel related liabilities
3,553
3,861
Others
3,395
4,888
Total other liabilities
6,948
8,749
Trade payables and other liabilities
35,985
41,327
The category others relates to numerous other liabilities such as VAT
and wage taxes.
The contract liabilities are summarized in the overview below:
Contract liabilities
In Euro x\u00a01,000
2024
2023
Received prepayments on contracts
240
511
Other contract liabilities
2,901
3,862
Total contract liabilities
3,141
4,373
Other contract liabilities relate to materials received at the Eco-
Products-Business which were not yet processed for recycling.
Therefore, according to IFRS 15, the received Eco materials which are
included in stock as at the balance sheet date, are included as other
contract liabilities.
Legal claim contingency
There are no legal claims and contingencies outstanding that could have
a material impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-485": { "value": "
32.\u00a0 \u00a0 Provisions
Provisions are summarized in the overview below:
Provisions
In Euro x\u00a01,000
2024
2023
Provisions for sales and marketing
508
294
Remaining other provisions
278
544
Total provisions
786
838
The remaining other provisions include various smaller items, of which a
part of the liability position is due to uncertain timing with regard to a
specific customers, where returned pallets were received in exchange
for new ones. Cabka sold pallets to the customer in the past with a
product warranty clause. This could result in a future outflow of assets of
which the timing is uncertain. No pallets have been received back under
this warranty clause as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-487": { "value": "
33.\u00a0 \u00a0 Financial Instruments Risk Management
Objectives and Policies
The 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 risk
Foreign 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 such as forwards and swaps
to safeguard its foreign currency risk exposure. Derivatives are measured
at fair value and are generally recognized in profit or loss. On December
31, 2024, Cabka had foreign exchange derivatives outstanding with a
nominal amount of \u20ac36,132,000 (2023: \u20ac14,034,000). At December 31,
2024, the fair value of these instruments was \u20ac-390,000 (2023:
\u20ac325,000).
Foreign currency sensitivity
The 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.
The main foreign exchange risk results from changes in the value of the
USD relative to the EUR. If the foreign currencies would have risen
against the EUR by 10%, the post-tax loss for the year would have been
\u20ac55,000 higher (2023: \u20ac199,000 higher). The opposite applies in the case
of a weakening of these foreign currencies relative to the euro of 10%.
Interest rate risk
The Group is exposed to interest rate risk. Cabka uses interest rate
swaps and options to economically hedge the interest rate risk. On
December 31, 2024, Cabka had outstanding interest rate derivatives for a
nominal amount of \u20ac30,000,000. If the interest rates at December 31,
2024 would have been 100bps higher, the interest expenses would have
been \u20ac198,000 higher (2023: \u20ac202,000 higher). If the interest rates at
December 31, 2024 would have been 100bps lower, the interest expenses
would have been \u20ac227,000 lower (2023: \u20ac202,000 lower.) refer to Note
20 and 31. The Fair value of the interest rate derivatives would have been
\u20ac96,000 higher, if the interest rates at December 31, 2024 was 100bps
higher, impacting OCI by \u20ac96,000. The opposite applies in the case of a
100 bps decrease in the interest rates.
Derivatives are only used for economic hedging purposes and not as
speculative investments. The full fair value of hedging derivatives is
classified as a non-current asset or liability where the remaining maturity
of the hedged item is more than 12 months. On December 31, 2024 the
fair value included under other non current liabilities was \u20ac510,000
(2023: nil).
The ineffective portion of the derivative is deemed insignificant.
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 aim of the management of market risk
exposure is to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions
are carried out within the Group\u2019s treasury framework.
Liquidity risk
The Group has implemented group- wide daily cash reporting and
monitors its liquidity with a rolling liquidity forecast. Funding contains
long-term loans and lease contracts as well as 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. Further details of the credit facilities are provided in
Note 30.
The following tables show the undiscounted future contractual cash
flows from financial liabilities at December 31, 2024 and 2023 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Contractual cashflow of
financial liabilities 2023
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
48,738
18,400
37,423
-
55,823
Lease liabilities
(IFRS 16)
9,353
2,588
6,152
1,673
10,413
Rental purchase
agreement
4,860
898
3,962
-
4,860
Trade payables
32,578
32,578
-
-
32,578
Total
95,529
54,464
47,537
1,673
103,674
Credit risk
Credit 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. Creditworthiness 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 categories 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.
Information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix is provided below:
Trade receivables overview at December 31, 2024 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2023 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
22,583
4,139
549
398
27,670
Expected credit loss rate
0.09%
0.48%
3.64%
8.78%
0.34%
Expected credit loss allowance
20
20
20
35
95
The 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 the basis of individual companies. The
expected probability of default is less than 1%. An expected loss in the
amount of \u20ac91,000 (2023:\u00a0\u20ac95,000) was recognized. Additionally no
individual impairments for 2024 (2023: \u20ac116,000) were recognized for
trade receivables where actual circumstances lead to a high probability
of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to
low credit risk, the expected credit losses are deemed not significant.
Commodity price risk
The 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. Without the hedges in place, if wholesale
energy prices would have increased by 10%, the post-tax loss for the
year would have been \u20ac1,353,000 higher (2023: \u20ac1,328,000). The
opposite applies in the case of a decrease in the wholesale energy prices
by 10% in the year under review.
\u00a0
Climate risk and the impact of extreme weather events
Climate change and the subsequent increase in the frequency of\u00a0
extreme weather events can potentially impact Cabka\u2019s infrastructure
and business activities. This risk materialized at our North American
entity in St. Louis in August 2022, when an extraordinary flooding event
caused severe damage to our production facility. Furthermore, Valencia
saw a devastating flood in October 2024. While this event did not directly
impact Cabka\u2019s Innovation Center, it did affect some of our employees
and has underscored the need for adequate risk management. To
prevent and mitigate such incidents in the future and to further integrate
this risk in financial and strategic planning, a comprehensive scenario
analysis of physical climate risks was conducted in 2024 for each one of
Cabka\u2019s manufacturing locations as well as for the Innovation Center.
Fraud and non-compliance
The 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 a subject of discussion
between manager and employee. In addition, a separate suppliers code
of conduct is available so that external suppliers\u2019 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 with 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 design and effectiveness of its IT controls.\u00a0
In addition to 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 authorized employees are involved when information is
processed or decisions are made with a certain level of (fraud) risk.\u00a0
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 to (anonymously), and periodic internal and external
audits on compliance, are measures that must contribute to detecting
instances of overriding controls.
Conclusion
Management is of the opinion that, taking into account all procedures
and control measures, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-486": { "value": "
33.\u00a0 \u00a0 Financial Instruments Risk Management
Objectives and Policies
The 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 risk
Foreign 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 such as forwards and swaps
to safeguard its foreign currency risk exposure. Derivatives are measured
at fair value and are generally recognized in profit or loss. On December
31, 2024, Cabka had foreign exchange derivatives outstanding with a
nominal amount of \u20ac36,132,000 (2023: \u20ac14,034,000). At December 31,
2024, the fair value of these instruments was \u20ac-390,000 (2023:
\u20ac325,000).
Foreign currency sensitivity
The 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.
The main foreign exchange risk results from changes in the value of the
USD relative to the EUR. If the foreign currencies would have risen
against the EUR by 10%, the post-tax loss for the year would have been
\u20ac55,000 higher (2023: \u20ac199,000 higher). The opposite applies in the case
of a weakening of these foreign currencies relative to the euro of 10%.
Interest rate risk
The Group is exposed to interest rate risk. Cabka uses interest rate
swaps and options to economically hedge the interest rate risk. On
December 31, 2024, Cabka had outstanding interest rate derivatives for a
nominal amount of \u20ac30,000,000. If the interest rates at December 31,
2024 would have been 100bps higher, the interest expenses would have
been \u20ac198,000 higher (2023: \u20ac202,000 higher). If the interest rates at
December 31, 2024 would have been 100bps lower, the interest expenses
would have been \u20ac227,000 lower (2023: \u20ac202,000 lower.) refer to Note
20 and 31. The Fair value of the interest rate derivatives would have been
\u20ac96,000 higher, if the interest rates at December 31, 2024 was 100bps
higher, impacting OCI by \u20ac96,000. The opposite applies in the case of a
100 bps decrease in the interest rates.
Derivatives are only used for economic hedging purposes and not as
speculative investments. The full fair value of hedging derivatives is
classified as a non-current asset or liability where the remaining maturity
of the hedged item is more than 12 months. On December 31, 2024 the
fair value included under other non current liabilities was \u20ac510,000
(2023: nil).
The ineffective portion of the derivative is deemed insignificant.
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 aim of the management of market risk
exposure is to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions
are carried out within the Group\u2019s treasury framework.
Liquidity risk
The Group has implemented group- wide daily cash reporting and
monitors its liquidity with a rolling liquidity forecast. Funding contains
long-term loans and lease contracts as well as 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. Further details of the credit facilities are provided in
Note 30.
The following tables show the undiscounted future contractual cash
flows from financial liabilities at December 31, 2024 and 2023 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Contractual cashflow of
financial liabilities 2023
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
48,738
18,400
37,423
-
55,823
Lease liabilities
(IFRS 16)
9,353
2,588
6,152
1,673
10,413
Rental purchase
agreement
4,860
898
3,962
-
4,860
Trade payables
32,578
32,578
-
-
32,578
Total
95,529
54,464
47,537
1,673
103,674
Credit risk
Credit 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. Creditworthiness 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 categories 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.
Information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix is provided below:
Trade receivables overview at December 31, 2024 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2023 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
22,583
4,139
549
398
27,670
Expected credit loss rate
0.09%
0.48%
3.64%
8.78%
0.34%
Expected credit loss allowance
20
20
20
35
95
The 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 the basis of individual companies. The
expected probability of default is less than 1%. An expected loss in the
amount of \u20ac91,000 (2023:\u00a0\u20ac95,000) was recognized. Additionally no
individual impairments for 2024 (2023: \u20ac116,000) were recognized for
trade receivables where actual circumstances lead to a high probability
of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to
low credit risk, the expected credit losses are deemed not significant.
Commodity price risk
The 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. Without the hedges in place, if wholesale
energy prices would have increased by 10%, the post-tax loss for the
year would have been \u20ac1,353,000 higher (2023: \u20ac1,328,000). The
opposite applies in the case of a decrease in the wholesale energy prices
by 10% in the year under review.
\u00a0
Climate risk and the impact of extreme weather events
Climate change and the subsequent increase in the frequency of\u00a0
extreme weather events can potentially impact Cabka\u2019s infrastructure
and business activities. This risk materialized at our North American
entity in St. Louis in August 2022, when an extraordinary flooding event
caused severe damage to our production facility. Furthermore, Valencia
saw a devastating flood in October 2024. While this event did not directly
impact Cabka\u2019s Innovation Center, it did affect some of our employees
and has underscored the need for adequate risk management. To
prevent and mitigate such incidents in the future and to further integrate
this risk in financial and strategic planning, a comprehensive scenario
analysis of physical climate risks was conducted in 2024 for each one of
Cabka\u2019s manufacturing locations as well as for the Innovation Center.
Fraud and non-compliance
The 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 a subject of discussion
between manager and employee. In addition, a separate suppliers code
of conduct is available so that external suppliers\u2019 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 with 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 design and effectiveness of its IT controls.\u00a0
In addition to 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 authorized employees are involved when information is
processed or decisions are made with a certain level of (fraud) risk.\u00a0
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 to (anonymously), and periodic internal and external
audits on compliance, are measures that must contribute to detecting
instances of overriding controls.
Conclusion
Management is of the opinion that, taking into account all procedures
and control measures, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-488": { "value": "
Foreign currency sensitivity
The 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.
The main foreign exchange risk results from changes in the value of the
USD relative to the EUR. If the foreign currencies would have risen
against the EUR by 10%, the post-tax loss for the year would have been
\u20ac55,000 higher (2023: \u20ac199,000 higher). The opposite applies in the case
of a weakening of these foreign currencies relative to the euro of 10%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-489": { "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 aim of the management of market risk
exposure is to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions
are carried out within the Group\u2019s treasury framework.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-490": { "value": "
Liquidity risk
The Group has implemented group- wide daily cash reporting and
monitors its liquidity with a rolling liquidity forecast. Funding contains
long-term loans and lease contracts as well as 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. Further details of the credit facilities are provided in
Note 30.
The following tables show the undiscounted future contractual cash
flows from financial liabilities at December 31, 2024 and 2023 including
contractual interest payments:
Contractual cashflow of
financial liabilities 2024
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
61,961
33,912
33,189
-
67,101
Lease liabilities
(IFRS 16)
10,802
3,915
6,658
1,211
11,784
Rental purchase
agreement
3,388
1,639
1,749
-
3,388
Trade payables
29,037
29,037
-
-
29,037
Total
105,189
68,503
41,596
1,211
111,310
Contractual cashflow of
financial liabilities 2023
In Euro x\u00a01,000
Net book
value
Current
< 1 year
Non-current
between 1
and 5 years
Non-current
> 5 years
Total
Liabilities to banks
48,738
18,400
37,423
-
55,823
Lease liabilities
(IFRS 16)
9,353
2,588
6,152
1,673
10,413
Rental purchase
agreement
4,860
898
3,962
-
4,860
Trade payables
32,578
32,578
-
-
32,578
Total
95,529
54,464
47,537
1,673
103,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-491": { "value": "
Credit risk
Credit 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. Creditworthiness 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 categories 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.
Information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix is provided below:
Trade receivables overview at December 31, 2024 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2023 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
22,583
4,139
549
398
27,670
Expected credit loss rate
0.09%
0.48%
3.64%
8.78%
0.34%
Expected credit loss allowance
20
20
20
35
95
The 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 the basis of individual companies. The
expected probability of default is less than 1%. An expected loss in the
amount of \u20ac91,000 (2023:\u00a0\u20ac95,000) was recognized. Additionally no
individual impairments for 2024 (2023: \u20ac116,000) were recognized for
trade receivables where actual circumstances lead to a high probability
of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to
low credit risk, the expected credit losses are deemed not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-492": { "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. Creditworthiness 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 categories 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.
Information about the credit risk exposure on the Group\u2019s trade receivables using a provision matrix is provided below:
Trade receivables overview at December 31, 2024 (Days past due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
2,938
6,032
6,380
4,283
19,633
Expected credit loss rate
0.34%
0.33%
0.31%
0.95%
0.46%
Expected credit loss allowance
10
20
20
41
91
For the previous year this is summarized as follows:
Credit risk exposure on the Group\u2019s trade receivables
Trade receivables overview at December 31, 2023 (Days past in due)
In Euro x\u00a01,000
Current
< 30 days
30 \u2013 60 days
60+ days
Total
Receivables outstanding
22,583
4,139
549
398
27,670
Expected credit loss rate
0.09%
0.48%
3.64%
8.78%
0.34%
Expected credit loss allowance
20
20
20
35
95
The 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 the basis of individual companies. The
expected probability of default is less than 1%. An expected loss in the
amount of \u20ac91,000 (2023:\u00a0\u20ac95,000) was recognized. Additionally no
individual impairments for 2024 (2023: \u20ac116,000) were recognized for
trade receivables where actual circumstances lead to a high probability
of default.
For other financial assets such as other receivables and deposits, the
assumption is applied that no expected credit loss is required. Due to
low credit risk, the expected credit losses are deemed not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-493": { "value": "
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 categories 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-495": { "value": "
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2024.
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 contingency
There are no legal claims and contingencies outstanding that could have
a material impact on the Group.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have issued
rental guarantees to secure our obligations. As of the reporting date, the
total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
In connection to liabilities to banks, individual machines have been
pledged as collateral. As of the reporting date, the total value of these
pledged assets amounts to \u20ac2.2 million.
Non-Recourse Factoring Agreement
In 2024, Cabka N.V. entered into a non-recourse factoring agreement
with a factory company for Cabka GmbH & Co. KG
and Cabka N.V., Ieper and Cabka Belgium N.V. in Belgium. Under this
agreement, the company sells its accounts receivable to the factor at a
discount, and the factor assumes the credit risk associated with the
receivables. As a result, the receivables are derecognized from the
company's balance sheet upon transfer to the factor.
This arrangement has improved the company's liquidity position by
providing immediate cash flow while mitigating the risk of debtor
insolvency. The factoring fees and any discounts applied to the
receivables are recorded as financing expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-494": { "value": "
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2024.
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 contingency
There are no legal claims and contingencies outstanding that could have
a material impact on the Group.
Guarantees
The only guarantees provided are to wholly-owned subsidiaries within
the Group. In connection with our rental agreements, we have issued
rental guarantees to secure our obligations. As of the reporting date, the
total value of these rental guarantees amounted to \u20ac0.5 million.
Pledges
In connection to liabilities to banks, individual machines have been
pledged as collateral. As of the reporting date, the total value of these
pledged assets amounts to \u20ac2.2 million.
Non-Recourse Factoring Agreement
In 2024, Cabka N.V. entered into a non-recourse factoring agreement
with a factory company for Cabka GmbH & Co. KG
and Cabka N.V., Ieper and Cabka Belgium N.V. in Belgium. Under this
agreement, the company sells its accounts receivable to the factor at a
discount, and the factor assumes the credit risk associated with the
receivables. As a result, the receivables are derecognized from the
company's balance sheet upon transfer to the factor.
This arrangement has improved the company's liquidity position by
providing immediate cash flow while mitigating the risk of debtor
insolvency. The factoring fees and any discounts applied to the
receivables are recorded as financing expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-496": { "value": "
34.\u00a0 \u00a0 Commitments and Contingencies
Commitments
The Group has no lease contracts that have not yet commenced as at
December 31, 2024.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-497": { "value": "
35.\u00a0 \u00a0 Related Party Balances and Transactions/
Disclosures
The following table provides the total amount of non- eliminated
transactions with related parties for 2024 and 2023. Transactions
between consolidated Group companies are eliminated in the
consolidation and therefore not disclosed.
Related parties 2024
In Euro x\u00a01,000
Sales to
related parties
Purchases
from related
parties
Amounts owed
by related
parties
Amounts owed
to related
parties
Entity with significant
influence over the Group
RAM.ON Finance GmbH
-
539
21
-
DSC Executive Directors
Holding B.V.
-
-
-
-
Brandaris Capital
-
-
-
-
Entities under Common
Directorship
RAM.ON Real Estate
GmbH
-
578
-
-
Oceansix GmbH
-
300
-
-
Gat & Heike Ramon
2
5
1
-
Related parties 2023
In Euro x\u00a01,000
Sales to
related parties
Purchases
from related
parties
Amounts owed
by related
parties
Amounts owed
to related
parties
Entity with significant
influence over the Group
RAM.ON Finance GmbH
-
580
-
-
DSC Executive Directors
Holding B.V.
-
-
-
-
Brandaris Capital
-
6
-
-
Entities under Common
Directorship
RAM.ON Real Estate
GmbH
-
442
-
-
Oceansix GmbH
3
63
1
1
Gat & Heike Ramon
2
-
2
-
Transactions with related parties that are outside the Group are
classified as trade receivables and trade payables, respectively (see
Notes 22 and 31).
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 year end are unsecured and interest free and settlement
occurs in cash. No guarantees have been 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 of which the total fees amounted to \u20ac378,000 in 2024.
Cabka Spain S.L.U. also 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 amounting to \u20ac200,000. Both
agreements are presented in the Balance Sheet under Right-of-Use
assets (Note 18).
In addition to the above-mentioned agreements, there is a consultancy
agreement between Cabka N.V. (NL) and Ram.ON finance GmbH as of
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 expertise of the consultant. The
fees amount to \u20ac539,000 in the reporting year.
An additional leasing agreement with Oceansix GmbH on extruders was
entered in 2023 with a total expense of \u20ac300,000 recorded in the
current financial year.
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, 2024.
Further details of these transactions are provided in Note 26 (Share
Capital and Share Premium), Note 27 (Share-Based Payments), Note 28
(Other Reserves) and Note 30 (Financial Liabilities).
Compensation and share ownership of key management personnel and
the Supervisory Board of the Group
For further disclosure of the compensation of key management
personnel and the Supervisory Board of the Group, we refer to Note 51
of the Company financial statements. For further disclosure of share
ownership, we refer to Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-498": { "value": "
Compensation and share ownership of key management personnel and
the Supervisory Board of the Group
For further disclosure of the compensation of key management
personnel and the Supervisory Board of the Group, we refer to Note 51
of the Company financial statements. For further disclosure of share
ownership, we refer to Note 52 of the Company financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245007FC6PAJZL7QM61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "
36.\u00a0 \u00a0 Events After the Reporting Date
After the balance sheet date of December 31, 2024, there have been no
significant events.
With reference to Section 2:382a of the Dutch Civil Code, the following
fees were charged to the Company, its subsidiaries and other
consolidated entities by BDO Audit & Assurance B.V. and its member
firms and affiliates in 2024 and in 2023:
2024
2024
2024
2023
2023
2023
In Euro x\u00a01,000
BDO NL
Other BDO
network
firms
Total
BDO NL
Other BDO
network
firms
Total
Auditor of
financial
statements
521
255
776
550
289
839
Other assurance
services
137
-
137
28
-
28
Non- assurance
services
-
-
-
-
-
-
Fees to the
auditor
658
255
912
578
289
867
The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "
With reference to Section 2:382a of the Dutch Civil Code, the following
fees were charged to the Company, its subsidiaries and other
consolidated entities by BDO Audit & Assurance B.V. and its member
firms and affiliates in 2024 and in 2023:
2024
2024
2024
2023
2023
2023
In Euro x\u00a01,000
BDO NL
Other BDO
network
firms
Total
BDO NL
Other BDO
network
firms
Total
Auditor of
financial
statements
521
255
776
550
289
839
Other assurance
services
137
-
137
28
-
28
Non- assurance
services
-
-
-
-
-
-
Fees to the
auditor
658
255
912
578
289
867
The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }