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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1 ACCOUNTING PRINCIPLESGeneralTechnology firm TKH Group N.V. has been incorporated and domiciled in Haaksbergen, the Netherlands. TKH Group N.V. has its registered office and factual seat at Spinnerstraat 15, 7481 KJ in Haaksbergen in the Netherlands and is registered in the trade register under number 06045666.The consolidated financial statements of TKH Group N.V. (hereafter \u2019TKH\u2019) have been drawn up in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) adopted by the European Commission and applicable on the accounting period that begun on 1 January 2022. The company financial statements are part of the financial statements of TKH. The financial statements have been prepared based on the historical cost basis, except for the valuation at fair value of investment property, derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used, these are explained in the glossary, which is included in the \u2018Other information\u2019.Going concernTKH has prepared the financial statements on the basis that it will continue to operate as a going concern.Comparative figuresComparative figures may have been reclassified for comparability purposes. If considered to be material, the relevant disclosure has been added to the applicable note.New accounting principles and interpretationsAs from 1 January 2022 the following amendments of standards and new interpretations are effective:\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 AIP IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 AIP IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities\u2022 AIP IAS 41 Agriculture \u2013 Taxation in fair value measurementsThe adoption of the amendments and improvements did not have material impact on the financial statements.TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2023:\u2022 IFRS 17 Insurance Contracts\u2022 Sale or contribution of assets between an inventors and its assiociate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Classification of Liabilities as Current or Non-current - Amendments to IAS 1\u2022 Definition of Accounting Estimates - Amendments to IAS 8\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024)TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financials statements. ConsolidationThe consolidated financial statements include the annual accounts of all subsidiaries over which TKH has or can exercise control. Control is achieved when TKH is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. An overview of consolidated entities is included in the 'Other information'. If facts and circumstances indicate that there are changes to one or more of the three elements of control, TKH re-assesses whether or not it controls a subsidiary. Consolidation of a subsidiary begins when TKH obtains control over the subsidiary and ceases when TKH loses control of the subsidiary.Profit or loss and each component of other comprehensive income (hereafter 'OCI') are attributed to the shareholders of TKH and to the non-controlling interests, even if this results in the non-con-trolling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting principles in line with TKH\u2019s accounting principles. All intra-group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions between subsidiaries are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If TKH loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in the statement profit and loss.Segment reportingTKH changed its management structure in 2021 and is now organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. The internal and external segment reporting as of 2021 follows this structure. For these segments, discrete financial information is available that the Executive Board, the highest operational decisionmakers, evaluates regularly. The Executive Board decides on the allocation of resources and reviews the performance of the three segments. These performances are reviewed and reported to the level of operating result. The accounting principles that are applied to these consolidated financial statements also apply to the business segments. The transaction prices for deliveries between segments are determined on an arm\u2019s length basis. The results, assets and liabilities of a segment include both items directly linked to that segment as items that can reasonably and consistently be allocated to that segment. Besides the information about the operating segments, selective informa-tion by geographic region is disclosed. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate.Foreign currenciesThe consolidated financial statements are presented in euros, which is also the functional currency of the holding. Transactions in foreign currencies are translated into the respective functional currencies of the entities of the group, at the prevailing exchange rate at transaction date. In foreign currency denominated monetary assets and liabilities at the balance sheet date are translated at the exchange rate prevailing at that date. The result of the conversion occurring exchange differences on monetary items, are recorded in the statement of profit and loss.Assets and liabilities of foreign subsidiaries with a functional currency other than the euro are translated at the exchange rates prevailing at the balance sheet date. The profit and loss accounts of foreign subsidiaries are translated using the weighted average monthly exchange rates over the year under review. Goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rates at the balance sheet date. The exchange differences arising from the translation are recognized through OCI as a separate item in equity. Exchange differences recorded through OCI are reclassified to the statement of profit and loss as part of the result on diposal in the period in which the related entities are disposed of.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value and the amount of any non-controlling interests in the acquiree, in exchange for control of the acquiree. Acquisition related costs are recognized in the statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:\u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;\u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of TKH entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the net amounts of the identifiable assets acquired and the liabilities assumed at acquisition date. If the amount is negative, a badwill (bargain purchase gain) is recognized immediately as benefit in the statement of profit and loss.Non-controlling interests are reported separately from the group result and group equity. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. TKH has elected to recognize this effect in retained earnings. When a non-controlling shareholder has an unconditional right to sell its shares to TKH according to a contractual agreed formula (\u2019put option\u2019), a liability is recognized by TKH for the shares to be purchased. The liability is recognized at the present value of the estimated future cash out\ufb02ow. A legal reserve is accounted for the interest in the equity of the subsidiary of which the economic ownership has been obtained, but not yet the legal ownership. Adjustments after the first recognition on the value of the financial liability for put options and earn-out payments are recognized directly into the statement of profit and loss.Intangible assets and goodwillGoodwillGoodwill is capitalized and allocated to cash-generating units. Goodwill is not amortized. Instead, it is tested at least annually for impairment. Any impairment loss is recognized in the statement of profit and loss as soon as it occurs and is not reversed in subsequent periods. On sale of a subsidiary, the goodwill is included in the determination of the profit or loss on a disposal.Other intangible assetsExpenditure for research is charged to the profit and loss when incurred. Expenditure for development is capitalized if the following conditions are met:\u2022 An asset is created that can be identified;\u2022 It is probable that the asset created will generate future economic benefits; and\u2022 The development costs can be measured reliably.Development costs are not capitalized if they are directly reimbursed by third parties and TKH does not obtain the property rights. Other intangible non-current assets are valued at historical cost less amortization. The amortization is on a straight-line basis over their expected useful life. The expected useful life is as follows:\u2022 Capitalized development costs: 3-7 years\u2022 Patents, licenses and trademarks: 3-10 years\u2022 Acquired customer relationships: 7-17 years\u2022 Acquired brand names: 10-15 years\u2022 Acquired intellectual property: 5-10 yearsProperty, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\u2022 Buildings: 30-33 years\u2022 Machinery and installations: 5-15 years\u2022 Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Right-of-use assetsFor new agreements, TKH considers whether the contract is or contains a lease. A lease is defined as a contract or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. To apply this definition, TKH assesses whether the contract meets three important criteria, namely:\u2022 The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022 TKH has the right to obtain substantially all economic benefits from the use of the identified asset during the period of use, given its rights within the defined scope of the contract; and\u2022 TKH has the right to use the identified asset throughout the period of use. TKH assesses whether it has the right to determine how and for what purpose the asset is used during the term of the lease.At commencement date of the lease, TKH recognizes an asset and a lease liability in the balance sheet. The right of use is valued at cost, which consists of the initial valuation of the lease obligation,any initial direct costs incurred by TKH, an estimate of any costs for dismantling and removing the asset at the end of the lease, and all lease payments made before the commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercized. After the initial valuation, the obligation is lowered for payments and increased for interest. The obligation is determined again in the event of changes in underlying provisions. When the lease obligation is remeasured, the corresponding adjustment is re\ufb02ected in the asset or in the result if the asset has already been reduced to zero. TKH has chosen to apply the exemption for short-term leases and for leasing assets with a low value. Instead of including a right of use and lease obligation, the payments related to these are recognized as a charge in the income statement on a straight-line basis over the lease period.ImpairmentAt least annually, the company reviews its tangible and intangible non-current assets to determine whether there are indications that those assets have suffered an impairment loss. If there is any such indication the recoverable value of the asset is estimated to determine the extent of the impair-ment loss. If the asset does not generate cash itself, the company determines the recoverable value of the smallest cash-generating unit to which the asset belongs. The recoverable amount is the fair value less cost of disposal or the value in use, whichever is higher. The value in use is based on the estimated future cash \ufb02ows that are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is less than its carrying amount, the asset is written down to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, with the exception of goodwill, but never higher than the carrying amount that would have been determined when no impairment loss has been recognized. The increase is recognized immediately in the statement of profit and loss.AssociatesThe associates in which TKH has significant in\ufb02uence in the financial and operating policy decisions,but no control or joint control, are valued according to the equity method. Under the equity method, the share in the profit or loss of the associate is recognized in the statement of profit and loss, provided that it would not result in negative carrying value of the associate, unless TKH is obliged to partially or completely compensate losses. The share in the associate is determined based on TKH\u2019s share in the net assets of the associate, including the paid goodwill at acquisition and less any impairment loss. Dividend from associates is recognized when the shareholders\u2019 right to receive payments has been established. Receipt of dividends reduces investments in associates.InventoriesInventories are stated at the lower of cost and net recoverable amount. The net recoverable amount is the estimated sales price in normal course of business less estimated cost of completion and selling expenses. The cost of raw materials and consumables is based on the average purchase price and cost incurred in bringing the inventories to their present location and condition. The cost of semi-manufactured and finished products comprise the direct materials and direct labor costs as well as a surcharge for the attributable production costs.Contract assetsA contract asset is the right to consideration in exchange for products or services transferred to the customer. If TKH performs by transferring products or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration. Upon completion of the performance obligation and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables.Contract costsCapitalized contract costs are systematically amortized over the transfer period of the related products or services to the customer.Contract labilitiesA contract liability is the obligation to deliver products or services to a customer for which TKH has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before products or services are delivered to the customer, a contract liability is recognized. Contract liabilities are recognized as revenue when TKH performs under the contract.Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or lossThis category include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by TKH that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. TKH has no designated financial liabilities at the balance sheet date at fair value with the recognition of changes in value in the statement of profit and loss.Loans and borrowingsThis is the category most relevant to TKH. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR method is a method for calculating the amortized cost of a financial liability and for allocating interest expenses over the relevant period. The effective interest rate is the rate that discounts the estimated future cash payments (including any fees paid or received that are an integral part of the effective interest rate and transaction costs) over the expected life of the financial liability to the amortized cost of a financial liability. Gains and losses are recognized in the statement of profit and loss when the liabilities are no longer recognized. In addition, the EIR amortization is included in the statement of profit and loss as financing costs.Other payablesThe other current liabilities are initially recognized at fair value and subsequently at amortized cost, which is generally equal to the nominal value.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.Assets and directly associated liabilities held for sale and discontinued operationsAssets held for saleAssets and liabilities are classified as held for sale if their carrying amount will be realized primarily through a sales transaction rather than through continued use. The reclassification takes place when the assets and liabilities are available for immediate sale and the sale is within one year. Assets and liabilities held for sale are stated at book value or lower fair value less costs to sell. Selling costs are the incremental costs that can be directly attributed to the sale of an asset, excluding any financing costs and income tax. Said classification only takes place if the sale is very likely, in its current condition the assets are immediately available for sale and the sale is expected to be completed within one year. Assets and liabilities that are classified as held for sale are presented separately in the consolidated balance sheet. Non-current assets held for sale are not depreciated.Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area;\u2022is part of a coordinated plan to dispose of a separately important business activity or geographicalarea; or\u2022is a subsidiary, which has been taken over solely for the purpose of resale.Discontinued operations are excluded from the results from continuing operations and are present-ed as a single amount in the line 'Result after tax from discontinued operations' in the profit andloss account. All other notes to the financial statements include amounts for continuing operations,unless otherwise indicated.ProvisionsGeneralProvisions are recognized when (a) TKH has a present obligation (legal or constructive) as a result of a past event, (b) it is probablethat an out\ufb02ow of resources embodying economic benefits will be required to settle the obligationand (c) a reliable estimate can be made of the amount of the obligation. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions, with the exception of the provision for deferred tax, are discounted using a current pre-tax rate that re\ufb02ects, when appropriate, the risks specific to the liability. When discounting is used, an increase in the provision as a finance cost is recognized due to the passage of time.PensionsPremiums for defined contribution plans are recognized as expense in the period to which they relate. For defined benefit pension plans, which relate to foreign plans, the net liability is calculated per scheme by estimating the defined benefit obligation that employees are entitled to in exchange for their services rendered during the financial year and previous years. The defined benefit obligations are discounted. The defined benefit obligations and the costs of the defined benefit plans are calculated according to the \u2018Projected Unit Credit Method\u2019, with actuarial calculations being made at balance sheet date. This method takes into account future salary increases as a result of the career opportunities of employees and general wage developments including in\ufb02ation adjustment. The discount rate is the yield rate at the balance sheet date on high quality corporate bonds with a term that approaches the term of the obligations of TKH. Actuarial gains and losses are directly accounted for in the OCI, which will not be reclassified subsequently to the statement of profit and loss. If the calculation results in a potential asset, the recognition of the asset is limited to the present value of any economic benefits available in the form of future refunds from the plans or reduced future pension contributions (\u2018asset ceiling\u2019). This is evaluated per pension scheme. In the calculation of the present value of economic benefits any minimum funding obligations that apply are taken into account. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Net interest on defined benefit obligations are accounted for as interest expense as part of the financial expenses. When pension entitlements are changed under a pension plan, the change in pension entitlements related to past service or the gain or loss on that change is recognized directly in the statement of profit and loss. Pension costs, including pension costs on past service and the impact of settlements and curtailments are recognized as personnel costs. Jubilee bonusesThe net liability for jubilee bonuses is the amount of future benefits that relate to services from employees during the financial year or previous periods. The liabilities are discounted to its present value taking into account estimated dismissal chances and salary increases. Provision warranty obligationsThe provision warranty obligations is recognized for the estimated costs that are expected to arise from active warranty obligations in respect of goods and services at balance sheet date. The costs arising from warranty claims are charged against the provision.Onerous contractsA loss-making contract is a contract in which the unavoidable costs (i.e., the costs that TKH can not avoid because it has the contract) to meet the obligations under the contract exceed the economic benefits that are expected to be received. The unavoidable costs under a contract re\ufb02ect the lowest net costs of terminating the contract, the performance of the contract and any compensation or penalties arising from non-compliance. For a loss-making contract with customers, a provision is recognized and valued insofar as the unavoidable costs for completing the contracts are higher than the contract price.Restructuring liabilityThis provision relates to costs in connection with the restructuring of operations and is formed if effectively or legally a commitment for TKH has arisen. A provision is formed if a plan has been formalized as at balance sheet date and either the legitimate expectation has arisen with the people involved that the restructuring will be implemented, or that a start has been made with implementing the restructuring plan. Other provisionsUnless stated otherwise, the other provisions are valued at the nominal value of the expenditure that are estimated to be necessary to settle the respective obligations.Deferred taxDeferred tax relates to temporary differences between the value in the financial statements and the value for tax purposes. No deferred tax is recognized for non-deductible goodwill and subsidiaries and associates included in the participation exemption. Deferred tax assets are only recognized to the extent that it is probable that they can be realized. 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 utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Changes in deferred tax are recognized immediately in the statement of profit and loss, with the exception of deferred tax that relates to items that are recognized in the OCI or directly in equity.TKH 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 either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.TurnoverThe turnover includes the net turnover, as well as other revenues. Net turnover is the revenue from products and services delivered to third parties during the year under the deduction of discounts, bonuses and stock returns. Revenue is measured on the basis of the consideration set out in a contract with a customer. Products are regularly sold with volume discounts based on total sales over a period of one year. Revenues from these sales are recognized on the basis of the price specified in the contract, after deduction of the estimated volume discounts. Revenue is only recognized to the extent that it is highly probable that a reversal will not take place. A refund liability, included in the other current liabilities, is recognized for expected volume discounts payable to customers in connection with sales made until the end of the reporting period. There is no financing element applicable because the sales take place with a relatively short credit term, which is consistent with market practice. The obligation to repair or replace defective products under the standard warranty conditions is recognized as a warranty provision. In addition, TKH offers to a limited extent an extended warranty that is sold together with products and systems. Two performance obligations can be distinguished in such contracts, namely the delivery of products and services and the service-type warranty. Using the relative stand-alone sales price method, a portion of the transaction price is allocated to the service-type warranty and recognized as a contract liability. Revenue is recognized on a straight-line basis over the period in which the service-type warranty is granted based on the time elapsed.The turnover of TKH consists of products and services within the business segments Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems that are delivered to customers as a separate product/service or as a total solution. TKH recognizes revenue when control of a product or service is transferred to a customer. In the following overview the revenue recognition per segment is further elaborated.Segment SMART VISION SYSTEMS Products and servicesVision technology represents about 87% of the turnover of the Smart Vision systems segment and consists of 2D & 3D Machine Vision and Security Vision technology. The technologies are combined with software to create smart technologies and one-stop-shop solutions with plug-and-play integrated systems. Our Machine Vision technology systems improve quality inspection, operation, and object monitoring within various industries such as consumer electronics, factory automation, ITS, medical and life sciences.Our Security Vision systems, combined with advanced communication technologies, enable the customers to manage and control the urban environment efficiently. Simultaneously, the technologies improve sustainability factors, safety and security in various markets such as Infra- structure, Parking and Building security.Nature and timing of fulfillment of performance obligationsA large part of the revenue in Smart Vision systems is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptance. A receivable is recognized at that moment because the consideration has become unconditional and only the passage of time is required before the payment is due. To a lesser degree also the following revenue streams exist:Customer-specific products and systems (including software products): Customer-specific products and systems: A number of products and systems are designed or adapted to customer-specific requirements. TKH recognizes turnover over a period if (i) the customer has control during the creation or improvement of the product / system or (ii) a product/system is created without alternative use and TKH has an enforceable right to payment for the work performed. Examples of (i) include parking guidance that are built up and commissioned on-site. Examples of (ii) are amongst others machine vision cameras constructed for a specific customer application and by TKH integrated security and communication systems. If the two conditions mentioned above are not met, revenue is only recognized at transfer date. For customer-specific systems, installation can be part of the transaction price. A distinction is made between configuration and the physical installation. The configuration is an integral part of the system sold, while the installation is often regarded as a separate service that is usually outsourced to third parties. The installation services to be delivered are separately identifiable and accordingly the transaction price is attributed to the system and the installation based on the relative stand-alone selling prices. Installation is a performance obligation that is fulfilled over time. If revenue is recognized over a period, this is based on the stage of completion of the contract. The progress is determined on the basis of the input method based on a cost price method. Which means, the part of the contract costs incurred for the work that has been carried out to date in relation to the estimated total contract costs. For the payments due by the customer, which according to the contract cannot yet be invoiced, a contract asset is recognized for the period in which the work has been carried out. This contract asset re\ufb02ects the right to compensation for work performed to date. If more is invoiced than has been performed to date, a contract liability is recorded. Contract liabilities are recognized as revenue when TKH performs under the contract. Maintenance and licenses: Maintenance and licenses are part of the transaction price for a number of products and systems. These relate to activities that may have to be carried out during a certain period after sale. This period can thereafter be extended by the customer at then applicable prices. Maintenance and licenses are considered as a separate service. A part of the transaction price is therefore allocated to these services based on their stand-alone selling price. The transaction price allocated to these services is recognized as a contract liability at the time of the initial sale transaction and is subsequently recognized as revenue on a straight-line basis over the contract period.Segment SMART MANUFACTURING SYSTEMSProducts and servicesTKH engineers complete manufacturing systems and machines that contribute to super-efficient manufacturing and processing. Systems engineeringand assembly, control and analysis software, as well as connectivity and vision technology, are the basic building blocks for the distinctive Smart Manufacturing systems supplied to various industries such as car and truck tire production, factory automation, and care solution by providing medicine distribution machines. Tire Building systems represents about 68% turnover share of Smart Manufacturing systems segment.Nature and timing of fulfillment of performance obligationsThe majority of the revenue within Smart Manufacturing systems qualifies as Customer-specific products and systems for which recognition is already described at Smart Vision systems. Examples are tire building, medicine distribution and industrial automation systems. In contrast to Smart Vision systems, for the tire building activities the installation is regarded as an integral part of the performance obligation to the customer, because on-site systems are constructed, configured and tested by employees. The remainder of the revenue relates to standardized products and is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptanceSales commissions: Agents are used, who earn a sales commission on the revenue collected. These incremental costs for obtaining a contract are directly related to the sales that were realized in a certain period. The sales commissions, mostly paid before start of the contract, are capitalized as contract costs and amortized over the expected contract period.SMART CONNECTIVITY SYSTEMSTKH makes advanced Connectivity systems and engineers complete Smart Connectivity systems with a unique integrated system approach and sustainability proposition. Energy and Digitalization represent about 36% and 34% turnover share of the Smart Connectivity systems segment.Our connectivity systems are developed for on-shore and off-shore energy distribution. Our Fibre Optic connectivity systems are manufactured for data and communication networks. In addition, TKH produces specialized cable systems for diverse industrial automation applications in high-tech environments, such as the industrial, marine & offshore and medical sectors. Our advanced connectivity technology for contactless energy and data distribution (CEDD) for airfield ground lighting systems is a connectivity system consisting of both hardware components and software, to further improve the efficiency and safety of specific airfield applications.The majority of revenue relates to standardized products and are accounted for in a similar way as descri-bed above. Customer-specific products and systems for which there is no enforceable right to payment for the work that has already been performed, are also recognized as revenue in the same way.Customer-specific products and systems are accounted for in the same way in Smart Vision systems. Examples are special cable and cable systems for machines, robots, medical applications and subsea cable systems. Operating expensesGeneralThe cost of production and other expenses directly related to ordinary operational activities, which underlie the turnover, are stated as operating expenses.Government subsidiesGovernment subidies are recognized when there is reasonable assurance that the grant will be received and all conditions will be met. Government subsidies are recognized in the statement of profit and loss in the same period as the expenses to which they relate. The subsidy is deducted from the related costs. Grants related to fixed assets are deducted from these assets and credited to the profit and loss account over the expected useful life of the asset concerned.Share-based paymentsTKH has a stock option and a share scheme, which both qualify as share-based payments:\u2022 The stock options are settled in equity instruments. They are valued at fair value at the date they were granted. The fair value is calculated by using an option pricing model that takes into account market related vesting conditions attached to the granting of the options. The fair value is charged to the profit and loss account over the period between the granting of the options and the time that the share options vest, adjusted for the expected number of share options to be exercised. \u2022 The shares issued free of charge are also settled in equity instruments and are measured at the grant date at fair value. The fair value is determined based on the prevailing share price at the time of grant. The fair value is charged to the profit and loss account in the year to which the grant relates.Financial income and expensesFinancial income and expenses comprise the interest received from or paid to third parties relating to the year under review. Interest is recognized according to the effective interest method. The interest income and the interest expenses on bank accounts that belong to one and the same interest compensation system are set off. The interest balance of the interest combination is stated under interest income or interest expenses. Financial expenses related to the construction of tangible non-current assets have been recognized as part of the asset. Translation differences on sale and purchase transactions are classified under financial income and expenses. TaxTax is calculated on the result before tax, taking into account the prevailing tax rates and tax legislation in the different countries. Tax is accounted for in the statement of profit and loss, unless it relates to items directly recognized in the OCI, in which case taxes are also accounted for in the OCI. In addition to the tax directly payable or receivable for the reporting year, the item also includes the changes in the deferred tax assets and liabilities and adjustments to tax assessments from previous years.Non-controlling interestThis item comprises the share of third parties in the results and equity of subsidiaries according to TKH\u2019s accounting principles.Cash flow statementThe cash \ufb02ow statement has been drawn up using the indirect method. With this method, the operating result is adjusted for items in the statement of profit and loss that have no impact on receipts and payments in the year under review and changes in items in the balance sheet and statement of profit and loss whose income and expenses are not considered to belong to the operational activities. The cash position in the cash \ufb02ow statement consists of cash and cash equivalents less short-term borrowings included in cash pools as this is part of the daily cash management. Cash \ufb02ows in foreign currencies are converted at an average exchange rate. Exchange differences with respect to cash and cash equivalents are presented separately in the cash \ufb02ow statement. Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. Received dividends are included in the cash \ufb02ow from investment activities, while paid dividends are included in the cash \ufb02ow from financing activities. The purchase price of acquisitions is included in the cash \ufb02ow from investing activities, to the extent that payment has taken place in cash or cash equivalents. Cash and cash equivalents that are present in the acquired subsidiaries are subtracted from the purchase price. Transactions, which do not involve a cash exchange, are not included in the cash \ufb02ow statement. The payments of the lease terms are presented as repayments on loans for the repayment component of debt (cash \ufb02ow from financing activities) and as paid interest for the interest component (cash \ufb02ow from operating activities). Payment of lease installments that are not included in the lease obligation included in the balance sheet (including leases of assets with a low value or with a term of less than one year) are included under cash \ufb02ow from operating activities. Payments and proceeds on borrowings are presented on a net basis due to the high \ufb02exibility and turnover in relation to utilizations and repayments. 2 SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONSIn preparing the consolidated financial statements management has made judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported amounts of assets and liabilities, revenues and expenses and disclosed contingent assets and liabilities at thedate of the financial statements. The actual outcome can vary from these judgments, estimates and assumptions. All assumptions, expectations and forecasts used as a basis for judgments in the consolidated financial statements are as good as possible a re\ufb02ection of the forecast of TKH. Management is of the opinion that a reasonable basis exists for the assumptions, expectations and forecasts. Judgments are related to known and unknown risks, uncertainties and other factors that can lead to future results and performances that significantly vary from those forecasted. Significant judgments, estimates and assumptions are described hereafter.Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or indirectlyobservable for the asset or liability. TKH makes use of derivatives valuation reports of financialinstitutions. These valuations are checked with interest rates, interest curves and exchange ratesthat are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that arenot based on available market quotations. Here TKH may use valuations by independent appraisers.The table below shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values:in thousands of euros notes Hierarchy2022 2021AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 21 Level 2 97Foreign currency forward contracts 21 Level 2 40 3,020Commodities (derivatives) 21 Level 2 381 1,895Total 925 5,322LiabilitiesInterest rate swaps 21 Level 2 294Foreign currency forward contracts 21 Level 2 5,704 3,305Commodities (derivatives) 21 Level 2 891 195Total 6,595 3,794The fair value of the financial assets measured at fair value with recognition of the change in value through the statement of profit and loss is calculated on the basis of expected cash \ufb02ows discounted at the estimated market interest rate. Credit risks are taken into account in this market interest rate. TKH has concluded derivatives with various financial institutions with an investment grade rating. Interest rate swaps, forward exchange contracts and forward contracts on commodities are valued based on present value calculations using market data, such as the credit quality of counterparties, base spreads, spot and forward prices, yield curves and forward curves. More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.Price, credit, interest and currency risksNote 21 contains information about these risks.Intangible assets and goodwill related to acquisitionsIn the financial statements a material amount has been reported for intangible non-current assets acquired in an acquisition. The first recognition of these assets at fair value has been determined on the basis of valuation models. The outcomes are largely dependent on management estimates with respect to the assumptions used (such as growth percentages, royalty fees, economic life) and future expectations. The difference between the purchase price and the acquired net fair value of the identifiable assets and liabilities is recognized as goodwill. Note 1 and 3 includes information about intangible assets and goodwill.Impairments and valuation of tax-lossesInformation about impairment testing is included in note 3. TKH regularly invests in R&D (capitalized development costs), production facilities and new, innovative processes with the aim of developing a distinctive product portfolio. Particularly where TKH still has a small market position, the degree of management estimates with regard to learning curve developments, capacity utilization and development of returns is higher. On the other hand, management involvement is larger. TKH has valued tax deductible losses, whereby the entity concerned has incurred a loss in the current and/or previous financial year. In these cases, the recognition and measurement of these deductible losses are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.Contracts with customersTKH develops, produces or configures products and systems on behalf of customers on which revenue is recognized over a period of time. As a result, profit is recognized over time based on the expected profit on the contract and the estimated level of progress. This estimate makes use of detailed calculations that are specified for each performance obligation in a contract. Based on the realization and estimates of project managers and controllers, new estimates are drawn up periodically for each contract. These are reviewed by local management and then used as the basis for the costs and revenue to be recognized. In a new innovative portfolio and/or production process, the uncertainty in management estimates can be significantly higher than in other projects due to the lack of historical experience figures and the learning curve that needs to be going through. Financial liabilities for earn-out and put option agreementsIn the financial statements, financial liabilities are recognized for obligations related to earn-out agreements and put options granted to shareholders of non-controlling interests. The financial liabilities for earn-out and put options are based on estimates of future operating results and are derived from business plans of the companies concerned. Other provisionsThe other provisions relate amongst others to onerous contracts, warranty liabilities, claims, jubilee arrangements and restructuring liability. These provisions are based on estimates and available information. With regard to onerous contracts with customers, reference is made to the previous paragraph 'contracts with customers'. With regard to the restructuring liability further reference is made to note 14. Extension options of lease contracts When TKH has the option of renewing a lease, management uses its judgment to determine whether it is reasonably certain that an option would be exercised. Management takes into account all the facts and circumstances, including their past experience and any costs that will be incurred to change the asset if no extension option is taken, to determine the lease term.Market, geopolitics and climate change Geopolitical developments (such as the Russia-Ukraine con\ufb02ict), economic and political confronta-tions between world powers (trade tariffs, availability and price of energy), the erosion of trade agreements, climate change and the impact of (global) in\ufb02ation as well as a potential recession can impact TKH\u2019s turnover and results. Reference is made to the paragraph \u2018Risk management\u2019 as included in the Management report for further disclosures on these risks. These risks have been weighed in making judgements and applying estimates, amongst other valuation of customer contracts, impairment analysis and determining the useful live of our assets. 3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.4 PROPERTY, PLANT AND EQUIPMENTLand and buildings Machinery and installations Other equipment Operating assets in progress Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 194,223 184,273 264,300 253,787 147,717 134,933 5,281 8,828 611,521 581,821Accumulated depreciation and impairments 96,381 88,914 180,925 173,762 111,245 98,833 483 412 389,034 361,921Book value at 1 January 97,842 95,359 83,375 80,025 36,472 36,100 4,798 8,416 222,487 219,900Purchases 6,230 4,121 10,715 13,344 15,600 10,741 73,019 3,951 105,564 32,157Acquisitions 5 0 5Disposals -44 -46 -236 -1,276 -214 -1,133 -18 -494 -2,473Depreciation 27 -6,650 -6,419 -12,190 -12,147 -12,687 -11,583 -31,527 -30,149Impairments 29 652 -25 -71 -25 581Reclassifications -32 -35 -108 24 145 8 0 2Reclassification from/to intangible assets 3 -26 0 -26Reclassification to assets held for sale 11 -23 -994 -4 -191 0 -1,212Exchange differences -576 1,621 -348 1,568 -92 418 -44 95 -1,060 3,702Commissioning of assets in progress 1,454 3,264 1,030 2,311 1,328 1,809 -3,812 -7,384 0 0Book value at 31 December 98,224 97,842 82,346 83,375 40,406 36,472 73,969 4,798 294,945 222,487Accumulated depreciation and impairments 101,688 96,381 186,902 180,925 118,974 111,245 483 483 408,047 389,034Historical cost at 31 December 199,912 194,223 269,248 264,300 159,380 147,717 74,452 5,281 702,992 611,521The purchases in \u2018Operating assets in progress\u2019 relate for a large part to our Strategic Investment Program to further increase our global production capacity to respond to the increased market demand in the fields of automation, digitization, electrification and Tire Building systems.5 RIGHT-OF-USE ASSETSTKH has lease contracts for various land and buildings, vehicles and other equipment used in its activities. Land and building lease agreements generally have a duration of between 3 and 30 years, while vehicles and other equipment generally have a duration of between 3 and 5 years.Land and buildings Machinery and installations Other equipment Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021Book value at 1 January 62,245 71,492 7 14 6,545 5,851 68,797 77,357Purchases 16,087 8,010 75 37 2,928 4,577 19,090 12,624Disposals -312 -479 -178 -391 -490 -870Reassesment 3,011 6,009 -400 227 2,611 6,236Depreciation 27 -11,373 -11,709 -9 -44 -3,058 -3,336 -14,440 -15,089Impairments 29 -380 -1,209 -1 -381 -1,209Exchange differences 137 848 -12 30 125 878Reclassification to assets held for sale 11 -10,717 -413 -11,130Book value at 31 December 69,415 62,245 73 7 5,824 6,545 75,312 68,797In 2022, the costs related to variable lease payments that were not included in the lease obligation amounted to \u20ac 2.9 million (2021: \u20ac 2.7 million). The costs of leasing assets with a low value amounted to \u20ac 0.2 million (2021: \u20ac 0.2 million) and the costs of leases with a term of less than one year amounted to \u20ac 1.8 million (2021: \u20ac 0.2 million). This increase is mainly related to short term lease of storage capacity due to increased inventory levels. There are no leases with a residual value guarantee and as at December 31, there are no obligations with regard to lease agreements that have not yet been started.See note 19 for the lease liability. See note 31 for the interest charges on lease obligations. See the consolidated cash \ufb02ow statement for the lease payments. The total cash out\ufb02ow from leases in 2022 was \u20ac 19.6 million.6 ASSOCIATESTKH owns direct or indirect the following relevant other associates: Place Country Ownership and control Operating segmentName of other associate2022 2021Speed Elektronik Vertrieb GmbH Schwelm Germany 25.0% 25.0% Smart Connectivity systemsShin-Etsu (Jiangsu) Optical Preform Co. Ltd. Jiangyin PR China 12.5% 12.5% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd. Melbourne Australia 49.0% 49.0% Smart Vision systemsTraff Is BV Hedel Netherlands 33.3% 33.3% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsDespite the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd., TKH has significant in\ufb02uence over the financial and operating policies. The associate is an important manufacturer of preforms (semi-finshed product for the production of fibre optics) for TKH. The strategic shareholding is linked to a right to 50% of the production capacity of this plant. TKH provides one of the three Supervisory Board members.The overview below shows the summarized financial information of the associates on the basis of the most recent available information, where the financial data are included based on the share of interest in these companies. Of the \u2018summarized financial information\u2019 a large part relates to Shin-Etsu (Jiangsu) Optical Preform Co.Ltd. AssetsLiabilitiesTurnoverNet result Other comprehensive incomeShare in result of associatesin thousands of euros Summarized financial information 2022 19,196 6,992 7,212 -237 -267Summarized financial information 2021 of Cable Connectivity Group 67,115 51,760 83,272 2,266 2,266Summarized financial information 2021 other 17,380 6,770 5,123 185 135The interest in Cable Connectivity Group B.V. is in 2022 reclassified to Assets held for sale (see note 11). Movements in the associates are as follows:in thousands of euros2022 2021Balance at 1 January 28,699 25,540Share in result of associates 3,075 2,401Dividend received -196 -31Sale of a share interest -128Reclassification to Assets held for sale -19,219Exchange differences -155 917Balance at 31 December 12,204 28,6997 INVENTORIES in thousands of euros2022 2021Raw materials 162,970 119,714Work in progress 59,834 45,573Finished goods 163,109 129,449Inventories 385,913 294,736An amount of \u20ac 833.0 million is reported in the statement of profit and loss for costs of raw materials,consumables and finished goods (2021: \u20ac 686.0 million). A part of inventories is valued at lower net recoverable amount. The book value of these written-down inventories is \u20ac 27.0 million (2021: \u20ac 25.3 million). The total write-down on inventories, based on aging analysis and sales statistics, in 2022 recognized in the statement of profit and loss is \u20ac 7.0 million (2021: \u20ac 4.5 million).8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. 9 CONTRACT ASSETSThe following table provides information on receivables, capitalized contract costs, contract assets and contract liabilities from contracts with customers.in thousands of euros2022 2021Trade accounts receivable 220,826 161,085Contract assets 204,142 150,131Contract liabilities -186,473 -127,044Refund liabilities from customer volume rebates -15,238 -10,641Contract costs 3,480 4,566The contract assets mainly relate to the rights of TKH to consideration for work performed, but which have not yet been invoiced on balance sheet date. The contract assets are reclassified to receivables when the rights become unconditional. The contract liabilities mainly relate to the advance payment received from customers, of which the revenues are recognized at the performance of the contracted work. A large part of the contract assets and liabilities relates to the segment Smart Manufacturing systems. The changes in the balance of contract assets and liabilities during the financial year are as follows:Contract assets Contract liabilitiesin thousands of euros2022 2021 2022 2021Revenue recognized that was included in the contract liability balance at the beginning of the period 127,044 73,931Increases due to cash received, excluding amounts recognized as revenue during the period -186,473 -127,044Transfers from contract assets recognized at the beginning of the period to receivables -150,131 -124,230Increases as a result of changes in the measure of progress 204,142 150,131The commissions paid to agents for obtaining the contracts are expected to be recovered and are therefore capitalized as contract costs. Capitalized commissions are amortized when the related revenue is recognized. In 2022, amortization amounted to \u20ac 5.2 million, which is included in the statement of profit and loss under raw materials, consumables, trading products and outsourced work. There was no impairment in the financial year in respect of the capitalized contract costs.The restitution obligations for agreed customer volume discounts are mostly annual bonuses based on revenue tables. The accrual is calculated based on historical figures, revenue already realized and the outstanding order book.The following table shows the expected future revenue with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date.in thousands of euros2022 2021Expected to be recognized as revenue within 1 year 716,910 705,061Expected to be recognized as revenue between 1 and 2 years206,372 35,809Expected to be recognized as revenue after 2 years 48,625 5,693Total 971,907 746,56310 CASH AND CASH EQUIVALENTSin thousands of euros2022 2021Cash and bank balances as included in the cash \ufb02ow statement78,387 68,017Cash at companies assets held for sale -63 -736Cash and bank balances in cash and interest pools 106,235 32,854Cash and bank balances 184,559 100,135Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.11 ASSETS AND DIRECTLY ASSOCIATED LIABILITIES HELD FOR SALEAs part of the \u2018Simplify & Accelerate\u2019 program, TKH decided in 2021 to start an active program to divest certain activities engaged in the distribution of connectivity solutions. Accordingly the associated assets and liabilities have been reclassified in 2021 to assets and liabilities held for sale. Besides working capital, goodwill is also an important part of this value. The amount of allocated goodwill has been based on applying the relative value method. Given the progress made in 2022 and barring unforeseen circumstances, a sale of these activities is highly probable within the upcoming 12 months. Therefore the activities, notwithstanding the prolonged divestment process, continue to be classified as \u2018held for sale\u2019. In addition, in November 2022 TKH reached an agreement with third parties on the sale of its minority 41.5% stake in Cable Connectivity Group B.V. This company was created in August 2019, through the divestment of the majority of TKH\u2019s industrial connectivity systems. The transaction was subject to customary regulatory approval end of 2022 and has been closed on February 1, 2023. It will result in a one-off profit contribution of approximately \u20ac 36 million for TKH in Q1 2023. The overview below shows the summarized financial information of this company on the basis of the most recent available information, where the financial data included is based on the share of interest in the company.AssetsLiabilitiesTurnoverNet result Other comprehensi-ve incomeShare in result of associatesin thousands of euros Summarized financial information 2022 of Cable Connectivity Group76,390 59,542 97,322 2,302 3,342The main categories of assets and liabilities classified as held for sale are as follows: in thousands of euros2022 2021AssetsIntangible assets and goodwill 34,116 34,394Property, plant and equipment 1,769 5,806Right-of-use assets 10,324 11,130Associates 19,219 0Other receivables 478 494Deferred tax assets 0 738Inventories 31,034 25,383Trade and other receivables 11,380 9,503Current income tax 123 0Cash and cash equivalents 63 736Assets held for sale 108,506 88,184LiabilitiesNon-current interest-bearing loans and borrowings 8,072 9,693Deferred tax liabilities 1,059 711Retirement benefit obligation 911 1,105Other long-term provisions 0 10Current interest-bearing loans and borrowings 2,137 2,075Trade payables and other payables 20,752 20,372Current income tax liabilities 526 3,234Liabilities directly associated with assets held for sale 33,457 37,200Net assets directly associated with held for sale 75,049 50,984The value of the minority share in Cable Connectivity Group B.V. is included under \u2018Associates\u2019. 12 EQUITYThe group equity is disclosed in the Consolidated statement of changes in group equity and in note 7 of the company-only financial statements.13 NON-CONTROLLING INTEREST THIRD PARTIESSome subsidiaries are or were not fully owned by TKH during the year at any time. These third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2022 2021 2022 2021Various non-controlling interests 43 12 168 5314 OTHER PROVISIONSThe long-term provisions have been discounted. The increase of the provision as a result of expiration of time and adjustment of the discount rate is not significant. The short-term provisions have not been discounted since the effect is not material. The short-term part of the provision is mainly related to reorganizations and warranties. The term of the other provisions is as follows:in thousands of euros2022 2021Other long-term provisions 6,798 8,772Other short-term provisions 20,798 20,687Other provisions 27,596 29,459The breakdown and movement of the other provisions is as follows: in thousands of eurosWarranty Employee liabilities Onerous contracts Restructuring Other TotalBalance at 31 December 2021 8,118 3,675 9,920 740 7,006 29,459Additions 1,576 232 3,260 122 1,479 6,669Releases -437 -518 -523 -196 -429 -2,103Utilized -2,952 -107 -2,544 -569 -2,551 -8,723Other reclassifications 2,152 2,152Exchange differences 59 -1 -53 137 142Balance at 31 December 2022 6,364 3,281 12,212 97 5,642 27,596Provision for warrantiesThe provision for warranties is related to warranties on delivered products and services under the standard warranty conditions. The purpose of the provision is to cover costs arising if products and services supplied do not meet the agreed specifications and quality requirements under normal conditions of use. The provision is based on judgments by using historical warranty data relating to comparable products and services and known warranty claims at balance sheet date. In general the recorded liabilities are expected to arise in the next one to three years.Employee liabilitiesThe provision for employee liabilities mainly relates to defined jubilee arrangements and is in general long-term. Restructuring liabilityThe restructuring provision relates mainly to the lay-off of employees. The remaining term is less than 1 year.Onerous contracts The provision for onerous contracts mainly relates to contracts with customers, from which the revenue is recognized over a period of time. This mainly concerns contracts in the segment Smart Manufacturing systems, which relate to new technologies and sometimes in combination with newly acquired customers. Because of the strategic importance of these contracts for the future revenue and profit development of TKH, these have been accepted with a negative or a limited margin at order acceptance. The duration of a project under such a contract is normally shorter than one year, but for larger framework agreements, subprojects can be executed and concluded in different years.Other itemsThe other items relate to claims, matters of dispute, guarantees which are expected to be claimed other contractual obligations. These liabilities consist of amounts at which a judgement by an independent party will probably lead to compensation. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have and term no longer than one year. There is no asset recognized for expected compensation fees in relation to the reported provisions.15 OTHER FINANCIAL LIABILITIESThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controlling interests Totalin thousands of euros Balance at 31 December 2021 6,156 993 7,149Acquisitions 689 689Payment for acquisitions from previous years -4,016 -23 -4,039Change in value through the profit and loss account 75 30 105Balance at 31 December 2022 2,904 1,000 3,904in thousands of euros2022 2021Term shorter than 1 year 2,985 4,989Term between 1 and 5 years 919 2,160Financial liabilities 3,904 7,149Earn-outFor several acquisitions, contractual arrangements have been made about earn-out payments, when certain targets are realized. The liability for earn-out payments has been determined on the basis of fair value of the expected future cash out\ufb02ows. Put options of holders of non-controlling interestsTKH has option rights on several non-controlling interests held by local management of subsidiaries of TKH. Besides, TKH has a liability to buy these shares when local management decides to offer these shares. A financial liability has been recognized for this obligation. On the balance sheet date, the following option rights and liabilities are outstanding:Name of subsidiary Percentage Option exercisable as fromEFB Nordics A/S 10.0% 1 January 2014The liability is based on the discounted value of the expected future cash out\ufb02ows. The expected maturity of the above mentioned liabilities is equal to the period as from 31 December 2022 till the first possibility to exercise. The amount to be paid depends on the future results of the aforemen-tioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac 0.2 million has a maturity of shorter than 1 year. 16 DEFERRED TAXThe deferred tax assets and liabilities relate to the following items of which the movements are also shown: Property, plant and equipment and leasesIntangible assets and goodwillInventories and construction contracts Provisions Unused tax losses and creditsFinancial instrumentsUndistributed intragroup profits OtherTotalin thousands of eurosBalance at 1 January 2021 721 -54,255 -2,502 930 13,446 -684 -2,220 3,825 -40,739(Charge)/credit to other comprehensive income -8 400 392(Charge)/credit to profit or loss 251 2,435 -2,353 137 31 5 -511 -97 -102Reclassification to assets held for sale -63 47 635 -276 -370 -27Acquisitions -212 -212Balance at 31 December 2021 909 -51,985 -4,220 783 13,477 -279 -2,731 3,358 -40,688(Charge)/credit to other comprehensive income -316 1,798 1,482(Charge)/credit to profit or loss -7 1,344 -607 7 -1,959 1,015 566 359Acquisitions -350 -350Balance at 31 December 2022 902 -50,991 -4,827 474 11,518 1,519 -1,716 3,924 -39,197Certain deferred tax assets and liabilities have been offset in accordance with the applicable principles in IFRS. The deferred tax assets and liabilities are recognized in the balance sheet as follows:in thousands of euros2022 2021Deferred tax assets stated under non-current assets 13,271 15,277Deferred tax liabilities stated under non-current liabilities -52,468 -55,965Deferred taxes -39,197 -40,688TKH has unused tax losses for which no deferred tax assets have been recognized because realization is uncertain. These unused tax losses can be compensated with future profits. Based on current tax legislation, these unused and unrecognized tax losses have the following terms:in thousands of euros2022 2021Term infinite 49,551 40,325Term longer than 10 years 11,812 12,944Term between the 5 and 10 years 3 39Term shorter than 5 years 5 32Unrecognized tax losses and credits 61,371 53,340The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, TKH has determined that it cannot recognize deferred tax assets on the tax losses carried forward. The unrecognized unused tax losses represent a value of \u20ac 14.5 million at the end of 2022 based on the applicable tax rates. TKH has valued tax deductible losses, whereby the entity concerned has incurred a loss in the current and/or previous financial year. In these cases, the recognition and measurement of these deductible losses are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.17 PENSIONSDefined contribution plansTKH's pension plans in the Netherlands differ per subsidiary. The pension scheme of a number of subsidiaries has been placed with the industry pension fund PME and PMT respectively. As of January 1, 2020, the employees of the other Dutch subsidiaries have a so-called individual defined contribution scheme, which is managed by Nationale-Nederlanden.The employees of the foreign subsidiaries are members of industry or state-managed pension plans. The subsidiaries are only required to pay a certain percentage of the salary costs to the concerning industry or state managed pension plans. These pension schemes classify as defined contribution plan. The pension schemes in the Netherlands, to the extent not already covered by the industry pension schemes, are recognized as a defined contribution scheme in the financial statements. The total pension expense recognized in 2022 related to the defined contribution plans amounts to \u20ac 17.5 million (2021: \u20ac 15.3 million). The industry pension plans are included in this pension expense. TKH expects for 2023 a pension expense of \u20ac 19 million for all defined contribution plans, of which about \u20ac 12.8 million relates to industry pension schemes.Defined benefit plansMulti-employer union plans In the Netherlands 1,910 employees of TKH participate in the multi-employer union plans of \u2018Pensioenfonds van de Metalektro\u2019 (\u2018PME\u2019) and 'Pensioenfonds Metaal & Techniek' ('PMT') in accordance with the collective bargaining agreements applicable for the industry in which the TKH companies operate. These collective bargaining agreements have no expiration date. PME covers approximately 1,400 companies and 340,000 participants and PMT approximately 35,000 companies and 1,340,000 participants. The pension rights of each employee are based upon the employee\u2019s average salary during employment (depending on coverage ratio). TKH\u2019s contribution to the multi-employer union plans are far less than 5% of the total contribution to the plans. The pension funds are subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a multi-employer union plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. The multi-employer union plans have reported the following coverage ratio at year-end:2022 2021coverage ratio of PME 111.7% 103.2%coverage ratio of PMT 108.1% 100.8%The actual coverage ratio is calculated by dividing the plan assets by the total sum of pension liabilities. The coverage ratio is the average coverage ratio over the past 12 months. There are no additional contribution requirements for participating companies to prevent indexation cuts or lowering of pensions. The schemes qualify as defined benefit plans because the companies bear the risk that in the negotiation of the level of pension contributions after 2022 the social partners take the amount of a surplus or a deficit in the industry pension fund as part of the negotiations. As a result, future premiums may be somewhat related to deficits or surpluses that relate to pension entitlements accrued in the past. This concerns shortages or surpluses of current and former employees of TKH but also of other companies. In addition, there is no consistent and reliable basis for allocating the pension liability, assets and costs to individual companies participating in the industry pension scheme. TKH therefore classifies the multi-employer plans as if it were defined contribution plans (in line with IAS19.34). TKH\u2019s net periodic pension cost for the multi-employer plan over a financial period is equal to the required contribution for that period.Other pension schemes There are some individual defined benefit plans abroad for a small number of participants. These defined benefits are accrued in the subsidiaries and are not covered by plan assets. The duration of the defined benefit obligations of these arrangements will be, on average, 12 years at December 31, 2022. Furthermore, there is legislation for the Austrian employees obligating to pay a onetime com-pensation at the end of the employment for employees working for the subsidiary before January 1, 2003. The amount of compensation depends on the years of service and the average salary in the last 3 years of service. The actuarial calculations for the pension schemes are performed by actuaries. The following assumptions have been applied in the actuarial calculations:2022 2021Discount rate before tax 3.5-3.8% 0.8-2.0%General percentage salary increase 2.5% 2.1%The following amounts are recognized in the balance sheet with respect to all defined benefit plans:in thousands of euros2022 2021Present value of the defined benefit obligations 3,765 4,716Fair value of the plan assetsNet pension obligation 3,765 4,716The following amounts are recognized in the statement of profit and loss with respect to the defined benefit plans:in thousands of euros2022 2021Current service costs 285 62Interest costs included in financial expenses 144 42Pension expense in the profit and loss account 429 104For 2023 TKH expects to pay a pension premium of \u20ac 0.4 million (including contributions from participants) related to the defined benefit plans.The change in the present value of the defined benefit plan obligations is as follows:in thousands of euros2022 2021Balance at 1 January 4,716 5,844Reclassification to liabilities held for sale -1,039Current service costs 285 62Interest costs included in financial expenses 144 42Actuarial (gains)/losses recognized through other comprehensive income -1,217 -30Entitlements paid -163 -163Balance at 31 December 3,765 4,716Changes in the assumptions have consequences for the present value of the defined benefit obligation. In the summary below a sensitivity analysis on the gross and net defined benefit obligation is shown for the three largest pension schemes, which together represent 75% of the net pension liability, when there is an absolute change of 1% or 1 year in the relevant assumptions:2022 2021+1.0% -1.0% +1.0% -1.0%Discount rate -302 352 -355 422General percentage salary increase 320 -278 481 -411+1 year -1 year +1 year -1 yearMortality table 147 -139 139 -14018 NON-CURRENT LIABILITIESin thousands of euros notes2022 2021Debts to credit institutions 19 431,746 268,010Long term lease liabilities (Right-of-use assets) 19 68,049 62,528Other non-current liabilities 3,213 3,266Interest-bearing loans and borrowings 503,008 333,804The credit margin on the non-current debts to credit institutions is variable and dependent on the net-interest bearing debt/EBITDA, including the amount of the draws from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or Libor. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 21 for more details on the capital and liquidity risk.19 NET INTEREST-BEARING DEBTTerm InterestAmountin thousands of euros notes2022 2021Bank loans reported under non-current liabilities 18 1.1 years Euribor + margin 431,746 268,010Long term lease liabilities (Right-of-use assets) 18 1-30 years 2.1% 68,049 62,528Short term lease liabilities (Right-of-use assets) < 1 year 2.1% 14,028 12,959Borrowings reported under current liabilities < 1 year Euribor/Libor + margin 56,391 34,630Cash and cash equivalents 10 < 1 year Euribor/Libor - margin -184,559 -100,135Net interest-bearing debt 385,655 277,992At year-end 2022, \u20ac 106.2 million of the cash and cash equivalants forms part of cash and interest pools (2021: \u20ac 32.9 million). The interest on the borrowings is variable and based on Euribor or Libor. The credit margins differ per credit institution, duration and country and vary from 0.3% to 1.5%. The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The credit margin for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 2.1%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. See note 21 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activitiesBorrowings reported under current liabilities Bank loans reported under non-current liabilities Total lease liabilities (Right-of-use assets) Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Balance at 1 January 34,630 43,407 268,010 339,511 75,487 83,571 378,127 466,489Cash \ufb02ows from financing activities -51,186 15,884 163,543 -71,501 112,357 -55,617Proceeds/(repayments) from cash pools 73,381 -23,177 73,381 -23,177Payment of lease liabilities -14,746 -15,570 -14,746 -15,570Non-cash changes:- Acquisition of subsidiaries 140 140 0- Reclassification to liabilities held for sale -386 -11,382 0 -11,768- New leases and reassesments 17,570 17,990 17,570 17,990- Interest 1,695 1,700 1,695 1,700- Effect of changes in exchange rates -434 -1,098 53 2,071 -822 1,690 -1,920Balance at 31 December 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. TKH has a committed revolving and standby credit facility of \u20ac 500 million with a group of banks. The revolving and standby credit facility has a high \ufb02exibility in relation to utilizations and repayments. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 326 million. TKH has per December 31, 2022 unused available credit facilities for a total of \u20ac 357 million (2021: \u20ac 436 million). The available credit facilities are reduced for the outstanding bank guarantees. The maximum credit facility per subsidiary is determined centrally. In the credit facility the following financial covenant is agreed, which is tested on a quarterly basis:CovenantRealization 31-12-2022Realization 31-12-2021Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.1 0.9The debt leverage ratio is calculated excluding the impact of IFRS 16 Leases. Furthermore, it has been agreed with the banks that in the calculation of the debt leverage ratio acquisitions may be consolidated pro forma for 12 months. TKH uses internally a debt leverage ratio up to 2.0. TKH operates within the banks\u2019 required covenant at the end of 2022.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2022 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.5% 1,619 4,857 432,286 438,762 431,746Lease liabilities (Right-of-use assets) 2.1% 6,210 11,040 37,768 41,522 96,540 82,077Financial liabilities 1.5% 2,985 1,169 4,154 3,904Borrowings reported under current liabilities 1.0% 56,403 56,403 56,391Trade creditors 232,608 232,608 232,608Other payables excluding derivatives 110,851 110,851 110,851Interest rate swaps (derivatives) -97 -97 -97Foreign currency forward contracts (derivatives) 50,924 49,133 56,684 156,741 5,664Commodities (derivatives) 595 -71 -14 510 510Financial liabilities 56,403 402,710 67,944 527,893 41,522 1,096,472 923,654The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2021 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.4% 938 2,814 272,075 275,827 268,010Lease liabilities (Right-of-use assets) 2.0% 5,939 10,478 38,293 31,165 85,875 75,487Financial liabilities 1.5% 4,989 2,499 7,488 7,192Borrowings reported under current liabilities 1.0% 34,637 34,637 34,630Trade creditors 198,623 198,623 198,623Other payables excluding derivatives 94,651 94,651 94,651Interest rate swaps (derivatives) 64 191 51 306 294Foreign currency forward contracts (derivatives) 31,615 55,643 17,479 104,737 285Commodities (derivatives) -638 -732 -330 -1,700 -1,700Financial liabilities 34,637 331,192 73,383 330,067 31,165 800,444 677,472The cash \ufb02ows in these statements are not discounted. The cash \ufb02ows are based on the interest rates and the exchange rates at the end of the year. The cash \ufb02ows for interest rate swaps are based on the contracted fixed interest rates compared to the variable interest rate at balance sheet date. The interest rate swap and commodity derivatives are net settled. Currency contracts are gross settled. The following table shows the corresponding reconciliation of these amounts and their book value: in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2022 sTotalIncoming 48,439 46,679 55,569 150,687Outgoing -50,924 -49,133 -56,684 -156,741Net 0 -2,485 -2,454 -1,115 0 -6,054Discounted at contractual bank rates-1,816 -2,955 -893 -5,664in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2021 rsTotalIncoming 32,354 55,444 16,650 104,448Outgoing -31,615 -55,643 -17,479 -104,737Net 0 739 -199 -829 0 -289Discounted at contractual bank rates681 -73 -893 0 -285Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,37722 CONTINGENT LIABILITIESFramework agreements have been concluded with some suppliers for the availability of some important raw materials. There are no long-term purchase obligations.in thousands of euros2022 2021Bank guarantees provided to third parties 103,429 122,860Corporate guarantees provided to banks 14,133 13,391Purchase obligations arising from orders for property plant and equipment 80.232 11,935The majority of the outstanding bank guarantees relate to down payments and performance guarantees issued to customers relating to constructions contracts. The related advance payments received from customers are presented as part of contract liabilities.ClaimsTKH and its subsidiaries are involved in a number of legal proceedings. According to the information currently available and legal advice received, TKH expects any adverse effects from the outcome of these legal proceedings to be adequately covered by other provisions or insurance.23 INFORMATION BY SEGMENTThe management structure and segment reporting of TKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate. In the annual report, a detailed overview of the activities by business segment is shown. Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Geographic segmentsNetherlands 40,256 38,130 47,488 41,540 361,835 260,136 33 2 449,612 339,808Europe (other) 205,460 175,230 184,656 145,558 410,356 364,137 53 184 800,525 685,109Asia 118,463 109,920 107,526 146,554 42,347 37,012 268,336 293,486North America 109,773 81,369 116,070 80,079 7,796 7,458 24 35 233,663 168,941Other 18,570 20,143 29,945 2,488 15,964 13,798 64,479 36,429External turnover 492,522 424,792 485,685 416,219 838,298 682,541 110 221 1,816,615 1,523,773Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Timing of revenue recognitionRevenue at a point-in-time 451,884 401,273 97,077 81,484 699,558 567,626 27 36 1,248,546 1,050,419Revenue over time 35,114 22,492 388,482 334,683 138,252 114,229 1 561,848 471,405Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Revenues from contracts with customers 494,199 428,751 491,083 419,002 848,065 691,635 -22,953 -17,564 1,810,394 1,521,824Other revenues 5,524 1,027 126 52 488 686 83 184 6,221 1,949Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Added value 292,238 250,760 245,115 205,417 320,544 279,942 24 401 857,921 736,520Added value in % 58.5% 58.3% 49.9% 49.0% 37.8% 40.4% 47.2% 48.3%EBITDA 111,056 88,512 77,468 67,354 110,348 94,914 -16,056 -16,053 282,816 234,727EBITA 95,536 73,791 69,096 59,391 87,331 73,207 -17,160 -16,828 234,803 189,561ROS 19.1% 17.2% 14.1% 14.2% 10.3% 10.6% 12.9% 12.4%One-off income -8,115 -2,257 -10,372 0Amortization 39,494 37,588 11,397 9,561 3,660 3,903 -1 58 54,550 51,110Impairments 432 2,237 39 -51 -653 1 31 472 1,564Segment operating result 55,610 33,966 57,660 49,881 91,786 69,957 -14,903 -16,917 190,153 136,887Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions38,807 40,888 34,618 17,418 97,822 28,557 1,273 807 172,520 87,670Employees (FTE) 1,998 1,862 1,819 1,677 2,291 2,162 90 83 6,198 5,784Balance sheetAssets 761,444 731,607 461,327 342,306 634,231 488,877 90,724 17,777 1,947,726 1,580,567Assets held for sale 108,506 87,140 1,044 108,506 88,184Associates 2,738 2,884 9,464 25,813 2 2 12,204 28,699Total assets 764,182 734,491 461,327 342,306 752,201 601,830 90,726 18,823 2,068,436 1,697,450Total liabilities 203,856 203,627 331,538 260,367 277,445 223,521 468,830 287,952 1,281,669 975,467Capital employed previous year 488,804 473,896 71,645 128,481 350,350 314,920 16,955 6,673 927,754 923,970Capital employed current year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Return on Capital Employed (ROCE) 18.8% 15.3% 75.4% 59.4% 22.4% 22.0% 23.2% 20.5%Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019TKH has no individual customers representing 10% or more of the consolidated turnover. Other revenues relate to other services provided to third parties, such as rental, insurance payments and charged costs.Non-current assets 1 Employees (FTE)in thousands of euros (unless stated otherwise)2022 2021 2022 2021Geographic segmentsNetherlands 335,540 288,263 34% 34%Europe (other) 457,213 448,523 42% 43%Asia 45,084 44,700 15% 14%North America 69,019 66,210 7% 7%Other 10,063 10,097 2% 2%Total 916,919 857,793 100% 100%The non-current assets are shown excluding the deferred tax assets.24 PERSONNEL EXPENSESThe personnel expenses include the following items:in thousands of euros2022 2021Wages and salaries 335,656 303,004Share-based payments 4,133 5,042Social insurance contributions 54,957 49,243Pension costs 17,891 15,421Temporary labor 34,924 19,506Capitalized development costs -30,413 -27,571Other personnel expenses 17,949 13,622Personnel expenses 435,097 378,267During the year 2022 no significant use has been made of available COVID-19 government support programs. 25 SHARE-BASED PAYMENTSStock option scheme settled in equity instrumentsOption rights to (depositary receipts of) ordinary shares of TKH are granted to the management of the subsidiaries. The rights can never be exercised until after the publication of the company\u2019s annual results three calendar years following the year in which the rights were granted, and have an exercise period of two years. Partly to avoid abuse of inside knowledge, the conditions for participation have been laid down in an internal regulation and have been accepted in writing by the participants. Executive BoardNo option rights are granted to the members of the Executive Board and the Supervisory Board. Mr. H.J. Voortman has been awarded options in the period before being appointed as a member of the Executive Board. The movement and balance of the outstanding option rights granted to him is as follows:Year ofallocationExercise price in \u20ac Number at 01-01-2022Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2022 Exercise period2017 41.19 7,350 -7,350 0 2020-20222018 52.25 8,400 8,400 2021-2023Total 15,750 0 0 0 -7,350 8,400Other option beneficiariesThe movement and balance of the outstanding option rights granted to the other option beneficia-ries are as follows:Year oallocatioExercise price in \u20ac Number at 01-01-2022Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2022 Exercise period2017 41.19 70,574 -3,560 -67,014 0 2020-20222018 52.25 217,079 217,079 2021-20232019 46.02 310,177 -57,717 252,460 2022-20242020 32.28 304,066 304,066 2023-20252021 37.88 331,174 -750 330,424 2024-20262022 352,942 -1,800 351,142 2025-2027Total1,233,070352,942 0 -6,110 -124,7311,455,171At the end of 2022, the company owns 1,197,647 purchased (depositary receipts of) shares to cover the option rights. These (depositary receipt of) shares have been purchased against an average share price of \u20ac 41.35. The total purchase value is \u20ac 49,517,275. The average share price on the date at which the share options were exercised during the financial year was \u20ac 50.42. The options were granted during the financial year on March 8, 2022. The estimated fair value of the options granted in 2022 is \u20ac 3,561,185. The fair value was determined on the basis of a binomial valuation model with the following assumptions:2022 2021Fair value at the date of allocation (in \u20ac) 10.09 8.12Expected volatility 36.3% 35.7%Expected dividend 3.0% 3.0%Risk free rate 0.397% -0.380%Expected period to expiry of the option (in years) 4.0 4.0The current restrictions on the exercise of the options, the chances that employees will leave the company and possible personal considerations of option holders have been taken into account for the expected expiry period of the options. TKH has a reported total charge of \u20ac 2,709,255 (2021: \u20ac 2,237,169) for these share-based payments which have been settled in equity instruments.Other share-based paymentsBased on the share scheme, (depositary receipts of) shares have been allotted to the members of the Executive Board. During 2022 Mr. J.M.A. van der Lof was allotted 14,373 (depositary receipts of) shares, Mr. E.D.H. de Lange 10,780, and Mr. H.J. Voortman 9,782 (depositary receipts of) shares related to the performance for the year 2021. At the same time, the Executive Board members purchased respectively 14,373, 10,780 and 9,782 (depositary receipts of) shares at the actual share price of \u20ac 45.65, all in accordance with the regulation of the share scheme. As a result of the share-based payments, TKH has recognized a total charge of \u20ac 1,424,205 (2021: \u20ac 2,805,000) in the statement of profit and loss.26 OTHER OPERATING EXPENSESOther operating expenses include overhead, selling, accommodation and manufacturing expenses.27 DEPRECIATIONin thousands of euros2022 2021Depreciation of property, plant and equipment 31,700 30,149Depreciation of Right-of-use assets 15,314 15,089Result on disposal of property, plant and equipment -9,374 -72Depreciation 37,640 45,166The result on disposal mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.28 AMORTIZATION in thousands of euros2022 2021Amortization of intangible assets 37,283 31,870Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,267 19,240Amortization 54,550 51,11029 IMPAIRMENTin thousands of euros notes2022 2021Impairment of intangible assets and goodwill 3 48 996Impairment of property, plant and equipment 4 25 -581Impairment Right-of-use assets 5 381 1,209Onerous contracts 18 -60Impairment 472 1,56430 RESEARCH AND DEVELOPMENT COSTSThe total operating expenses over the financial year include the following items:in thousands of euros2022 2021Research and development expenditure 67,877 64,422Less: Capitalized development costs -37,843 -34,689Add: Amortization of development costs 30,827 25,549Add: Impairment on capitalized development costs 48 965Research and development costs accounted for in the profit and loss account60,909 56,247Government subsidies for research and development costs 4,261 3,68031 FINANCIAL INCOME AND EXPENSESin thousands of euros2022 2021Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-2,136 -680Amortized transaction costs -322Interest costs in defined benefit plans -17 -10Interest expense on lease liabilities -1,695 -1,700Interest expenses -8,595 -5,767Interest income from debt instruments at fair value through P&L88 30Interest income 474 161Financial income and expenses -11,881 -8,28832 TAXin thousands of euros notes2022 2021Current tax 46,282 33,852Adjustments for previous years -1,807 -264Deferred tax 16 -359 102Total tax on result 44,116 33,690The taxes that are included directly in the statement of other comprehensive income are shown below.in thousands of euros notes2022 2021Deferred taxes on revaluation of cash \ufb02ow hedges 16 -1,798 -400Deferred taxes on actuarial gains and losses 16 316 8Total tax on other comprehensive income -1,482 -392The tax rate is calculated at the prevailing tax rates in each country. The tax rate over the year can be reconciled with the profit before tax as follows:in thousands of euros (unless stated otherwise)2022 2021Result before tax 181,242 128,914Tax calculated at the Dutch tax rate 46,760 25.8% 32,229 25.0%Correction due to tax effect for:Tax participation exemption -667 -0.4% -380 -0.3%Non-deductible expenses 1,170 0.6% 2,564 2.0%Non-taxable income -57 0.0% -245 -0.2%Advantages from tax facilities -4,275 -2.4% -3,110 -2.4%Write off/(recognition) of deferred taxes -1,761 -1.0% 72 0.1%(Recognition)/derecognition of deferred tax asset for unused tax losses3,108 1.7% 1,206 0.9%Settlement of income tax returns for previous years-1,807 -1.0% -264 -0.2%Differences in tax rates for foreign subsidiaries 1,013 0.5% 2,248 1.7%Change in statutory tax rate 710 0.4% -586 -0.5%Other tax benefits -78 0.1% -44 0.0%Effective tax rate 44,116 24.3% 33,690 26.1%The effective tax rate decreased compared to last year. The change is mainly attributable to the following circumstances:\u2022 Lower non-deductible expenses due to lower costs related to acquisitions, earn-out and share based payments;\u2022 Although the benefits from tax R&D facilities increased compared to previous year, the impact on the tax effective rate is limited. These current facilities mainly relate to the Netherlands (innovation box), Canada (SR&ED), China and Austria;\u2022 Not fully recognizing tax losses resulted in a higher effective tax rate of 1.7% (2021: 0.9%). The tax losses can still be utilized in future years. Said non-recognition is partly offset by the recognition of deferred taxes for \u20ac 1.8 million in 2022; \u2022 The settlement of income tax returns for previous years for several legal entities in different countries resulted in a benefit of \u20ac 1.8 million in 2022 (2021: \u20ac 0.3 million); \u2022 Differences in tax rates for foreign subsidiaries causes on balance a higher effective tax rate. This mainly applies to our subsidiaries in Germany, Italy, France and Australia; and\u2022 Changes in statutory tax rates applied in the calculation of deferred taxes resulted in a tax charge of \u20ac 0.7 million (2021: tax benefit of \u20ac 0.6 million). 33 EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERSin thousands of euros (unless stated otherwise) notes2022 2021Weighted average number of (depositary receipts of) shares (x 1,000)41,057 41,184Effect of share options (x 1,000) 104 158Weighted average number of (depositary receipts of) shares diluted (x 1,000)41,161 41,342Net profit 137,126 95,224Less: Non-controlling interests -43 -12Net profit attributable to the shareholders of the company 137,083 95,212Amortization of intangible non-current assets from acquisitions 3 17,267 19,240Taxes on amortization -4,633 -5,045Net profit before amortization from continuing operations attributable to the shareholders of the company149,717 109,407One-off income-10,372Purchase price allocations in the result of associates1,013 1,556Impairments 472 1,564Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests15 105 1,759Tax impact on one-off income, expenses and impairments 2,661 -391Net profit before amortization and one-off income and expenses attributable to the shareholders of the company143,596 113,895Earnings per share attributable to shareholdersOrdinary earnings per share (in \u20ac) 3.34 2.31Diluted earnings per share (in \u20ac) 3.33 2.30Ordinary earnings per share before amortization (in \u20ac) continued 1operations 3.65 2.66Ordinary earnings per share before amortization and one-off 1income and expenses (in \u20ac) continued operations 3.50 2.77The one-off income mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.1 Non IFRS measure34 RELATED PARTIESTrade transactionsDuring the year trade transactions with non-consolidated related parties have taken place. These transactions were concluded at market prices, taking into account discounts for volumes and the existing relationship between the parties. The following transactions with related parties occurred during the year:Sold to Bought from Trade receivables Trade payablesin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Cable Connectivity Group B.V. 3,232 3,096 7,520 5,996 402 280 1,284 731Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. 22,331 16,626 7,910 7,980Speed Elektronik Vertrieb GmbH 233 216 83 136 23 18 13Commend Australia Integrated Security and Communication Systems Pty Ltd. 629 588 79 88Total 4,094 3,900 29,934 22,758 504 386 9,207 8,711Shareholdings of members of the Executive Board and the Supervisory BoardDuring the financial year Mr. J.M.A. van der Lof sold in total 32,746 (depositary receipts of) shares at an average stock price of \u20ac 44.63, Mr. E.D.H. de Lange sold 32,340 (depositary receipts of) shares at a stock price of \u20ac 45.65 and Mr. H. Voortman sold 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65, in accordance with the share scheme. In addition, Messrs. J.M.A. van der Lof, E.D.H. de Lange and H.J. Voortman purchased under the share scheme respectively 14,373, 10,780 and 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 118,147 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 85,009 (depositary receipts of) shares and Mr. H.J. Voortman owned 35,935 (depositary receipts of) shares shares at the end of 2022. Remuneration of the Executive Board and the Supervisory BoardThe remuneration payable to the members of the Executive Board comprises a basic salary (TRI), pension and a variable element, comprising an annual performance bonus (STI) and a long-term bonus (LTI) scheme entailing a share scheme. The remuneration of the Supervisory Board consists of a fixed remuneration and a remuneration for participation in a committee. The various remuneration components are explained below, as well as the amount charged to the legal entity and its subsidiaryor group companies.Total regular income (TRI) Bonus (STI) Share scheme (LTI) Pension Compensation for pension premium Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Executive Board 1,758 1,707 1,028 997 1,244 2,736 88 82 341 326 4,458 5,847Supervisory Board 304 313 304 313Total remuneration 2,062 2,020 1,028 997 1,244 2,736 88 82 341 326 4,762 6,160The breakdown of the remuneration per person and according to the various remuneration components is included in the remuneration report that is part of the annual report.35 ACQUISITIONSIn July 2022, TKH completed the acquisition of Nerian Vision GmbH, a disruptive stereo machine vision company based in Stuttgart, Germany that designs and manufactures high-speed stereo vision systems. TKH has acquired 100% of the shares of Nerian. The activities within TKH are part of the business segment Smart Vision Systems. The purchase price of \u20ac 0.9 million was paid in cash. In addition, a contingent consideration has been agreed for the acquisition. This ean-out is estimated on the basis of expected future results. The actual compensation to be paid in the future may deviate positively or negatively based on future realization. The company's contribution to the consolidated activities of TKH was immaterial in 2022. TKH expects the acquisition to have a immaterial effect on earnings per share in 2023.36 NON-CASH TRANSACTIONSThere were no material non-cash transactions.37 EVENTS AFTER BALANCE SHEET DATENo events of fundamental significance for insight into the financial statements and the preceding period occurred after balance sheet date, except for the following event. On February 13, 2023, TKH signed a new sustainability-linked \u20ac 625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac 500 million and a term loan of \u20ac 125 million. The new RCF replaces the current committed RCF of \u20ac 500 million, which has been in place since January 2017. The term loan will be used to finance strategic investments and working capital needs as TKH continues to grow. The new revolving credit facility of \u20ac 500 million has a maturity of 5 years, with two one-year extension options, subject to the banks\u2019 approval. The term loan of \u20ac 125 million has a maturity of 3 years. In addition, the credit facility contains a framework for \u20ac 275 million uncommitted credit facilities, replacing the previous framework of \u20ac 265 million. This refinancing is secured at comparable conditions to the previous committed credit facility. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin.38 SERVICE FEES PAID TO EXTERNAL AUDITORSThe service fees paid to the external auditor EY, recognized as other operating expenses, can be specified as follows:Ernst & Young Accountants LLP (Netherlands) Other parts of EY Totalin thousands of euros2022 2021 2022 2021 2022 2021Audit of the financial statements 1,255 1,113 691 596 1,946 1,709Other assurance engagements 82 70 5 87 70Other non-audit services 11 9 0 20Servicecosts external auditors 1,337 1,194 696 605 2,033 1,7997 EQUITYAuthorized capital2022 2021x1,000 \u20ac '000 \u20ac '000The authorized capital consists of:Ordinary shares 59,984Cumulative preference financing shares 10,000Convertible cumulative preference financing shares 10,000Cumulative preference protective shares 60,000Each nominal \u20ac 0.25 139,984 34,996 34,996Priority share 4Each nominal \u20ac 1.00 4 4 4Authorized capital 35,000 35,000Of which not issued 24,446 24,4461Issued capital 10,554 10,5541 Concerns 4,000 priority and 42,198,429 (depositary receipts of) shares.The registered ordinary shares, with the exception of the register-shares in the company, have been transferred to Stichting Administratiekantoor TKH Group ('Trust Foundation'), which issues depositaryreceipts of shares to the ultimate capital providers. Stichting Administratiekantoor is the party entitled to the shares and also exercises the voting right, unless it has granted power of attorney to the holders of the depositary receipts. The holders of depositary receipts are entitled to receive a power of attorney to cast a vote on the shares corresponding to the depositary receipts they own. Stichting Administratiekantoor remains entitled to vote for the shares for which the holders of depositary receipts are not present or represented at the meeting. The aforementioned power of attorney may be limited, excluded or revoked by the executive committee of Stichting Administratie-kantoor in various situations specified in the law (see also Corporate Governance). In that case Stichting Administratiekantoor may (again) exercise the voting right for all shares for which depositaryreceipts have been issued. The relationship between Stichting Administratiekantoor and the holders of depositary receipts of shares is governed by the administrative conditions. The protection afforded by the use of depositary receipts is based on the 1% rule. The depositary receipts may be exchanged for ordinary shares but not for more than 1% of the total issued capital in the form of ordinary shares. This total includes shares owned indirectly as well as directly. However, this does not apply to the transfer of ordinary shares to the company itself. Every transfer of preference financing shares, convertible preference financing shares and preference protective shares must be approved by the Executive Board. The Executive Board may only grant its approval with the approval of the Supervisory Board.Besides from what is mentioned in the \u2018Other information\u2019, no special rights are attached to the priority shares. The company has granted the Stichting Continu\u00efteit TKH (\u2018Continuity Foundation\u2019) an option to take preference protective shares for up to a maximum of 50% of the sum of the other outstanding shares at the time that the preference protective shares are issued or 100% of the sum of the other outstanding shares at the time that the preference protective shares are issued if the restriction on the cancellation option lapses, which will occur if and when the Executive Board of the company so decides and files a statement to that effect with the Chamber of Commerce.Share premium reserveThe share premium reserve is fully exempt from Dutch taxes on distribution.Legal reserveThe legal reserve relates to:in thousands of euros2022 2021Capitalized development costs 94,730 87,666Legal reserve for participations 7,385 4,876Legal reserve 102,115 92,542The legal reserve is not available for distribution to the company\u2019s shareholders.Revaluation reservesThe revaluation reserves are not available for distribution to the company\u2019s shareholders.Hedging and translation reserveThe hedging and translation reserves are legal reserves and not available for distribution to the company\u2019s shareholders.CONSOLIDATED ENTITIESA list of all subsidiaries is available at the Chamber of Commerce (the Netherlands). TKH Group N.V. is registered in the Trade Register under No. 06045666.The most important (group of) entities included in the consolidat-ed financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are 100% owned, unless indicated otherwise.TKH SMART VISION TKH SMART MANUFACTURING TKH SMART CONNECTIVITY TKH GROUP SUPPORTAlphatronics Allied Vision Dewetron Texim Europe CAE Isolectra TKH GroupC&C Partners Chromasens EKB VMI E&E TFO TKH FinanceCommend LMI Technologies HE System Electronic EFB TKF TKH LogisticsMextal Mikrotron IntronicsTKH Airport SolutionsTKH Security NetTechno Specials SVS-VistekTattile",
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"value": "1 ACCOUNTING PRINCIPLESGeneralThe consolidated financial statements of TKH Group N.V. (hereafter \u2019TKH\u2019) have been drawn up in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) adopted by the European Commission and applicable on the accounting period that begun on 1 January 2022. The company financial statements are part of the financial statements of TKH. The financial statements have been prepared based on the historical cost basis, except for the valuation at fair value of investment property, derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used, these are explained in the glossary, which is included in the \u2018Other information\u2019.",
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"value": "1 ACCOUNTING PRINCIPLESGeneralThe consolidated financial statements of TKH Group N.V. (hereafter \u2019TKH\u2019) have been drawn up in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) adopted by the European Commission and applicable on the accounting period that begun on 1 January 2022. The company financial statements are part of the financial statements of TKH. The financial statements have been prepared based on the historical cost basis, except for the valuation at fair value of investment property, derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used, these are explained in the glossary, which is included in the \u2018Other information\u2019.Going concernTKH has prepared the financial statements on the basis that it will continue to operate as a going concern.",
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"value": "1 ACCOUNTING PRINCIPLESGeneralThe consolidated financial statements of TKH Group N.V. (hereafter \u2019TKH\u2019) have been drawn up in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) adopted by the European Commission and applicable on the accounting period that begun on 1 January 2022. The company financial statements are part of the financial statements of TKH. The financial statements have been prepared based on the historical cost basis, except for the valuation at fair value of investment property, derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used, these are explained in the glossary, which is included in the \u2018Other information\u2019.Segment reportingTKH changed its management structure in 2021 and is now organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. The internal and external segment reporting as of 2021 follows this structure. For these segments, discrete financial information is available that the Executive Board, the highest operational decisionmakers, evaluates regularly. The Executive Board decides on the allocation of resources and reviews the performance of the three segments. These performances are reviewed and reported to the level of operating result. The accounting principles that are applied to these consolidated financial statements also apply to the business segments. The transaction prices for deliveries between segments are determined on an arm\u2019s length basis. The results, assets and liabilities of a segment include both items directly linked to that segment as items that can reasonably and consistently be allocated to that segment. Besides the information about the operating segments, selective informa-tion by geographic region is disclosed. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate.Foreign currenciesThe consolidated financial statements are presented in euros, which is also the functional currency of the holding. Transactions in foreign currencies are translated into the respective functional currencies of the entities of the group, at the prevailing exchange rate at transaction date. In foreign currency denominated monetary assets and liabilities at the balance sheet date are translated at the exchange rate prevailing at that date. The result of the conversion occurring exchange differences on monetary items, are recorded in the statement of profit and loss.Assets and liabilities of foreign subsidiaries with a functional currency other than the euro are translated at the exchange rates prevailing at the balance sheet date. The profit and loss accounts of foreign subsidiaries are translated using the weighted average monthly exchange rates over the year under review. Goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rates at the balance sheet date. The exchange differences arising from the translation are recognized through OCI as a separate item in equity. Exchange differences recorded through OCI are reclassified to the statement of profit and loss as part of the result on diposal in the period in which the related entities are disposed of.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value and the amount of any non-controlling interests in the acquiree, in exchange for control of the acquiree. Acquisition related costs are recognized in the statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:\u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;\u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of TKH entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the net amounts of the identifiable assets acquired and the liabilities assumed at acquisition date. If the amount is negative, a badwill (bargain purchase gain) is recognized immediately as benefit in the statement of profit and loss.Non-controlling interests are reported separately from the group result and group equity. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. TKH has elected to recognize this effect in retained earnings. When a non-controlling shareholder has an unconditional right to sell its shares to TKH according to a contractual agreed formula (\u2019put option\u2019), a liability is recognized by TKH for the shares to be purchased. The liability is recognized at the present value of the estimated future cash out\ufb02ow. A legal reserve is accounted for the interest in the equity of the subsidiary of which the economic ownership has been obtained, but not yet the legal ownership. Adjustments after the first recognition on the value of the financial liability for put options and earn-out payments are recognized directly into the statement of profit and loss.Intangible assets and goodwillGoodwillGoodwill is capitalized and allocated to cash-generating units. Goodwill is not amortized. Instead, it is tested at least annually for impairment. Any impairment loss is recognized in the statement of profit and loss as soon as it occurs and is not reversed in subsequent periods. On sale of a subsidiary, the goodwill is included in the determination of the profit or loss on a disposal.Other intangible assetsExpenditure for research is charged to the profit and loss when incurred. Expenditure for development is capitalized if the following conditions are met:\u2022 An asset is created that can be identified;\u2022 It is probable that the asset created will generate future economic benefits; and\u2022 The development costs can be measured reliably.Development costs are not capitalized if they are directly reimbursed by third parties and TKH does not obtain the property rights. Other intangible non-current assets are valued at historical cost less amortization. The amortization is on a straight-line basis over their expected useful life. The expected useful life is as follows:\u2022 Capitalized development costs: 3-7 years\u2022 Patents, licenses and trademarks: 3-10 years\u2022 Acquired customer relationships: 7-17 years\u2022 Acquired brand names: 10-15 years\u2022 Acquired intellectual property: 5-10 yearsProperty, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\u2022 Buildings: 30-33 years\u2022 Machinery and installations: 5-15 years\u2022 Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Right-of-use assetsFor new agreements, TKH considers whether the contract is or contains a lease. A lease is defined as a contract or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. To apply this definition, TKH assesses whether the contract meets three important criteria, namely:\u2022 The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022 TKH has the right to obtain substantially all economic benefits from the use of the identified asset during the period of use, given its rights within the defined scope of the contract; and\u2022 TKH has the right to use the identified asset throughout the period of use. TKH assesses whether it has the right to determine how and for what purpose the asset is used during the term of the lease.At commencement date of the lease, TKH recognizes an asset and a lease liability in the balance sheet. The right of use is valued at cost, which consists of the initial valuation of the lease obligation,any initial direct costs incurred by TKH, an estimate of any costs for dismantling and removing the asset at the end of the lease, and all lease payments made before the commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercized. After the initial valuation, the obligation is lowered for payments and increased for interest. The obligation is determined again in the event of changes in underlying provisions. When the lease obligation is remeasured, the corresponding adjustment is re\ufb02ected in the asset or in the result if the asset has already been reduced to zero. TKH has chosen to apply the exemption for short-term leases and for leasing assets with a low value. Instead of including a right of use and lease obligation, the payments related to these are recognized as a charge in the income statement on a straight-line basis over the lease period.ImpairmentAt least annually, the company reviews its tangible and intangible non-current assets to determine whether there are indications that those assets have suffered an impairment loss. If there is any such indication the recoverable value of the asset is estimated to determine the extent of the impair-ment loss. If the asset does not generate cash itself, the company determines the recoverable value of the smallest cash-generating unit to which the asset belongs. The recoverable amount is the fair value less cost of disposal or the value in use, whichever is higher. The value in use is based on the estimated future cash \ufb02ows that are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is less than its carrying amount, the asset is written down to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, with the exception of goodwill, but never higher than the carrying amount that would have been determined when no impairment loss has been recognized. The increase is recognized immediately in the statement of profit and loss.AssociatesThe associates in which TKH has significant in\ufb02uence in the financial and operating policy decisions,but no control or joint control, are valued according to the equity method. Under the equity method, the share in the profit or loss of the associate is recognized in the statement of profit and loss, provided that it would not result in negative carrying value of the associate, unless TKH is obliged to partially or completely compensate losses. The share in the associate is determined based on TKH\u2019s share in the net assets of the associate, including the paid goodwill at acquisition and less any impairment loss. Dividend from associates is recognized when the shareholders\u2019 right to receive payments has been established. Receipt of dividends reduces investments in associates.InventoriesInventories are stated at the lower of cost and net recoverable amount. The net recoverable amount is the estimated sales price in normal course of business less estimated cost of completion and selling expenses. The cost of raw materials and consumables is based on the average purchase price and cost incurred in bringing the inventories to their present location and condition. The cost of semi-manufactured and finished products comprise the direct materials and direct labor costs as well as a surcharge for the attributable production costs.Contract assetsA contract asset is the right to consideration in exchange for products or services transferred to the customer. If TKH performs by transferring products or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration. Upon completion of the performance obligation and acceptance by the customer, the amount recognized as contract assets is reclassified to trade receivables.Contract costsCapitalized contract costs are systematically amortized over the transfer period of the related products or services to the customer.Contract labilitiesA contract liability is the obligation to deliver products or services to a customer for which TKH has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before products or services are delivered to the customer, a contract liability is recognized. Contract liabilities are recognized as revenue when TKH performs under the contract.Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or lossThis category include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by TKH that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. TKH has no designated financial liabilities at the balance sheet date at fair value with the recognition of changes in value in the statement of profit and loss.Loans and borrowingsThis is the category most relevant to TKH. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR method is a method for calculating the amortized cost of a financial liability and for allocating interest expenses over the relevant period. The effective interest rate is the rate that discounts the estimated future cash payments (including any fees paid or received that are an integral part of the effective interest rate and transaction costs) over the expected life of the financial liability to the amortized cost of a financial liability. Gains and losses are recognized in the statement of profit and loss when the liabilities are no longer recognized. In addition, the EIR amortization is included in the statement of profit and loss as financing costs.Other payablesThe other current liabilities are initially recognized at fair value and subsequently at amortized cost, which is generally equal to the nominal value.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.Assets and directly associated liabilities held for sale and discontinued operationsAssets held for saleAssets and liabilities are classified as held for sale if their carrying amount will be realized primarily through a sales transaction rather than through continued use. The reclassification takes place when the assets and liabilities are available for immediate sale and the sale is within one year. Assets and liabilities held for sale are stated at book value or lower fair value less costs to sell. Selling costs are the incremental costs that can be directly attributed to the sale of an asset, excluding any financing costs and income tax. Said classification only takes place if the sale is very likely, in its current condition the assets are immediately available for sale and the sale is expected to be completed within one year. Assets and liabilities that are classified as held for sale are presented separately in the consolidated balance sheet. Non-current assets held for sale are not depreciated.Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area;\u2022is part of a coordinated plan to dispose of a separately important business activity or geographicalarea; or\u2022is a subsidiary, which has been taken over solely for the purpose of resale.Discontinued operations are excluded from the results from continuing operations and are present-ed as a single amount in the line 'Result after tax from discontinued operations' in the profit andloss account. All other notes to the financial statements include amounts for continuing operations,unless otherwise indicated.ProvisionsGeneralProvisions are recognized when (a) TKH has a present obligation (legal or constructive) as a result of a past event, (b) it is probablethat an out\ufb02ow of resources embodying economic benefits will be required to settle the obligationand (c) a reliable estimate can be made of the amount of the obligation. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions, with the exception of the provision for deferred tax, are discounted using a current pre-tax rate that re\ufb02ects, when appropriate, the risks specific to the liability. When discounting is used, an increase in the provision as a finance cost is recognized due to the passage of time.PensionsPremiums for defined contribution plans are recognized as expense in the period to which they relate. For defined benefit pension plans, which relate to foreign plans, the net liability is calculated per scheme by estimating the defined benefit obligation that employees are entitled to in exchange for their services rendered during the financial year and previous years. The defined benefit obligations are discounted. The defined benefit obligations and the costs of the defined benefit plans are calculated according to the \u2018Projected Unit Credit Method\u2019, with actuarial calculations being made at balance sheet date. This method takes into account future salary increases as a result of the career opportunities of employees and general wage developments including in\ufb02ation adjustment. The discount rate is the yield rate at the balance sheet date on high quality corporate bonds with a term that approaches the term of the obligations of TKH. Actuarial gains and losses are directly accounted for in the OCI, which will not be reclassified subsequently to the statement of profit and loss. If the calculation results in a potential asset, the recognition of the asset is limited to the present value of any economic benefits available in the form of future refunds from the plans or reduced future pension contributions (\u2018asset ceiling\u2019). This is evaluated per pension scheme. In the calculation of the present value of economic benefits any minimum funding obligations that apply are taken into account. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Net interest on defined benefit obligations are accounted for as interest expense as part of the financial expenses. When pension entitlements are changed under a pension plan, the change in pension entitlements related to past service or the gain or loss on that change is recognized directly in the statement of profit and loss. Pension costs, including pension costs on past service and the impact of settlements and curtailments are recognized as personnel costs. Jubilee bonusesThe net liability for jubilee bonuses is the amount of future benefits that relate to services from employees during the financial year or previous periods. The liabilities are discounted to its present value taking into account estimated dismissal chances and salary increases. Provision warranty obligationsThe provision warranty obligations is recognized for the estimated costs that are expected to arise from active warranty obligations in respect of goods and services at balance sheet date. The costs arising from warranty claims are charged against the provision.Onerous contractsA loss-making contract is a contract in which the unavoidable costs (i.e., the costs that TKH can not avoid because it has the contract) to meet the obligations under the contract exceed the economic benefits that are expected to be received. The unavoidable costs under a contract re\ufb02ect the lowest net costs of terminating the contract, the performance of the contract and any compensation or penalties arising from non-compliance. For a loss-making contract with customers, a provision is recognized and valued insofar as the unavoidable costs for completing the contracts are higher than the contract price.Restructuring liabilityThis provision relates to costs in connection with the restructuring of operations and is formed if effectively or legally a commitment for TKH has arisen. A provision is formed if a plan has been formalized as at balance sheet date and either the legitimate expectation has arisen with the people involved that the restructuring will be implemented, or that a start has been made with implementing the restructuring plan. Other provisionsUnless stated otherwise, the other provisions are valued at the nominal value of the expenditure that are estimated to be necessary to settle the respective obligations.Deferred taxDeferred tax relates to temporary differences between the value in the financial statements and the value for tax purposes. No deferred tax is recognized for non-deductible goodwill and subsidiaries and associates included in the participation exemption. Deferred tax assets are only recognized to the extent that it is probable that they can be realized. 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 utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Changes in deferred tax are recognized immediately in the statement of profit and loss, with the exception of deferred tax that relates to items that are recognized in the OCI or directly in equity.TKH 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 either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.TurnoverThe turnover includes the net turnover, as well as other revenues. Net turnover is the revenue from products and services delivered to third parties during the year under the deduction of discounts, bonuses and stock returns. Revenue is measured on the basis of the consideration set out in a contract with a customer. Products are regularly sold with volume discounts based on total sales over a period of one year. Revenues from these sales are recognized on the basis of the price specified in the contract, after deduction of the estimated volume discounts. Revenue is only recognized to the extent that it is highly probable that a reversal will not take place. A refund liability, included in the other current liabilities, is recognized for expected volume discounts payable to customers in connection with sales made until the end of the reporting period. There is no financing element applicable because the sales take place with a relatively short credit term, which is consistent with market practice. The obligation to repair or replace defective products under the standard warranty conditions is recognized as a warranty provision. In addition, TKH offers to a limited extent an extended warranty that is sold together with products and systems. Two performance obligations can be distinguished in such contracts, namely the delivery of products and services and the service-type warranty. Using the relative stand-alone sales price method, a portion of the transaction price is allocated to the service-type warranty and recognized as a contract liability. Revenue is recognized on a straight-line basis over the period in which the service-type warranty is granted based on the time elapsed.The turnover of TKH consists of products and services within the business segments Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems that are delivered to customers as a separate product/service or as a total solution. TKH recognizes revenue when control of a product or service is transferred to a customer. In the following overview the revenue recognition per segment is further elaborated.Segment SMART VISION SYSTEMS Products and servicesVision technology represents about 87% of the turnover of the Smart Vision systems segment and consists of 2D & 3D Machine Vision and Security Vision technology. The technologies are combined with software to create smart technologies and one-stop-shop solutions with plug-and-play integrated systems. Our Machine Vision technology systems improve quality inspection, operation, and object monitoring within various industries such as consumer electronics, factory automation, ITS, medical and life sciences.Our Security Vision systems, combined with advanced communication technologies, enable the customers to manage and control the urban environment efficiently. Simultaneously, the technologies improve sustainability factors, safety and security in various markets such as Infra- structure, Parking and Building security.Nature and timing of fulfillment of performance obligationsA large part of the revenue in Smart Vision systems is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptance. A receivable is recognized at that moment because the consideration has become unconditional and only the passage of time is required before the payment is due. To a lesser degree also the following revenue streams exist:Customer-specific products and systems (including software products): Customer-specific products and systems: A number of products and systems are designed or adapted to customer-specific requirements. TKH recognizes turnover over a period if (i) the customer has control during the creation or improvement of the product / system or (ii) a product/system is created without alternative use and TKH has an enforceable right to payment for the work performed. Examples of (i) include parking guidance that are built up and commissioned on-site. Examples of (ii) are amongst others machine vision cameras constructed for a specific customer application and by TKH integrated security and communication systems. If the two conditions mentioned above are not met, revenue is only recognized at transfer date. For customer-specific systems, installation can be part of the transaction price. A distinction is made between configuration and the physical installation. The configuration is an integral part of the system sold, while the installation is often regarded as a separate service that is usually outsourced to third parties. The installation services to be delivered are separately identifiable and accordingly the transaction price is attributed to the system and the installation based on the relative stand-alone selling prices. Installation is a performance obligation that is fulfilled over time. If revenue is recognized over a period, this is based on the stage of completion of the contract. The progress is determined on the basis of the input method based on a cost price method. Which means, the part of the contract costs incurred for the work that has been carried out to date in relation to the estimated total contract costs. For the payments due by the customer, which according to the contract cannot yet be invoiced, a contract asset is recognized for the period in which the work has been carried out. This contract asset re\ufb02ects the right to compensation for work performed to date. If more is invoiced than has been performed to date, a contract liability is recorded. Contract liabilities are recognized as revenue when TKH performs under the contract. Maintenance and licenses: Maintenance and licenses are part of the transaction price for a number of products and systems. These relate to activities that may have to be carried out during a certain period after sale. This period can thereafter be extended by the customer at then applicable prices. Maintenance and licenses are considered as a separate service. A part of the transaction price is therefore allocated to these services based on their stand-alone selling price. The transaction price allocated to these services is recognized as a contract liability at the time of the initial sale transaction and is subsequently recognized as revenue on a straight-line basis over the contract period.Segment SMART MANUFACTURING SYSTEMSProducts and servicesTKH engineers complete manufacturing systems and machines that contribute to super-efficient manufacturing and processing. Systems engineeringand assembly, control and analysis software, as well as connectivity and vision technology, are the basic building blocks for the distinctive Smart Manufacturing systems supplied to various industries such as car and truck tire production, factory automation, and care solution by providing medicine distribution machines. Tire Building systems represents about 68% turnover share of Smart Manufacturing systems segment.Nature and timing of fulfillment of performance obligationsThe majority of the revenue within Smart Manufacturing systems qualifies as Customer-specific products and systems for which recognition is already described at Smart Vision systems. Examples are tire building, medicine distribution and industrial automation systems. In contrast to Smart Vision systems, for the tire building activities the installation is regarded as an integral part of the performance obligation to the customer, because on-site systems are constructed, configured and tested by employees. The remainder of the revenue relates to standardized products and is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptanceSales commissions: Agents are used, who earn a sales commission on the revenue collected. These incremental costs for obtaining a contract are directly related to the sales that were realized in a certain period. The sales commissions, mostly paid before start of the contract, are capitalized as contract costs and amortized over the expected contract period.SMART CONNECTIVITY SYSTEMSTKH makes advanced Connectivity systems and engineers complete Smart Connectivity systems with a unique integrated system approach and sustainability proposition. Energy and Digitalization represent about 36% and 34% turnover share of the Smart Connectivity systems segment.Our connectivity systems are developed for on-shore and off-shore energy distribution. Our Fibre Optic connectivity systems are manufactured for data and communication networks. In addition, TKH produces specialized cable systems for diverse industrial automation applications in high-tech environments, such as the industrial, marine & offshore and medical sectors. Our advanced connectivity technology for contactless energy and data distribution (CEDD) for airfield ground lighting systems is a connectivity system consisting of both hardware components and software, to further improve the efficiency and safety of specific airfield applications.The majority of revenue relates to standardized products and are accounted for in a similar way as descri-bed above. Customer-specific products and systems for which there is no enforceable right to payment for the work that has already been performed, are also recognized as revenue in the same way.Customer-specific products and systems are accounted for in the same way in Smart Vision systems. Examples are special cable and cable systems for machines, robots, medical applications and subsea cable systems. Operating expensesGeneralThe cost of production and other expenses directly related to ordinary operational activities, which underlie the turnover, are stated as operating expenses.Government subsidiesGovernment subidies are recognized when there is reasonable assurance that the grant will be received and all conditions will be met. Government subsidies are recognized in the statement of profit and loss in the same period as the expenses to which they relate. The subsidy is deducted from the related costs. Grants related to fixed assets are deducted from these assets and credited to the profit and loss account over the expected useful life of the asset concerned.Share-based paymentsTKH has a stock option and a share scheme, which both qualify as share-based payments:\u2022 The stock options are settled in equity instruments. They are valued at fair value at the date they were granted. The fair value is calculated by using an option pricing model that takes into account market related vesting conditions attached to the granting of the options. The fair value is charged to the profit and loss account over the period between the granting of the options and the time that the share options vest, adjusted for the expected number of share options to be exercised. \u2022 The shares issued free of charge are also settled in equity instruments and are measured at the grant date at fair value. The fair value is determined based on the prevailing share price at the time of grant. The fair value is charged to the profit and loss account in the year to which the grant relates.Financial income and expensesFinancial income and expenses comprise the interest received from or paid to third parties relating to the year under review. Interest is recognized according to the effective interest method. The interest income and the interest expenses on bank accounts that belong to one and the same interest compensation system are set off. The interest balance of the interest combination is stated under interest income or interest expenses. Financial expenses related to the construction of tangible non-current assets have been recognized as part of the asset. Translation differences on sale and purchase transactions are classified under financial income and expenses. TaxTax is calculated on the result before tax, taking into account the prevailing tax rates and tax legislation in the different countries. Tax is accounted for in the statement of profit and loss, unless it relates to items directly recognized in the OCI, in which case taxes are also accounted for in the OCI. In addition to the tax directly payable or receivable for the reporting year, the item also includes the changes in the deferred tax assets and liabilities and adjustments to tax assessments from previous years.Non-controlling interestThis item comprises the share of third parties in the results and equity of subsidiaries according to TKH\u2019s accounting principles.Cash flow statementThe cash \ufb02ow statement has been drawn up using the indirect method. With this method, the operating result is adjusted for items in the statement of profit and loss that have no impact on receipts and payments in the year under review and changes in items in the balance sheet and statement of profit and loss whose income and expenses are not considered to belong to the operational activities. The cash position in the cash \ufb02ow statement consists of cash and cash equivalents less short-term borrowings included in cash pools as this is part of the daily cash management. Cash \ufb02ows in foreign currencies are converted at an average exchange rate. Exchange differences with respect to cash and cash equivalents are presented separately in the cash \ufb02ow statement. Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. Received dividends are included in the cash \ufb02ow from investment activities, while paid dividends are included in the cash \ufb02ow from financing activities. The purchase price of acquisitions is included in the cash \ufb02ow from investing activities, to the extent that payment has taken place in cash or cash equivalents. Cash and cash equivalents that are present in the acquired subsidiaries are subtracted from the purchase price. Transactions, which do not involve a cash exchange, are not included in the cash \ufb02ow statement. The payments of the lease terms are presented as repayments on loans for the repayment component of debt (cash \ufb02ow from financing activities) and as paid interest for the interest component (cash \ufb02ow from operating activities). Payment of lease installments that are not included in the lease obligation included in the balance sheet (including leases of assets with a low value or with a term of less than one year) are included under cash \ufb02ow from operating activities. Payments and proceeds on borrowings are presented on a net basis due to the high \ufb02exibility and turnover in relation to utilizations and repayments. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "Spinnerstraat 15, 7481 KJ in Haaksbergen in the Netherlands ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-4": {
"value": "The consolidated financial statements of TKH Group N.V. (hereafter \u2019TKH\u2019) have been drawn up in accordance with the International Financial Reporting Standards (\u2018IFRS\u2019) adopted by the European Commission and applicable on the accounting period that begun on 1 January 2022. The company financial statements are part of the financial statements of TKH. The financial statements have been prepared based on the historical cost basis, except for the valuation at fair value of investment property, derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used, these are explained in the glossary, which is included in the \u2018Other information\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "Going concernTKH has prepared the financial statements on the basis that it will continue to operate as a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-2": {
"value": "Comparative figuresComparative figures may have been reclassified for comparability purposes. If considered to be material, the relevant disclosure has been added to the applicable note.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-2": {
"value": "New accounting principles and interpretationsAs from 1 January 2022 the following amendments of standards and new interpretations are effective:\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 AIP IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 AIP IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities\u2022 AIP IAS 41 Agriculture \u2013 Taxation in fair value measurementsThe adoption of the amendments and improvements did not have material impact on the financial statements.TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2023:\u2022 IFRS 17 Insurance Contracts\u2022 Sale or contribution of assets between an inventors and its assiociate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Classification of Liabilities as Current or Non-current - Amendments to IAS 1\u2022 Definition of Accounting Estimates - Amendments to IAS 8\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024)TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financials statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "New accounting principles and interpretationsAs from 1 January 2022 the following amendments of standards and new interpretations are effective:\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37\u2022 AIP IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter\u2022 AIP IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities\u2022 AIP IAS 41 Agriculture \u2013 Taxation in fair value measurementsThe adoption of the amendments and improvements did not have material impact on the financial statements.TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2023:\u2022 IFRS 17 Insurance Contracts\u2022 Sale or contribution of assets between an inventors and its assiociate or joint venture \u2013 Amendments to IFRS 10 and IAS 28\u2022 Classification of Liabilities as Current or Non-current - Amendments to IAS 1\u2022 Definition of Accounting Estimates - Amendments to IAS 8\u2022 Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024)TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financials statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-2": {
"value": "ConsolidationThe consolidated financial statements include the annual accounts of all subsidiaries over which TKH has or can exercise control. Control is achieved when TKH is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. An overview of consolidated entities is included in the 'Other information'. If facts and circumstances indicate that there are changes to one or more of the three elements of control, TKH re-assesses whether or not it controls a subsidiary. Consolidation of a subsidiary begins when TKH obtains control over the subsidiary and ceases when TKH loses control of the subsidiary.Profit or loss and each component of other comprehensive income (hereafter 'OCI') are attributed to the shareholders of TKH and to the non-controlling interests, even if this results in the non-con-trolling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting principles in line with TKH\u2019s accounting principles. All intra-group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions between subsidiaries are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If TKH loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in the statement profit and loss.CONSOLIDATED ENTITIESA list of all subsidiaries is available at the Chamber of Commerce (the Netherlands). TKH Group N.V. is registered in the Trade Register under No. 06045666.The most important (group of) entities included in the consolidat-ed financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are 100% owned, unless indicated otherwise.TKH SMART VISION TKH SMART MANUFACTURING TKH SMART CONNECTIVITY TKH GROUP SUPPORTAlphatronics Allied Vision Dewetron Texim Europe CAE Isolectra TKH GroupC&C Partners Chromasens EKB VMI E&E TFO TKH FinanceCommend LMI Technologies HE System Electronic EFB TKF TKH LogisticsMextal Mikrotron IntronicsTKH Airport SolutionsTKH Security NetTechno Specials SVS-VistekTattile",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "ConsolidationThe consolidated financial statements include the annual accounts of all subsidiaries over which TKH has or can exercise control. Control is achieved when TKH is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. An overview of consolidated entities is included in the 'Other information'. If facts and circumstances indicate that there are changes to one or more of the three elements of control, TKH re-assesses whether or not it controls a subsidiary. Consolidation of a subsidiary begins when TKH obtains control over the subsidiary and ceases when TKH loses control of the subsidiary.Profit or loss and each component of other comprehensive income (hereafter 'OCI') are attributed to the shareholders of TKH and to the non-controlling interests, even if this results in the non-con-trolling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting principles in line with TKH\u2019s accounting principles. All intra-group assets and liabilities, equity, income, expenses and cash \ufb02ows relating to transactions between subsidiaries are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If TKH loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in the statement profit and loss.CONSOLIDATED ENTITIESA list of all subsidiaries is available at the Chamber of Commerce (the Netherlands). TKH Group N.V. is registered in the Trade Register under No. 06045666.The most important (group of) entities included in the consolidat-ed financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are 100% owned, unless indicated otherwise.TKH SMART VISION TKH SMART MANUFACTURING TKH SMART CONNECTIVITY TKH GROUP SUPPORTAlphatronics Allied Vision Dewetron Texim Europe CAE Isolectra TKH GroupC&C Partners Chromasens EKB VMI E&E TFO TKH FinanceCommend LMI Technologies HE System Electronic EFB TKF TKH LogisticsMextal Mikrotron IntronicsTKH Airport SolutionsTKH Security NetTechno Specials SVS-VistekTattile",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "Segment reportingTKH changed its management structure in 2021 and is now organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. The internal and external segment reporting as of 2021 follows this structure. For these segments, discrete financial information is available that the Executive Board, the highest operational decisionmakers, evaluates regularly. The Executive Board decides on the allocation of resources and reviews the performance of the three segments. These performances are reviewed and reported to the level of operating result. The accounting principles that are applied to these consolidated financial statements also apply to the business segments. The transaction prices for deliveries between segments are determined on an arm\u2019s length basis. The results, assets and liabilities of a segment include both items directly linked to that segment as items that can reasonably and consistently be allocated to that segment. Besides the information about the operating segments, selective informa-tion by geographic region is disclosed. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "Foreign currenciesThe consolidated financial statements are presented in euros, which is also the functional currency of the holding. Transactions in foreign currencies are translated into the respective functional currencies of the entities of the group, at the prevailing exchange rate at transaction date. In foreign currency denominated monetary assets and liabilities at the balance sheet date are translated at the exchange rate prevailing at that date. The result of the conversion occurring exchange differences on monetary items, are recorded in the statement of profit and loss.Assets and liabilities of foreign subsidiaries with a functional currency other than the euro are translated at the exchange rates prevailing at the balance sheet date. The profit and loss accounts of foreign subsidiaries are translated using the weighted average monthly exchange rates over the year under review. Goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rates at the balance sheet date. The exchange differences arising from the translation are recognized through OCI as a separate item in equity. Exchange differences recorded through OCI are reclassified to the statement of profit and loss as part of the result on diposal in the period in which the related entities are disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-4": {
"value": "Foreign currenciesThe consolidated financial statements are presented in euros, which is also the functional currency of the holding. Transactions in foreign currencies are translated into the respective functional currencies of the entities of the group, at the prevailing exchange rate at transaction date. In foreign currency denominated monetary assets and liabilities at the balance sheet date are translated at the exchange rate prevailing at that date. The result of the conversion occurring exchange differences on monetary items, are recorded in the statement of profit and loss.Assets and liabilities of foreign subsidiaries with a functional currency other than the euro are translated at the exchange rates prevailing at the balance sheet date. The profit and loss accounts of foreign subsidiaries are translated using the weighted average monthly exchange rates over the year under review. Goodwill and fair value adjustments related to the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rates at the balance sheet date. The exchange differences arising from the translation are recognized through OCI as a separate item in equity. Exchange differences recorded through OCI are reclassified to the statement of profit and loss as part of the result on diposal in the period in which the related entities are disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value and the amount of any non-controlling interests in the acquiree, in exchange for control of the acquiree. Acquisition related costs are recognized in the statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:\u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;\u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of TKH entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the net amounts of the identifiable assets acquired and the liabilities assumed at acquisition date. If the amount is negative, a badwill (bargain purchase gain) is recognized immediately as benefit in the statement of profit and loss.Non-controlling interests are reported separately from the group result and group equity. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. TKH has elected to recognize this effect in retained earnings. When a non-controlling shareholder has an unconditional right to sell its shares to TKH according to a contractual agreed formula (\u2019put option\u2019), a liability is recognized by TKH for the shares to be purchased. The liability is recognized at the present value of the estimated future cash out\ufb02ow. A legal reserve is accounted for the interest in the equity of the subsidiary of which the economic ownership has been obtained, but not yet the legal ownership. Adjustments after the first recognition on the value of the financial liability for put options and earn-out payments are recognized directly into the statement of profit and loss.Intangible assets and goodwillGoodwillGoodwill is capitalized and allocated to cash-generating units. Goodwill is not amortized. Instead, it is tested at least annually for impairment. Any impairment loss is recognized in the statement of profit and loss as soon as it occurs and is not reversed in subsequent periods. On sale of a subsidiary, the goodwill is included in the determination of the profit or loss on a disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-4": {
"value": "Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value and the amount of any non-controlling interests in the acquiree, in exchange for control of the acquiree. Acquisition related costs are recognized in the statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:\u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;\u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of TKH entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the net amounts of the identifiable assets acquired and the liabilities assumed at acquisition date. If the amount is negative, a badwill (bargain purchase gain) is recognized immediately as benefit in the statement of profit and loss.Non-controlling interests are reported separately from the group result and group equity. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. TKH has elected to recognize this effect in retained earnings. When a non-controlling shareholder has an unconditional right to sell its shares to TKH according to a contractual agreed formula (\u2019put option\u2019), a liability is recognized by TKH for the shares to be purchased. The liability is recognized at the present value of the estimated future cash out\ufb02ow. A legal reserve is accounted for the interest in the equity of the subsidiary of which the economic ownership has been obtained, but not yet the legal ownership. Adjustments after the first recognition on the value of the financial liability for put options and earn-out payments are recognized directly into the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-5": {
"value": "Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date at fair value and the amount of any non-controlling interests in the acquiree, in exchange for control of the acquiree. Acquisition related costs are recognized in the statement of profit and loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that:\u2022 deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;\u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of TKH entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date; \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the net amounts of the identifiable assets acquired and the liabilities assumed at acquisition date. If the amount is negative, a badwill (bargain purchase gain) is recognized immediately as benefit in the statement of profit and loss.Non-controlling interests are reported separately from the group result and group equity. The acquisition of an additional ownership interest in a subsidiary without a change of control is accounted for as an equity transaction. Any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. TKH has elected to recognize this effect in retained earnings. When a non-controlling shareholder has an unconditional right to sell its shares to TKH according to a contractual agreed formula (\u2019put option\u2019), a liability is recognized by TKH for the shares to be purchased. The liability is recognized at the present value of the estimated future cash out\ufb02ow. A legal reserve is accounted for the interest in the equity of the subsidiary of which the economic ownership has been obtained, but not yet the legal ownership. Adjustments after the first recognition on the value of the financial liability for put options and earn-out payments are recognized directly into the statement of profit and loss.Intangible assets and goodwillGoodwillGoodwill is capitalized and allocated to cash-generating units. Goodwill is not amortized. Instead, it is tested at least annually for impairment. Any impairment loss is recognized in the statement of profit and loss as soon as it occurs and is not reversed in subsequent periods. On sale of a subsidiary, the goodwill is included in the determination of the profit or loss on a disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-5": {
"value": "Intangible assets and goodwillGoodwillGoodwill is capitalized and allocated to cash-generating units. Goodwill is not amortized. Instead, it is tested at least annually for impairment. Any impairment loss is recognized in the statement of profit and loss as soon as it occurs and is not reversed in subsequent periods. On sale of a subsidiary, the goodwill is included in the determination of the profit or loss on a disposal.Other intangible assetsExpenditure for research is charged to the profit and loss when incurred. Expenditure for development is capitalized if the following conditions are met:\u2022 An asset is created that can be identified;\u2022 It is probable that the asset created will generate future economic benefits; and\u2022 The development costs can be measured reliably.Development costs are not capitalized if they are directly reimbursed by third parties and TKH does not obtain the property rights. Other intangible non-current assets are valued at historical cost less amortization. The amortization is on a straight-line basis over their expected useful life. The expected useful life is as follows:\u2022 Capitalized development costs: 3-7 years\u2022 Patents, licenses and trademarks: 3-10 years\u2022 Acquired customer relationships: 7-17 years\u2022 Acquired brand names: 10-15 years\u2022 Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-4": {
"value": "Other intangible assetsExpenditure for research is charged to the profit and loss when incurred. Expenditure for development is capitalized if the following conditions are met:\u2022 An asset is created that can be identified;\u2022 It is probable that the asset created will generate future economic benefits; and\u2022 The development costs can be measured reliably.Development costs are not capitalized if they are directly reimbursed by third parties and TKH does not obtain the property rights. Other intangible non-current assets are valued at historical cost less amortization. The amortization is on a straight-line basis over their expected useful life. The expected useful life is as follows:\u2022 Capitalized development costs: 3-7 years\u2022 Patents, licenses and trademarks: 3-10 years\u2022 Acquired customer relationships: 7-17 years\u2022 Acquired brand names: 10-15 years\u2022 Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-5": {
"value": "Other intangible assetsExpenditure for research is charged to the profit and loss when incurred. Expenditure for development is capitalized if the following conditions are met:\u2022 An asset is created that can be identified;\u2022 It is probable that the asset created will generate future economic benefits; and\u2022 The development costs can be measured reliably.Development costs are not capitalized if they are directly reimbursed by third parties and TKH does not obtain the property rights. Other intangible non-current assets are valued at historical cost less amortization. The amortization is on a straight-line basis over their expected useful life. The expected useful life is as follows:\u2022 Capitalized development costs: 3-7 years\u2022 Patents, licenses and trademarks: 3-10 years\u2022 Acquired customer relationships: 7-17 years\u2022 Acquired brand names: 10-15 years\u2022 Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\u2022 Buildings: 30-33 years\u2022 Machinery and installations: 5-15 years\u2022 Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-4": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\u2022 Buildings: 30-33 years\u2022 Machinery and installations: 5-15 years\u2022 Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Right-of-use assetsFor new agreements, TKH considers whether the contract is or contains a lease. A lease is defined as a contract or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. To apply this definition, TKH assesses whether the contract meets three important criteria, namely:\u2022 The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022 TKH has the right to obtain substantially all economic benefits from the use of the identified asset during the period of use, given its rights within the defined scope of the contract; and\u2022 TKH has the right to use the identified asset throughout the period of use. TKH assesses whether it has the right to determine how and for what purpose the asset is used during the term of the lease.At commencement date of the lease, TKH recognizes an asset and a lease liability in the balance sheet. The right of use is valued at cost, which consists of the initial valuation of the lease obligation,any initial direct costs incurred by TKH, an estimate of any costs for dismantling and removing the asset at the end of the lease, and all lease payments made before the commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercized. After the initial valuation, the obligation is lowered for payments and increased for interest. The obligation is determined again in the event of changes in underlying provisions. When the lease obligation is remeasured, the corresponding adjustment is re\ufb02ected in the asset or in the result if the asset has already been reduced to zero. TKH has chosen to apply the exemption for short-term leases and for leasing assets with a low value. Instead of including a right of use and lease obligation, the payments related to these are recognized as a charge in the income statement on a straight-line basis over the lease period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "Right-of-use assetsFor new agreements, TKH considers whether the contract is or contains a lease. A lease is defined as a contract or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. To apply this definition, TKH assesses whether the contract meets three important criteria, namely:\u2022 The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022 TKH has the right to obtain substantially all economic benefits from the use of the identified asset during the period of use, given its rights within the defined scope of the contract; and\u2022 TKH has the right to use the identified asset throughout the period of use. TKH assesses whether it has the right to determine how and for what purpose the asset is used during the term of the lease.At commencement date of the lease, TKH recognizes an asset and a lease liability in the balance sheet. The right of use is valued at cost, which consists of the initial valuation of the lease obligation,any initial direct costs incurred by TKH, an estimate of any costs for dismantling and removing the asset at the end of the lease, and all lease payments made before the commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercized. After the initial valuation, the obligation is lowered for payments and increased for interest. The obligation is determined again in the event of changes in underlying provisions. When the lease obligation is remeasured, the corresponding adjustment is re\ufb02ected in the asset or in the result if the asset has already been reduced to zero. TKH has chosen to apply the exemption for short-term leases and for leasing assets with a low value. Instead of including a right of use and lease obligation, the payments related to these are recognized as a charge in the income statement on a straight-line basis over the lease period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "ImpairmentAt least annually, the company reviews its tangible and intangible non-current assets to determine whether there are indications that those assets have suffered an impairment loss. If there is any such indication the recoverable value of the asset is estimated to determine the extent of the impair-ment loss. If the asset does not generate cash itself, the company determines the recoverable value of the smallest cash-generating unit to which the asset belongs. The recoverable amount is the fair value less cost of disposal or the value in use, whichever is higher. The value in use is based on the estimated future cash \ufb02ows that are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is less than its carrying amount, the asset is written down to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, with the exception of goodwill, but never higher than the carrying amount that would have been determined when no impairment loss has been recognized. The increase is recognized immediately in the statement of profit and loss.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "ImpairmentAt least annually, the company reviews its tangible and intangible non-current assets to determine whether there are indications that those assets have suffered an impairment loss. If there is any such indication the recoverable value of the asset is estimated to determine the extent of the impair-ment loss. If the asset does not generate cash itself, the company determines the recoverable value of the smallest cash-generating unit to which the asset belongs. The recoverable amount is the fair value less cost of disposal or the value in use, whichever is higher. The value in use is based on the estimated future cash \ufb02ows that are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is less than its carrying amount, the asset is written down to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, with the exception of goodwill, but never higher than the carrying amount that would have been determined when no impairment loss has been recognized. The increase is recognized immediately in the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "AssociatesThe associates in which TKH has significant in\ufb02uence in the financial and operating policy decisions,but no control or joint control, are valued according to the equity method. Under the equity method, the share in the profit or loss of the associate is recognized in the statement of profit and loss, provided that it would not result in negative carrying value of the associate, unless TKH is obliged to partially or completely compensate losses. The share in the associate is determined based on TKH\u2019s share in the net assets of the associate, including the paid goodwill at acquisition and less any impairment loss. Dividend from associates is recognized when the shareholders\u2019 right to receive payments has been established. Receipt of dividends reduces investments in associates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "AssociatesThe associates in which TKH has significant in\ufb02uence in the financial and operating policy decisions,but no control or joint control, are valued according to the equity method. Under the equity method, the share in the profit or loss of the associate is recognized in the statement of profit and loss, provided that it would not result in negative carrying value of the associate, unless TKH is obliged to partially or completely compensate losses. The share in the associate is determined based on TKH\u2019s share in the net assets of the associate, including the paid goodwill at acquisition and less any impairment loss. Dividend from associates is recognized when the shareholders\u2019 right to receive payments has been established. Receipt of dividends reduces investments in associates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "InventoriesInventories are stated at the lower of cost and net recoverable amount. The net recoverable amount is the estimated sales price in normal course of business less estimated cost of completion and selling expenses. The cost of raw materials and consumables is based on the average purchase price and cost incurred in bringing the inventories to their present location and condition. The cost of semi-manufactured and finished products comprise the direct materials and direct labor costs as well as a surcharge for the attributable production costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "Contract costsCapitalized contract costs are systematically amortized over the transfer period of the related products or services to the customer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or lossThis category include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by TKH that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. TKH has no designated financial liabilities at the balance sheet date at fair value with the recognition of changes in value in the statement of profit and loss.Loans and borrowingsThis is the category most relevant to TKH. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR method is a method for calculating the amortized cost of a financial liability and for allocating interest expenses over the relevant period. The effective interest rate is the rate that discounts the estimated future cash payments (including any fees paid or received that are an integral part of the effective interest rate and transaction costs) over the expected life of the financial liability to the amortized cost of a financial liability. Gains and losses are recognized in the statement of profit and loss when the liabilities are no longer recognized. In addition, the EIR amortization is included in the statement of profit and loss as financing costs.Other payablesThe other current liabilities are initially recognized at fair value and subsequently at amortized cost, which is generally equal to the nominal value.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-4": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or lossThis category include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by TKH that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. TKH has no designated financial liabilities at the balance sheet date at fair value with the recognition of changes in value in the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-5": {
"value": "Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-6": {
"value": "Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022 amortized cost,\u2022 fair value with change in value through OCI or\u2022 fair value with change in value through profit or loss.The classification of a financial asset on initial recognition depends on the contractual cash \ufb02ow characteristics and the business model of TKH to manage it. A financial asset can only be classified and valued at amortized cost or fair value through OCI if it generates cash \ufb02ows that consist solely of repayment of principal and interest ('SPPI') on the outstanding principal. This assessment is called the SPPI test and is performed at instrument level. The business model refers to the way in which TKH manages its financial assets to generate cash \ufb02ows. The business model determines whether cash \ufb02ows arise from the collection of contractual cash \ufb02ows, the sale of financial assets or both. Purchases or sales of financial assets that require delivery of assets established by regulation or convention in the market place (regular way trades) are recognized on the trade date, the date that TKH commits to purchase or sell the asset. Financial assets at amortized cost are then measured using the effective interest method (\"EIR\") and tested for impairment. Gains and losses are recognized in the income statement when the asset is no longer recognized, adjusted or written off. The financial assets at amortized cost mainly comprise trade receivables.A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-6": {
"value": "A financial asset is derecognized when:\u2022 The rights to receive cash \ufb02ows from the asset have expired, or;\u2022 TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-7": {
"value": "Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-5": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or lossThis category include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by TKH that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. TKH has no designated financial liabilities at the balance sheet date at fair value with the recognition of changes in value in the statement of profit and loss.Loans and borrowingsThis is the category most relevant to TKH. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR method is a method for calculating the amortized cost of a financial liability and for allocating interest expenses over the relevant period. The effective interest rate is the rate that discounts the estimated future cash payments (including any fees paid or received that are an integral part of the effective interest rate and transaction costs) over the expected life of the financial liability to the amortized cost of a financial liability. Gains and losses are recognized in the statement of profit and loss when the liabilities are no longer recognized. In addition, the EIR amortization is included in the statement of profit and loss as financing costs.Other payablesThe other current liabilities are initially recognized at fair value and subsequently at amortized cost, which is generally equal to the nominal value.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-6": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Loans and borrowingsThis is the category most relevant to TKH. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. The EIR method is a method for calculating the amortized cost of a financial liability and for allocating interest expenses over the relevant period. The effective interest rate is the rate that discounts the estimated future cash payments (including any fees paid or received that are an integral part of the effective interest rate and transaction costs) over the expected life of the financial liability to the amortized cost of a financial liability. Gains and losses are recognized in the statement of profit and loss when the liabilities are no longer recognized. In addition, the EIR amortization is included in the statement of profit and loss as financing costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-7": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022 financial liabilities at fair value through profit or loss,\u2022 loans and borrowings, \u2022 other payables, or\u2022 derivatives designated as hedging instruments in an effective hedge.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. TKH\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. The measurement of financial liabilities depends on their classification. Other payablesThe other current liabilities are initially recognized at fair value and subsequently at amortized cost, which is generally equal to the nominal value.A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-6": {
"value": "DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-7": {
"value": "DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-8": {
"value": "DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "Assets and directly associated liabilities held for sale and discontinued operationsAssets held for saleAssets and liabilities are classified as held for sale if their carrying amount will be realized primarily through a sales transaction rather than through continued use. The reclassification takes place when the assets and liabilities are available for immediate sale and the sale is within one year. Assets and liabilities held for sale are stated at book value or lower fair value less costs to sell. Selling costs are the incremental costs that can be directly attributed to the sale of an asset, excluding any financing costs and income tax. Said classification only takes place if the sale is very likely, in its current condition the assets are immediately available for sale and the sale is expected to be completed within one year. Assets and liabilities that are classified as held for sale are presented separately in the consolidated balance sheet. Non-current assets held for sale are not depreciated.Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area;\u2022is part of a coordinated plan to dispose of a separately important business activity or geographicalarea; or\u2022is a subsidiary, which has been taken over solely for the purpose of resale.Discontinued operations are excluded from the results from continuing operations and are present-ed as a single amount in the line 'Result after tax from discontinued operations' in the profit andloss account. All other notes to the financial statements include amounts for continuing operations,unless otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "Assets and directly associated liabilities held for sale and discontinued operationsAssets held for saleAssets and liabilities are classified as held for sale if their carrying amount will be realized primarily through a sales transaction rather than through continued use. The reclassification takes place when the assets and liabilities are available for immediate sale and the sale is within one year. Assets and liabilities held for sale are stated at book value or lower fair value less costs to sell. Selling costs are the incremental costs that can be directly attributed to the sale of an asset, excluding any financing costs and income tax. Said classification only takes place if the sale is very likely, in its current condition the assets are immediately available for sale and the sale is expected to be completed within one year. Assets and liabilities that are classified as held for sale are presented separately in the consolidated balance sheet. Non-current assets held for sale are not depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-4": {
"value": "Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area;\u2022is part of a coordinated plan to dispose of a separately important business activity or geographicalarea; or\u2022is a subsidiary, which has been taken over solely for the purpose of resale.Discontinued operations are excluded from the results from continuing operations and are present-ed as a single amount in the line 'Result after tax from discontinued operations' in the profit andloss account. All other notes to the financial statements include amounts for continuing operations,unless otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "ProvisionsGeneralProvisions are recognized when (a) TKH has a present obligation (legal or constructive) as a result of a past event, (b) it is probablethat an out\ufb02ow of resources embodying economic benefits will be required to settle the obligationand (c) a reliable estimate can be made of the amount of the obligation. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions, with the exception of the provision for deferred tax, are discounted using a current pre-tax rate that re\ufb02ects, when appropriate, the risks specific to the liability. When discounting is used, an increase in the provision as a finance cost is recognized due to the passage of time.PensionsPremiums for defined contribution plans are recognized as expense in the period to which they relate. For defined benefit pension plans, which relate to foreign plans, the net liability is calculated per scheme by estimating the defined benefit obligation that employees are entitled to in exchange for their services rendered during the financial year and previous years. The defined benefit obligations are discounted. The defined benefit obligations and the costs of the defined benefit plans are calculated according to the \u2018Projected Unit Credit Method\u2019, with actuarial calculations being made at balance sheet date. This method takes into account future salary increases as a result of the career opportunities of employees and general wage developments including in\ufb02ation adjustment. The discount rate is the yield rate at the balance sheet date on high quality corporate bonds with a term that approaches the term of the obligations of TKH. Actuarial gains and losses are directly accounted for in the OCI, which will not be reclassified subsequently to the statement of profit and loss. If the calculation results in a potential asset, the recognition of the asset is limited to the present value of any economic benefits available in the form of future refunds from the plans or reduced future pension contributions (\u2018asset ceiling\u2019). This is evaluated per pension scheme. In the calculation of the present value of economic benefits any minimum funding obligations that apply are taken into account. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Net interest on defined benefit obligations are accounted for as interest expense as part of the financial expenses. When pension entitlements are changed under a pension plan, the change in pension entitlements related to past service or the gain or loss on that change is recognized directly in the statement of profit and loss. Pension costs, including pension costs on past service and the impact of settlements and curtailments are recognized as personnel costs. Jubilee bonusesThe net liability for jubilee bonuses is the amount of future benefits that relate to services from employees during the financial year or previous periods. The liabilities are discounted to its present value taking into account estimated dismissal chances and salary increases. Provision warranty obligationsThe provision warranty obligations is recognized for the estimated costs that are expected to arise from active warranty obligations in respect of goods and services at balance sheet date. The costs arising from warranty claims are charged against the provision.Onerous contractsA loss-making contract is a contract in which the unavoidable costs (i.e., the costs that TKH can not avoid because it has the contract) to meet the obligations under the contract exceed the economic benefits that are expected to be received. The unavoidable costs under a contract re\ufb02ect the lowest net costs of terminating the contract, the performance of the contract and any compensation or penalties arising from non-compliance. For a loss-making contract with customers, a provision is recognized and valued insofar as the unavoidable costs for completing the contracts are higher than the contract price.Restructuring liabilityThis provision relates to costs in connection with the restructuring of operations and is formed if effectively or legally a commitment for TKH has arisen. A provision is formed if a plan has been formalized as at balance sheet date and either the legitimate expectation has arisen with the people involved that the restructuring will be implemented, or that a start has been made with implementing the restructuring plan. Other provisionsUnless stated otherwise, the other provisions are valued at the nominal value of the expenditure that are estimated to be necessary to settle the respective obligations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "PensionsPremiums for defined contribution plans are recognized as expense in the period to which they relate. For defined benefit pension plans, which relate to foreign plans, the net liability is calculated per scheme by estimating the defined benefit obligation that employees are entitled to in exchange for their services rendered during the financial year and previous years. The defined benefit obligations are discounted. The defined benefit obligations and the costs of the defined benefit plans are calculated according to the \u2018Projected Unit Credit Method\u2019, with actuarial calculations being made at balance sheet date. This method takes into account future salary increases as a result of the career opportunities of employees and general wage developments including in\ufb02ation adjustment. The discount rate is the yield rate at the balance sheet date on high quality corporate bonds with a term that approaches the term of the obligations of TKH. Actuarial gains and losses are directly accounted for in the OCI, which will not be reclassified subsequently to the statement of profit and loss. If the calculation results in a potential asset, the recognition of the asset is limited to the present value of any economic benefits available in the form of future refunds from the plans or reduced future pension contributions (\u2018asset ceiling\u2019). This is evaluated per pension scheme. In the calculation of the present value of economic benefits any minimum funding obligations that apply are taken into account. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. Net interest on defined benefit obligations are accounted for as interest expense as part of the financial expenses. When pension entitlements are changed under a pension plan, the change in pension entitlements related to past service or the gain or loss on that change is recognized directly in the statement of profit and loss. Pension costs, including pension costs on past service and the impact of settlements and curtailments are recognized as personnel costs. Jubilee bonusesThe net liability for jubilee bonuses is the amount of future benefits that relate to services from employees during the financial year or previous periods. The liabilities are discounted to its present value taking into account estimated dismissal chances and salary increases. Share-based paymentsTKH has a stock option and a share scheme, which both qualify as share-based payments:\u2022 The stock options are settled in equity instruments. They are valued at fair value at the date they were granted. The fair value is calculated by using an option pricing model that takes into account market related vesting conditions attached to the granting of the options. The fair value is charged to the profit and loss account over the period between the granting of the options and the time that the share options vest, adjusted for the expected number of share options to be exercised. \u2022 The shares issued free of charge are also settled in equity instruments and are measured at the grant date at fair value. The fair value is determined based on the prevailing share price at the time of grant. The fair value is charged to the profit and loss account in the year to which the grant relates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "Deferred taxDeferred tax relates to temporary differences between the value in the financial statements and the value for tax purposes. No deferred tax is recognized for non-deductible goodwill and subsidiaries and associates included in the participation exemption. Deferred tax assets are only recognized to the extent that it is probable that they can be realized. 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 utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Changes in deferred tax are recognized immediately in the statement of profit and loss, with the exception of deferred tax that relates to items that are recognized in the OCI or directly in equity.TKH 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 either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.Tax is calculated on the result before tax, taking into account the prevailing tax rates and tax legislation in the different countries. Tax is accounted for in the statement of profit and loss, unless it relates to items directly recognized in the OCI, in which case taxes are also accounted for in the OCI. In addition to the tax directly payable or receivable for the reporting year, the item also includes the changes in the deferred tax assets and liabilities and adjustments to tax assessments from previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-4": {
"value": "Deferred taxDeferred tax relates to temporary differences between the value in the financial statements and the value for tax purposes. No deferred tax is recognized for non-deductible goodwill and subsidiaries and associates included in the participation exemption. Deferred tax assets are only recognized to the extent that it is probable that they can be realized. 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 utilised. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Changes in deferred tax are recognized immediately in the statement of profit and loss, with the exception of deferred tax that relates to items that are recognized in the OCI or directly in equity.TKH 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 either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.Tax is calculated on the result before tax, taking into account the prevailing tax rates and tax legislation in the different countries. Tax is accounted for in the statement of profit and loss, unless it relates to items directly recognized in the OCI, in which case taxes are also accounted for in the OCI. In addition to the tax directly payable or receivable for the reporting year, the item also includes the changes in the deferred tax assets and liabilities and adjustments to tax assessments from previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "TurnoverThe turnover includes the net turnover, as well as other revenues. Net turnover is the revenue from products and services delivered to third parties during the year under the deduction of discounts, bonuses and stock returns. Revenue is measured on the basis of the consideration set out in a contract with a customer. Products are regularly sold with volume discounts based on total sales over a period of one year. Revenues from these sales are recognized on the basis of the price specified in the contract, after deduction of the estimated volume discounts. Revenue is only recognized to the extent that it is highly probable that a reversal will not take place. A refund liability, included in the other current liabilities, is recognized for expected volume discounts payable to customers in connection with sales made until the end of the reporting period. There is no financing element applicable because the sales take place with a relatively short credit term, which is consistent with market practice. The obligation to repair or replace defective products under the standard warranty conditions is recognized as a warranty provision. In addition, TKH offers to a limited extent an extended warranty that is sold together with products and systems. Two performance obligations can be distinguished in such contracts, namely the delivery of products and services and the service-type warranty. Using the relative stand-alone sales price method, a portion of the transaction price is allocated to the service-type warranty and recognized as a contract liability. Revenue is recognized on a straight-line basis over the period in which the service-type warranty is granted based on the time elapsed.The turnover of TKH consists of products and services within the business segments Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems that are delivered to customers as a separate product/service or as a total solution. TKH recognizes revenue when control of a product or service is transferred to a customer. In the following overview the revenue recognition per segment is further elaborated.Segment SMART VISION SYSTEMS Products and servicesVision technology represents about 87% of the turnover of the Smart Vision systems segment and consists of 2D & 3D Machine Vision and Security Vision technology. The technologies are combined with software to create smart technologies and one-stop-shop solutions with plug-and-play integrated systems. Our Machine Vision technology systems improve quality inspection, operation, and object monitoring within various industries such as consumer electronics, factory automation, ITS, medical and life sciences.Our Security Vision systems, combined with advanced communication technologies, enable the customers to manage and control the urban environment efficiently. Simultaneously, the technologies improve sustainability factors, safety and security in various markets such as Infra- structure, Parking and Building security.Nature and timing of fulfillment of performance obligationsA large part of the revenue in Smart Vision systems is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptance. A receivable is recognized at that moment because the consideration has become unconditional and only the passage of time is required before the payment is due. To a lesser degree also the following revenue streams exist:Customer-specific products and systems (including software products): Customer-specific products and systems: A number of products and systems are designed or adapted to customer-specific requirements. TKH recognizes turnover over a period if (i) the customer has control during the creation or improvement of the product / system or (ii) a product/system is created without alternative use and TKH has an enforceable right to payment for the work performed. Examples of (i) include parking guidance that are built up and commissioned on-site. Examples of (ii) are amongst others machine vision cameras constructed for a specific customer application and by TKH integrated security and communication systems. If the two conditions mentioned above are not met, revenue is only recognized at transfer date. For customer-specific systems, installation can be part of the transaction price. A distinction is made between configuration and the physical installation. The configuration is an integral part of the system sold, while the installation is often regarded as a separate service that is usually outsourced to third parties. The installation services to be delivered are separately identifiable and accordingly the transaction price is attributed to the system and the installation based on the relative stand-alone selling prices. Installation is a performance obligation that is fulfilled over time. If revenue is recognized over a period, this is based on the stage of completion of the contract. The progress is determined on the basis of the input method based on a cost price method. Which means, the part of the contract costs incurred for the work that has been carried out to date in relation to the estimated total contract costs. For the payments due by the customer, which according to the contract cannot yet be invoiced, a contract asset is recognized for the period in which the work has been carried out. This contract asset re\ufb02ects the right to compensation for work performed to date. If more is invoiced than has been performed to date, a contract liability is recorded. Contract liabilities are recognized as revenue when TKH performs under the contract. Maintenance and licenses: Maintenance and licenses are part of the transaction price for a number of products and systems. These relate to activities that may have to be carried out during a certain period after sale. This period can thereafter be extended by the customer at then applicable prices. Maintenance and licenses are considered as a separate service. A part of the transaction price is therefore allocated to these services based on their stand-alone selling price. The transaction price allocated to these services is recognized as a contract liability at the time of the initial sale transaction and is subsequently recognized as revenue on a straight-line basis over the contract period.Segment SMART MANUFACTURING SYSTEMSProducts and servicesTKH engineers complete manufacturing systems and machines that contribute to super-efficient manufacturing and processing. Systems engineeringand assembly, control and analysis software, as well as connectivity and vision technology, are the basic building blocks for the distinctive Smart Manufacturing systems supplied to various industries such as car and truck tire production, factory automation, and care solution by providing medicine distribution machines. Tire Building systems represents about 68% turnover share of Smart Manufacturing systems segment.Nature and timing of fulfillment of performance obligationsThe majority of the revenue within Smart Manufacturing systems qualifies as Customer-specific products and systems for which recognition is already described at Smart Vision systems. Examples are tire building, medicine distribution and industrial automation systems. In contrast to Smart Vision systems, for the tire building activities the installation is regarded as an integral part of the performance obligation to the customer, because on-site systems are constructed, configured and tested by employees. The remainder of the revenue relates to standardized products and is accounted for when the products are transferred to the customer in accordance with the delivery conditions of the sales contract and there is no unfulfilled obligation that could affect the customer's acceptanceSales commissions: Agents are used, who earn a sales commission on the revenue collected. These incremental costs for obtaining a contract are directly related to the sales that were realized in a certain period. The sales commissions, mostly paid before start of the contract, are capitalized as contract costs and amortized over the expected contract period.SMART CONNECTIVITY SYSTEMSTKH makes advanced Connectivity systems and engineers complete Smart Connectivity systems with a unique integrated system approach and sustainability proposition. Energy and Digitalization represent about 36% and 34% turnover share of the Smart Connectivity systems segment.Our connectivity systems are developed for on-shore and off-shore energy distribution. Our Fibre Optic connectivity systems are manufactured for data and communication networks. In addition, TKH produces specialized cable systems for diverse industrial automation applications in high-tech environments, such as the industrial, marine & offshore and medical sectors. Our advanced connectivity technology for contactless energy and data distribution (CEDD) for airfield ground lighting systems is a connectivity system consisting of both hardware components and software, to further improve the efficiency and safety of specific airfield applications.The majority of revenue relates to standardized products and are accounted for in a similar way as descri-bed above. Customer-specific products and systems for which there is no enforceable right to payment for the work that has already been performed, are also recognized as revenue in the same way.Customer-specific products and systems are accounted for in the same way in Smart Vision systems. Examples are special cable and cable systems for machines, robots, medical applications and subsea cable systems. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "TurnoverThe turnover includes the net turnover, as well as other revenues. Net turnover is the revenue from products and services delivered to third parties during the year under the deduction of discounts, bonuses and stock returns. Revenue is measured on the basis of the consideration set out in a contract with a customer. Products are regularly sold with volume discounts based on total sales over a period of one year. Revenues from these sales are recognized on the basis of the price specified in the contract, after deduction of the estimated volume discounts. Revenue is only recognized to the extent that it is highly probable that a reversal will not take place. A refund liability, included in the other current liabilities, is recognized for expected volume discounts payable to customers in connection with sales made until the end of the reporting period. There is no financing element applicable because the sales take place with a relatively short credit term, which is consistent with market practice. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "Operating expensesGeneralThe cost of production and other expenses directly related to ordinary operational activities, which underlie the turnover, are stated as operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "Government subsidiesGovernment subidies are recognized when there is reasonable assurance that the grant will be received and all conditions will be met. Government subsidies are recognized in the statement of profit and loss in the same period as the expenses to which they relate. The subsidy is deducted from the related costs. Grants related to fixed assets are deducted from these assets and credited to the profit and loss account over the expected useful life of the asset concerned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-4": {
"value": "Share-based paymentsTKH has a stock option and a share scheme, which both qualify as share-based payments:\u2022 The stock options are settled in equity instruments. They are valued at fair value at the date they were granted. The fair value is calculated by using an option pricing model that takes into account market related vesting conditions attached to the granting of the options. The fair value is charged to the profit and loss account over the period between the granting of the options and the time that the share options vest, adjusted for the expected number of share options to be exercised. \u2022 The shares issued free of charge are also settled in equity instruments and are measured at the grant date at fair value. The fair value is determined based on the prevailing share price at the time of grant. The fair value is charged to the profit and loss account in the year to which the grant relates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-3": {
"value": "Financial income and expensesFinancial income and expenses comprise the interest received from or paid to third parties relating to the year under review. Interest is recognized according to the effective interest method. The interest income and the interest expenses on bank accounts that belong to one and the same interest compensation system are set off. The interest balance of the interest combination is stated under interest income or interest expenses. Financial expenses related to the construction of tangible non-current assets have been recognized as part of the asset. Translation differences on sale and purchase transactions are classified under financial income and expenses. Tax",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-4": {
"value": "Financial income and expensesFinancial income and expenses comprise the interest received from or paid to third parties relating to the year under review. Interest is recognized according to the effective interest method. The interest income and the interest expenses on bank accounts that belong to one and the same interest compensation system are set off. The interest balance of the interest combination is stated under interest income or interest expenses. Financial expenses related to the construction of tangible non-current assets have been recognized as part of the asset. Translation differences on sale and purchase transactions are classified under financial income and expenses. Tax",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-5": {
"value": "Financial income and expensesFinancial income and expenses comprise the interest received from or paid to third parties relating to the year under review. Interest is recognized according to the effective interest method. The interest income and the interest expenses on bank accounts that belong to one and the same interest compensation system are set off. The interest balance of the interest combination is stated under interest income or interest expenses. Financial expenses related to the construction of tangible non-current assets have been recognized as part of the asset. Translation differences on sale and purchase transactions are classified under financial income and expenses. Tax",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-3": {
"value": "Cash flow statementThe cash \ufb02ow statement has been drawn up using the indirect method. With this method, the operating result is adjusted for items in the statement of profit and loss that have no impact on receipts and payments in the year under review and changes in items in the balance sheet and statement of profit and loss whose income and expenses are not considered to belong to the operational activities. The cash position in the cash \ufb02ow statement consists of cash and cash equivalents less short-term borrowings included in cash pools as this is part of the daily cash management. Cash \ufb02ows in foreign currencies are converted at an average exchange rate. Exchange differences with respect to cash and cash equivalents are presented separately in the cash \ufb02ow statement. Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. Received dividends are included in the cash \ufb02ow from investment activities, while paid dividends are included in the cash \ufb02ow from financing activities. The purchase price of acquisitions is included in the cash \ufb02ow from investing activities, to the extent that payment has taken place in cash or cash equivalents. Cash and cash equivalents that are present in the acquired subsidiaries are subtracted from the purchase price. Transactions, which do not involve a cash exchange, are not included in the cash \ufb02ow statement. The payments of the lease terms are presented as repayments on loans for the repayment component of debt (cash \ufb02ow from financing activities) and as paid interest for the interest component (cash \ufb02ow from operating activities). Payment of lease installments that are not included in the lease obligation included in the balance sheet (including leases of assets with a low value or with a term of less than one year) are included under cash \ufb02ow from operating activities. Payments and proceeds on borrowings are presented on a net basis due to the high \ufb02exibility and turnover in relation to utilizations and repayments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-4": {
"value": "Cash flow statementThe cash \ufb02ow statement has been drawn up using the indirect method. With this method, the operating result is adjusted for items in the statement of profit and loss that have no impact on receipts and payments in the year under review and changes in items in the balance sheet and statement of profit and loss whose income and expenses are not considered to belong to the operational activities. The cash position in the cash \ufb02ow statement consists of cash and cash equivalents less short-term borrowings included in cash pools as this is part of the daily cash management. Cash \ufb02ows in foreign currencies are converted at an average exchange rate. Exchange differences with respect to cash and cash equivalents are presented separately in the cash \ufb02ow statement. Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. Received dividends are included in the cash \ufb02ow from investment activities, while paid dividends are included in the cash \ufb02ow from financing activities. The purchase price of acquisitions is included in the cash \ufb02ow from investing activities, to the extent that payment has taken place in cash or cash equivalents. Cash and cash equivalents that are present in the acquired subsidiaries are subtracted from the purchase price. Transactions, which do not involve a cash exchange, are not included in the cash \ufb02ow statement. The payments of the lease terms are presented as repayments on loans for the repayment component of debt (cash \ufb02ow from financing activities) and as paid interest for the interest component (cash \ufb02ow from operating activities). Payment of lease installments that are not included in the lease obligation included in the balance sheet (including leases of assets with a low value or with a term of less than one year) are included under cash \ufb02ow from operating activities. Payments and proceeds on borrowings are presented on a net basis due to the high \ufb02exibility and turnover in relation to utilizations and repayments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "2 SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONSIn preparing the consolidated financial statements management has made judgments, estimates and assumptions. These judgments, estimates and assumptions affect the reported amounts of assets and liabilities, revenues and expenses and disclosed contingent assets and liabilities at thedate of the financial statements. The actual outcome can vary from these judgments, estimates and assumptions. All assumptions, expectations and forecasts used as a basis for judgments in the consolidated financial statements are as good as possible a re\ufb02ection of the forecast of TKH. Management is of the opinion that a reasonable basis exists for the assumptions, expectations and forecasts. Judgments are related to known and unknown risks, uncertainties and other factors that can lead to future results and performances that significantly vary from those forecasted. Significant judgments, estimates and assumptions are described hereafter.Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or indirectlyobservable for the asset or liability. TKH makes use of derivatives valuation reports of financialinstitutions. These valuations are checked with interest rates, interest curves and exchange ratesthat are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that arenot based on available market quotations. Here TKH may use valuations by independent appraisers.The table below shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values:in thousands of euros notes Hierarchy2022 2021AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 21 Level 2 97Foreign currency forward contracts 21 Level 2 40 3,020Commodities (derivatives) 21 Level 2 381 1,895Total 925 5,322LiabilitiesInterest rate swaps 21 Level 2 294Foreign currency forward contracts 21 Level 2 5,704 3,305Commodities (derivatives) 21 Level 2 891 195Total 6,595 3,794The fair value of the financial assets measured at fair value with recognition of the change in value through the statement of profit and loss is calculated on the basis of expected cash \ufb02ows discounted at the estimated market interest rate. Credit risks are taken into account in this market interest rate. TKH has concluded derivatives with various financial institutions with an investment grade rating. Interest rate swaps, forward exchange contracts and forward contracts on commodities are valued based on present value calculations using market data, such as the credit quality of counterparties, base spreads, spot and forward prices, yield curves and forward curves. More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.Price, credit, interest and currency risksNote 21 contains information about these risks.Intangible assets and goodwill related to acquisitionsIn the financial statements a material amount has been reported for intangible non-current assets acquired in an acquisition. The first recognition of these assets at fair value has been determined on the basis of valuation models. The outcomes are largely dependent on management estimates with respect to the assumptions used (such as growth percentages, royalty fees, economic life) and future expectations. The difference between the purchase price and the acquired net fair value of the identifiable assets and liabilities is recognized as goodwill. Note 1 and 3 includes information about intangible assets and goodwill.Impairments and valuation of tax-lossesInformation about impairment testing is included in note 3. TKH regularly invests in R&D (capitalized development costs), production facilities and new, innovative processes with the aim of developing a distinctive product portfolio. Particularly where TKH still has a small market position, the degree of management estimates with regard to learning curve developments, capacity utilization and development of returns is higher. On the other hand, management involvement is larger. TKH has valued tax deductible losses, whereby the entity concerned has incurred a loss in the current and/or previous financial year. In these cases, the recognition and measurement of these deductible losses are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.Contracts with customersTKH develops, produces or configures products and systems on behalf of customers on which revenue is recognized over a period of time. As a result, profit is recognized over time based on the expected profit on the contract and the estimated level of progress. This estimate makes use of detailed calculations that are specified for each performance obligation in a contract. Based on the realization and estimates of project managers and controllers, new estimates are drawn up periodically for each contract. These are reviewed by local management and then used as the basis for the costs and revenue to be recognized. In a new innovative portfolio and/or production process, the uncertainty in management estimates can be significantly higher than in other projects due to the lack of historical experience figures and the learning curve that needs to be going through. Financial liabilities for earn-out and put option agreementsIn the financial statements, financial liabilities are recognized for obligations related to earn-out agreements and put options granted to shareholders of non-controlling interests. The financial liabilities for earn-out and put options are based on estimates of future operating results and are derived from business plans of the companies concerned. Other provisionsThe other provisions relate amongst others to onerous contracts, warranty liabilities, claims, jubilee arrangements and restructuring liability. These provisions are based on estimates and available information. With regard to onerous contracts with customers, reference is made to the previous paragraph 'contracts with customers'. With regard to the restructuring liability further reference is made to note 14. Extension options of lease contracts When TKH has the option of renewing a lease, management uses its judgment to determine whether it is reasonably certain that an option would be exercised. Management takes into account all the facts and circumstances, including their past experience and any costs that will be incurred to change the asset if no extension option is taken, to determine the lease term.Market, geopolitics and climate change Geopolitical developments (such as the Russia-Ukraine con\ufb02ict), economic and political confronta-tions between world powers (trade tariffs, availability and price of energy), the erosion of trade agreements, climate change and the impact of (global) in\ufb02ation as well as a potential recession can impact TKH\u2019s turnover and results. Reference is made to the paragraph \u2018Risk management\u2019 as included in the Management report for further disclosures on these risks. These risks have been weighed in making judgements and applying estimates, amongst other valuation of customer contracts, impairment analysis and determining the useful live of our assets. 3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.14 OTHER PROVISIONSThe long-term provisions have been discounted. The increase of the provision as a result of expiration of time and adjustment of the discount rate is not significant. The short-term provisions have not been discounted since the effect is not material. The short-term part of the provision is mainly related to reorganizations and warranties. The term of the other provisions is as follows:in thousands of euros2022 2021Other long-term provisions 6,798 8,772Other short-term provisions 20,798 20,687Other provisions 27,596 29,459The breakdown and movement of the other provisions is as follows: in thousands of eurosWarranty Employee liabilities Onerous contracts Restructuring Other TotalBalance at 31 December 2021 8,118 3,675 9,920 740 7,006 29,459Additions 1,576 232 3,260 122 1,479 6,669Releases -437 -518 -523 -196 -429 -2,103Utilized -2,952 -107 -2,544 -569 -2,551 -8,723Other reclassifications 2,152 2,152Exchange differences 59 -1 -53 137 142Balance at 31 December 2022 6,364 3,281 12,212 97 5,642 27,596Provision for warrantiesThe provision for warranties is related to warranties on delivered products and services under the standard warranty conditions. The purpose of the provision is to cover costs arising if products and services supplied do not meet the agreed specifications and quality requirements under normal conditions of use. The provision is based on judgments by using historical warranty data relating to comparable products and services and known warranty claims at balance sheet date. In general the recorded liabilities are expected to arise in the next one to three years.Employee liabilitiesThe provision for employee liabilities mainly relates to defined jubilee arrangements and is in general long-term. Restructuring liabilityThe restructuring provision relates mainly to the lay-off of employees. The remaining term is less than 1 year.Onerous contracts The provision for onerous contracts mainly relates to contracts with customers, from which the revenue is recognized over a period of time. This mainly concerns contracts in the segment Smart Manufacturing systems, which relate to new technologies and sometimes in combination with newly acquired customers. Because of the strategic importance of these contracts for the future revenue and profit development of TKH, these have been accepted with a negative or a limited margin at order acceptance. The duration of a project under such a contract is normally shorter than one year, but for larger framework agreements, subprojects can be executed and concluded in different years.Other itemsThe other items relate to claims, matters of dispute, guarantees which are expected to be claimed other contractual obligations. These liabilities consist of amounts at which a judgement by an independent party will probably lead to compensation. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have and term no longer than one year. There is no asset recognized for expected compensation fees in relation to the reported provisions.15 OTHER FINANCIAL LIABILITIESThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controlling interests Totalin thousands of euros Balance at 31 December 2021 6,156 993 7,149Acquisitions 689 689Payment for acquisitions from previous years -4,016 -23 -4,039Change in value through the profit and loss account 75 30 105Balance at 31 December 2022 2,904 1,000 3,904in thousands of euros2022 2021Term shorter than 1 year 2,985 4,989Term between 1 and 5 years 919 2,160Financial liabilities 3,904 7,149Earn-outFor several acquisitions, contractual arrangements have been made about earn-out payments, when certain targets are realized. The liability for earn-out payments has been determined on the basis of fair value of the expected future cash out\ufb02ows. Put options of holders of non-controlling interestsTKH has option rights on several non-controlling interests held by local management of subsidiaries of TKH. Besides, TKH has a liability to buy these shares when local management decides to offer these shares. A financial liability has been recognized for this obligation. On the balance sheet date, the following option rights and liabilities are outstanding:Name of subsidiary Percentage Option exercisable as fromEFB Nordics A/S 10.0% 1 January 2014The liability is based on the discounted value of the expected future cash out\ufb02ows. The expected maturity of the above mentioned liabilities is equal to the period as from 31 December 2022 till the first possibility to exercise. The amount to be paid depends on the future results of the aforemen-tioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac 0.2 million has a maturity of shorter than 1 year. 21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,377",
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"pp-value-85-3": {
"value": "Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or indirectlyobservable for the asset or liability. TKH makes use of derivatives valuation reports of financialinstitutions. These valuations are checked with interest rates, interest curves and exchange ratesthat are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that arenot based on available market quotations. Here TKH may use valuations by independent appraisers.The table below shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values:in thousands of euros notes Hierarchy2022 2021AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 21 Level 2 97Foreign currency forward contracts 21 Level 2 40 3,020Commodities (derivatives) 21 Level 2 381 1,895Total 925 5,322LiabilitiesInterest rate swaps 21 Level 2 294Foreign currency forward contracts 21 Level 2 5,704 3,305Commodities (derivatives) 21 Level 2 891 195Total 6,595 3,794The fair value of the financial assets measured at fair value with recognition of the change in value through the statement of profit and loss is calculated on the basis of expected cash \ufb02ows discounted at the estimated market interest rate. Credit risks are taken into account in this market interest rate. TKH has concluded derivatives with various financial institutions with an investment grade rating. Interest rate swaps, forward exchange contracts and forward contracts on commodities are valued based on present value calculations using market data, such as the credit quality of counterparties, base spreads, spot and forward prices, yield curves and forward curves. More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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"pp-value-85-4": {
"value": "Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or indirectlyobservable for the asset or liability. TKH makes use of derivatives valuation reports of financialinstitutions. These valuations are checked with interest rates, interest curves and exchange ratesthat are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that arenot based on available market quotations. Here TKH may use valuations by independent appraisers.The table below shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values:in thousands of euros notes Hierarchy2022 2021AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 21 Level 2 97Foreign currency forward contracts 21 Level 2 40 3,020Commodities (derivatives) 21 Level 2 381 1,895Total 925 5,322LiabilitiesInterest rate swaps 21 Level 2 294Foreign currency forward contracts 21 Level 2 5,704 3,305Commodities (derivatives) 21 Level 2 891 195Total 6,595 3,794The fair value of the financial assets measured at fair value with recognition of the change in value through the statement of profit and loss is calculated on the basis of expected cash \ufb02ows discounted at the estimated market interest rate. Credit risks are taken into account in this market interest rate. TKH has concluded derivatives with various financial institutions with an investment grade rating. Interest rate swaps, forward exchange contracts and forward contracts on commodities are valued based on present value calculations using market data, such as the credit quality of counterparties, base spreads, spot and forward prices, yield curves and forward curves. More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
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"pp-value-85-5": {
"value": "Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or indirectlyobservable for the asset or liability. TKH makes use of derivatives valuation reports of financialinstitutions. These valuations are checked with interest rates, interest curves and exchange ratesthat are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that arenot based on available market quotations. Here TKH may use valuations by independent appraisers.The table below shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values:in thousands of euros notes Hierarchy2022 2021AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 21 Level 2 97Foreign currency forward contracts 21 Level 2 40 3,020Commodities (derivatives) 21 Level 2 381 1,895Total 925 5,322LiabilitiesInterest rate swaps 21 Level 2 294Foreign currency forward contracts 21 Level 2 5,704 3,305Commodities (derivatives) 21 Level 2 891 195Total 6,595 3,794The fair value of the financial assets measured at fair value with recognition of the change in value through the statement of profit and loss is calculated on the basis of expected cash \ufb02ows discounted at the estimated market interest rate. Credit risks are taken into account in this market interest rate. TKH has concluded derivatives with various financial institutions with an investment grade rating. Interest rate swaps, forward exchange contracts and forward contracts on commodities are valued based on present value calculations using market data, such as the credit quality of counterparties, base spreads, spot and forward prices, yield curves and forward curves. More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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"entity": "scheme:7245008G22FOV7TYYJ34",
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"pp-value-92-3": {
"value": "3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.",
"dimensions": {
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"pp-value-92-4": {
"value": "3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.",
"dimensions": {
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},
"pp-value-92-5": {
"value": "3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.",
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},
"pp-value-92-6": {
"value": "3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.",
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"pp-value-92-7": {
"value": "3 INTANGIBLE ASSETS AND GOODWILLGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 300,812 330,832 287,945 288,102 269,309 238,176 68,441 66,193 926,507 923,303Accumulated amortization and impairment losses 2,323 2,323 187,269 169,741 149,599 127,067 50,254 46,842 389,445 345,973Book value at 1 January 298,489 328,509 100,676 118,361 119,710 111,109 18,187 19,351 537,062 577,330Purchases and capitalization 37,843 34,689 8,063 6,003 45,906 40,692Acquisitions 35 853 1,210 1,107 982 1,960 2,192Reclassification from property, plant and equipment 4 26 0 26Reclassification to assets held for sale -32,768 -136 -594 -896 0 -34,394Reclassifications 102 39 -15 -24 -126 24 0 0Disposals -190 -13 -4 -13 -194Amortization 28 -17,131 -19,240 -30,827 -25,549 -6,226 -6,321 -54,184 -51,110Impairment losses 29 -48 -965 -31 -48 -996Exchange differences 1,300 1,538 739 709 1,040 1,234 83 35 3,162 3,516Book value at 31 December 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Historical cost at 31 December 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of euros Goodwill Discount rate before tax Functional currencyCGU 2022 2021 2022 2021Smart Vision systems 240,478 238,223 11.4% 9.8% EUR / USDSmart Manufacturing systems 10,530 10,530 12.4% 11.3% EURSmart Connectivity systems 49,736 49,736 10.9% 10.6% EURTotal 300,744 298,489The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local manage-ment and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.17% (2021: 1.15%). The future cash \ufb02ows are discounted at the discount rate shown in the table, which is based on the risk profile of the CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2022. Inherent to the applied calculation methodology, a change in the assumptions can lead to a different conclusion regarding impairment. For all CGU\u2019s a sensitivity analysis was performed, in which:\u2022 absolute EBITDA decreases by 10%, or\u2022 the discount rate increases by 1%, or\u2022 the annual growth rate after the financial budget period decreases by 0.5%.Other parameters remain constant. The amounts relate to the impact on the recoverable amount based on the sensitivity analysis. This sensitivity analysis does not take any cost savings into account in order to maintain profitability.Decrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsIn millions of eurosSmart Vision systems -148.9 -147.4 -54.5 -309.4Smart Manufacturing systems -108.9 -105.1 -40.5 -227.0Smart Connectivity systems -183.7 -206.4 -80.0 -412.8These scenarios do not lead to an impairment in any of the CGUs in connection with the available headroom between the recoverable amounts and the carrying amounts. In addition, we specifically assessed physical (acute) climate change risks, including rising temperatures, resulting in \ufb02ooding or extreme weather, and their impact on TKH\u2019s operations. Due to the locations of our (production) facilities and the nature of our activities (approx. 70% linked to relevant SDGs), the risk is considered limited for TKH for the foreseeable future from an impairment perspective. The market capitalization of TKH amounted to \u20ac 1,524 million on December 31, 2022 and was significantly higher than the book value of the net assets of TKH.",
"dimensions": {
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},
"pp-value-110-2": {
"value": "4 PROPERTY, PLANT AND EQUIPMENTLand and buildings Machinery and installations Other equipment Operating assets in progress Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Historical cost at 1 January 194,223 184,273 264,300 253,787 147,717 134,933 5,281 8,828 611,521 581,821Accumulated depreciation and impairments 96,381 88,914 180,925 173,762 111,245 98,833 483 412 389,034 361,921Book value at 1 January 97,842 95,359 83,375 80,025 36,472 36,100 4,798 8,416 222,487 219,900Purchases 6,230 4,121 10,715 13,344 15,600 10,741 73,019 3,951 105,564 32,157Acquisitions 5 0 5Disposals -44 -46 -236 -1,276 -214 -1,133 -18 -494 -2,473Depreciation 27 -6,650 -6,419 -12,190 -12,147 -12,687 -11,583 -31,527 -30,149Impairments 29 652 -25 -71 -25 581Reclassifications -32 -35 -108 24 145 8 0 2Reclassification from/to intangible assets 3 -26 0 -26Reclassification to assets held for sale 11 -23 -994 -4 -191 0 -1,212Exchange differences -576 1,621 -348 1,568 -92 418 -44 95 -1,060 3,702Commissioning of assets in progress 1,454 3,264 1,030 2,311 1,328 1,809 -3,812 -7,384 0 0Book value at 31 December 98,224 97,842 82,346 83,375 40,406 36,472 73,969 4,798 294,945 222,487Accumulated depreciation and impairments 101,688 96,381 186,902 180,925 118,974 111,245 483 483 408,047 389,034Historical cost at 31 December 199,912 194,223 269,248 264,300 159,380 147,717 74,452 5,281 702,992 611,521The purchases in \u2018Operating assets in progress\u2019 relate for a large part to our Strategic Investment Program to further increase our global production capacity to respond to the increased market demand in the fields of automation, digitization, electrification and Tire Building systems.",
"dimensions": {
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"entity": "scheme:7245008G22FOV7TYYJ34",
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},
"pp-value-114-2": {
"value": "5 RIGHT-OF-USE ASSETSTKH has lease contracts for various land and buildings, vehicles and other equipment used in its activities. Land and building lease agreements generally have a duration of between 3 and 30 years, while vehicles and other equipment generally have a duration of between 3 and 5 years.Land and buildings Machinery and installations Other equipment Totalin thousands of euros notes2022 2021 2022 2021 2022 2021 2022 2021Book value at 1 January 62,245 71,492 7 14 6,545 5,851 68,797 77,357Purchases 16,087 8,010 75 37 2,928 4,577 19,090 12,624Disposals -312 -479 -178 -391 -490 -870Reassesment 3,011 6,009 -400 227 2,611 6,236Depreciation 27 -11,373 -11,709 -9 -44 -3,058 -3,336 -14,440 -15,089Impairments 29 -380 -1,209 -1 -381 -1,209Exchange differences 137 848 -12 30 125 878Reclassification to assets held for sale 11 -10,717 -413 -11,130Book value at 31 December 69,415 62,245 73 7 5,824 6,545 75,312 68,797In 2022, the costs related to variable lease payments that were not included in the lease obligation amounted to \u20ac 2.9 million (2021: \u20ac 2.7 million). The costs of leasing assets with a low value amounted to \u20ac 0.2 million (2021: \u20ac 0.2 million) and the costs of leases with a term of less than one year amounted to \u20ac 1.8 million (2021: \u20ac 0.2 million). This increase is mainly related to short term lease of storage capacity due to increased inventory levels. There are no leases with a residual value guarantee and as at December 31, there are no obligations with regard to lease agreements that have not yet been started.See note 19 for the lease liability. See note 31 for the interest charges on lease obligations. See the consolidated cash \ufb02ow statement for the lease payments. The total cash out\ufb02ow from leases in 2022 was \u20ac 19.6 million.19 NET INTEREST-BEARING DEBTTerm InterestAmountin thousands of euros notes2022 2021Bank loans reported under non-current liabilities 18 1.1 years Euribor + margin 431,746 268,010Long term lease liabilities (Right-of-use assets) 18 1-30 years 2.1% 68,049 62,528Short term lease liabilities (Right-of-use assets) < 1 year 2.1% 14,028 12,959Borrowings reported under current liabilities < 1 year Euribor/Libor + margin 56,391 34,630Cash and cash equivalents 10 < 1 year Euribor/Libor - margin -184,559 -100,135Net interest-bearing debt 385,655 277,992At year-end 2022, \u20ac 106.2 million of the cash and cash equivalants forms part of cash and interest pools (2021: \u20ac 32.9 million). The interest on the borrowings is variable and based on Euribor or Libor. The credit margins differ per credit institution, duration and country and vary from 0.3% to 1.5%. The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The credit margin for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 2.1%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. See note 21 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activitiesBorrowings reported under current liabilities Bank loans reported under non-current liabilities Total lease liabilities (Right-of-use assets) Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Balance at 1 January 34,630 43,407 268,010 339,511 75,487 83,571 378,127 466,489Cash \ufb02ows from financing activities -51,186 15,884 163,543 -71,501 112,357 -55,617Proceeds/(repayments) from cash pools 73,381 -23,177 73,381 -23,177Payment of lease liabilities -14,746 -15,570 -14,746 -15,570Non-cash changes:- Acquisition of subsidiaries 140 140 0- Reclassification to liabilities held for sale -386 -11,382 0 -11,768- New leases and reassesments 17,570 17,990 17,570 17,990- Interest 1,695 1,700 1,695 1,700- Effect of changes in exchange rates -434 -1,098 53 2,071 -822 1,690 -1,920Balance at 31 December 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-2": {
"value": "6 ASSOCIATESTKH owns direct or indirect the following relevant other associates: Place Country Ownership and control Operating segmentName of other associate2022 2021Speed Elektronik Vertrieb GmbH Schwelm Germany 25.0% 25.0% Smart Connectivity systemsShin-Etsu (Jiangsu) Optical Preform Co. Ltd. Jiangyin PR China 12.5% 12.5% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd. Melbourne Australia 49.0% 49.0% Smart Vision systemsTraff Is BV Hedel Netherlands 33.3% 33.3% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsDespite the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd., TKH has significant in\ufb02uence over the financial and operating policies. The associate is an important manufacturer of preforms (semi-finshed product for the production of fibre optics) for TKH. The strategic shareholding is linked to a right to 50% of the production capacity of this plant. TKH provides one of the three Supervisory Board members.The overview below shows the summarized financial information of the associates on the basis of the most recent available information, where the financial data are included based on the share of interest in these companies. Of the \u2018summarized financial information\u2019 a large part relates to Shin-Etsu (Jiangsu) Optical Preform Co.Ltd. AssetsLiabilitiesTurnoverNet result Other comprehensive incomeShare in result of associatesin thousands of euros Summarized financial information 2022 19,196 6,992 7,212 -237 -267Summarized financial information 2021 of Cable Connectivity Group 67,115 51,760 83,272 2,266 2,266Summarized financial information 2021 other 17,380 6,770 5,123 185 135The interest in Cable Connectivity Group B.V. is in 2022 reclassified to Assets held for sale (see note 11). Movements in the associates are as follows:in thousands of euros2022 2021Balance at 1 January 28,699 25,540Share in result of associates 3,075 2,401Dividend received -196 -31Sale of a share interest -128Reclassification to Assets held for sale -19,219Exchange differences -155 917Balance at 31 December 12,204 28,699",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-3": {
"value": "6 ASSOCIATESTKH owns direct or indirect the following relevant other associates: Place Country Ownership and control Operating segmentName of other associate2022 2021Speed Elektronik Vertrieb GmbH Schwelm Germany 25.0% 25.0% Smart Connectivity systemsShin-Etsu (Jiangsu) Optical Preform Co. Ltd. Jiangyin PR China 12.5% 12.5% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd. Melbourne Australia 49.0% 49.0% Smart Vision systemsTraff Is BV Hedel Netherlands 33.3% 33.3% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsDespite the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd., TKH has significant in\ufb02uence over the financial and operating policies. The associate is an important manufacturer of preforms (semi-finshed product for the production of fibre optics) for TKH. The strategic shareholding is linked to a right to 50% of the production capacity of this plant. TKH provides one of the three Supervisory Board members.The overview below shows the summarized financial information of the associates on the basis of the most recent available information, where the financial data are included based on the share of interest in these companies. Of the \u2018summarized financial information\u2019 a large part relates to Shin-Etsu (Jiangsu) Optical Preform Co.Ltd. AssetsLiabilitiesTurnoverNet result Other comprehensive incomeShare in result of associatesin thousands of euros Summarized financial information 2022 19,196 6,992 7,212 -237 -267Summarized financial information 2021 of Cable Connectivity Group 67,115 51,760 83,272 2,266 2,266Summarized financial information 2021 other 17,380 6,770 5,123 185 135The interest in Cable Connectivity Group B.V. is in 2022 reclassified to Assets held for sale (see note 11). Movements in the associates are as follows:in thousands of euros2022 2021Balance at 1 January 28,699 25,540Share in result of associates 3,075 2,401Dividend received -196 -31Sale of a share interest -128Reclassification to Assets held for sale -19,219Exchange differences -155 917Balance at 31 December 12,204 28,699",
"dimensions": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-4": {
"value": "6 ASSOCIATESTKH owns direct or indirect the following relevant other associates: Place Country Ownership and control Operating segmentName of other associate2022 2021Speed Elektronik Vertrieb GmbH Schwelm Germany 25.0% 25.0% Smart Connectivity systemsShin-Etsu (Jiangsu) Optical Preform Co. Ltd. Jiangyin PR China 12.5% 12.5% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd. Melbourne Australia 49.0% 49.0% Smart Vision systemsTraff Is BV Hedel Netherlands 33.3% 33.3% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsDespite the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd., TKH has significant in\ufb02uence over the financial and operating policies. The associate is an important manufacturer of preforms (semi-finshed product for the production of fibre optics) for TKH. The strategic shareholding is linked to a right to 50% of the production capacity of this plant. TKH provides one of the three Supervisory Board members.The overview below shows the summarized financial information of the associates on the basis of the most recent available information, where the financial data are included based on the share of interest in these companies. Of the \u2018summarized financial information\u2019 a large part relates to Shin-Etsu (Jiangsu) Optical Preform Co.Ltd. AssetsLiabilitiesTurnoverNet result Other comprehensive incomeShare in result of associatesin thousands of euros Summarized financial information 2022 19,196 6,992 7,212 -237 -267Summarized financial information 2021 of Cable Connectivity Group 67,115 51,760 83,272 2,266 2,266Summarized financial information 2021 other 17,380 6,770 5,123 185 135The interest in Cable Connectivity Group B.V. is in 2022 reclassified to Assets held for sale (see note 11). Movements in the associates are as follows:in thousands of euros2022 2021Balance at 1 January 28,699 25,540Share in result of associates 3,075 2,401Dividend received -196 -31Sale of a share interest -128Reclassification to Assets held for sale -19,219Exchange differences -155 917Balance at 31 December 12,204 28,699",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-5": {
"value": "6 ASSOCIATESTKH owns direct or indirect the following relevant other associates: Place Country Ownership and control Operating segmentName of other associate2022 2021Speed Elektronik Vertrieb GmbH Schwelm Germany 25.0% 25.0% Smart Connectivity systemsShin-Etsu (Jiangsu) Optical Preform Co. Ltd. Jiangyin PR China 12.5% 12.5% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd. Melbourne Australia 49.0% 49.0% Smart Vision systemsTraff Is BV Hedel Netherlands 33.3% 33.3% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsDespite the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd., TKH has significant in\ufb02uence over the financial and operating policies. The associate is an important manufacturer of preforms (semi-finshed product for the production of fibre optics) for TKH. The strategic shareholding is linked to a right to 50% of the production capacity of this plant. TKH provides one of the three Supervisory Board members.The overview below shows the summarized financial information of the associates on the basis of the most recent available information, where the financial data are included based on the share of interest in these companies. Of the \u2018summarized financial information\u2019 a large part relates to Shin-Etsu (Jiangsu) Optical Preform Co.Ltd. AssetsLiabilitiesTurnoverNet result Other comprehensive incomeShare in result of associatesin thousands of euros Summarized financial information 2022 19,196 6,992 7,212 -237 -267Summarized financial information 2021 of Cable Connectivity Group 67,115 51,760 83,272 2,266 2,266Summarized financial information 2021 other 17,380 6,770 5,123 185 135The interest in Cable Connectivity Group B.V. is in 2022 reclassified to Assets held for sale (see note 11). Movements in the associates are as follows:in thousands of euros2022 2021Balance at 1 January 28,699 25,540Share in result of associates 3,075 2,401Dividend received -196 -31Sale of a share interest -128Reclassification to Assets held for sale -19,219Exchange differences -155 917Balance at 31 December 12,204 28,69934 RELATED PARTIESTrade transactionsDuring the year trade transactions with non-consolidated related parties have taken place. These transactions were concluded at market prices, taking into account discounts for volumes and the existing relationship between the parties. The following transactions with related parties occurred during the year:Sold to Bought from Trade receivables Trade payablesin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Cable Connectivity Group B.V. 3,232 3,096 7,520 5,996 402 280 1,284 731Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. 22,331 16,626 7,910 7,980Speed Elektronik Vertrieb GmbH 233 216 83 136 23 18 13Commend Australia Integrated Security and Communication Systems Pty Ltd. 629 588 79 88Total 4,094 3,900 29,934 22,758 504 386 9,207 8,711Shareholdings of members of the Executive Board and the Supervisory BoardDuring the financial year Mr. J.M.A. van der Lof sold in total 32,746 (depositary receipts of) shares at an average stock price of \u20ac 44.63, Mr. E.D.H. de Lange sold 32,340 (depositary receipts of) shares at a stock price of \u20ac 45.65 and Mr. H. Voortman sold 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65, in accordance with the share scheme. In addition, Messrs. J.M.A. van der Lof, E.D.H. de Lange and H.J. Voortman purchased under the share scheme respectively 14,373, 10,780 and 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 118,147 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 85,009 (depositary receipts of) shares and Mr. H.J. Voortman owned 35,935 (depositary receipts of) shares shares at the end of 2022. Remuneration of the Executive Board and the Supervisory BoardThe remuneration payable to the members of the Executive Board comprises a basic salary (TRI), pension and a variable element, comprising an annual performance bonus (STI) and a long-term bonus (LTI) scheme entailing a share scheme. The remuneration of the Supervisory Board consists of a fixed remuneration and a remuneration for participation in a committee. The various remuneration components are explained below, as well as the amount charged to the legal entity and its subsidiaryor group companies.Total regular income (TRI) Bonus (STI) Share scheme (LTI) Pension Compensation for pension premium Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Executive Board 1,758 1,707 1,028 997 1,244 2,736 88 82 341 326 4,458 5,847Supervisory Board 304 313 304 313Total remuneration 2,062 2,020 1,028 997 1,244 2,736 88 82 341 326 4,762 6,160The breakdown of the remuneration per person and according to the various remuneration components is included in the remuneration report that is part of the annual report.",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-2": {
"value": "7 INVENTORIES in thousands of euros2022 2021Raw materials 162,970 119,714Work in progress 59,834 45,573Finished goods 163,109 129,449Inventories 385,913 294,736An amount of \u20ac 833.0 million is reported in the statement of profit and loss for costs of raw materials,consumables and finished goods (2021: \u20ac 686.0 million). A part of inventories is valued at lower net recoverable amount. The book value of these written-down inventories is \u20ac 27.0 million (2021: \u20ac 25.3 million). The total write-down on inventories, based on aging analysis and sales statistics, in 2022 recognized in the statement of profit and loss is \u20ac 7.0 million (2021: \u20ac 4.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-2": {
"value": "8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,377",
"dimensions": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-3": {
"value": "8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-4": {
"value": "8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-5": {
"value": "8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-6": {
"value": "8 TRADE AND OTHER RECEIVABLESin thousands of euros notes2022 2021Trade accounts receivable 220,826 161,085Loss allowance 21 -6,300 -6,377Derivatives 21 518 4,910Receivables from related parties 34 509 444Prepayments and accrued income 15,892 13,137Other short-term receivables 17,893 12,119Long-term receivables 613 748Receivables 249,951 186,066The amounts above are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2022 receivables with an amount of \u20ac 45.4 million are sold to a factoring company (2021: \u20ac 34.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 21. 10 CASH AND CASH EQUIVALENTSin thousands of euros2022 2021Cash and bank balances as included in the cash \ufb02ow statement78,387 68,017Cash at companies assets held for sale -63 -736Cash and bank balances in cash and interest pools 106,235 32,854Cash and bank balances 184,559 100,135Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.15 OTHER FINANCIAL LIABILITIESThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controlling interests Totalin thousands of euros Balance at 31 December 2021 6,156 993 7,149Acquisitions 689 689Payment for acquisitions from previous years -4,016 -23 -4,039Change in value through the profit and loss account 75 30 105Balance at 31 December 2022 2,904 1,000 3,904in thousands of euros2022 2021Term shorter than 1 year 2,985 4,989Term between 1 and 5 years 919 2,160Financial liabilities 3,904 7,149Earn-outFor several acquisitions, contractual arrangements have been made about earn-out payments, when certain targets are realized. The liability for earn-out payments has been determined on the basis of fair value of the expected future cash out\ufb02ows. Put options of holders of non-controlling interestsTKH has option rights on several non-controlling interests held by local management of subsidiaries of TKH. Besides, TKH has a liability to buy these shares when local management decides to offer these shares. A financial liability has been recognized for this obligation. On the balance sheet date, the following option rights and liabilities are outstanding:Name of subsidiary Percentage Option exercisable as fromEFB Nordics A/S 10.0% 1 January 2014The liability is based on the discounted value of the expected future cash out\ufb02ows. The expected maturity of the above mentioned liabilities is equal to the period as from 31 December 2022 till the first possibility to exercise. The amount to be paid depends on the future results of the aforemen-tioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac 0.2 million has a maturity of shorter than 1 year. 18 NON-CURRENT LIABILITIESin thousands of euros notes2022 2021Debts to credit institutions 19 431,746 268,010Long term lease liabilities (Right-of-use assets) 19 68,049 62,528Other non-current liabilities 3,213 3,266Interest-bearing loans and borrowings 503,008 333,804The credit margin on the non-current debts to credit institutions is variable and dependent on the net-interest bearing debt/EBITDA, including the amount of the draws from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or Libor. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 21 for more details on the capital and liquidity risk.19 NET INTEREST-BEARING DEBTTerm InterestAmountin thousands of euros notes2022 2021Bank loans reported under non-current liabilities 18 1.1 years Euribor + margin 431,746 268,010Long term lease liabilities (Right-of-use assets) 18 1-30 years 2.1% 68,049 62,528Short term lease liabilities (Right-of-use assets) < 1 year 2.1% 14,028 12,959Borrowings reported under current liabilities < 1 year Euribor/Libor + margin 56,391 34,630Cash and cash equivalents 10 < 1 year Euribor/Libor - margin -184,559 -100,135Net interest-bearing debt 385,655 277,992At year-end 2022, \u20ac 106.2 million of the cash and cash equivalants forms part of cash and interest pools (2021: \u20ac 32.9 million). The interest on the borrowings is variable and based on Euribor or Libor. The credit margins differ per credit institution, duration and country and vary from 0.3% to 1.5%. The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The credit margin for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 2.1%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. See note 21 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activitiesBorrowings reported under current liabilities Bank loans reported under non-current liabilities Total lease liabilities (Right-of-use assets) Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Balance at 1 January 34,630 43,407 268,010 339,511 75,487 83,571 378,127 466,489Cash \ufb02ows from financing activities -51,186 15,884 163,543 -71,501 112,357 -55,617Proceeds/(repayments) from cash pools 73,381 -23,177 73,381 -23,177Payment of lease liabilities -14,746 -15,570 -14,746 -15,570Non-cash changes:- Acquisition of subsidiaries 140 140 0- Reclassification to liabilities held for sale -386 -11,382 0 -11,768- New leases and reassesments 17,570 17,990 17,570 17,990- Interest 1,695 1,700 1,695 1,700- Effect of changes in exchange rates -434 -1,098 53 2,071 -822 1,690 -1,920Balance at 31 December 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. TKH has a committed revolving and standby credit facility of \u20ac 500 million with a group of banks. The revolving and standby credit facility has a high \ufb02exibility in relation to utilizations and repayments. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 326 million. TKH has per December 31, 2022 unused available credit facilities for a total of \u20ac 357 million (2021: \u20ac 436 million). The available credit facilities are reduced for the outstanding bank guarantees. The maximum credit facility per subsidiary is determined centrally. In the credit facility the following financial covenant is agreed, which is tested on a quarterly basis:CovenantRealization 31-12-2022Realization 31-12-2021Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.1 0.9The debt leverage ratio is calculated excluding the impact of IFRS 16 Leases. Furthermore, it has been agreed with the banks that in the calculation of the debt leverage ratio acquisitions may be consolidated pro forma for 12 months. TKH uses internally a debt leverage ratio up to 2.0. TKH operates within the banks\u2019 required covenant at the end of 2022.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2022 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.5% 1,619 4,857 432,286 438,762 431,746Lease liabilities (Right-of-use assets) 2.1% 6,210 11,040 37,768 41,522 96,540 82,077Financial liabilities 1.5% 2,985 1,169 4,154 3,904Borrowings reported under current liabilities 1.0% 56,403 56,403 56,391Trade creditors 232,608 232,608 232,608Other payables excluding derivatives 110,851 110,851 110,851Interest rate swaps (derivatives) -97 -97 -97Foreign currency forward contracts (derivatives) 50,924 49,133 56,684 156,741 5,664Commodities (derivatives) 595 -71 -14 510 510Financial liabilities 56,403 402,710 67,944 527,893 41,522 1,096,472 923,654The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2021 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.4% 938 2,814 272,075 275,827 268,010Lease liabilities (Right-of-use assets) 2.0% 5,939 10,478 38,293 31,165 85,875 75,487Financial liabilities 1.5% 4,989 2,499 7,488 7,192Borrowings reported under current liabilities 1.0% 34,637 34,637 34,630Trade creditors 198,623 198,623 198,623Other payables excluding derivatives 94,651 94,651 94,651Interest rate swaps (derivatives) 64 191 51 306 294Foreign currency forward contracts (derivatives) 31,615 55,643 17,479 104,737 285Commodities (derivatives) -638 -732 -330 -1,700 -1,700Financial liabilities 34,637 331,192 73,383 330,067 31,165 800,444 677,472The cash \ufb02ows in these statements are not discounted. The cash \ufb02ows are based on the interest rates and the exchange rates at the end of the year. The cash \ufb02ows for interest rate swaps are based on the contracted fixed interest rates compared to the variable interest rate at balance sheet date. The interest rate swap and commodity derivatives are net settled. Currency contracts are gross settled. The following table shows the corresponding reconciliation of these amounts and their book value: in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2022 sTotalIncoming 48,439 46,679 55,569 150,687Outgoing -50,924 -49,133 -56,684 -156,741Net 0 -2,485 -2,454 -1,115 0 -6,054Discounted at contractual bank rates-1,816 -2,955 -893 -5,664in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2021 rsTotalIncoming 32,354 55,444 16,650 104,448Outgoing -31,615 -55,643 -17,479 -104,737Net 0 739 -199 -829 0 -289Discounted at contractual bank rates681 -73 -893 0 -285Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,37731 FINANCIAL INCOME AND EXPENSESin thousands of euros2022 2021Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-2,136 -680Amortized transaction costs -322Interest costs in defined benefit plans -17 -10Interest expense on lease liabilities -1,695 -1,700Interest expenses -8,595 -5,767Interest income from debt instruments at fair value through P&L88 30Interest income 474 161Financial income and expenses -11,881 -8,288",
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"value": "9 CONTRACT ASSETSThe following table provides information on receivables, capitalized contract costs, contract assets and contract liabilities from contracts with customers.in thousands of euros2022 2021Trade accounts receivable 220,826 161,085Contract assets 204,142 150,131Contract liabilities -186,473 -127,044Refund liabilities from customer volume rebates -15,238 -10,641Contract costs 3,480 4,566The contract assets mainly relate to the rights of TKH to consideration for work performed, but which have not yet been invoiced on balance sheet date. The contract assets are reclassified to receivables when the rights become unconditional. The contract liabilities mainly relate to the advance payment received from customers, of which the revenues are recognized at the performance of the contracted work. A large part of the contract assets and liabilities relates to the segment Smart Manufacturing systems. The changes in the balance of contract assets and liabilities during the financial year are as follows:Contract assets Contract liabilitiesin thousands of euros2022 2021 2022 2021Revenue recognized that was included in the contract liability balance at the beginning of the period 127,044 73,931Increases due to cash received, excluding amounts recognized as revenue during the period -186,473 -127,044Transfers from contract assets recognized at the beginning of the period to receivables -150,131 -124,230Increases as a result of changes in the measure of progress 204,142 150,131The commissions paid to agents for obtaining the contracts are expected to be recovered and are therefore capitalized as contract costs. Capitalized commissions are amortized when the related revenue is recognized. In 2022, amortization amounted to \u20ac 5.2 million, which is included in the statement of profit and loss under raw materials, consumables, trading products and outsourced work. There was no impairment in the financial year in respect of the capitalized contract costs.The restitution obligations for agreed customer volume discounts are mostly annual bonuses based on revenue tables. The accrual is calculated based on historical figures, revenue already realized and the outstanding order book.The following table shows the expected future revenue with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date.in thousands of euros2022 2021Expected to be recognized as revenue within 1 year 716,910 705,061Expected to be recognized as revenue between 1 and 2 years206,372 35,809Expected to be recognized as revenue after 2 years 48,625 5,693Total 971,907 746,56323 INFORMATION BY SEGMENTThe management structure and segment reporting of TKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate. In the annual report, a detailed overview of the activities by business segment is shown. Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Geographic segmentsNetherlands 40,256 38,130 47,488 41,540 361,835 260,136 33 2 449,612 339,808Europe (other) 205,460 175,230 184,656 145,558 410,356 364,137 53 184 800,525 685,109Asia 118,463 109,920 107,526 146,554 42,347 37,012 268,336 293,486North America 109,773 81,369 116,070 80,079 7,796 7,458 24 35 233,663 168,941Other 18,570 20,143 29,945 2,488 15,964 13,798 64,479 36,429External turnover 492,522 424,792 485,685 416,219 838,298 682,541 110 221 1,816,615 1,523,773Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Timing of revenue recognitionRevenue at a point-in-time 451,884 401,273 97,077 81,484 699,558 567,626 27 36 1,248,546 1,050,419Revenue over time 35,114 22,492 388,482 334,683 138,252 114,229 1 561,848 471,405Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Revenues from contracts with customers 494,199 428,751 491,083 419,002 848,065 691,635 -22,953 -17,564 1,810,394 1,521,824Other revenues 5,524 1,027 126 52 488 686 83 184 6,221 1,949Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Added value 292,238 250,760 245,115 205,417 320,544 279,942 24 401 857,921 736,520Added value in % 58.5% 58.3% 49.9% 49.0% 37.8% 40.4% 47.2% 48.3%EBITDA 111,056 88,512 77,468 67,354 110,348 94,914 -16,056 -16,053 282,816 234,727EBITA 95,536 73,791 69,096 59,391 87,331 73,207 -17,160 -16,828 234,803 189,561ROS 19.1% 17.2% 14.1% 14.2% 10.3% 10.6% 12.9% 12.4%One-off income -8,115 -2,257 -10,372 0Amortization 39,494 37,588 11,397 9,561 3,660 3,903 -1 58 54,550 51,110Impairments 432 2,237 39 -51 -653 1 31 472 1,564Segment operating result 55,610 33,966 57,660 49,881 91,786 69,957 -14,903 -16,917 190,153 136,887Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions38,807 40,888 34,618 17,418 97,822 28,557 1,273 807 172,520 87,670Employees (FTE) 1,998 1,862 1,819 1,677 2,291 2,162 90 83 6,198 5,784Balance sheetAssets 761,444 731,607 461,327 342,306 634,231 488,877 90,724 17,777 1,947,726 1,580,567Assets held for sale 108,506 87,140 1,044 108,506 88,184Associates 2,738 2,884 9,464 25,813 2 2 12,204 28,699Total assets 764,182 734,491 461,327 342,306 752,201 601,830 90,726 18,823 2,068,436 1,697,450Total liabilities 203,856 203,627 331,538 260,367 277,445 223,521 468,830 287,952 1,281,669 975,467Capital employed previous year 488,804 473,896 71,645 128,481 350,350 314,920 16,955 6,673 927,754 923,970Capital employed current year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Return on Capital Employed (ROCE) 18.8% 15.3% 75.4% 59.4% 22.4% 22.0% 23.2% 20.5%Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019TKH has no individual customers representing 10% or more of the consolidated turnover. Other revenues relate to other services provided to third parties, such as rental, insurance payments and charged costs.Non-current assets 1 Employees (FTE)in thousands of euros (unless stated otherwise)2022 2021 2022 2021Geographic segmentsNetherlands 335,540 288,263 34% 34%Europe (other) 457,213 448,523 42% 43%Asia 45,084 44,700 15% 14%North America 69,019 66,210 7% 7%Other 10,063 10,097 2% 2%Total 916,919 857,793 100% 100%The non-current assets are shown excluding the deferred tax assets.",
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"pp-value-136-3": {
"value": "9 CONTRACT ASSETSThe following table provides information on receivables, capitalized contract costs, contract assets and contract liabilities from contracts with customers.in thousands of euros2022 2021Trade accounts receivable 220,826 161,085Contract assets 204,142 150,131Contract liabilities -186,473 -127,044Refund liabilities from customer volume rebates -15,238 -10,641Contract costs 3,480 4,566The contract assets mainly relate to the rights of TKH to consideration for work performed, but which have not yet been invoiced on balance sheet date. The contract assets are reclassified to receivables when the rights become unconditional. The contract liabilities mainly relate to the advance payment received from customers, of which the revenues are recognized at the performance of the contracted work. A large part of the contract assets and liabilities relates to the segment Smart Manufacturing systems. The changes in the balance of contract assets and liabilities during the financial year are as follows:Contract assets Contract liabilitiesin thousands of euros2022 2021 2022 2021Revenue recognized that was included in the contract liability balance at the beginning of the period 127,044 73,931Increases due to cash received, excluding amounts recognized as revenue during the period -186,473 -127,044Transfers from contract assets recognized at the beginning of the period to receivables -150,131 -124,230Increases as a result of changes in the measure of progress 204,142 150,131The commissions paid to agents for obtaining the contracts are expected to be recovered and are therefore capitalized as contract costs. Capitalized commissions are amortized when the related revenue is recognized. In 2022, amortization amounted to \u20ac 5.2 million, which is included in the statement of profit and loss under raw materials, consumables, trading products and outsourced work. There was no impairment in the financial year in respect of the capitalized contract costs.The restitution obligations for agreed customer volume discounts are mostly annual bonuses based on revenue tables. The accrual is calculated based on historical figures, revenue already realized and the outstanding order book.The following table shows the expected future revenue with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date.in thousands of euros2022 2021Expected to be recognized as revenue within 1 year 716,910 705,061Expected to be recognized as revenue between 1 and 2 years206,372 35,809Expected to be recognized as revenue after 2 years 48,625 5,693Total 971,907 746,56323 INFORMATION BY SEGMENTThe management structure and segment reporting of TKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate. In the annual report, a detailed overview of the activities by business segment is shown. Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Geographic segmentsNetherlands 40,256 38,130 47,488 41,540 361,835 260,136 33 2 449,612 339,808Europe (other) 205,460 175,230 184,656 145,558 410,356 364,137 53 184 800,525 685,109Asia 118,463 109,920 107,526 146,554 42,347 37,012 268,336 293,486North America 109,773 81,369 116,070 80,079 7,796 7,458 24 35 233,663 168,941Other 18,570 20,143 29,945 2,488 15,964 13,798 64,479 36,429External turnover 492,522 424,792 485,685 416,219 838,298 682,541 110 221 1,816,615 1,523,773Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Timing of revenue recognitionRevenue at a point-in-time 451,884 401,273 97,077 81,484 699,558 567,626 27 36 1,248,546 1,050,419Revenue over time 35,114 22,492 388,482 334,683 138,252 114,229 1 561,848 471,405Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Revenues from contracts with customers 494,199 428,751 491,083 419,002 848,065 691,635 -22,953 -17,564 1,810,394 1,521,824Other revenues 5,524 1,027 126 52 488 686 83 184 6,221 1,949Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Added value 292,238 250,760 245,115 205,417 320,544 279,942 24 401 857,921 736,520Added value in % 58.5% 58.3% 49.9% 49.0% 37.8% 40.4% 47.2% 48.3%EBITDA 111,056 88,512 77,468 67,354 110,348 94,914 -16,056 -16,053 282,816 234,727EBITA 95,536 73,791 69,096 59,391 87,331 73,207 -17,160 -16,828 234,803 189,561ROS 19.1% 17.2% 14.1% 14.2% 10.3% 10.6% 12.9% 12.4%One-off income -8,115 -2,257 -10,372 0Amortization 39,494 37,588 11,397 9,561 3,660 3,903 -1 58 54,550 51,110Impairments 432 2,237 39 -51 -653 1 31 472 1,564Segment operating result 55,610 33,966 57,660 49,881 91,786 69,957 -14,903 -16,917 190,153 136,887Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions38,807 40,888 34,618 17,418 97,822 28,557 1,273 807 172,520 87,670Employees (FTE) 1,998 1,862 1,819 1,677 2,291 2,162 90 83 6,198 5,784Balance sheetAssets 761,444 731,607 461,327 342,306 634,231 488,877 90,724 17,777 1,947,726 1,580,567Assets held for sale 108,506 87,140 1,044 108,506 88,184Associates 2,738 2,884 9,464 25,813 2 2 12,204 28,699Total assets 764,182 734,491 461,327 342,306 752,201 601,830 90,726 18,823 2,068,436 1,697,450Total liabilities 203,856 203,627 331,538 260,367 277,445 223,521 468,830 287,952 1,281,669 975,467Capital employed previous year 488,804 473,896 71,645 128,481 350,350 314,920 16,955 6,673 927,754 923,970Capital employed current year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Return on Capital Employed (ROCE) 18.8% 15.3% 75.4% 59.4% 22.4% 22.0% 23.2% 20.5%Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019TKH has no individual customers representing 10% or more of the consolidated turnover. Other revenues relate to other services provided to third parties, such as rental, insurance payments and charged costs.Non-current assets 1 Employees (FTE)in thousands of euros (unless stated otherwise)2022 2021 2022 2021Geographic segmentsNetherlands 335,540 288,263 34% 34%Europe (other) 457,213 448,523 42% 43%Asia 45,084 44,700 15% 14%North America 69,019 66,210 7% 7%Other 10,063 10,097 2% 2%Total 916,919 857,793 100% 100%The non-current assets are shown excluding the deferred tax assets.",
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"value": "10 CASH AND CASH EQUIVALENTSin thousands of euros2022 2021Cash and bank balances as included in the cash \ufb02ow statement78,387 68,017Cash at companies assets held for sale -63 -736Cash and bank balances in cash and interest pools 106,235 32,854Cash and bank balances 184,559 100,135Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.",
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"value": "10 CASH AND CASH EQUIVALENTSin thousands of euros2022 2021Cash and bank balances as included in the cash \ufb02ow statement78,387 68,017Cash at companies assets held for sale -63 -736Cash and bank balances in cash and interest pools 106,235 32,854Cash and bank balances 184,559 100,135Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.19 NET INTEREST-BEARING DEBTThe overview below shows the changes in the interest-bearing liabilities arising from financing activitiesBorrowings reported under current liabilities Bank loans reported under non-current liabilities Total lease liabilities (Right-of-use assets) Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Balance at 1 January 34,630 43,407 268,010 339,511 75,487 83,571 378,127 466,489Cash \ufb02ows from financing activities -51,186 15,884 163,543 -71,501 112,357 -55,617Proceeds/(repayments) from cash pools 73,381 -23,177 73,381 -23,177Payment of lease liabilities -14,746 -15,570 -14,746 -15,570Non-cash changes:- Acquisition of subsidiaries 140 140 0- Reclassification to liabilities held for sale -386 -11,382 0 -11,768- New leases and reassesments 17,570 17,990 17,570 17,990- Interest 1,695 1,700 1,695 1,700- Effect of changes in exchange rates -434 -1,098 53 2,071 -822 1,690 -1,920Balance at 31 December 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).36 NON-CASH TRANSACTIONSThere were no material non-cash transactions.",
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"value": "11 ASSETS AND DIRECTLY ASSOCIATED LIABILITIES HELD FOR SALEAs part of the \u2018Simplify & Accelerate\u2019 program, TKH decided in 2021 to start an active program to divest certain activities engaged in the distribution of connectivity solutions. Accordingly the associated assets and liabilities have been reclassified in 2021 to assets and liabilities held for sale. Besides working capital, goodwill is also an important part of this value. The amount of allocated goodwill has been based on applying the relative value method. Given the progress made in 2022 and barring unforeseen circumstances, a sale of these activities is highly probable within the upcoming 12 months. Therefore the activities, notwithstanding the prolonged divestment process, continue to be classified as \u2018held for sale\u2019. In addition, in November 2022 TKH reached an agreement with third parties on the sale of its minority 41.5% stake in Cable Connectivity Group B.V. This company was created in August 2019, through the divestment of the majority of TKH\u2019s industrial connectivity systems. The transaction was subject to customary regulatory approval end of 2022 and has been closed on February 1, 2023. It will result in a one-off profit contribution of approximately \u20ac 36 million for TKH in Q1 2023. The overview below shows the summarized financial information of this company on the basis of the most recent available information, where the financial data included is based on the share of interest in the company.AssetsLiabilitiesTurnoverNet result Other comprehensi-ve incomeShare in result of associatesin thousands of euros Summarized financial information 2022 of Cable Connectivity Group76,390 59,542 97,322 2,302 3,342The main categories of assets and liabilities classified as held for sale are as follows: in thousands of euros2022 2021AssetsIntangible assets and goodwill 34,116 34,394Property, plant and equipment 1,769 5,806Right-of-use assets 10,324 11,130Associates 19,219 0Other receivables 478 494Deferred tax assets 0 738Inventories 31,034 25,383Trade and other receivables 11,380 9,503Current income tax 123 0Cash and cash equivalents 63 736Assets held for sale 108,506 88,184LiabilitiesNon-current interest-bearing loans and borrowings 8,072 9,693Deferred tax liabilities 1,059 711Retirement benefit obligation 911 1,105Other long-term provisions 0 10Current interest-bearing loans and borrowings 2,137 2,075Trade payables and other payables 20,752 20,372Current income tax liabilities 526 3,234Liabilities directly associated with assets held for sale 33,457 37,200Net assets directly associated with held for sale 75,049 50,984The value of the minority share in Cable Connectivity Group B.V. is included under \u2018Associates\u2019. ",
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"value": "11 ASSETS AND DIRECTLY ASSOCIATED LIABILITIES HELD FOR SALEAs part of the \u2018Simplify & Accelerate\u2019 program, TKH decided in 2021 to start an active program to divest certain activities engaged in the distribution of connectivity solutions. Accordingly the associated assets and liabilities have been reclassified in 2021 to assets and liabilities held for sale. Besides working capital, goodwill is also an important part of this value. The amount of allocated goodwill has been based on applying the relative value method. Given the progress made in 2022 and barring unforeseen circumstances, a sale of these activities is highly probable within the upcoming 12 months. Therefore the activities, notwithstanding the prolonged divestment process, continue to be classified as \u2018held for sale\u2019. In addition, in November 2022 TKH reached an agreement with third parties on the sale of its minority 41.5% stake in Cable Connectivity Group B.V. This company was created in August 2019, through the divestment of the majority of TKH\u2019s industrial connectivity systems. The transaction was subject to customary regulatory approval end of 2022 and has been closed on February 1, 2023. It will result in a one-off profit contribution of approximately \u20ac 36 million for TKH in Q1 2023. The overview below shows the summarized financial information of this company on the basis of the most recent available information, where the financial data included is based on the share of interest in the company.AssetsLiabilitiesTurnoverNet result Other comprehensi-ve incomeShare in result of associatesin thousands of euros Summarized financial information 2022 of Cable Connectivity Group76,390 59,542 97,322 2,302 3,342The main categories of assets and liabilities classified as held for sale are as follows: in thousands of euros2022 2021AssetsIntangible assets and goodwill 34,116 34,394Property, plant and equipment 1,769 5,806Right-of-use assets 10,324 11,130Associates 19,219 0Other receivables 478 494Deferred tax assets 0 738Inventories 31,034 25,383Trade and other receivables 11,380 9,503Current income tax 123 0Cash and cash equivalents 63 736Assets held for sale 108,506 88,184LiabilitiesNon-current interest-bearing loans and borrowings 8,072 9,693Deferred tax liabilities 1,059 711Retirement benefit obligation 911 1,105Other long-term provisions 0 10Current interest-bearing loans and borrowings 2,137 2,075Trade payables and other payables 20,752 20,372Current income tax liabilities 526 3,234Liabilities directly associated with assets held for sale 33,457 37,200Net assets directly associated with held for sale 75,049 50,984The value of the minority share in Cable Connectivity Group B.V. is included under \u2018Associates\u2019. ",
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"value": "13 NON-CONTROLLING INTEREST THIRD PARTIESSome subsidiaries are or were not fully owned by TKH during the year at any time. These third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2022 2021 2022 2021Various non-controlling interests 43 12 168 53",
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"value": "14 OTHER PROVISIONSThe long-term provisions have been discounted. The increase of the provision as a result of expiration of time and adjustment of the discount rate is not significant. The short-term provisions have not been discounted since the effect is not material. The short-term part of the provision is mainly related to reorganizations and warranties. The term of the other provisions is as follows:in thousands of euros2022 2021Other long-term provisions 6,798 8,772Other short-term provisions 20,798 20,687Other provisions 27,596 29,459The breakdown and movement of the other provisions is as follows: in thousands of eurosWarranty Employee liabilities Onerous contracts Restructuring Other TotalBalance at 31 December 2021 8,118 3,675 9,920 740 7,006 29,459Additions 1,576 232 3,260 122 1,479 6,669Releases -437 -518 -523 -196 -429 -2,103Utilized -2,952 -107 -2,544 -569 -2,551 -8,723Other reclassifications 2,152 2,152Exchange differences 59 -1 -53 137 142Balance at 31 December 2022 6,364 3,281 12,212 97 5,642 27,596Provision for warrantiesThe provision for warranties is related to warranties on delivered products and services under the standard warranty conditions. The purpose of the provision is to cover costs arising if products and services supplied do not meet the agreed specifications and quality requirements under normal conditions of use. The provision is based on judgments by using historical warranty data relating to comparable products and services and known warranty claims at balance sheet date. In general the recorded liabilities are expected to arise in the next one to three years.Employee liabilitiesThe provision for employee liabilities mainly relates to defined jubilee arrangements and is in general long-term. Restructuring liabilityThe restructuring provision relates mainly to the lay-off of employees. The remaining term is less than 1 year.Onerous contracts The provision for onerous contracts mainly relates to contracts with customers, from which the revenue is recognized over a period of time. This mainly concerns contracts in the segment Smart Manufacturing systems, which relate to new technologies and sometimes in combination with newly acquired customers. Because of the strategic importance of these contracts for the future revenue and profit development of TKH, these have been accepted with a negative or a limited margin at order acceptance. The duration of a project under such a contract is normally shorter than one year, but for larger framework agreements, subprojects can be executed and concluded in different years.Other itemsThe other items relate to claims, matters of dispute, guarantees which are expected to be claimed other contractual obligations. These liabilities consist of amounts at which a judgement by an independent party will probably lead to compensation. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have and term no longer than one year. There is no asset recognized for expected compensation fees in relation to the reported provisions.",
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"value": "14 OTHER PROVISIONSThe long-term provisions have been discounted. The increase of the provision as a result of expiration of time and adjustment of the discount rate is not significant. The short-term provisions have not been discounted since the effect is not material. The short-term part of the provision is mainly related to reorganizations and warranties. The term of the other provisions is as follows:in thousands of euros2022 2021Other long-term provisions 6,798 8,772Other short-term provisions 20,798 20,687Other provisions 27,596 29,459The breakdown and movement of the other provisions is as follows: in thousands of eurosWarranty Employee liabilities Onerous contracts Restructuring Other TotalBalance at 31 December 2021 8,118 3,675 9,920 740 7,006 29,459Additions 1,576 232 3,260 122 1,479 6,669Releases -437 -518 -523 -196 -429 -2,103Utilized -2,952 -107 -2,544 -569 -2,551 -8,723Other reclassifications 2,152 2,152Exchange differences 59 -1 -53 137 142Balance at 31 December 2022 6,364 3,281 12,212 97 5,642 27,596Provision for warrantiesThe provision for warranties is related to warranties on delivered products and services under the standard warranty conditions. The purpose of the provision is to cover costs arising if products and services supplied do not meet the agreed specifications and quality requirements under normal conditions of use. The provision is based on judgments by using historical warranty data relating to comparable products and services and known warranty claims at balance sheet date. In general the recorded liabilities are expected to arise in the next one to three years.Employee liabilitiesThe provision for employee liabilities mainly relates to defined jubilee arrangements and is in general long-term. Restructuring liabilityThe restructuring provision relates mainly to the lay-off of employees. The remaining term is less than 1 year.Onerous contracts The provision for onerous contracts mainly relates to contracts with customers, from which the revenue is recognized over a period of time. This mainly concerns contracts in the segment Smart Manufacturing systems, which relate to new technologies and sometimes in combination with newly acquired customers. Because of the strategic importance of these contracts for the future revenue and profit development of TKH, these have been accepted with a negative or a limited margin at order acceptance. The duration of a project under such a contract is normally shorter than one year, but for larger framework agreements, subprojects can be executed and concluded in different years.Other itemsThe other items relate to claims, matters of dispute, guarantees which are expected to be claimed other contractual obligations. These liabilities consist of amounts at which a judgement by an independent party will probably lead to compensation. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have and term no longer than one year. There is no asset recognized for expected compensation fees in relation to the reported provisions.",
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"value": "15 OTHER FINANCIAL LIABILITIESThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controlling interests Totalin thousands of euros Balance at 31 December 2021 6,156 993 7,149Acquisitions 689 689Payment for acquisitions from previous years -4,016 -23 -4,039Change in value through the profit and loss account 75 30 105Balance at 31 December 2022 2,904 1,000 3,904in thousands of euros2022 2021Term shorter than 1 year 2,985 4,989Term between 1 and 5 years 919 2,160Financial liabilities 3,904 7,149Earn-outFor several acquisitions, contractual arrangements have been made about earn-out payments, when certain targets are realized. The liability for earn-out payments has been determined on the basis of fair value of the expected future cash out\ufb02ows. Put options of holders of non-controlling interestsTKH has option rights on several non-controlling interests held by local management of subsidiaries of TKH. Besides, TKH has a liability to buy these shares when local management decides to offer these shares. A financial liability has been recognized for this obligation. On the balance sheet date, the following option rights and liabilities are outstanding:Name of subsidiary Percentage Option exercisable as fromEFB Nordics A/S 10.0% 1 January 2014The liability is based on the discounted value of the expected future cash out\ufb02ows. The expected maturity of the above mentioned liabilities is equal to the period as from 31 December 2022 till the first possibility to exercise. The amount to be paid depends on the future results of the aforemen-tioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac 0.2 million has a maturity of shorter than 1 year. 21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.",
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"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-176-2": {
"value": "16 DEFERRED TAXThe deferred tax assets and liabilities relate to the following items of which the movements are also shown: Property, plant and equipment and leasesIntangible assets and goodwillInventories and construction contracts Provisions Unused tax losses and creditsFinancial instrumentsUndistributed intragroup profits OtherTotalin thousands of eurosBalance at 1 January 2021 721 -54,255 -2,502 930 13,446 -684 -2,220 3,825 -40,739(Charge)/credit to other comprehensive income -8 400 392(Charge)/credit to profit or loss 251 2,435 -2,353 137 31 5 -511 -97 -102Reclassification to assets held for sale -63 47 635 -276 -370 -27Acquisitions -212 -212Balance at 31 December 2021 909 -51,985 -4,220 783 13,477 -279 -2,731 3,358 -40,688(Charge)/credit to other comprehensive income -316 1,798 1,482(Charge)/credit to profit or loss -7 1,344 -607 7 -1,959 1,015 566 359Acquisitions -350 -350Balance at 31 December 2022 902 -50,991 -4,827 474 11,518 1,519 -1,716 3,924 -39,197Certain deferred tax assets and liabilities have been offset in accordance with the applicable principles in IFRS. The deferred tax assets and liabilities are recognized in the balance sheet as follows:in thousands of euros2022 2021Deferred tax assets stated under non-current assets 13,271 15,277Deferred tax liabilities stated under non-current liabilities -52,468 -55,965Deferred taxes -39,197 -40,688TKH has unused tax losses for which no deferred tax assets have been recognized because realization is uncertain. These unused tax losses can be compensated with future profits. Based on current tax legislation, these unused and unrecognized tax losses have the following terms:in thousands of euros2022 2021Term infinite 49,551 40,325Term longer than 10 years 11,812 12,944Term between the 5 and 10 years 3 39Term shorter than 5 years 5 32Unrecognized tax losses and credits 61,371 53,340The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, TKH has determined that it cannot recognize deferred tax assets on the tax losses carried forward. The unrecognized unused tax losses represent a value of \u20ac 14.5 million at the end of 2022 based on the applicable tax rates. TKH has valued tax deductible losses, whereby the entity concerned has incurred a loss in the current and/or previous financial year. In these cases, the recognition and measurement of these deductible losses are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-176-3": {
"value": "16 DEFERRED TAXThe deferred tax assets and liabilities relate to the following items of which the movements are also shown: Property, plant and equipment and leasesIntangible assets and goodwillInventories and construction contracts Provisions Unused tax losses and creditsFinancial instrumentsUndistributed intragroup profits OtherTotalin thousands of eurosBalance at 1 January 2021 721 -54,255 -2,502 930 13,446 -684 -2,220 3,825 -40,739(Charge)/credit to other comprehensive income -8 400 392(Charge)/credit to profit or loss 251 2,435 -2,353 137 31 5 -511 -97 -102Reclassification to assets held for sale -63 47 635 -276 -370 -27Acquisitions -212 -212Balance at 31 December 2021 909 -51,985 -4,220 783 13,477 -279 -2,731 3,358 -40,688(Charge)/credit to other comprehensive income -316 1,798 1,482(Charge)/credit to profit or loss -7 1,344 -607 7 -1,959 1,015 566 359Acquisitions -350 -350Balance at 31 December 2022 902 -50,991 -4,827 474 11,518 1,519 -1,716 3,924 -39,197Certain deferred tax assets and liabilities have been offset in accordance with the applicable principles in IFRS. The deferred tax assets and liabilities are recognized in the balance sheet as follows:in thousands of euros2022 2021Deferred tax assets stated under non-current assets 13,271 15,277Deferred tax liabilities stated under non-current liabilities -52,468 -55,965Deferred taxes -39,197 -40,688TKH has unused tax losses for which no deferred tax assets have been recognized because realization is uncertain. These unused tax losses can be compensated with future profits. Based on current tax legislation, these unused and unrecognized tax losses have the following terms:in thousands of euros2022 2021Term infinite 49,551 40,325Term longer than 10 years 11,812 12,944Term between the 5 and 10 years 3 39Term shorter than 5 years 5 32Unrecognized tax losses and credits 61,371 53,340The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, TKH has determined that it cannot recognize deferred tax assets on the tax losses carried forward. The unrecognized unused tax losses represent a value of \u20ac 14.5 million at the end of 2022 based on the applicable tax rates. TKH has valued tax deductible losses, whereby the entity concerned has incurred a loss in the current and/or previous financial year. In these cases, the recognition and measurement of these deductible losses are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.32 TAXin thousands of euros notes2022 2021Current tax 46,282 33,852Adjustments for previous years -1,807 -264Deferred tax 16 -359 102Total tax on result 44,116 33,690The taxes that are included directly in the statement of other comprehensive income are shown below.in thousands of euros notes2022 2021Deferred taxes on revaluation of cash \ufb02ow hedges 16 -1,798 -400Deferred taxes on actuarial gains and losses 16 316 8Total tax on other comprehensive income -1,482 -392The tax rate is calculated at the prevailing tax rates in each country. The tax rate over the year can be reconciled with the profit before tax as follows:in thousands of euros (unless stated otherwise)2022 2021Result before tax 181,242 128,914Tax calculated at the Dutch tax rate 46,760 25.8% 32,229 25.0%Correction due to tax effect for:Tax participation exemption -667 -0.4% -380 -0.3%Non-deductible expenses 1,170 0.6% 2,564 2.0%Non-taxable income -57 0.0% -245 -0.2%Advantages from tax facilities -4,275 -2.4% -3,110 -2.4%Write off/(recognition) of deferred taxes -1,761 -1.0% 72 0.1%(Recognition)/derecognition of deferred tax asset for unused tax losses3,108 1.7% 1,206 0.9%Settlement of income tax returns for previous years-1,807 -1.0% -264 -0.2%Differences in tax rates for foreign subsidiaries 1,013 0.5% 2,248 1.7%Change in statutory tax rate 710 0.4% -586 -0.5%Other tax benefits -78 0.1% -44 0.0%Effective tax rate 44,116 24.3% 33,690 26.1%The effective tax rate decreased compared to last year. The change is mainly attributable to the following circumstances:\u2022 Lower non-deductible expenses due to lower costs related to acquisitions, earn-out and share based payments;\u2022 Although the benefits from tax R&D facilities increased compared to previous year, the impact on the tax effective rate is limited. These current facilities mainly relate to the Netherlands (innovation box), Canada (SR&ED), China and Austria;\u2022 Not fully recognizing tax losses resulted in a higher effective tax rate of 1.7% (2021: 0.9%). The tax losses can still be utilized in future years. Said non-recognition is partly offset by the recognition of deferred taxes for \u20ac 1.8 million in 2022; \u2022 The settlement of income tax returns for previous years for several legal entities in different countries resulted in a benefit of \u20ac 1.8 million in 2022 (2021: \u20ac 0.3 million); \u2022 Differences in tax rates for foreign subsidiaries causes on balance a higher effective tax rate. This mainly applies to our subsidiaries in Germany, Italy, France and Australia; and\u2022 Changes in statutory tax rates applied in the calculation of deferred taxes resulted in a tax charge of \u20ac 0.7 million (2021: tax benefit of \u20ac 0.6 million). ",
"dimensions": {
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"pp-value-189-2": {
"value": "17 PENSIONSDefined contribution plansTKH's pension plans in the Netherlands differ per subsidiary. The pension scheme of a number of subsidiaries has been placed with the industry pension fund PME and PMT respectively. As of January 1, 2020, the employees of the other Dutch subsidiaries have a so-called individual defined contribution scheme, which is managed by Nationale-Nederlanden.The employees of the foreign subsidiaries are members of industry or state-managed pension plans. The subsidiaries are only required to pay a certain percentage of the salary costs to the concerning industry or state managed pension plans. These pension schemes classify as defined contribution plan. The pension schemes in the Netherlands, to the extent not already covered by the industry pension schemes, are recognized as a defined contribution scheme in the financial statements. The total pension expense recognized in 2022 related to the defined contribution plans amounts to \u20ac 17.5 million (2021: \u20ac 15.3 million). The industry pension plans are included in this pension expense. TKH expects for 2023 a pension expense of \u20ac 19 million for all defined contribution plans, of which about \u20ac 12.8 million relates to industry pension schemes.Defined benefit plansMulti-employer union plans In the Netherlands 1,910 employees of TKH participate in the multi-employer union plans of \u2018Pensioenfonds van de Metalektro\u2019 (\u2018PME\u2019) and 'Pensioenfonds Metaal & Techniek' ('PMT') in accordance with the collective bargaining agreements applicable for the industry in which the TKH companies operate. These collective bargaining agreements have no expiration date. PME covers approximately 1,400 companies and 340,000 participants and PMT approximately 35,000 companies and 1,340,000 participants. The pension rights of each employee are based upon the employee\u2019s average salary during employment (depending on coverage ratio). TKH\u2019s contribution to the multi-employer union plans are far less than 5% of the total contribution to the plans. The pension funds are subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a multi-employer union plan must be monitored against specific criteria, including the coverage ratio of the plan assets to its obligations. The multi-employer union plans have reported the following coverage ratio at year-end:2022 2021coverage ratio of PME 111.7% 103.2%coverage ratio of PMT 108.1% 100.8%The actual coverage ratio is calculated by dividing the plan assets by the total sum of pension liabilities. The coverage ratio is the average coverage ratio over the past 12 months. There are no additional contribution requirements for participating companies to prevent indexation cuts or lowering of pensions. The schemes qualify as defined benefit plans because the companies bear the risk that in the negotiation of the level of pension contributions after 2022 the social partners take the amount of a surplus or a deficit in the industry pension fund as part of the negotiations. As a result, future premiums may be somewhat related to deficits or surpluses that relate to pension entitlements accrued in the past. This concerns shortages or surpluses of current and former employees of TKH but also of other companies. In addition, there is no consistent and reliable basis for allocating the pension liability, assets and costs to individual companies participating in the industry pension scheme. TKH therefore classifies the multi-employer plans as if it were defined contribution plans (in line with IAS19.34). TKH\u2019s net periodic pension cost for the multi-employer plan over a financial period is equal to the required contribution for that period.Other pension schemes There are some individual defined benefit plans abroad for a small number of participants. These defined benefits are accrued in the subsidiaries and are not covered by plan assets. The duration of the defined benefit obligations of these arrangements will be, on average, 12 years at December 31, 2022. Furthermore, there is legislation for the Austrian employees obligating to pay a onetime com-pensation at the end of the employment for employees working for the subsidiary before January 1, 2003. The amount of compensation depends on the years of service and the average salary in the last 3 years of service. The actuarial calculations for the pension schemes are performed by actuaries. The following assumptions have been applied in the actuarial calculations:2022 2021Discount rate before tax 3.5-3.8% 0.8-2.0%General percentage salary increase 2.5% 2.1%The following amounts are recognized in the balance sheet with respect to all defined benefit plans:in thousands of euros2022 2021Present value of the defined benefit obligations 3,765 4,716Fair value of the plan assetsNet pension obligation 3,765 4,716The following amounts are recognized in the statement of profit and loss with respect to the defined benefit plans:in thousands of euros2022 2021Current service costs 285 62Interest costs included in financial expenses 144 42Pension expense in the profit and loss account 429 104For 2023 TKH expects to pay a pension premium of \u20ac 0.4 million (including contributions from participants) related to the defined benefit plans.The change in the present value of the defined benefit plan obligations is as follows:in thousands of euros2022 2021Balance at 1 January 4,716 5,844Reclassification to liabilities held for sale -1,039Current service costs 285 62Interest costs included in financial expenses 144 42Actuarial (gains)/losses recognized through other comprehensive income -1,217 -30Entitlements paid -163 -163Balance at 31 December 3,765 4,716Changes in the assumptions have consequences for the present value of the defined benefit obligation. In the summary below a sensitivity analysis on the gross and net defined benefit obligation is shown for the three largest pension schemes, which together represent 75% of the net pension liability, when there is an absolute change of 1% or 1 year in the relevant assumptions:2022 2021+1.0% -1.0% +1.0% -1.0%Discount rate -302 352 -355 422General percentage salary increase 320 -278 481 -411+1 year -1 year +1 year -1 yearMortality table 147 -139 139 -14024 PERSONNEL EXPENSESThe personnel expenses include the following items:in thousands of euros2022 2021Wages and salaries 335,656 303,004Share-based payments 4,133 5,042Social insurance contributions 54,957 49,243Pension costs 17,891 15,421Temporary labor 34,924 19,506Capitalized development costs -30,413 -27,571Other personnel expenses 17,949 13,622Personnel expenses 435,097 378,267During the year 2022 no significant use has been made of available COVID-19 government support programs. ",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-193-3": {
"value": "18 NON-CURRENT LIABILITIESin thousands of euros notes2022 2021Debts to credit institutions 19 431,746 268,010Long term lease liabilities (Right-of-use assets) 19 68,049 62,528Other non-current liabilities 3,213 3,266Interest-bearing loans and borrowings 503,008 333,804The credit margin on the non-current debts to credit institutions is variable and dependent on the net-interest bearing debt/EBITDA, including the amount of the draws from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or Libor. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 21 for more details on the capital and liquidity risk.20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-193-4": {
"value": "18 NON-CURRENT LIABILITIESin thousands of euros notes2022 2021Debts to credit institutions 19 431,746 268,010Long term lease liabilities (Right-of-use assets) 19 68,049 62,528Other non-current liabilities 3,213 3,266Interest-bearing loans and borrowings 503,008 333,804The credit margin on the non-current debts to credit institutions is variable and dependent on the net-interest bearing debt/EBITDA, including the amount of the draws from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or Libor. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 21 for more details on the capital and liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-193-5": {
"value": "18 NON-CURRENT LIABILITIESin thousands of euros notes2022 2021Debts to credit institutions 19 431,746 268,010Long term lease liabilities (Right-of-use assets) 19 68,049 62,528Other non-current liabilities 3,213 3,266Interest-bearing loans and borrowings 503,008 333,804The credit margin on the non-current debts to credit institutions is variable and dependent on the net-interest bearing debt/EBITDA, including the amount of the draws from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or Libor. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 21 for more details on the capital and liquidity risk.19 NET INTEREST-BEARING DEBTTerm InterestAmountin thousands of euros notes2022 2021Bank loans reported under non-current liabilities 18 1.1 years Euribor + margin 431,746 268,010Long term lease liabilities (Right-of-use assets) 18 1-30 years 2.1% 68,049 62,528Short term lease liabilities (Right-of-use assets) < 1 year 2.1% 14,028 12,959Borrowings reported under current liabilities < 1 year Euribor/Libor + margin 56,391 34,630Cash and cash equivalents 10 < 1 year Euribor/Libor - margin -184,559 -100,135Net interest-bearing debt 385,655 277,992At year-end 2022, \u20ac 106.2 million of the cash and cash equivalants forms part of cash and interest pools (2021: \u20ac 32.9 million). The interest on the borrowings is variable and based on Euribor or Libor. The credit margins differ per credit institution, duration and country and vary from 0.3% to 1.5%. The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The credit margin for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 2.1%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. See note 21 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activitiesBorrowings reported under current liabilities Bank loans reported under non-current liabilities Total lease liabilities (Right-of-use assets) Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021Balance at 1 January 34,630 43,407 268,010 339,511 75,487 83,571 378,127 466,489Cash \ufb02ows from financing activities -51,186 15,884 163,543 -71,501 112,357 -55,617Proceeds/(repayments) from cash pools 73,381 -23,177 73,381 -23,177Payment of lease liabilities -14,746 -15,570 -14,746 -15,570Non-cash changes:- Acquisition of subsidiaries 140 140 0- Reclassification to liabilities held for sale -386 -11,382 0 -11,768- New leases and reassesments 17,570 17,990 17,570 17,990- Interest 1,695 1,700 1,695 1,700- Effect of changes in exchange rates -434 -1,098 53 2,071 -822 1,690 -1,920Balance at 31 December 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-199-4": {
"value": "20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-199-5": {
"value": "20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-199-6": {
"value": "20 TRADE AND OTHER PAYABLESin thousands of euros notes2022 2021Trade creditors 232,608 198,623Advance receipts 4,442 4,628Other taxes and social insurance contributions 30,418 23,000Derivatives 21 6,595 3,794Refund liabilities from customer volume rebates 9 15,238 10,641Other payables and accruals 95,613 84,010Trade payables and other payables 384,914 324,696The other payables and accruals relate to, among others, personnel bonuses to be paid, commis-sions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2022, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 46.3 million (2021: \u20ac 39.7 million), which is recognized as trade payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-201-6": {
"value": "21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. TKH has a committed revolving and standby credit facility of \u20ac 500 million with a group of banks. The revolving and standby credit facility has a high \ufb02exibility in relation to utilizations and repayments. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 326 million. TKH has per December 31, 2022 unused available credit facilities for a total of \u20ac 357 million (2021: \u20ac 436 million). The available credit facilities are reduced for the outstanding bank guarantees. The maximum credit facility per subsidiary is determined centrally. In the credit facility the following financial covenant is agreed, which is tested on a quarterly basis:CovenantRealization 31-12-2022Realization 31-12-2021Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.1 0.9The debt leverage ratio is calculated excluding the impact of IFRS 16 Leases. Furthermore, it has been agreed with the banks that in the calculation of the debt leverage ratio acquisitions may be consolidated pro forma for 12 months. TKH uses internally a debt leverage ratio up to 2.0. TKH operates within the banks\u2019 required covenant at the end of 2022.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2022 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.5% 1,619 4,857 432,286 438,762 431,746Lease liabilities (Right-of-use assets) 2.1% 6,210 11,040 37,768 41,522 96,540 82,077Financial liabilities 1.5% 2,985 1,169 4,154 3,904Borrowings reported under current liabilities 1.0% 56,403 56,403 56,391Trade creditors 232,608 232,608 232,608Other payables excluding derivatives 110,851 110,851 110,851Interest rate swaps (derivatives) -97 -97 -97Foreign currency forward contracts (derivatives) 50,924 49,133 56,684 156,741 5,664Commodities (derivatives) 595 -71 -14 510 510Financial liabilities 56,403 402,710 67,944 527,893 41,522 1,096,472 923,654The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2021 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.4% 938 2,814 272,075 275,827 268,010Lease liabilities (Right-of-use assets) 2.0% 5,939 10,478 38,293 31,165 85,875 75,487Financial liabilities 1.5% 4,989 2,499 7,488 7,192Borrowings reported under current liabilities 1.0% 34,637 34,637 34,630Trade creditors 198,623 198,623 198,623Other payables excluding derivatives 94,651 94,651 94,651Interest rate swaps (derivatives) 64 191 51 306 294Foreign currency forward contracts (derivatives) 31,615 55,643 17,479 104,737 285Commodities (derivatives) -638 -732 -330 -1,700 -1,700Financial liabilities 34,637 331,192 73,383 330,067 31,165 800,444 677,472The cash \ufb02ows in these statements are not discounted. The cash \ufb02ows are based on the interest rates and the exchange rates at the end of the year. The cash \ufb02ows for interest rate swaps are based on the contracted fixed interest rates compared to the variable interest rate at balance sheet date. The interest rate swap and commodity derivatives are net settled. Currency contracts are gross settled. The following table shows the corresponding reconciliation of these amounts and their book value: in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2022 sTotalIncoming 48,439 46,679 55,569 150,687Outgoing -50,924 -49,133 -56,684 -156,741Net 0 -2,485 -2,454 -1,115 0 -6,054Discounted at contractual bank rates-1,816 -2,955 -893 -5,664in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2021 rsTotalIncoming 32,354 55,444 16,650 104,448Outgoing -31,615 -55,643 -17,479 -104,737Net 0 739 -199 -829 0 -289Discounted at contractual bank rates681 -73 -893 0 -285Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,377",
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"pp-value-201-7": {
"value": "21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.",
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"pp-value-201-8": {
"value": "21 FINANCIAL INSTRUMENTS AND RISKSGeneralThe main financial risks faced by TKH relate to the capital and liquidity risk, interest risk, currency risk, credit risk and price risk. TKH\u2019s financial policy is aimed at minimizing the effects of \ufb02uctuations in currency exchange and interest rates on its results in the short-term and following market rates in the long-term. TKH uses derivatives to manage the financial risks relating to the business operations and does not undertake speculative positions. Financial risks and the control by management of these risks are disclosed in the chapter 'Risk management' in the annual report.Interest riskThe interest risk policy aims at minimizing the interest rate risks associated with the financing of the company and thus at the same time optimizing the net interest costs. Long-term financing has been obtained with a \ufb02oating-rate and will partly be fixed by means of interest rate swaps, whereby TKH aims to fix 40-70% of the interest associated with the borrowing. During the past period of negative interest rates, TKH has chosen to hedge the interest rate risk below this bandwidth. The following table provides an overview of the, for hedging purposes, agreed interest rate swaps:Average contracted interest rate Nominal amount Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Maturity <1 year 0.45% 25,000 97Maturity between 1 and 2 years 0.45% 25,000 -294Cash \ufb02ow hedge accounting has been applied to all interest rate swaps mentioned above. There was no material ineffectiveness in relation to these hedges.The following sensitivity analysis of borrowings, bank credits and cash and related interest rate swaps to interest rate movements assumes an immediate 1% change in interest rates for all currencies and maturities, with all other variables held constant. A raise of the interest rates with 1% would result in:\u2022Additional interest costs of about \u20ac 3.6 million per year as a result of financing and cash with a\ufb02oating interest rate (2021: \u20ac 2.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 0.1 million (2021: \u20ac 0.3million) as a result of the contracted interest rate swap. This raise would be recognized in thehedging reserves of the equity through the consolidated statement of comprehensive income.Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.Price riskAn important raw material for TKH is copper and aluminium. The price risk of copper and aluminium is limited by a continuously monitoring of sales prices against the development of the purchase price where price changes are passed on to customers. Important raw materials such as copper, aluminum, steel and PVC are purchased with forward delivery contracts, to reduce the price risk on the sale of finished products, provided that:\u2022 a sales contract with a fixed price has been entered into,\u2022 delivery will not take place within one month, and\u2022 an important quantity is required for production.With physical purchases on long-term against a fixed price in advance, TKH made limited use of derivatives to hedge price risks on free inventories and to fix purchase prices of copper regarding large sales orders with delivery times exceeding one month, if not covered by a long-term purchase. On balance sheet date TKH has entered into the following derivatives for raw materials:Average contract rate Quantity in metric tons Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 7.82 5.86 1,456 905 95 617Buy Copper with settlement between 3 months and 1 year 7.41 8.05 245 1,390 112 674Buy Copper with settlement between 1 and 3 years 7.49 6.48 43 161 14 330Buy Aluminium with settlement within 3 months 2.34 1.31 4,061 1,724 -690 21Buy Aluminium with settlement between 3 months and 1 year 2.35 2.43 466 2,061 -41 58Total -510 1,700A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.5 million on the result (2021: \u20ac 1.0 million negative) if all other factors and conditions remain the same. This is caused by the free stock, for which price risk is not hedged, which will then be sold at a lower price.",
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},
"pp-value-202-4": {
"value": "Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. TKH has a committed revolving and standby credit facility of \u20ac 500 million with a group of banks. The revolving and standby credit facility has a high \ufb02exibility in relation to utilizations and repayments. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 326 million. TKH has per December 31, 2022 unused available credit facilities for a total of \u20ac 357 million (2021: \u20ac 436 million). The available credit facilities are reduced for the outstanding bank guarantees. The maximum credit facility per subsidiary is determined centrally. In the credit facility the following financial covenant is agreed, which is tested on a quarterly basis:CovenantRealization 31-12-2022Realization 31-12-2021Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.1 0.9The debt leverage ratio is calculated excluding the impact of IFRS 16 Leases. Furthermore, it has been agreed with the banks that in the calculation of the debt leverage ratio acquisitions may be consolidated pro forma for 12 months. TKH uses internally a debt leverage ratio up to 2.0. TKH operates within the banks\u2019 required covenant at the end of 2022.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2022 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.5% 1,619 4,857 432,286 438,762 431,746Lease liabilities (Right-of-use assets) 2.1% 6,210 11,040 37,768 41,522 96,540 82,077Financial liabilities 1.5% 2,985 1,169 4,154 3,904Borrowings reported under current liabilities 1.0% 56,403 56,403 56,391Trade creditors 232,608 232,608 232,608Other payables excluding derivatives 110,851 110,851 110,851Interest rate swaps (derivatives) -97 -97 -97Foreign currency forward contracts (derivatives) 50,924 49,133 56,684 156,741 5,664Commodities (derivatives) 595 -71 -14 510 510Financial liabilities 56,403 402,710 67,944 527,893 41,522 1,096,472 923,654The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2021 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.4% 938 2,814 272,075 275,827 268,010Lease liabilities (Right-of-use assets) 2.0% 5,939 10,478 38,293 31,165 85,875 75,487Financial liabilities 1.5% 4,989 2,499 7,488 7,192Borrowings reported under current liabilities 1.0% 34,637 34,637 34,630Trade creditors 198,623 198,623 198,623Other payables excluding derivatives 94,651 94,651 94,651Interest rate swaps (derivatives) 64 191 51 306 294Foreign currency forward contracts (derivatives) 31,615 55,643 17,479 104,737 285Commodities (derivatives) -638 -732 -330 -1,700 -1,700Financial liabilities 34,637 331,192 73,383 330,067 31,165 800,444 677,472The cash \ufb02ows in these statements are not discounted. The cash \ufb02ows are based on the interest rates and the exchange rates at the end of the year. The cash \ufb02ows for interest rate swaps are based on the contracted fixed interest rates compared to the variable interest rate at balance sheet date. The interest rate swap and commodity derivatives are net settled. Currency contracts are gross settled. The following table shows the corresponding reconciliation of these amounts and their book value: in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2022 sTotalIncoming 48,439 46,679 55,569 150,687Outgoing -50,924 -49,133 -56,684 -156,741Net 0 -2,485 -2,454 -1,115 0 -6,054Discounted at contractual bank rates-1,816 -2,955 -893 -5,664in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2021 rsTotalIncoming 32,354 55,444 16,650 104,448Outgoing -31,615 -55,643 -17,479 -104,737Net 0 739 -199 -829 0 -289Discounted at contractual bank rates681 -73 -893 0 -285",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-5": {
"value": "Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. TKH has a committed revolving and standby credit facility of \u20ac 500 million with a group of banks. The revolving and standby credit facility has a high \ufb02exibility in relation to utilizations and repayments. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 326 million. TKH has per December 31, 2022 unused available credit facilities for a total of \u20ac 357 million (2021: \u20ac 436 million). The available credit facilities are reduced for the outstanding bank guarantees. The maximum credit facility per subsidiary is determined centrally. In the credit facility the following financial covenant is agreed, which is tested on a quarterly basis:CovenantRealization 31-12-2022Realization 31-12-2021Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.1 0.9The debt leverage ratio is calculated excluding the impact of IFRS 16 Leases. Furthermore, it has been agreed with the banks that in the calculation of the debt leverage ratio acquisitions may be consolidated pro forma for 12 months. TKH uses internally a debt leverage ratio up to 2.0. TKH operates within the banks\u2019 required covenant at the end of 2022.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2022 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.5% 1,619 4,857 432,286 438,762 431,746Lease liabilities (Right-of-use assets) 2.1% 6,210 11,040 37,768 41,522 96,540 82,077Financial liabilities 1.5% 2,985 1,169 4,154 3,904Borrowings reported under current liabilities 1.0% 56,403 56,403 56,391Trade creditors 232,608 232,608 232,608Other payables excluding derivatives 110,851 110,851 110,851Interest rate swaps (derivatives) -97 -97 -97Foreign currency forward contracts (derivatives) 50,924 49,133 56,684 156,741 5,664Commodities (derivatives) 595 -71 -14 510 510Financial liabilities 56,403 402,710 67,944 527,893 41,522 1,096,472 923,654The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2021 based on agreed repayment periods:in thousands of euros Average interest Payable on demand <3 months >3 months <1 year 1-5 years >5 years Contractual cash \ufb02owsBook valueBank loans reported under non-current liabilities 1.4% 938 2,814 272,075 275,827 268,010Lease liabilities (Right-of-use assets) 2.0% 5,939 10,478 38,293 31,165 85,875 75,487Financial liabilities 1.5% 4,989 2,499 7,488 7,192Borrowings reported under current liabilities 1.0% 34,637 34,637 34,630Trade creditors 198,623 198,623 198,623Other payables excluding derivatives 94,651 94,651 94,651Interest rate swaps (derivatives) 64 191 51 306 294Foreign currency forward contracts (derivatives) 31,615 55,643 17,479 104,737 285Commodities (derivatives) -638 -732 -330 -1,700 -1,700Financial liabilities 34,637 331,192 73,383 330,067 31,165 800,444 677,472The cash \ufb02ows in these statements are not discounted. The cash \ufb02ows are based on the interest rates and the exchange rates at the end of the year. The cash \ufb02ows for interest rate swaps are based on the contracted fixed interest rates compared to the variable interest rate at balance sheet date. The interest rate swap and commodity derivatives are net settled. Currency contracts are gross settled. The following table shows the corresponding reconciliation of these amounts and their book value: in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2022 sTotalIncoming 48,439 46,679 55,569 150,687Outgoing -50,924 -49,133 -56,684 -156,741Net 0 -2,485 -2,454 -1,115 0 -6,054Discounted at contractual bank rates-1,816 -2,955 -893 -5,664in thousands of eurosPayable on demand <3 months>3 month<1 year1-5 years>5 yea31-12-2021 rsTotalIncoming 32,354 55,444 16,650 104,448Outgoing -31,615 -55,643 -17,479 -104,737Net 0 739 -199 -829 0 -289Discounted at contractual bank rates681 -73 -893 0 -285",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-234-9": {
"value": "Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD, CNY, and PLN. These risks are partially hedged by financing some of these investments in local currency. The remaining risk is not hedged. The carrying amounts of monetary assets and liabilities specified to currencies are as follows:Euro USD CNY Other currencies Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Receivables 297,135 265,406 116,316 37,709 17,817 14,782 22,206 17,552 453,474 335,449Cash and cash equivalents 121,435 43,573 22,318 28,863 17,219 13,503 23,588 14,196 184,560 100,135Non-current interest-bearing loans and borrowings -503,008 -333,804 -503,008 -333,804Current interest-bearing loans and borrowings -29,834 -30,012 -35,702 -7,012 -1,188 -629 -3,695 -9,936 -70,419 -47,589Trade payables and other payables -446,146 -362,247 -62,830 -37,713 -36,666 -40,292 -25,745 -11,488 -571,387 -451,740Total -560,418 -417,084 40,102 21,847 -2,818 -12,636 16,354 10,324 -506,780 -397,549On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rate Nominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.14 1.18 -11,368 -10,930 -128 -354Buy CNY with settlement within 3 months 7.11 7.64 158,773 92,894 -737 591Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.14 1.21 -6,169 -1,424 -510 -83Sell USD with settlement between 3 months and 1 year 1.14 1.21 -20,873 -33,307 -1,670 -1,966Sell USD with settlement after 1 year 1.09 1.19 -60,459 -19,797 -893 -893Buy USD with settlement between 3 months and 1 year 1.11 159 10Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.12 7.67 86,402 65,538 -441 527Buy CNY with settlement between 3 months and 1 year 7.10 7.69 205,626 200,548 -1,279 1,883Total -5,664 -285Time differences between the settlement of the forward contracts and the sale and purchase contracts are anticipated by the use of foreign currency bank accounts or the rollover of forward contracts. The translation risk on financial instruments, when the euro will decrease with 10% compared to all other currencies, with all other variables held constant, would be expected to havean in\ufb02uence of \u20ac 2.6 million negative on the result before tax (2021: \u20ac 6.6 million negative). The foreign currency forward contracts are taken into account in this calculation. The impact of a decrease of the euro on the shareholders' equity is larger because of the net investments in foreign subsidiaries with another functional currency. The impact of this is approximately \u20ac 28.9 million positive (2021: \u20ac 25.5 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 2.6 million on the result before tax and a negative in\ufb02uence of \u20ac 28.9 million on equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-245-6": {
"value": "Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,377",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-245-7": {
"value": "Credit riskThe financial assets of the group mainly consist of cash and cash equivalents, trade receivables, contract assets and other receivables. The credit risk for cash and cash equivalents is outstanding at major international system banks. The credit risks mainly relate to trade receivables and contract assets. However, it concerns a risk that is spread over a large number of customers that operate in several countries and in different markets. At balance sheet date there was no concentration of credit risk for material amounts. Part of the risk is insured at credit insurance companies. In addition, part of the risk is transferred to factoring companies. The credit risks insurances and factoring is in particular related to receivables on customers in the reporting segment Smart Connectivity systems. These customers are mainly located in the Netherlands, France and Germany. In addition, for large projects to foreign customers bank guarantees, advanced payments (towards a bank guarantee) or confirmed irrevocable \u2019Letter of Credit\u2019 are used. The maximum exposure to credit risk is represented by the carrying amounts of contract assets and financial assets that are recognized in the balance sheet, including derivatives with a positive market value. An impairment analysis is performed at each balance sheet date, whereby the expected credit losses are calculated using a provision matrix. The percentages in the provision matrix are initially based on historical losses for various customer segments (geographic region, customer type, rating and coverage by, for example, credit insurance).The historical credit risk percentages in the matrix are then adjusted with forward-looking information. If the predicted economic conditions are expected to deteriorate, which may lead to an increase in the number of defaults, the historical credit risk rates will be adjusted. On each reporting date, the historical observed credit risk percentages are updated and changes in estimates are analyzed. The assessment of the correlation between historical observed credit risk percentages, predicted economic conditions and expected credit losses is a management estimate. The actual future credit losses may differ. Below is shown the age of the trade receivables, contract assets and the expected credit losses.in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2022 TotalBook value 339,106 58,128 10,518 5,706 11,038 3,469 6,941 434,906Expected credit loss rate 0.1% 0.3% 0.9% 3.4% 0.3% 20.1% 66.6%Loss allowance 452 203 99 194 30 696 4,626 6,300in thousands of euros Not overdue Up to 30 days 31 - 60 days 61 - 90 days 91 - 180 days 181 - 365 days Older than 365 days 31-12-2021 TotalBook value 257,130 35,995 8,086 3,679 4,391 2,059 7,550 318,890Expected credit loss rate 0.1% 0.3% 1.0% 3.3% 6.2% 19.1% 67.5%Loss allowance 300 117 77 121 272 394 5,096 6,377There are no significant overdue account receivables that are not largely covered by credit insuranc-es or payment guarantees or for which no provision has been recognized. The movement of the allowance for doubtful debts is as follows:in thousands of euros2022 2021Balance at 1 January 6,377 6,675Aditions 882 1,236Releases -682 -749Reclassification to assets held for sale -468Utilized -249 -418Other reclassifications -47Exchange differences 19 101Balance at 31 December 6,300 6,377",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-249-2": {
"value": "22 CONTINGENT LIABILITIESFramework agreements have been concluded with some suppliers for the availability of some important raw materials. There are no long-term purchase obligations.in thousands of euros2022 2021Bank guarantees provided to third parties 103,429 122,860Corporate guarantees provided to banks 14,133 13,391Purchase obligations arising from orders for property plant and equipment 80.232 11,935The majority of the outstanding bank guarantees relate to down payments and performance guarantees issued to customers relating to constructions contracts. The related advance payments received from customers are presented as part of contract liabilities.ClaimsTKH and its subsidiaries are involved in a number of legal proceedings. According to the information currently available and legal advice received, TKH expects any adverse effects from the outcome of these legal proceedings to be adequately covered by other provisions or insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-249-3": {
"value": "22 CONTINGENT LIABILITIESFramework agreements have been concluded with some suppliers for the availability of some important raw materials. There are no long-term purchase obligations.in thousands of euros2022 2021Bank guarantees provided to third parties 103,429 122,860Corporate guarantees provided to banks 14,133 13,391Purchase obligations arising from orders for property plant and equipment 80.232 11,935The majority of the outstanding bank guarantees relate to down payments and performance guarantees issued to customers relating to constructions contracts. The related advance payments received from customers are presented as part of contract liabilities.ClaimsTKH and its subsidiaries are involved in a number of legal proceedings. According to the information currently available and legal advice received, TKH expects any adverse effects from the outcome of these legal proceedings to be adequately covered by other provisions or insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-249-4": {
"value": "22 CONTINGENT LIABILITIESFramework agreements have been concluded with some suppliers for the availability of some important raw materials. There are no long-term purchase obligations.in thousands of euros2022 2021Bank guarantees provided to third parties 103,429 122,860Corporate guarantees provided to banks 14,133 13,391Purchase obligations arising from orders for property plant and equipment 80.232 11,935The majority of the outstanding bank guarantees relate to down payments and performance guarantees issued to customers relating to constructions contracts. The related advance payments received from customers are presented as part of contract liabilities.ClaimsTKH and its subsidiaries are involved in a number of legal proceedings. According to the information currently available and legal advice received, TKH expects any adverse effects from the outcome of these legal proceedings to be adequately covered by other provisions or insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-4": {
"value": "23 INFORMATION BY SEGMENTThe management structure and segment reporting of TKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate. In the annual report, a detailed overview of the activities by business segment is shown. Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Geographic segmentsNetherlands 40,256 38,130 47,488 41,540 361,835 260,136 33 2 449,612 339,808Europe (other) 205,460 175,230 184,656 145,558 410,356 364,137 53 184 800,525 685,109Asia 118,463 109,920 107,526 146,554 42,347 37,012 268,336 293,486North America 109,773 81,369 116,070 80,079 7,796 7,458 24 35 233,663 168,941Other 18,570 20,143 29,945 2,488 15,964 13,798 64,479 36,429External turnover 492,522 424,792 485,685 416,219 838,298 682,541 110 221 1,816,615 1,523,773Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Timing of revenue recognitionRevenue at a point-in-time 451,884 401,273 97,077 81,484 699,558 567,626 27 36 1,248,546 1,050,419Revenue over time 35,114 22,492 388,482 334,683 138,252 114,229 1 561,848 471,405Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Revenues from contracts with customers 494,199 428,751 491,083 419,002 848,065 691,635 -22,953 -17,564 1,810,394 1,521,824Other revenues 5,524 1,027 126 52 488 686 83 184 6,221 1,949Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Added value 292,238 250,760 245,115 205,417 320,544 279,942 24 401 857,921 736,520Added value in % 58.5% 58.3% 49.9% 49.0% 37.8% 40.4% 47.2% 48.3%EBITDA 111,056 88,512 77,468 67,354 110,348 94,914 -16,056 -16,053 282,816 234,727EBITA 95,536 73,791 69,096 59,391 87,331 73,207 -17,160 -16,828 234,803 189,561ROS 19.1% 17.2% 14.1% 14.2% 10.3% 10.6% 12.9% 12.4%One-off income -8,115 -2,257 -10,372 0Amortization 39,494 37,588 11,397 9,561 3,660 3,903 -1 58 54,550 51,110Impairments 432 2,237 39 -51 -653 1 31 472 1,564Segment operating result 55,610 33,966 57,660 49,881 91,786 69,957 -14,903 -16,917 190,153 136,887Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions38,807 40,888 34,618 17,418 97,822 28,557 1,273 807 172,520 87,670Employees (FTE) 1,998 1,862 1,819 1,677 2,291 2,162 90 83 6,198 5,784Balance sheetAssets 761,444 731,607 461,327 342,306 634,231 488,877 90,724 17,777 1,947,726 1,580,567Assets held for sale 108,506 87,140 1,044 108,506 88,184Associates 2,738 2,884 9,464 25,813 2 2 12,204 28,699Total assets 764,182 734,491 461,327 342,306 752,201 601,830 90,726 18,823 2,068,436 1,697,450Total liabilities 203,856 203,627 331,538 260,367 277,445 223,521 468,830 287,952 1,281,669 975,467Capital employed previous year 488,804 473,896 71,645 128,481 350,350 314,920 16,955 6,673 927,754 923,970Capital employed current year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Return on Capital Employed (ROCE) 18.8% 15.3% 75.4% 59.4% 22.4% 22.0% 23.2% 20.5%Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019TKH has no individual customers representing 10% or more of the consolidated turnover. Other revenues relate to other services provided to third parties, such as rental, insurance payments and charged costs.Non-current assets 1 Employees (FTE)in thousands of euros (unless stated otherwise)2022 2021 2022 2021Geographic segmentsNetherlands 335,540 288,263 34% 34%Europe (other) 457,213 448,523 42% 43%Asia 45,084 44,700 15% 14%North America 69,019 66,210 7% 7%Other 10,063 10,097 2% 2%Total 916,919 857,793 100% 100%The non-current assets are shown excluding the deferred tax assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-5": {
"value": "23 INFORMATION BY SEGMENTThe management structure and segment reporting of TKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. In the overview of \u2018Consolidated entities\u2019, as part of the \u2018Other information\u2019, is shown in which of the segments the different subsidiaries operate. In the annual report, a detailed overview of the activities by business segment is shown. Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Geographic segmentsNetherlands 40,256 38,130 47,488 41,540 361,835 260,136 33 2 449,612 339,808Europe (other) 205,460 175,230 184,656 145,558 410,356 364,137 53 184 800,525 685,109Asia 118,463 109,920 107,526 146,554 42,347 37,012 268,336 293,486North America 109,773 81,369 116,070 80,079 7,796 7,458 24 35 233,663 168,941Other 18,570 20,143 29,945 2,488 15,964 13,798 64,479 36,429External turnover 492,522 424,792 485,685 416,219 838,298 682,541 110 221 1,816,615 1,523,773Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Timing of revenue recognitionRevenue at a point-in-time 451,884 401,273 97,077 81,484 699,558 567,626 27 36 1,248,546 1,050,419Revenue over time 35,114 22,492 388,482 334,683 138,252 114,229 1 561,848 471,405Inter-segment 7,201 4,986 5,524 2,835 10,255 9,780 -22,980 -17,601 0 0Revenues from contracts with customers 494,199 428,751 491,083 419,002 848,065 691,635 -22,953 -17,564 1,810,394 1,521,824Other revenues 5,524 1,027 126 52 488 686 83 184 6,221 1,949Total turnover 499,723 429,778 491,209 419,054 848,553 692,321 -22,870 -17,380 1,816,615 1,523,773Added value 292,238 250,760 245,115 205,417 320,544 279,942 24 401 857,921 736,520Added value in % 58.5% 58.3% 49.9% 49.0% 37.8% 40.4% 47.2% 48.3%EBITDA 111,056 88,512 77,468 67,354 110,348 94,914 -16,056 -16,053 282,816 234,727EBITA 95,536 73,791 69,096 59,391 87,331 73,207 -17,160 -16,828 234,803 189,561ROS 19.1% 17.2% 14.1% 14.2% 10.3% 10.6% 12.9% 12.4%One-off income -8,115 -2,257 -10,372 0Amortization 39,494 37,588 11,397 9,561 3,660 3,903 -1 58 54,550 51,110Impairments 432 2,237 39 -51 -653 1 31 472 1,564Segment operating result 55,610 33,966 57,660 49,881 91,786 69,957 -14,903 -16,917 190,153 136,887Smart Vision systems Smart Manufacturing systems Smart Connectivity systems Other and eliminations TotalOperating segmentsin thousands of euros (unless stated otherwise)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions38,807 40,888 34,618 17,418 97,822 28,557 1,273 807 172,520 87,670Employees (FTE) 1,998 1,862 1,819 1,677 2,291 2,162 90 83 6,198 5,784Balance sheetAssets 761,444 731,607 461,327 342,306 634,231 488,877 90,724 17,777 1,947,726 1,580,567Assets held for sale 108,506 87,140 1,044 108,506 88,184Associates 2,738 2,884 9,464 25,813 2 2 12,204 28,699Total assets 764,182 734,491 461,327 342,306 752,201 601,830 90,726 18,823 2,068,436 1,697,450Total liabilities 203,856 203,627 331,538 260,367 277,445 223,521 468,830 287,952 1,281,669 975,467Capital employed previous year 488,804 473,896 71,645 128,481 350,350 314,920 16,955 6,673 927,754 923,970Capital employed current year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Return on Capital Employed (ROCE) 18.8% 15.3% 75.4% 59.4% 22.4% 22.0% 23.2% 20.5%Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019TKH has no individual customers representing 10% or more of the consolidated turnover. Other revenues relate to other services provided to third parties, such as rental, insurance payments and charged costs.Non-current assets 1 Employees (FTE)in thousands of euros (unless stated otherwise)2022 2021 2022 2021Geographic segmentsNetherlands 335,540 288,263 34% 34%Europe (other) 457,213 448,523 42% 43%Asia 45,084 44,700 15% 14%North America 69,019 66,210 7% 7%Other 10,063 10,097 2% 2%Total 916,919 857,793 100% 100%The non-current assets are shown excluding the deferred tax assets.",
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"value": "24 PERSONNEL EXPENSESThe personnel expenses include the following items:in thousands of euros2022 2021Wages and salaries 335,656 303,004Share-based payments 4,133 5,042Social insurance contributions 54,957 49,243Pension costs 17,891 15,421Temporary labor 34,924 19,506Capitalized development costs -30,413 -27,571Other personnel expenses 17,949 13,622Personnel expenses 435,097 378,267During the year 2022 no significant use has been made of available COVID-19 government support programs. 26 OTHER OPERATING EXPENSESOther operating expenses include overhead, selling, accommodation and manufacturing expenses.27 DEPRECIATIONin thousands of euros2022 2021Depreciation of property, plant and equipment 31,700 30,149Depreciation of Right-of-use assets 15,314 15,089Result on disposal of property, plant and equipment -9,374 -72Depreciation 37,640 45,166The result on disposal mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.28 AMORTIZATION in thousands of euros2022 2021Amortization of intangible assets 37,283 31,870Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,267 19,240Amortization 54,550 51,11029 IMPAIRMENTin thousands of euros notes2022 2021Impairment of intangible assets and goodwill 3 48 996Impairment of property, plant and equipment 4 25 -581Impairment Right-of-use assets 5 381 1,209Onerous contracts 18 -60Impairment 472 1,56430 RESEARCH AND DEVELOPMENT COSTSThe total operating expenses over the financial year include the following items:in thousands of euros2022 2021Research and development expenditure 67,877 64,422Less: Capitalized development costs -37,843 -34,689Add: Amortization of development costs 30,827 25,549Add: Impairment on capitalized development costs 48 965Research and development costs accounted for in the profit and loss account60,909 56,247Government subsidies for research and development costs 4,261 3,680",
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"pp-value-255-4": {
"value": "24 PERSONNEL EXPENSESThe personnel expenses include the following items:in thousands of euros2022 2021Wages and salaries 335,656 303,004Share-based payments 4,133 5,042Social insurance contributions 54,957 49,243Pension costs 17,891 15,421Temporary labor 34,924 19,506Capitalized development costs -30,413 -27,571Other personnel expenses 17,949 13,622Personnel expenses 435,097 378,267During the year 2022 no significant use has been made of available COVID-19 government support programs. 26 OTHER OPERATING EXPENSESOther operating expenses include overhead, selling, accommodation and manufacturing expenses.27 DEPRECIATIONin thousands of euros2022 2021Depreciation of property, plant and equipment 31,700 30,149Depreciation of Right-of-use assets 15,314 15,089Result on disposal of property, plant and equipment -9,374 -72Depreciation 37,640 45,166The result on disposal mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.28 AMORTIZATION in thousands of euros2022 2021Amortization of intangible assets 37,283 31,870Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,267 19,240Amortization 54,550 51,11029 IMPAIRMENTin thousands of euros notes2022 2021Impairment of intangible assets and goodwill 3 48 996Impairment of property, plant and equipment 4 25 -581Impairment Right-of-use assets 5 381 1,209Onerous contracts 18 -60Impairment 472 1,56430 RESEARCH AND DEVELOPMENT COSTSThe total operating expenses over the financial year include the following items:in thousands of euros2022 2021Research and development expenditure 67,877 64,422Less: Capitalized development costs -37,843 -34,689Add: Amortization of development costs 30,827 25,549Add: Impairment on capitalized development costs 48 965Research and development costs accounted for in the profit and loss account60,909 56,247Government subsidies for research and development costs 4,261 3,680",
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"pp-value-256-2": {
"value": "25 SHARE-BASED PAYMENTSStock option scheme settled in equity instrumentsOption rights to (depositary receipts of) ordinary shares of TKH are granted to the management of the subsidiaries. The rights can never be exercised until after the publication of the company\u2019s annual results three calendar years following the year in which the rights were granted, and have an exercise period of two years. Partly to avoid abuse of inside knowledge, the conditions for participation have been laid down in an internal regulation and have been accepted in writing by the participants. Executive BoardNo option rights are granted to the members of the Executive Board and the Supervisory Board. Mr. H.J. Voortman has been awarded options in the period before being appointed as a member of the Executive Board. The movement and balance of the outstanding option rights granted to him is as follows:Year ofallocationExercise price in \u20ac Number at 01-01-2022Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2022 Exercise period2017 41.19 7,350 -7,350 0 2020-20222018 52.25 8,400 8,400 2021-2023Total 15,750 0 0 0 -7,350 8,400Other option beneficiariesThe movement and balance of the outstanding option rights granted to the other option beneficia-ries are as follows:Year oallocatioExercise price in \u20ac Number at 01-01-2022Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2022 Exercise period2017 41.19 70,574 -3,560 -67,014 0 2020-20222018 52.25 217,079 217,079 2021-20232019 46.02 310,177 -57,717 252,460 2022-20242020 32.28 304,066 304,066 2023-20252021 37.88 331,174 -750 330,424 2024-20262022 352,942 -1,800 351,142 2025-2027Total1,233,070352,942 0 -6,110 -124,7311,455,171At the end of 2022, the company owns 1,197,647 purchased (depositary receipts of) shares to cover the option rights. These (depositary receipt of) shares have been purchased against an average share price of \u20ac 41.35. The total purchase value is \u20ac 49,517,275. The average share price on the date at which the share options were exercised during the financial year was \u20ac 50.42. The options were granted during the financial year on March 8, 2022. The estimated fair value of the options granted in 2022 is \u20ac 3,561,185. The fair value was determined on the basis of a binomial valuation model with the following assumptions:2022 2021Fair value at the date of allocation (in \u20ac) 10.09 8.12Expected volatility 36.3% 35.7%Expected dividend 3.0% 3.0%Risk free rate 0.397% -0.380%Expected period to expiry of the option (in years) 4.0 4.0The current restrictions on the exercise of the options, the chances that employees will leave the company and possible personal considerations of option holders have been taken into account for the expected expiry period of the options. TKH has a reported total charge of \u20ac 2,709,255 (2021: \u20ac 2,237,169) for these share-based payments which have been settled in equity instruments.Other share-based paymentsBased on the share scheme, (depositary receipts of) shares have been allotted to the members of the Executive Board. During 2022 Mr. J.M.A. van der Lof was allotted 14,373 (depositary receipts of) shares, Mr. E.D.H. de Lange 10,780, and Mr. H.J. Voortman 9,782 (depositary receipts of) shares related to the performance for the year 2021. At the same time, the Executive Board members purchased respectively 14,373, 10,780 and 9,782 (depositary receipts of) shares at the actual share price of \u20ac 45.65, all in accordance with the regulation of the share scheme. As a result of the share-based payments, TKH has recognized a total charge of \u20ac 1,424,205 (2021: \u20ac 2,805,000) in the statement of profit and loss.",
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"value": "27 DEPRECIATIONin thousands of euros2022 2021Depreciation of property, plant and equipment 31,700 30,149Depreciation of Right-of-use assets 15,314 15,089Result on disposal of property, plant and equipment -9,374 -72Depreciation 37,640 45,166The result on disposal mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.28 AMORTIZATION in thousands of euros2022 2021Amortization of intangible assets 37,283 31,870Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,267 19,240Amortization 54,550 51,110",
"dimensions": {
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"language": "en",
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"pp-value-287-3": {
"value": "31 FINANCIAL INCOME AND EXPENSESin thousands of euros2022 2021Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-2,136 -680Amortized transaction costs -322Interest costs in defined benefit plans -17 -10Interest expense on lease liabilities -1,695 -1,700Interest expenses -8,595 -5,767Interest income from debt instruments at fair value through P&L88 30Interest income 474 161Financial income and expenses -11,881 -8,288",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
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"pp-value-287-4": {
"value": "31 FINANCIAL INCOME AND EXPENSESin thousands of euros2022 2021Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-2,136 -680Amortized transaction costs -322Interest costs in defined benefit plans -17 -10Interest expense on lease liabilities -1,695 -1,700Interest expenses -8,595 -5,767Interest income from debt instruments at fair value through P&L88 30Interest income 474 161Financial income and expenses -11,881 -8,288",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
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"pp-value-287-5": {
"value": "31 FINANCIAL INCOME AND EXPENSESin thousands of euros2022 2021Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-2,136 -680Amortized transaction costs -322Interest costs in defined benefit plans -17 -10Interest expense on lease liabilities -1,695 -1,700Interest expenses -8,595 -5,767Interest income from debt instruments at fair value through P&L88 30Interest income 474 161Financial income and expenses -11,881 -8,288",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
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"pp-value-285-4": {
"value": "29 IMPAIRMENTin thousands of euros notes2022 2021Impairment of intangible assets and goodwill 3 48 996Impairment of property, plant and equipment 4 25 -581Impairment Right-of-use assets 5 381 1,209Onerous contracts 18 -60Impairment 472 1,564",
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"language": "en",
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"value": "30 RESEARCH AND DEVELOPMENT COSTSThe total operating expenses over the financial year include the following items:in thousands of euros2022 2021Research and development expenditure 67,877 64,422Less: Capitalized development costs -37,843 -34,689Add: Amortization of development costs 30,827 25,549Add: Impairment on capitalized development costs 48 965Research and development costs accounted for in the profit and loss account60,909 56,247Government subsidies for research and development costs 4,261 3,680",
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"language": "en",
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"pp-value-286-5": {
"value": "30 RESEARCH AND DEVELOPMENT COSTSThe total operating expenses over the financial year include the following items:in thousands of euros2022 2021Research and development expenditure 67,877 64,422Less: Capitalized development costs -37,843 -34,689Add: Amortization of development costs 30,827 25,549Add: Impairment on capitalized development costs 48 965Research and development costs accounted for in the profit and loss account60,909 56,247Government subsidies for research and development costs 4,261 3,680",
"dimensions": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-291-2": {
"value": "33 EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERSin thousands of euros (unless stated otherwise) notes2022 2021Weighted average number of (depositary receipts of) shares (x 1,000)41,057 41,184Effect of share options (x 1,000) 104 158Weighted average number of (depositary receipts of) shares diluted (x 1,000)41,161 41,342Net profit 137,126 95,224Less: Non-controlling interests -43 -12Net profit attributable to the shareholders of the company 137,083 95,212Amortization of intangible non-current assets from acquisitions 3 17,267 19,240Taxes on amortization -4,633 -5,045Net profit before amortization from continuing operations attributable to the shareholders of the company149,717 109,407One-off income-10,372Purchase price allocations in the result of associates1,013 1,556Impairments 472 1,564Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests15 105 1,759Tax impact on one-off income, expenses and impairments 2,661 -391Net profit before amortization and one-off income and expenses attributable to the shareholders of the company143,596 113,895Earnings per share attributable to shareholdersOrdinary earnings per share (in \u20ac) 3.34 2.31Diluted earnings per share (in \u20ac) 3.33 2.30Ordinary earnings per share before amortization (in \u20ac) continued 1operations 3.65 2.66Ordinary earnings per share before amortization and one-off 1income and expenses (in \u20ac) continued operations 3.50 2.77The one-off income mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019.1 Non IFRS measure",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-294-3": {
"value": "Shareholdings of members of the Executive Board and the Supervisory BoardDuring the financial year Mr. J.M.A. van der Lof sold in total 32,746 (depositary receipts of) shares at an average stock price of \u20ac 44.63, Mr. E.D.H. de Lange sold 32,340 (depositary receipts of) shares at a stock price of \u20ac 45.65 and Mr. H. Voortman sold 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65, in accordance with the share scheme. In addition, Messrs. J.M.A. van der Lof, E.D.H. de Lange and H.J. Voortman purchased under the share scheme respectively 14,373, 10,780 and 9,782 (depositary receipts of) shares at a stock price of \u20ac 45.65. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 118,147 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 85,009 (depositary receipts of) shares and Mr. H.J. Voortman owned 35,935 (depositary receipts of) shares shares at the end of 2022. Remuneration of the Executive Board and the Supervisory BoardThe remuneration payable to the members of the Executive Board comprises a basic salary (TRI), pension and a variable element, comprising an annual performance bonus (STI) and a long-term bonus (LTI) scheme entailing a share scheme. The remuneration of the Supervisory Board consists of a fixed remuneration and a remuneration for participation in a committee. The various remuneration components are explained below, as well as the amount charged to the legal entity and its subsidiaryor group companies.Total regular income (TRI) Bonus (STI) Share scheme (LTI) Pension Compensation for pension premium Totalin thousands of euros2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Executive Board 1,758 1,707 1,028 997 1,244 2,736 88 82 341 326 4,458 5,847Supervisory Board 304 313 304 313Total remuneration 2,062 2,020 1,028 997 1,244 2,736 88 82 341 326 4,762 6,160The breakdown of the remuneration per person and according to the various remuneration components is included in the remuneration report that is part of the annual report.",
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"pp-value-298-2": {
"value": "35 ACQUISITIONSIn July 2022, TKH completed the acquisition of Nerian Vision GmbH, a disruptive stereo machine vision company based in Stuttgart, Germany that designs and manufactures high-speed stereo vision systems. TKH has acquired 100% of the shares of Nerian. The activities within TKH are part of the business segment Smart Vision Systems. The purchase price of \u20ac 0.9 million was paid in cash. In addition, a contingent consideration has been agreed for the acquisition. This ean-out is estimated on the basis of expected future results. The actual compensation to be paid in the future may deviate positively or negatively based on future realization. The company's contribution to the consolidated activities of TKH was immaterial in 2022. TKH expects the acquisition to have a immaterial effect on earnings per share in 2023.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "37 EVENTS AFTER BALANCE SHEET DATENo events of fundamental significance for insight into the financial statements and the preceding period occurred after balance sheet date, except for the following event. On February 13, 2023, TKH signed a new sustainability-linked \u20ac 625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac 500 million and a term loan of \u20ac 125 million. The new RCF replaces the current committed RCF of \u20ac 500 million, which has been in place since January 2017. The term loan will be used to finance strategic investments and working capital needs as TKH continues to grow. The new revolving credit facility of \u20ac 500 million has a maturity of 5 years, with two one-year extension options, subject to the banks\u2019 approval. The term loan of \u20ac 125 million has a maturity of 3 years. In addition, the credit facility contains a framework for \u20ac 275 million uncommitted credit facilities, replacing the previous framework of \u20ac 265 million. This refinancing is secured at comparable conditions to the previous committed credit facility. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin.",
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"value": "38 SERVICE FEES PAID TO EXTERNAL AUDITORSThe service fees paid to the external auditor EY, recognized as other operating expenses, can be specified as follows:Ernst & Young Accountants LLP (Netherlands) Other parts of EY Totalin thousands of euros2022 2021 2022 2021 2022 2021Audit of the financial statements 1,255 1,113 691 596 1,946 1,709Other assurance engagements 82 70 5 87 70Other non-audit services 11 9 0 20Servicecosts external auditors 1,337 1,194 696 605 2,033 1,799",
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"entity": "scheme:7245008G22FOV7TYYJ34",
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},
"pp-value-303-2": {
"value": "7 EQUITYAuthorized capital2022 2021x1,000 \u20ac '000 \u20ac '000The authorized capital consists of:Ordinary shares 59,984Cumulative preference financing shares 10,000Convertible cumulative preference financing shares 10,000Cumulative preference protective shares 60,000Each nominal \u20ac 0.25 139,984 34,996 34,996Priority share 4Each nominal \u20ac 1.00 4 4 4Authorized capital 35,000 35,000Of which not issued 24,446 24,4461Issued capital 10,554 10,5541 Concerns 4,000 priority and 42,198,429 (depositary receipts of) shares.The registered ordinary shares, with the exception of the register-shares in the company, have been transferred to Stichting Administratiekantoor TKH Group ('Trust Foundation'), which issues depositaryreceipts of shares to the ultimate capital providers. Stichting Administratiekantoor is the party entitled to the shares and also exercises the voting right, unless it has granted power of attorney to the holders of the depositary receipts. The holders of depositary receipts are entitled to receive a power of attorney to cast a vote on the shares corresponding to the depositary receipts they own. Stichting Administratiekantoor remains entitled to vote for the shares for which the holders of depositary receipts are not present or represented at the meeting. The aforementioned power of attorney may be limited, excluded or revoked by the executive committee of Stichting Administratie-kantoor in various situations specified in the law (see also Corporate Governance). In that case Stichting Administratiekantoor may (again) exercise the voting right for all shares for which depositaryreceipts have been issued. The relationship between Stichting Administratiekantoor and the holders of depositary receipts of shares is governed by the administrative conditions. The protection afforded by the use of depositary receipts is based on the 1% rule. The depositary receipts may be exchanged for ordinary shares but not for more than 1% of the total issued capital in the form of ordinary shares. This total includes shares owned indirectly as well as directly. However, this does not apply to the transfer of ordinary shares to the company itself. Every transfer of preference financing shares, convertible preference financing shares and preference protective shares must be approved by the Executive Board. The Executive Board may only grant its approval with the approval of the Supervisory Board.Besides from what is mentioned in the \u2018Other information\u2019, no special rights are attached to the priority shares. The company has granted the Stichting Continu\u00efteit TKH (\u2018Continuity Foundation\u2019) an option to take preference protective shares for up to a maximum of 50% of the sum of the other outstanding shares at the time that the preference protective shares are issued or 100% of the sum of the other outstanding shares at the time that the preference protective shares are issued if the restriction on the cancellation option lapses, which will occur if and when the Executive Board of the company so decides and files a statement to that effect with the Chamber of Commerce.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-303-3": {
"value": "7 EQUITYAuthorized capital2022 2021x1,000 \u20ac '000 \u20ac '000The authorized capital consists of:Ordinary shares 59,984Cumulative preference financing shares 10,000Convertible cumulative preference financing shares 10,000Cumulative preference protective shares 60,000Each nominal \u20ac 0.25 139,984 34,996 34,996Priority share 4Each nominal \u20ac 1.00 4 4 4Authorized capital 35,000 35,000Of which not issued 24,446 24,4461Issued capital 10,554 10,5541 Concerns 4,000 priority and 42,198,429 (depositary receipts of) shares.The registered ordinary shares, with the exception of the register-shares in the company, have been transferred to Stichting Administratiekantoor TKH Group ('Trust Foundation'), which issues depositaryreceipts of shares to the ultimate capital providers. Stichting Administratiekantoor is the party entitled to the shares and also exercises the voting right, unless it has granted power of attorney to the holders of the depositary receipts. The holders of depositary receipts are entitled to receive a power of attorney to cast a vote on the shares corresponding to the depositary receipts they own. Stichting Administratiekantoor remains entitled to vote for the shares for which the holders of depositary receipts are not present or represented at the meeting. The aforementioned power of attorney may be limited, excluded or revoked by the executive committee of Stichting Administratie-kantoor in various situations specified in the law (see also Corporate Governance). In that case Stichting Administratiekantoor may (again) exercise the voting right for all shares for which depositaryreceipts have been issued. The relationship between Stichting Administratiekantoor and the holders of depositary receipts of shares is governed by the administrative conditions. The protection afforded by the use of depositary receipts is based on the 1% rule. The depositary receipts may be exchanged for ordinary shares but not for more than 1% of the total issued capital in the form of ordinary shares. This total includes shares owned indirectly as well as directly. However, this does not apply to the transfer of ordinary shares to the company itself. Every transfer of preference financing shares, convertible preference financing shares and preference protective shares must be approved by the Executive Board. The Executive Board may only grant its approval with the approval of the Supervisory Board.Besides from what is mentioned in the \u2018Other information\u2019, no special rights are attached to the priority shares. The company has granted the Stichting Continu\u00efteit TKH (\u2018Continuity Foundation\u2019) an option to take preference protective shares for up to a maximum of 50% of the sum of the other outstanding shares at the time that the preference protective shares are issued or 100% of the sum of the other outstanding shares at the time that the preference protective shares are issued if the restriction on the cancellation option lapses, which will occur if and when the Executive Board of the company so decides and files a statement to that effect with the Chamber of Commerce.Share premium reserveThe share premium reserve is fully exempt from Dutch taxes on distribution.Legal reserveThe legal reserve relates to:in thousands of euros2022 2021Capitalized development costs 94,730 87,666Legal reserve for participations 7,385 4,876Legal reserve 102,115 92,542The legal reserve is not available for distribution to the company\u2019s shareholders.Revaluation reservesThe revaluation reserves are not available for distribution to the company\u2019s shareholders.Hedging and translation reserveThe hedging and translation reserves are legal reserves and not available for distribution to the company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-307-3": {
"value": "Share premium reserveThe share premium reserve is fully exempt from Dutch taxes on distribution.Legal reserveThe legal reserve relates to:in thousands of euros2022 2021Capitalized development costs 94,730 87,666Legal reserve for participations 7,385 4,876Legal reserve 102,115 92,542The legal reserve is not available for distribution to the company\u2019s shareholders.Revaluation reservesThe revaluation reserves are not available for distribution to the company\u2019s shareholders.Hedging and translation reserveThe hedging and translation reserves are legal reserves and not available for distribution to the company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}