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},
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"pp-value-15-1": {
"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- controlling 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 consolidated financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are wholly owned, unless indicated otherwise. The following German subsidiaries included in TKH\u2019s consolidated financial statements make use of the exemption in \u00a7 264 (3), \u00a7 264 (b) HGB to prepare, audit, and publish individual annual accounts. TKH Deutschland GmbH is not required to prepare consolidated annual accounts pursuant to \u00a7 291 HGB.TKH Security GmbH, Allied Vision Technologies GmbH, TKF GmbH, Augusta Technologie GmbH i.L., Chromasens GmbH, Dewetron Deutschland GmbH, EEB Kabeltechnik GmbH, EFB Elektronik GmbH, EFB Elektronik Real Estate B.V. & Co KG, Ernst & Engbring GmbH, HE System Elec-tronic GmbH, IV-Tec GmbH, Lakesight Technologies Holding GmbH, Lakesight Technologies German Holding GmbH, LMI Technologies GmbH, Sensor to Image GmbH, New Electronic Technology GmbH, Profipatch GmbH, Schneider Intercom GmbH, SVS-Vistek GmbH, Texim Europe GmbH, TKD Immobilien GmbH, TKH Airport Solutions GmbH, TKH Deutschland GmbH, TKH Deutschland Verwaltungs GmbH, TKH Grundst\u00fccksverwaltungs B.V. & Co KG, TKH Deutsch-land Service GmbH, TKH Technologie Deutschland AG.The following UK subsidiaries are controlled and consolidated by the group, where the Directors have taken the exemption from having an audit of their financial statements for the year ended December 31, 2023. This exemption is made in accordance with the UK Companies Act, S479A.Smart Vision systems Alphatronics Allied Vision C&C Partners Chromasens Commend Group LMI Technologies Mextal Net GmbH TKH Security SVS-Vistek 1Techno Specials EuresysTattileSmart Manufacturing systemsDewetron Texim EuropeEKB VMIHE System ElectronicSmart Connectivity systemsE&E IsolectraEFB TFOIntronics TKF2TKH Airport Solutions CAE TKH Group SupportTKH GroupTKH FinanceTKH LogisticsTKH Artifical Intelligence1 Consolidated as from May 2023.2 Consolidated up to and including September 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-15-3": {
"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- controlling 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-16-2": {
"value": "Segment reportingTKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufac-turing systems and Smart Connectivity systems. The internal and external segment reporting as follows this structure. For these segments, discrete financial information is available that the Executive Board, the highest operational decision-makers, 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 information 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1-1": {
"value": "1 Material accounting principlesGeneral 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 2023. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1-2": {
"value": "1 Material accounting principlesGeneral 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 2023. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1-3": {
"value": "1 Material accounting principlesGeneral 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 2023. 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. 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- controlling 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 is organized along the lines of our three technologies: Smart Vision systems, Smart Manufac-turing systems and Smart Connectivity systems. The internal and external segment reporting as follows this structure. For these segments, discrete financial information is available that the Executive Board, the highest operational decision-makers, 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 information 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:\u2022deferred 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;\u2022liabilities 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; \u2022assets (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:\u2022An asset is created that can be identified;\u2022It is probable that the asset created will generate future economic benefits; and\u2022The 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:\u2022Capitalized development costs: 3-7 years\u2022Patents, licenses and trademarks: 3-10 years\u2022Acquired customer relationships: 7-17 years\u2022Acquired brand names: 10-15 years\u2022Acquired 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:\u2022Buildings: 30-33 years\u2022Machinery and installations: 5-15 years\u2022Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.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:\u2022The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022TKH 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\u2022TKH 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 commence-ment 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 impairment 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 financialliability or equity instrument for another entity. Financial assets and financial liabilities are recognizedin 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:\u2022amortized cost,\u2022fair value with change in value through OCI or\u2022fair 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.Derecognition of financial assetsA financial asset is derecognized when:\u2022The rights to receive cash \ufb02ows from the asset have expired, or;\u2022TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligationto pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019arrangement; 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 20.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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; \u2022 is part of a coordinated plan to dispose of a separately important business activity or geographical area; 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 presented as a single amount in the line 'Result after tax from discontinued operations' in the profit and loss 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 probable that an out\ufb02ow of resources embodying economic benefits will be required to settle the obligation and (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 utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other manage-ment reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. 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 systemsProducts and servicesVision technology represents about 85% 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 Infrastructure, 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:\u2022Customer-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 determinedon 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.\u2022Maintenance 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 engineering and 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 automa-tion, and care solution by providing medicine distribution machines. Tire Building systems represents about 75% 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 39% and 33% 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 manufac-tured 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 described 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:\u2022The 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. \u2022The 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 property, plant and equipment have been recognized as part of the asset. Translation differenceson 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 \ufb02ow 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. 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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16393": {
"value": "Technology firm ",
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"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16395": {
"value": "TKH Group N.V. ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f16399": {
"value": "the Netherlands.",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16400": {
"value": "the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16401": {
"value": " N.V. ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-7-1": {
"value": " Spinnerstraat 15, 7481 KJ in Haaksbergen in the Netherlands ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-9-3": {
"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 2023. 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:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-11-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-12-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-1": {
"value": "New accounting principles and interpretationsAs from 1 January 2023 the following amendments of standards and new interpretations are effective:\u2022IFRS 17 Insurance Contracts\u2022Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2\u2022Definition of Accounting Estimates - Amendments to IAS 8\u2022Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12\u2022International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12The adoption of the amendments and improvements did not have material impact on the financial statements. Regarding Pillar Two reference is made to note 31. 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 2024:\u2022Classification of Liabilities as Current or Non-current - Amendments to IAS 1\u2022Lease Liability in a Sale and Leaseback - Amendments to IFRS 16\u2022Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7\u2022Lack of Exchangeability \u2013 Amendments to IAS 21 (starting 1 January 2025)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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "New accounting principles and interpretationsAs from 1 January 2023 the following amendments of standards and new interpretations are effective:\u2022IFRS 17 Insurance Contracts\u2022Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2\u2022Definition of Accounting Estimates - Amendments to IAS 8\u2022Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12\u2022International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12The adoption of the amendments and improvements did not have material impact on the financial statements. Regarding Pillar Two reference is made to note 31. 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 2024:\u2022Classification of Liabilities as Current or Non-current - Amendments to IAS 1\u2022Lease Liability in a Sale and Leaseback - Amendments to IFRS 16\u2022Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7\u2022Lack of Exchangeability \u2013 Amendments to IAS 21 (starting 1 January 2025)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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-18-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-2": {
"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:\u2022deferred 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;\u2022liabilities 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; \u2022assets (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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-3": {
"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:\u2022deferred 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;\u2022liabilities 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; \u2022assets (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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-4": {
"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:\u2022deferred 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;\u2022liabilities 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; \u2022assets (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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-5": {
"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:\u2022deferred 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;\u2022liabilities 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; \u2022assets (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:\u2022An asset is created that can be identified;\u2022It is probable that the asset created will generate future economic benefits; and\u2022The 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:\u2022Capitalized development costs: 3-7 years\u2022Patents, licenses and trademarks: 3-10 years\u2022Acquired customer relationships: 7-17 years\u2022Acquired brand names: 10-15 years\u2022Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-3": {
"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:\u2022An asset is created that can be identified;\u2022It is probable that the asset created will generate future economic benefits; and\u2022The 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:\u2022Capitalized development costs: 3-7 years\u2022Patents, licenses and trademarks: 3-10 years\u2022Acquired customer relationships: 7-17 years\u2022Acquired brand names: 10-15 years\u2022Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-4": {
"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:\u2022An asset is created that can be identified;\u2022It is probable that the asset created will generate future economic benefits; and\u2022The 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:\u2022Capitalized development costs: 3-7 years\u2022Patents, licenses and trademarks: 3-10 years\u2022Acquired customer relationships: 7-17 years\u2022Acquired brand names: 10-15 years\u2022Acquired intellectual property: 5-10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-24-2": {
"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:\u2022Buildings: 30-33 years\u2022Machinery and installations: 5-15 years\u2022Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.Right-of-use assetsAt 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 commence-ment 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-24-3": {
"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:\u2022Buildings: 30-33 years\u2022Machinery and installations: 5-15 years\u2022Other equipment: 3-10 yearsLand is not depreciated. Other equipment includes furniture, IT-hardware and transport equipment.Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-3": {
"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:\u2022The contract contains an identified asset that is explicitly or implicitly identified in the contract;\u2022TKH 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\u2022TKH 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 commence-ment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-2": {
"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 impairment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-3": {
"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 impairment 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 20.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-31-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-31-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-34-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-2": {
"value": "Financial instrumentsDerecognition of financial assetsA financial asset is derecognized when:\u2022The rights to receive cash \ufb02ows from the asset have expired, or;\u2022TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligationto pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019arrangement; 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financialliability or equity instrument for another entity. Financial assets and financial liabilities are recognizedin 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:\u2022amortized cost,\u2022fair value with change in value through OCI or\u2022fair 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.Derecognition of financial assetsA financial asset is derecognized when:\u2022The rights to receive cash \ufb02ows from the asset have expired, or;\u2022TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligationto pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019arrangement; 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 20.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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.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 property, plant and equipment have been recognized as part of the asset. Translation differenceson sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financialliability or equity instrument for another entity. Financial assets and financial liabilities are recognizedin 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:\u2022amortized cost,\u2022fair value with change in value through OCI or\u2022fair 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 \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-5": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financialliability or equity instrument for another entity. Financial assets and financial liabilities are recognizedin 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:\u2022amortized cost,\u2022fair value with change in value through OCI or\u2022fair 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.Derecognition of financial assetsA financial asset is derecognized when:\u2022The rights to receive cash \ufb02ows from the asset have expired, or;\u2022TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligationto pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019arrangement; 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 20.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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-6": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financialliability or equity instrument for another entity. Financial assets and financial liabilities are recognizedin 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 liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-38-5": {
"value": "Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\u2022amortized cost,\u2022fair value with change in value through OCI or\u2022fair 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.Derecognition of financial assetsA financial asset is derecognized when:\u2022The rights to receive cash \ufb02ows from the asset have expired, or;\u2022TKH has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligationto pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019arrangement; 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 20.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-41-6": {
"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 20.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-42-5": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-42-6": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as \u2022financial liabilities at fair value through profit or loss,\u2022loans and borrowings, \u2022other payables, or\u2022derivatives 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.Derecognition of financial liabilitiesA 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 substantiallydifferent 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-5": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-6": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-7": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-8": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-50-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-50-3": {
"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; \u2022 is part of a coordinated plan to dispose of a separately important business activity or geographical area; 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 presented as a single amount in the line 'Result after tax from discontinued operations' in the profit and loss 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-51-3": {
"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; \u2022 is part of a coordinated plan to dispose of a separately important business activity or geographical area; 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 presented as a single amount in the line 'Result after tax from discontinued operations' in the profit and loss 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "ProvisionsGeneralProvisions are recognized when (a) TKH has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that an out\ufb02ow of resources embodying economic benefits will be required to settle the obligation and (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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-53-3": {
"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:\u2022The 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. \u2022The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-2": {
"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 utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other manage-ment reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. 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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-57-3": {
"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 utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, TKH relies on the same forecast assumptions used elsewhere in the financial statements and in other manage-ment reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-3": {
"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 systemsProducts and servicesVision technology represents about 85% 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 Infrastructure, 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:\u2022Customer-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 determinedon 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.\u2022Maintenance 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 engineering and 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 automa-tion, and care solution by providing medicine distribution machines. Tire Building systems represents about 75% 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 39% and 33% 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 manufac-tured 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 described 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-71-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-72-2": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "Share-based paymentsTKH has a stock option and a share scheme, which both qualify as share-based payments:\u2022The 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. \u2022The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-3": {
"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 property, plant and equipment have been recognized as part of the asset. Translation differenceson sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-4": {
"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 property, plant and equipment have been recognized as part of the asset. Translation differenceson sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-74-5": {
"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 property, plant and equipment have been recognized as part of the asset. Translation differenceson sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "Cash \ufb02ow 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-79-1": {
"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 the date 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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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 20 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 13. 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.Geopolitical developmentsGeopolitical developments (such as the Russia-Ukraine con\ufb02ict), economic and political confrontations 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.Climate changeTKH has considered the impact of climate change scenario\u2019s (including rising temperatures, resulting in \ufb02ooding or extreme weather) on the estimates and judgements used in preparing the financial statements. The following items were considered: \u2022The impact on the residual values and useful lives of assets\u2022Recognition and measurement of provisions and contingencies\u2022Impairment indications and the forecast of cash \ufb02ows used in the impairment testing of goodwill and non-current assets.No material impact from (acute) climate change risks on the financial reporting was identified and as a result the valuation of assets and/or liabilities was not significantly impacted. Due to the locations of our (production) facilities and the nature of our activities, the risk is considered limited for TKH for the foreseeable future from a valuation and impairment perspective.3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.13 Other provisionsThe long-term provisions have been discounted. The increase of the provision in the year 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 euros2023 2022Other long-term provisions 12,740 6,798Other short-term provisions 19,209 20,798Other provisions 31,949 27,596The breakdown and movement of the other provisions is as follows: in thousands of euros Warranty Employee liabilities Onerous contracts Dismantling Other TotalBalance at 31 December 2022 6,364 3,281 12,212 261 5,478 27,596Additions 4,482 448 3,446 4,637 3,796 16,809Releases -1,745 -40 -5,309 -2,150 -9,244Acquisitions 140 140Utilized -1,707 -209 -1,313 -54 -3,283Other reclassifications 151 151Exchange differences -40 -12 -127 3 -44 -220Balance at 31 December 2023 7,645 3,468 8,909 4,901 7,026 31,949Provision 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. 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. Additions and releases to this provision are mostly presented as costs of \u2018Raw materials, consum-ables, trade products and subcontracted work\u2019.Dismantling obligationThe provision mainly relates to the costs to restore leased assets to its original condition as required by the terms and conditions of that specific lease. The provision is valued at the best estimate of the future expenditure that would be required to restore the assets. This is a long-term provision, which has been discounted at a rate of 4.66%. Other itemsThe other items also relate to reorganizations, claims, matters of dispute, guarantees which are expected to be claimed and other contractual obligations. The restructuring provision relates mainly to the lay-off of employees and the remaining term is less than 1 year. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have a term no longer than one year. There is no asset recognized for expected compensation fees from third parties in relation to the reported provisions.14 Other financial liabilitiesThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controllinginterestsTotalin thousands of euros Balance at 31 December 2022 2,904 1,000 3,904Payment for acquisitions from previous years -1,379 -1,379Change in value through the profit and loss account5096 146Exchange differences11Balance at 31 December 2023 1,576 1,096 2,672in thousands of euros2023 2022Term shorter than 1 year 1,639 2,985Term between 1 and 5 years 1,033 919Financial liabilities 2,672 3,904Earn-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 2023 till the first possibility to exercise. The amount to be paid depends on the future results of the aforementioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac0.8 million has a maturity of shorter than 1 year. 20 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-79-2": {
"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 the date 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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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 20 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 13. 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.Geopolitical developmentsGeopolitical developments (such as the Russia-Ukraine con\ufb02ict), economic and political confrontations 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.Climate changeTKH has considered the impact of climate change scenario\u2019s (including rising temperatures, resulting in \ufb02ooding or extreme weather) on the estimates and judgements used in preparing the financial statements. The following items were considered: \u2022The impact on the residual values and useful lives of assets\u2022Recognition and measurement of provisions and contingencies\u2022Impairment indications and the forecast of cash \ufb02ows used in the impairment testing of goodwill and non-current assets.No material impact from (acute) climate change risks on the financial reporting was identified and as a result the valuation of assets and/or liabilities was not significantly impacted. Due to the locations of our (production) facilities and the nature of our activities, the risk is considered limited for TKH for the foreseeable future from a valuation and impairment perspective.3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.13 Other provisionsThe long-term provisions have been discounted. The increase of the provision in the year 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 euros2023 2022Other long-term provisions 12,740 6,798Other short-term provisions 19,209 20,798Other provisions 31,949 27,596The breakdown and movement of the other provisions is as follows: in thousands of euros Warranty Employee liabilities Onerous contracts Dismantling Other TotalBalance at 31 December 2022 6,364 3,281 12,212 261 5,478 27,596Additions 4,482 448 3,446 4,637 3,796 16,809Releases -1,745 -40 -5,309 -2,150 -9,244Acquisitions 140 140Utilized -1,707 -209 -1,313 -54 -3,283Other reclassifications 151 151Exchange differences -40 -12 -127 3 -44 -220Balance at 31 December 2023 7,645 3,468 8,909 4,901 7,026 31,949Provision 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. 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. Additions and releases to this provision are mostly presented as costs of \u2018Raw materials, consum-ables, trade products and subcontracted work\u2019.Dismantling obligationThe provision mainly relates to the costs to restore leased assets to its original condition as required by the terms and conditions of that specific lease. The provision is valued at the best estimate of the future expenditure that would be required to restore the assets. This is a long-term provision, which has been discounted at a rate of 4.66%. Other itemsThe other items also relate to reorganizations, claims, matters of dispute, guarantees which are expected to be claimed and other contractual obligations. The restructuring provision relates mainly to the lay-off of employees and the remaining term is less than 1 year. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have a term no longer than one year. There is no asset recognized for expected compensation fees from third parties in relation to the reported provisions.14 Other financial liabilitiesThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controllinginterestsTotalin thousands of euros Balance at 31 December 2022 2,904 1,000 3,904Payment for acquisitions from previous years -1,379 -1,379Change in value through the profit and loss account5096 146Exchange differences11Balance at 31 December 2023 1,576 1,096 2,672in thousands of euros2023 2022Term shorter than 1 year 1,639 2,985Term between 1 and 5 years 1,033 919Financial liabilities 2,672 3,904Earn-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 2023 till the first possibility to exercise. The amount to be paid depends on the future results of the aforementioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac0.8 million has a maturity of shorter than 1 year. 20 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-79-3": {
"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 the date 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.Price, credit, interest and currency risksNote 20 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 13. 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.Geopolitical developmentsGeopolitical developments (such as the Russia-Ukraine con\ufb02ict), economic and political confrontations 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.Climate changeTKH has considered the impact of climate change scenario\u2019s (including rising temperatures, resulting in \ufb02ooding or extreme weather) on the estimates and judgements used in preparing the financial statements. The following items were considered: \u2022The impact on the residual values and useful lives of assets\u2022Recognition and measurement of provisions and contingencies\u2022Impairment indications and the forecast of cash \ufb02ows used in the impairment testing of goodwill and non-current assets.No material impact from (acute) climate change risks on the financial reporting was identified and as a result the valuation of assets and/or liabilities was not significantly impacted. Due to the locations of our (production) facilities and the nature of our activities, the risk is considered limited for TKH for the foreseeable future from a valuation and impairment perspective.3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.13 Other provisionsThe long-term provisions have been discounted. The increase of the provision in the year 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 euros2023 2022Other long-term provisions 12,740 6,798Other short-term provisions 19,209 20,798Other provisions 31,949 27,596The breakdown and movement of the other provisions is as follows: in thousands of euros Warranty Employee liabilities Onerous contracts Dismantling Other TotalBalance at 31 December 2022 6,364 3,281 12,212 261 5,478 27,596Additions 4,482 448 3,446 4,637 3,796 16,809Releases -1,745 -40 -5,309 -2,150 -9,244Acquisitions 140 140Utilized -1,707 -209 -1,313 -54 -3,283Other reclassifications 151 151Exchange differences -40 -12 -127 3 -44 -220Balance at 31 December 2023 7,645 3,468 8,909 4,901 7,026 31,949Provision 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. 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. Additions and releases to this provision are mostly presented as costs of \u2018Raw materials, consum-ables, trade products and subcontracted work\u2019.Dismantling obligationThe provision mainly relates to the costs to restore leased assets to its original condition as required by the terms and conditions of that specific lease. The provision is valued at the best estimate of the future expenditure that would be required to restore the assets. This is a long-term provision, which has been discounted at a rate of 4.66%. Other itemsThe other items also relate to reorganizations, claims, matters of dispute, guarantees which are expected to be claimed and other contractual obligations. The restructuring provision relates mainly to the lay-off of employees and the remaining term is less than 1 year. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have a term no longer than one year. There is no asset recognized for expected compensation fees from third parties in relation to the reported provisions.14 Other financial liabilitiesThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controllinginterestsTotalin thousands of euros Balance at 31 December 2022 2,904 1,000 3,904Payment for acquisitions from previous years -1,379 -1,379Change in value through the profit and loss account5096 146Exchange differences11Balance at 31 December 2023 1,576 1,096 2,672in thousands of euros2023 2022Term shorter than 1 year 1,639 2,985Term between 1 and 5 years 1,033 919Financial liabilities 2,672 3,904Earn-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 2023 till the first possibility to exercise. The amount to be paid depends on the future results of the aforementioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac0.8 million has a maturity of shorter than 1 year. 20 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
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"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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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-81-4": {
"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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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-81-6": {
"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 indirectly observable for the asset or liability. TKH makes use of derivatives valuation reports of financial institutions. These valuations are checked with interest rates, interest curves and exchange rates that are regularly published.\u2022Level 3: Calculations that use input variables that have a significant effect on the fair value and that are not 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 eurosNotes Hierarchy2023 2022AssetsFinancial assets at fair value through P&L Level 3 407 407Interest rate swaps 20Level 2 97Foreign currency forward contracts 20Level 2 1,182 40Commodities (derivatives)20Level 2 1,085 381Total 2,674 925LiabilitiesInterest rate swaps 20Level 2 155Foreign currency forward contracts 20Level 2 2,610 5,704Commodities (derivatives)20Level 2 181 891Total 2,946 6,595The 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-87-4": {
"value": "3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.",
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"pp-value-87-5": {
"value": "3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410",
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"pp-value-87-6": {
"value": "3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.",
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"pp-value-87-7": {
"value": "3 Intangible assets and goodwillGoodwillBrand names, customer relations and intellectual property Development costsPatents, licenses, software and trademarks Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 303,067 300,812 290,841 287,945 292,876 269,309 75,626 68,441 962,410 926,507Accumulated amortization and impairment losses 2,323 2,323 205,411 187,269 165,173 149,599 55,658 50,254 428,565 389,445Book value at 1 January 300,744 298,489 85,430 100,676 127,703 119,710 19,968 18,187 533,845 537,062Purchases and capitalization 41,847 37,843 11,281 8,063 53,128 45,906Acquisitions3417,866 853 18,003 1,107 2,783 11 38,663 1,960Reclassification from property, plant and equipment4456 1 457 0Reclassification to assets held for sale -115 -252 -367 0Reclassifications 102 39 225 -15 -226 -126 -1 0Disposals -13 0 -13Amortization27-16,522 -17,131 -33,522 -30,827 -6,816 -6,226 -56,860 -54,184Impairment losses28-1,790 -48 -1,790 -48Exchange differences -440 1,300 -238 739 -688 1,040 -13 83 -1,379 3,162Book value at 31 December 318,055 300,744 86,673 85,430 137,014 127,703 23,954 19,968 565,696 533,845Accumulated amortization and impairment losses 2,323 2,323 199,633 205,411 197,861 165,173 60,815 55,658 460,632 428,565Historical cost at 31 December 320,378 303,067 286,306 290,841 334,875 292,876 84,769 75,626 1,026,328 962,410The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. Goodwill 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 good-will is allocated as follows: Goodwill Discount rate before taxFunctional currencyin thousands of eurosCGU2023 2022 2023 2022Smart Vision systems 257,909 240,478 10.5% 11.4% EUR/USDSmart Manufacturing systems 9,603 10,530 12.0% 12.4% EURSmart Connectivity systems 50,543 49,736 10.3% 10.9% EURTotal 318,055 300,744forecasts 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 management and are approved by the Executive Board. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an annual growth of 2.00% (2022: 2.17%). 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 2023. 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:\u2022absolute EBITDA decreases by 10%, or\u2022the discount rate increases by 1%, or\u2022the 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.The 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 Decrease EBITDA by 10%Increase discountrate by 1%Decrease growth rate by 0.5%Combination of all assumptionsin millions of eurosSmart Vision systems -150.0 -152.6 -57.5 -314.8Smart Manufacturing systems -109.0 -101.2 -38.2 -221.0Smart Connectivity systems -192.9 -218.9 -86.9 -436.3These 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.The market capitalization of TKH amounted to \u20ac 1.572 million on December 31, 2023 and was significantly higher than the book value of the net assets of TKH.28 Impairmentin thousands of euros Notes2023 2022Impairment of intangible assets and goodwill3 1,790 48Impairment of property, plant and equipment4701 25Impairment Right-of-use assets51,230 381Onerous contracts -1 18Impairment 3,720 472",
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"pp-value-109-1": {
"value": "4 Property, plant and equipmentLand and buildingsMachinery and installations Other equipmentOperating assets in progress Totalin thousands of euros Notes2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Historical cost at 1 January 199,912 194,223 269,248 264,300 159,380 147,717 74,452 5,281 702,992 611,521Accumulated depreciation and impairments 101,688 96,381 186,902 180,925 118,974 111,245 483 483 408,047 389,034Book value at 1 January 98,224 97,842 82,346 83,375 40,406 36,472 73,969 4,798 294,945 222,487Purchases 20,732 6,230 24,888 10,715 19,983 15,600 114,428 73,019 180,031 105,564Acquisitions 5,112 51 493 5,656 0Disposals -44 -283 -236 -239 -214 -98 -620 -494Depreciation26 -7,198 -6,650 -12,134 -12,190 -13,242 -12,687 -32,574 -31,527Impairments28 -76 -193 -6 -25 -426 -701 -25Reclassifications 5 -32 -475 -17 24 478 8 -9 0Reclassification from/to intangible assets3 23 535 -1,015 -457 0Reclassification to assets held for sale34 -495 -2,246 -7,642 -336 -10,719 0Exchange differences 100 -576 -779 -348 -57 -92 1,203 -44 467 -1,060Commissioning of assets in progress 21,883 1,454 4,336 1,030 8,736 1,328 -34,955 -3,812 0 0Book value at 31 December 138,287 98,224 95,534 82,346 48,950 40,406 153,248 73,969 436,019 294,945Accumulated depreciation and impairments 101,644 101,688 184,503 186,902 124,759 118,974 910 483 411,816 408,047Historical cost at 31 December 239,931 199,912 280,037 269,248 173,709 159,380 154,158 74,452 847,835 702,992The 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 electrification, most noticeably with our new plant for inter-array cable in Eemshaven. In 2023 an amount of \u20ac 5.0 million (2002: nil) was capitalized relating to borrowing costs. ",
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"pp-value-117-1": {
"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 29 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 Notes2023 2022 2023 2022 2023 2022 2023 2022Book value at 1 January 69,415 62,245 73 7 5,824 6,545 75,312 68,797Purchases 13,960 16,087 121 75 4,508 2,928 18,589 19,090Acquisitions346 578 924 0Disposals -74 -312 -219 -178 -293 -490Reassesment 7,390 3,011 675 -400 8,065 2,611Depreciation26 -12,723 -11,373 -66 -9 -3,550 -3,058 -16,339 -14,440Impairments28 -1,230 -380 -1 -1,230 -381Exchange differences -341 137 -8 -12 -349 125Reclassification to assets held for sale34 -618 -49 -667 0Book value at 31 December 76,125 69,415 128 73 7,759 5,824 84,012 75,312The impairments relate to the vacancy of rented buildings, as a result of a too low occupancy and/or a slowdown in revenue growth from rented buildings. In 2023, the costs related to variable lease payments that were not included in the lease obligation amounted to \u20ac 3.2 million (2022: \u20ac 2.9 million). The costs of leasing assets with a low value amounted to \u20ac 0.2 million (2022: \u20ac 0.2 million) and the costs of leases with a term of less than one year amounted to \u20ac 1.7 million (2022: \u20ac 1.8 million). 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 18 for the lease liability. See note 30 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 2023 was \u20ac 21.6 million.18 Net interest-bearing debtTerm Interest Amountin thousands of euros Notes2023 2022Bank loans reported under non-current liabilities172.1-4.1 yearsEuribor + margin 498,879 431,746Long term lease liabilities (Right-of-use assets)171-29 years 2.5% 73,100 68,049Short term lease liabilities (Right-of-use assets) < 1 year 2.5% 14,054 14,028Borrowings reported under current liabilities < 1 year Euribor/SOFR + margin 61,810 56,391Cash and cash equivalents10< 1 year Euribor/SOFR - margin -93,697 -184,559Net interest-bearing debt 554,146 385,655At year-end 2023, \u20ac 24.5 million of the cash and cash equivalants forms part of cash and interest pools (2022: \u20ac 106.2 million). The interest on the borrowings is variable and based on Euribor or SOFR. The credit margins differ per credit institution, duration and country and vary from 1.0% to 1.5% (2022: 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 2.5%. The obligationsarising from leasing are guaranteed by the lessor's property right on the leased assets. See note 20 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activities: Borrowings reported under current liabilitiesBank loans reported under non-current liabilitiesTotal lease liabilities (Right-of-use assets) Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022Balance at 1 January 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127Cash \ufb02ows from financing activities 86,628 -51,186 62,050 163,543 148,678 112,357Proceeds/(repayments) from cash pools -81,775 73,381 -81,775 73,381Payment of lease liabilities -16,537 -14,746 -16,537 -14,746Non-cash changes:- Acquisition of subsidiaries 340 2,413 140 924 3,677 140- Reclassification to liabilities held for sale -685 -685 0- New leases and reassesments 21,724 17,570 21,724 17,570- Amortized transaction costs 527 527 0- Interest 1,746 1,695 1,746 1,695- Effect of changes in exchange rates 226 -434 324 53 -2,095 2,071 -1,545 1,690Balance at 31 December 61,810 56,391 497,060 431,746 87,154 82,077 646,024 570,214The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664",
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"pp-value-122-1": {
"value": "6 AssociatesTKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2023 2022Speed 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% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsSCS Wagram Holding Paris France 40.0% Smart Connectivity systemsAt the end of September 2023 TKH divested its TKH France activities to private equity group Argos Wityu. The activities have been continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The financial data included below are preliminary figures for the period of the interest. The determination of the fair value of the acquired net assets is still in progress. The remeasure-ment included in the valuation of this associate is included in the legal reserve for participations.Despite 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. in thousands of euros Assets Liabilities Turnover Net result Other comprehensive incomeShare in result of associatesSummarized financial information 2023 of SCS Wagram Holding 55,671 32,194 11,844 -1,153 -1,153Summarized financial information 2023 excl SCS Wagram Holding 18,145 5,618 5,999 -2,315 -2,156Summarized financial information 2022 19,196 6,992 7,212 -237 -267The interest in Cable Connectivity Group B.V. was reclassified to Assets held for sale in 2022. Movements in the associates are as follows:in thousands of euros2023 2022Balance at 1 January 12,204 28,699Acquisition of an interest 27,624Share in result of associates -3,309 3,075Dividend received -196Reclassification to Assets held for sale -19,219Exchange differences -532 -155Balance at 31 December 35,987 12,20433 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 euros2023 2022 2023 2022 2023 2022 2023 2022CAE Data SAS 913 96 795 330Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. 25,589 22,331 8,075 7,910Speed Elektronik Vertrieb GmbH 416 233 9 83 60 23 13Commend Australia Integrated Security and Communication Systems Pty Ltd. 598 629 153 79Total 1,927 862 25,694 22,414 1,008 102 8,405 7,923Shareholdings of members of the Executive Board and the Supervisory BoardDuring the financial year Mr. J.M.A. van der Lof sold in total 18,594 (depositary receipts of) shares at an average stock price of \u20ac 45.89, Mr. E.D.H. de Lange sold 14,730 (depositary receipts of) shares at a stock price of \u20ac 45.57 and Mr. H. Voortman sold 4,456 (depositary receipts of) shares at a stock price of \u20ac 45.57, 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 6,547, 4,910 and 4,456 (depositary receipts of) shares at a stock price of \u20ac 45.57. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 112,647 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 80,099 (depositary receipts of) shares and Mr. H.J. Voortman owned 40,391 (depositary receipts of) shares at the end of 2023. 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 subsidiary or group companies.Total regular income (TRI) Bonus (STI) Share scheme (LTI) PensionCompensation for pension premium Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Executive Board 1,887 1,758 785 1,028 2,808 1,244 96 88 375 341 5,951 4,458Supervisory Board 325 304 325 304Total remuneration 2,212 2,062 785 1,028 2,808 1,244 96 88 375 341 6,276 4,762The 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.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 consolidated financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are wholly owned, unless indicated otherwise. The following German subsidiaries included in TKH\u2019s consolidated financial statements make use of the exemption in \u00a7 264 (3), \u00a7 264 (b) HGB to prepare, audit, and publish individual annual accounts. TKH Deutschland GmbH is not required to prepare consolidated annual accounts pursuant to \u00a7 291 HGB.TKH Security GmbH, Allied Vision Technologies GmbH, TKF GmbH, Augusta Technologie GmbH i.L., Chromasens GmbH, Dewetron Deutschland GmbH, EEB Kabeltechnik GmbH, EFB Elektronik GmbH, EFB Elektronik Real Estate B.V. & Co KG, Ernst & Engbring GmbH, HE System Elec-tronic GmbH, IV-Tec GmbH, Lakesight Technologies Holding GmbH, Lakesight Technologies German Holding GmbH, LMI Technologies GmbH, Sensor to Image GmbH, New Electronic Technology GmbH, Profipatch GmbH, Schneider Intercom GmbH, SVS-Vistek GmbH, Texim Europe GmbH, TKD Immobilien GmbH, TKH Airport Solutions GmbH, TKH Deutschland GmbH, TKH Deutschland Verwaltungs GmbH, TKH Grundst\u00fccksverwaltungs B.V. & Co KG, TKH Deutsch-land Service GmbH, TKH Technologie Deutschland AG.The following UK subsidiaries are controlled and consolidated by the group, where the Directors have taken the exemption from having an audit of their financial statements for the year ended December 31, 2023. This exemption is made in accordance with the UK Companies Act, S479A.Smart Vision systems Alphatronics Allied Vision C&C Partners Chromasens Commend Group LMI Technologies Mextal Net GmbH TKH Security SVS-Vistek 1Techno Specials EuresysTattileSmart Manufacturing systemsDewetron Texim EuropeEKB VMIHE System ElectronicSmart Connectivity systemsE&E IsolectraEFB TFOIntronics TKF2TKH Airport Solutions CAE TKH Group SupportTKH GroupTKH FinanceTKH LogisticsTKH Artifical Intelligence1 Consolidated as from May 2023.2 Consolidated up to and including September 2023.",
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},
"pp-value-122-2": {
"value": "6 AssociatesTKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2023 2022Speed 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% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsSCS Wagram Holding Paris France 40.0% Smart Connectivity systemsAt the end of September 2023 TKH divested its TKH France activities to private equity group Argos Wityu. The activities have been continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The financial data included below are preliminary figures for the period of the interest. The determination of the fair value of the acquired net assets is still in progress. The remeasure-ment included in the valuation of this associate is included in the legal reserve for participations.Despite 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. in thousands of euros Assets Liabilities Turnover Net result Other comprehensive incomeShare in result of associatesSummarized financial information 2023 of SCS Wagram Holding 55,671 32,194 11,844 -1,153 -1,153Summarized financial information 2023 excl SCS Wagram Holding 18,145 5,618 5,999 -2,315 -2,156Summarized financial information 2022 19,196 6,992 7,212 -237 -267The interest in Cable Connectivity Group B.V. was reclassified to Assets held for sale in 2022. Movements in the associates are as follows:in thousands of euros2023 2022Balance at 1 January 12,204 28,699Acquisition of an interest 27,624Share in result of associates -3,309 3,075Dividend received -196Reclassification to Assets held for sale -19,219Exchange differences -532 -155Balance at 31 December 35,987 12,204DivestmentsIn 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 resulted in a one-off profit contribution of \u20ac 36 million for TKH in 2023. At the end of September 2023 TKH announced that the divestment of its TKH France activities to private equity group Argos Wityu has been closed. TKH France distributes connectivity solutions for the building & construction industry mainly in France and contains the entities CAE Data SAS and ID Cables SAS. The activities will be continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The cash out\ufb02ow from acquisition of associates of \u20ac 27.6 million as mentioned in the cash\ufb02ow statement is related to this acquisition of a minority interest. The transaction results in a one-off net profit contribution of about \u20ac 20 million for TKH in 2023.Following the closing of this divestment, TKH France will no longer be consolidated in TKH Group\u2019s results. In 2023 until end of September, the turnover of TKH France totaled \u20ac 95.8 million with a recurring EBITA of \u20ac 12.9 million and 180 FTEs.In December 2023, TKH has sold its 100% share in Isolectra Communications Technology Sdn Bhd, located in Malaysia. The company generated around \u20ac 1 million turnover in 2023. The divestment generated a small loss.The reconciliation between the result on divestment and the cash \ufb02ow is as follows: in thousands of euros2023Net assets at the time of divestment 102,080Result on sale of associates and subsidiaries 54,802Cash and cash equivalents divested -26,422Cash \ufb02ow from divestments 130,460",
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"pp-value-122-3": {
"value": "6 AssociatesTKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2023 2022Speed 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% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsSCS Wagram Holding Paris France 40.0% Smart Connectivity systemsAt the end of September 2023 TKH divested its TKH France activities to private equity group Argos Wityu. The activities have been continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The financial data included below are preliminary figures for the period of the interest. The determination of the fair value of the acquired net assets is still in progress. The remeasure-ment included in the valuation of this associate is included in the legal reserve for participations.Despite 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. in thousands of euros Assets Liabilities Turnover Net result Other comprehensive incomeShare in result of associatesSummarized financial information 2023 of SCS Wagram Holding 55,671 32,194 11,844 -1,153 -1,153Summarized financial information 2023 excl SCS Wagram Holding 18,145 5,618 5,999 -2,315 -2,156Summarized financial information 2022 19,196 6,992 7,212 -237 -267The interest in Cable Connectivity Group B.V. was reclassified to Assets held for sale in 2022. Movements in the associates are as follows:in thousands of euros2023 2022Balance at 1 January 12,204 28,699Acquisition of an interest 27,624Share in result of associates -3,309 3,075Dividend received -196Reclassification to Assets held for sale -19,219Exchange differences -532 -155Balance at 31 December 35,987 12,20412 Non-controlling interest third partiesSome subsidiaries are or were not fully owned by TKH during the year at any time. Theses third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2023 2022 2023 2022Various non-controlling interests 58 43 148 168DivestmentsIn 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 resulted in a one-off profit contribution of \u20ac 36 million for TKH in 2023. At the end of September 2023 TKH announced that the divestment of its TKH France activities to private equity group Argos Wityu has been closed. TKH France distributes connectivity solutions for the building & construction industry mainly in France and contains the entities CAE Data SAS and ID Cables SAS. The activities will be continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The cash out\ufb02ow from acquisition of associates of \u20ac 27.6 million as mentioned in the cash\ufb02ow statement is related to this acquisition of a minority interest. The transaction results in a one-off net profit contribution of about \u20ac 20 million for TKH in 2023.Following the closing of this divestment, TKH France will no longer be consolidated in TKH Group\u2019s results. In 2023 until end of September, the turnover of TKH France totaled \u20ac 95.8 million with a recurring EBITA of \u20ac 12.9 million and 180 FTEs.In December 2023, TKH has sold its 100% share in Isolectra Communications Technology Sdn Bhd, located in Malaysia. The company generated around \u20ac 1 million turnover in 2023. The divestment generated a small loss.The reconciliation between the result on divestment and the cash \ufb02ow is as follows: in thousands of euros2023Net assets at the time of divestment 102,080Result on sale of associates and subsidiaries 54,802Cash and cash equivalents divested -26,422Cash \ufb02ow from divestments 130,460Consolidated 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 consolidated financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are wholly owned, unless indicated otherwise. The following German subsidiaries included in TKH\u2019s consolidated financial statements make use of the exemption in \u00a7 264 (3), \u00a7 264 (b) HGB to prepare, audit, and publish individual annual accounts. TKH Deutschland GmbH is not required to prepare consolidated annual accounts pursuant to \u00a7 291 HGB.TKH Security GmbH, Allied Vision Technologies GmbH, TKF GmbH, Augusta Technologie GmbH i.L., Chromasens GmbH, Dewetron Deutschland GmbH, EEB Kabeltechnik GmbH, EFB Elektronik GmbH, EFB Elektronik Real Estate B.V. & Co KG, Ernst & Engbring GmbH, HE System Elec-tronic GmbH, IV-Tec GmbH, Lakesight Technologies Holding GmbH, Lakesight Technologies German Holding GmbH, LMI Technologies GmbH, Sensor to Image GmbH, New Electronic Technology GmbH, Profipatch GmbH, Schneider Intercom GmbH, SVS-Vistek GmbH, Texim Europe GmbH, TKD Immobilien GmbH, TKH Airport Solutions GmbH, TKH Deutschland GmbH, TKH Deutschland Verwaltungs GmbH, TKH Grundst\u00fccksverwaltungs B.V. & Co KG, TKH Deutsch-land Service GmbH, TKH Technologie Deutschland AG.The following UK subsidiaries are controlled and consolidated by the group, where the Directors have taken the exemption from having an audit of their financial statements for the year ended December 31, 2023. This exemption is made in accordance with the UK Companies Act, S479A.Smart Vision systems Alphatronics Allied Vision C&C Partners Chromasens Commend Group LMI Technologies Mextal Net GmbH TKH Security SVS-Vistek 1Techno Specials EuresysTattileSmart Manufacturing systemsDewetron Texim EuropeEKB VMIHE System ElectronicSmart Connectivity systemsE&E IsolectraEFB TFOIntronics TKF2TKH Airport Solutions CAE TKH Group SupportTKH GroupTKH FinanceTKH LogisticsTKH Artifical Intelligence1 Consolidated as from May 2023.2 Consolidated up to and including September 2023.",
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"pp-value-122-4": {
"value": "6 AssociatesTKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2023 2022Speed 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% Smart Connectivity systemsP + S Technik GmbH Ottobrunn Germany 23.2% 23.2% Smart Vision systemsSCS Wagram Holding Paris France 40.0% Smart Connectivity systemsAt the end of September 2023 TKH divested its TKH France activities to private equity group Argos Wityu. The activities have been continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The financial data included below are preliminary figures for the period of the interest. The determination of the fair value of the acquired net assets is still in progress. The remeasure-ment included in the valuation of this associate is included in the legal reserve for participations.Despite 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. in thousands of euros Assets Liabilities Turnover Net result Other comprehensive incomeShare in result of associatesSummarized financial information 2023 of SCS Wagram Holding 55,671 32,194 11,844 -1,153 -1,153Summarized financial information 2023 excl SCS Wagram Holding 18,145 5,618 5,999 -2,315 -2,156Summarized financial information 2022 19,196 6,992 7,212 -237 -267The interest in Cable Connectivity Group B.V. was reclassified to Assets held for sale in 2022. Movements in the associates are as follows:in thousands of euros2023 2022Balance at 1 January 12,204 28,699Acquisition of an interest 27,624Share in result of associates -3,309 3,075Dividend received -196Reclassification to Assets held for sale -19,219Exchange differences -532 -155Balance at 31 December 35,987 12,204",
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"pp-value-129-1": {
"value": "7 Inventoriesin thousands of euros2023 2022Raw materials 181,800 162,970Work in progress 70,794 59,834Finished goods 150,665 163,109Inventories 403,259 385,913An amount of \u20ac 776.8 million is reported in the statement of profit and loss for costs of raw materials, consumables and finished goods (2022: \u20ac 833.0 million). A part of inventories is valued at lower net recoverable amount. The book value of these written-down inventories is \u20ac 53.3 million (2022: \u20ac 27.0 million). The total write-down on inventories, based on aging analysis and sales statistics, in 2023 recognized in the statement of profit and loss is \u20ac 9.6 million (2022: \u20ac 7.0 million).",
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"pp-value-132-1": {
"value": "8 Trade and other receivablesin thousands of euros Notes2023 2022Trade accounts receivable 218,074 220,826Loss allowance20 -5,997 -6,300Derivatives202,266 518Receivables from related parties331,077 509Prepayments and accrued income 13,038 15,892Other short-term receivables 15,164 17,893Long-term receivables 752 613Receivables 244,374 249,951The amounts on the left 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-recoursefactoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2023 receivables with an amount of \u20ac 40.9 million are sold to a factoring company (2022: \u20ac 45.4 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 20. 10 Cash and cash equivalentsin thousands of euros2023 2022Cash and bank balances as included in the cash \ufb02ow statement 69,294 78,387Cash at companies assets held for sale -57 -63Cash and bank balances in cash and interest pools 24,460 106,235Cash and bank balances 93,697 184,559Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.14 Other financial liabilitiesThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controllinginterestsTotalin thousands of euros Balance at 31 December 2022 2,904 1,000 3,904Payment for acquisitions from previous years -1,379 -1,379Change in value through the profit and loss account5096 146Exchange differences11Balance at 31 December 2023 1,576 1,096 2,672in thousands of euros2023 2022Term shorter than 1 year 1,639 2,985Term between 1 and 5 years 1,033 919Financial liabilities 2,672 3,904Earn-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 2023 till the first possibility to exercise. The amount to be paid depends on the future results of the aforementioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac0.8 million has a maturity of shorter than 1 year. 17 Non-current liabilitiesin thousands of euros Notes2023 2022Debts to credit institutions18 498,879 431,746To be amortized transaction costs for the credit facility -1,819Long term lease liabilities (Right-of-use assets) 73,100 68,049Other non-current liabilities 2,208 3,213Interest-bearing loans and borrowings 572,368 503,008The 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 draw downs from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or SOFR. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 20 more details on the capital and liquidity risk.18 Net interest-bearing debtTerm Interest Amountin thousands of euros Notes2023 2022Bank loans reported under non-current liabilities172.1-4.1 yearsEuribor + margin 498,879 431,746Long term lease liabilities (Right-of-use assets)171-29 years 2.5% 73,100 68,049Short term lease liabilities (Right-of-use assets) < 1 year 2.5% 14,054 14,028Borrowings reported under current liabilities < 1 year Euribor/SOFR + margin 61,810 56,391Cash and cash equivalents10< 1 year Euribor/SOFR - margin -93,697 -184,559Net interest-bearing debt 554,146 385,655At year-end 2023, \u20ac 24.5 million of the cash and cash equivalants forms part of cash and interest pools (2022: \u20ac 106.2 million). The interest on the borrowings is variable and based on Euribor or SOFR. The credit margins differ per credit institution, duration and country and vary from 1.0% to 1.5% (2022: 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 2.5%. The obligationsarising from leasing are guaranteed by the lessor's property right on the leased assets. See note 20 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activities: Borrowings reported under current liabilitiesBank loans reported under non-current liabilitiesTotal lease liabilities (Right-of-use assets) Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022Balance at 1 January 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127Cash \ufb02ows from financing activities 86,628 -51,186 62,050 163,543 148,678 112,357Proceeds/(repayments) from cash pools -81,775 73,381 -81,775 73,381Payment of lease liabilities -16,537 -14,746 -16,537 -14,746Non-cash changes:- Acquisition of subsidiaries 340 2,413 140 924 3,677 140- Reclassification to liabilities held for sale -685 -685 0- New leases and reassesments 21,724 17,570 21,724 17,570- Amortized transaction costs 527 527 0- Interest 1,746 1,695 1,746 1,695- Effect of changes in exchange rates 226 -434 324 53 -2,095 2,071 -1,545 1,690Balance at 31 December 61,810 56,391 497,060 431,746 87,154 82,077 646,024 570,214The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).19 Trade and other payablesin thousands of euros Notes2023 2022Trade creditors 201,351 232,608Advance receipts 5,440 4,442Other taxes and social insurance contributions 25,355 30,418Derivatives202,946 6,595Refund liabilities from customer volume rebates913,826 15,238Other payables and accruals 108,327 95,613Trade payables and other payables 357,245 384,914The other payables and accruals relate to, among others, personnel bonuses to be paid, commissions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2023, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 44.1 million (2022: \u20ac 46.3 million), which is recognized as trade payables.20 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. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664Interest 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,30030 Financial income and expensesin thousands of euros2023 2022Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-750 -2,136Amortized transaction costs -527Interest costs in defined benefit plans -51 -17Interest expense on lease liabilities -1,746 -1,695Interest expenses -21,116 -8,595Interest income from debt instruments at fair value through P&L 72 88Interest income 1,244 474Financial income and expenses -22,874 -11,881",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-132-2": {
"value": "8 Trade and other receivablesin thousands of euros Notes2023 2022Trade accounts receivable 218,074 220,826Loss allowance20 -5,997 -6,300Derivatives202,266 518Receivables from related parties331,077 509Prepayments and accrued income 13,038 15,892Other short-term receivables 15,164 17,893Long-term receivables 752 613Receivables 244,374 249,951The amounts on the left 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-recoursefactoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2023 receivables with an amount of \u20ac 40.9 million are sold to a factoring company (2022: \u20ac 45.4 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 20. 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-132-3": {
"value": "8 Trade and other receivablesin thousands of euros Notes2023 2022Trade accounts receivable 218,074 220,826Loss allowance20 -5,997 -6,300Derivatives202,266 518Receivables from related parties331,077 509Prepayments and accrued income 13,038 15,892Other short-term receivables 15,164 17,893Long-term receivables 752 613Receivables 244,374 249,951The amounts on the left 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-recoursefactoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2023 receivables with an amount of \u20ac 40.9 million are sold to a factoring company (2022: \u20ac 45.4 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 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-135-1": {
"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 euros2023 2022Trade accounts receivable 218,074 220,826Contract assets 217,123 204,142Contract liabilities -176,130 -186,473Refund liabilities from customer volume rebates -13,826 -15,238Contract costs 8,014 3,480The 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 euros2023 2022 2023 2022Revenue recognized that was included in the contract liability balance at the beginning of the period 186,473 127,044Increases due to cash received, excluding amounts recognized as revenue during the period -176,130 -186,473Transfers from contract assets recognized at the beginning of the period to receivables -204,142 -150,131Increases as a result of changes in the measure of progress 217,123 204,142The 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 2023, amortization amounted to \u20ac 4.8 million (2022: \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 euros2023 2022Expected to be recognized as revenue within 1 year 785,077 716,910Expected to be recognized as revenue between 1 and 2 years 166,885 206,372Expected to be recognized as revenue after 2 years 18,143 48,625Total 970,105 971,90722 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. Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Geographic segmentsNetherlands 45,170 40,256 47,675 47,488 361,787 361,835 12 33 454,644 449,612Europe (other) 209,390 205,460 141,397 184,656 366,215 410,356 1 53 717,003 800,525Asia 114,300 118,463 201,183 107,526 37,685 42,347 -1 353,167 268,336North America 105,725 109,773 128,307 116,070 5,559 7,796 23 24 239,614 233,663Other 15,097 18,570 49,691 29,945 18,316 15,964 83,104 64,479External turnover 489,682 492,522 568,253 485,685 789,562 838,298 35 110 1,847,532 1,816,615Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Timing of revenue recognitionRevenue at a point-in-time 444,656 451,884 99,118 97,077 654,330 699,558 21 27 1,198,125 1,248,546Revenue over time 40,624 35,114 468,931 388,482 134,827 138,252 644,382 561,848Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Revenues from contracts with customers 496,124 494,199 573,359 491,083 800,135 848,065 -27,111 -22,953 1,842,507 1,810,394Other revenues 4,402 5,524 204 126 405 488 14 83 5,025 6,221Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Raw materials, consumables, trade products and subcontracted work 205,744 207,485 283,716 246,094 465,649 528,009 -27,248 -22,894 927,861 958,694Added value 294,782 292,238 289,847 245,115 334,891 320,544 151 24 919,671 857,921Added value in % 58.9% 58.5% 50.5% 49.9% 41.8% 37.8% 49.8% 47.2%EBITDA102,782111,056 100,218 77,468 104,138 110,348 -19,668 -16,056 287,470 282,816Depreciation 16,896 15,520 9,582 8,372 23,006 23,017 953 1,104 50,437 48,013EBITA 85,886 95,536 90,636 69,096 81,132 87,331 -20,621 -17,160 237,033 234,803ROS 17.2% 19.1% 15.8% 14.1% 10.1% 10.3% 12.8% 12.9%One-off income and expenses 508 618 -8,115 857 -2,257 1,983 -10,372Amortization 42,662 39,494 10,978 11,397 3,214 3,660 6 -1 56,860 54,550Impairments 3,445 432 83 39 193 -1 1 3,720 472Segment operating result 39,271 55,610 79,575 57,660 77,107 91,786 -21,484 -14,903 174,469 190,153Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions92,229 38,807 34,114 34,618 167,711 97,822 2,937 1,273 296,991 172,520Employees (FTE) 2,142 1,998 1,954 1,819 2,274 2,291 95 90 6,465 6,198Balance sheetAssets 801,964 761,444 474,075 461,327 790,353 634,231 4,229 90,724 2,070,621 1,947,726Assets held for sale 21,171 108,506 21,171 108,506Associates 2,764 2,738 33,220 9,464 3 2 35,987 12,204Total assets 804,728 764,182 495,246 461,327 823,573 752,201 4,232 90,726 2,127,779 2,068,436Total liabilities 190,671 203,856 314,612 331,538 239,764 277,445 547,168 468,830 1,292,215 1,281,669Capital employed previous year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Capital employed current year 574,414 528,933 163,169 111,584 544,566 430,069 20,945 23,146 1,303,094 1,093,732Return on Capital Employed (ROCE) 15.6% 18.8% 66.0% 75.4% 16.6% 22.4% 19.8% 23.2%EBITDA and EBITA are exluding one-off income and expenses. Reference is made to note 32 for a further detail on the one-off income and expenses.The geographic split of turnover is based on the customer-location. Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019.TKH 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-135-2": {
"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 euros2023 2022Trade accounts receivable 218,074 220,826Contract assets 217,123 204,142Contract liabilities -176,130 -186,473Refund liabilities from customer volume rebates -13,826 -15,238Contract costs 8,014 3,480The 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 euros2023 2022 2023 2022Revenue recognized that was included in the contract liability balance at the beginning of the period 186,473 127,044Increases due to cash received, excluding amounts recognized as revenue during the period -176,130 -186,473Transfers from contract assets recognized at the beginning of the period to receivables -204,142 -150,131Increases as a result of changes in the measure of progress 217,123 204,142The 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 2023, amortization amounted to \u20ac 4.8 million (2022: \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 euros2023 2022Expected to be recognized as revenue within 1 year 785,077 716,910Expected to be recognized as revenue between 1 and 2 years 166,885 206,372Expected to be recognized as revenue after 2 years 18,143 48,625Total 970,105 971,90722 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. Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Geographic segmentsNetherlands 45,170 40,256 47,675 47,488 361,787 361,835 12 33 454,644 449,612Europe (other) 209,390 205,460 141,397 184,656 366,215 410,356 1 53 717,003 800,525Asia 114,300 118,463 201,183 107,526 37,685 42,347 -1 353,167 268,336North America 105,725 109,773 128,307 116,070 5,559 7,796 23 24 239,614 233,663Other 15,097 18,570 49,691 29,945 18,316 15,964 83,104 64,479External turnover 489,682 492,522 568,253 485,685 789,562 838,298 35 110 1,847,532 1,816,615Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Timing of revenue recognitionRevenue at a point-in-time 444,656 451,884 99,118 97,077 654,330 699,558 21 27 1,198,125 1,248,546Revenue over time 40,624 35,114 468,931 388,482 134,827 138,252 644,382 561,848Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Revenues from contracts with customers 496,124 494,199 573,359 491,083 800,135 848,065 -27,111 -22,953 1,842,507 1,810,394Other revenues 4,402 5,524 204 126 405 488 14 83 5,025 6,221Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Raw materials, consumables, trade products and subcontracted work 205,744 207,485 283,716 246,094 465,649 528,009 -27,248 -22,894 927,861 958,694Added value 294,782 292,238 289,847 245,115 334,891 320,544 151 24 919,671 857,921Added value in % 58.9% 58.5% 50.5% 49.9% 41.8% 37.8% 49.8% 47.2%EBITDA102,782111,056 100,218 77,468 104,138 110,348 -19,668 -16,056 287,470 282,816Depreciation 16,896 15,520 9,582 8,372 23,006 23,017 953 1,104 50,437 48,013EBITA 85,886 95,536 90,636 69,096 81,132 87,331 -20,621 -17,160 237,033 234,803ROS 17.2% 19.1% 15.8% 14.1% 10.1% 10.3% 12.8% 12.9%One-off income and expenses 508 618 -8,115 857 -2,257 1,983 -10,372Amortization 42,662 39,494 10,978 11,397 3,214 3,660 6 -1 56,860 54,550Impairments 3,445 432 83 39 193 -1 1 3,720 472Segment operating result 39,271 55,610 79,575 57,660 77,107 91,786 -21,484 -14,903 174,469 190,153Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions92,229 38,807 34,114 34,618 167,711 97,822 2,937 1,273 296,991 172,520Employees (FTE) 2,142 1,998 1,954 1,819 2,274 2,291 95 90 6,465 6,198Balance sheetAssets 801,964 761,444 474,075 461,327 790,353 634,231 4,229 90,724 2,070,621 1,947,726Assets held for sale 21,171 108,506 21,171 108,506Associates 2,764 2,738 33,220 9,464 3 2 35,987 12,204Total assets 804,728 764,182 495,246 461,327 823,573 752,201 4,232 90,726 2,127,779 2,068,436Total liabilities 190,671 203,856 314,612 331,538 239,764 277,445 547,168 468,830 1,292,215 1,281,669Capital employed previous year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Capital employed current year 574,414 528,933 163,169 111,584 544,566 430,069 20,945 23,146 1,303,094 1,093,732Return on Capital Employed (ROCE) 15.6% 18.8% 66.0% 75.4% 16.6% 22.4% 19.8% 23.2%EBITDA and EBITA are exluding one-off income and expenses. Reference is made to note 32 for a further detail on the one-off income and expenses.The geographic split of turnover is based on the customer-location. Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019.TKH 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-144-2": {
"value": "10 Cash and cash equivalentsin thousands of euros2023 2022Cash and bank balances as included in the cash \ufb02ow statement 69,294 78,387Cash at companies assets held for sale -57 -63Cash and bank balances in cash and interest pools 24,460 106,235Cash and bank balances 93,697 184,559Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.18 Net interest-bearing debtThe overview below shows the changes in the interest-bearing liabilities arising from financing activities: Borrowings reported under current liabilitiesBank loans reported under non-current liabilitiesTotal lease liabilities (Right-of-use assets) Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022Balance at 1 January 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127Cash \ufb02ows from financing activities 86,628 -51,186 62,050 163,543 148,678 112,357Proceeds/(repayments) from cash pools -81,775 73,381 -81,775 73,381Payment of lease liabilities -16,537 -14,746 -16,537 -14,746Non-cash changes:- Acquisition of subsidiaries 340 2,413 140 924 3,677 140- Reclassification to liabilities held for sale -685 -685 0- New leases and reassesments 21,724 17,570 21,724 17,570- Amortized transaction costs 527 527 0- Interest 1,746 1,695 1,746 1,695- Effect of changes in exchange rates 226 -434 324 53 -2,095 2,071 -1,545 1,690Balance at 31 December 61,810 56,391 497,060 431,746 87,154 82,077 646,024 570,214The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).35 Non-cash transactionsThere were no material non-cash transactions, besides lease transactions as mentioned in note 5",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-144-3": {
"value": "10 Cash and cash equivalentsin thousands of euros2023 2022Cash and bank balances as included in the cash \ufb02ow statement 69,294 78,387Cash at companies assets held for sale -57 -63Cash and bank balances in cash and interest pools 24,460 106,235Cash and bank balances 93,697 184,559Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-147-1": {
"value": "11 EquityThe group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company-only financial statements.8 EquityAuthorized capital2023 2022x1,000 \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 4 Authorized 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 number of outstanding (depositary receipts of) shares with third parties as per December 31, 2022 amounted to 41,004,782. Due to the exercise of options rights and share schemes, a balance of 35,607 (depositary receipts of) shares were sold in 2023. In 2023 TKH completed two share buyback programs, both initiated after a divestment and to return additional capital to shareholders. TKH has repurchased 1,238,443 of its own depositary receipts of shares for \u20ac 50.0 million at an average share price of \u20ac 40.38. As a result, the number of (depositary receipts of) shares outstanding with third parties as per December 31, 2023 was 39,801,946.The amount of own shares held by TKH amounts to 2,400,483 per 31 december 2023, which represents 5.69% (2022: 2.84%) of the total outstanding 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 depositary receipts 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 Administratiekantoor 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 depositary receipts 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-147-2": {
"value": "11 EquityThe group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company-only financial statements.8 EquityAuthorized capital2023 2022x1,000 \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 4 Authorized 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 number of outstanding (depositary receipts of) shares with third parties as per December 31, 2022 amounted to 41,004,782. Due to the exercise of options rights and share schemes, a balance of 35,607 (depositary receipts of) shares were sold in 2023. In 2023 TKH completed two share buyback programs, both initiated after a divestment and to return additional capital to shareholders. TKH has repurchased 1,238,443 of its own depositary receipts of shares for \u20ac 50.0 million at an average share price of \u20ac 40.38. As a result, the number of (depositary receipts of) shares outstanding with third parties as per December 31, 2023 was 39,801,946.The amount of own shares held by TKH amounts to 2,400,483 per 31 december 2023, which represents 5.69% (2022: 2.84%) of the total outstanding 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 depositary receipts 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 Administratiekantoor 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 depositary receipts 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 euros2023 2022Capitalized development costs 100,447 94,730Legal reserve for participations 14,714 7,385Legal reserve 115,161 102,115The 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-147-3": {
"value": "11 EquityThe group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company-only financial statements.Share premium reserveThe share premium reserve is fully exempt from Dutch taxes on distribution.Legal reserveThe legal reserve relates to:in thousands of euros2023 2022Capitalized development costs 100,447 94,730Legal reserve for participations 14,714 7,385Legal reserve 115,161 102,115The 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.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-149-2": {
"value": "12 Non-controlling interest third partiesSome subsidiaries are or were not fully owned by TKH during the year at any time. Theses third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2023 2022 2023 2022Various non-controlling interests 58 43 148 168",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-149-3": {
"value": "12 Non-controlling interest third partiesSome subsidiaries are or were not fully owned by TKH during the year at any time. Theses third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2023 2022 2023 2022Various non-controlling interests 58 43 148 168DivestmentsIn 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 resulted in a one-off profit contribution of \u20ac 36 million for TKH in 2023. At the end of September 2023 TKH announced that the divestment of its TKH France activities to private equity group Argos Wityu has been closed. TKH France distributes connectivity solutions for the building & construction industry mainly in France and contains the entities CAE Data SAS and ID Cables SAS. The activities will be continued by a newly established company under the name SCS Wagram Holding, in which TKH acquired a minority interest of 40%. The cash out\ufb02ow from acquisition of associates of \u20ac 27.6 million as mentioned in the cash\ufb02ow statement is related to this acquisition of a minority interest. The transaction results in a one-off net profit contribution of about \u20ac 20 million for TKH in 2023.Following the closing of this divestment, TKH France will no longer be consolidated in TKH Group\u2019s results. In 2023 until end of September, the turnover of TKH France totaled \u20ac 95.8 million with a recurring EBITA of \u20ac 12.9 million and 180 FTEs.In December 2023, TKH has sold its 100% share in Isolectra Communications Technology Sdn Bhd, located in Malaysia. The company generated around \u20ac 1 million turnover in 2023. The divestment generated a small loss.The reconciliation between the result on divestment and the cash \ufb02ow is as follows: in thousands of euros2023Net assets at the time of divestment 102,080Result on sale of associates and subsidiaries 54,802Cash and cash equivalents divested -26,422Cash \ufb02ow from divestments 130,460Consolidated 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 consolidated financial statements of TKH are listed below, including the segment in which they operate. All of the subsidiaries are wholly owned, unless indicated otherwise. The following German subsidiaries included in TKH\u2019s consolidated financial statements make use of the exemption in \u00a7 264 (3), \u00a7 264 (b) HGB to prepare, audit, and publish individual annual accounts. TKH Deutschland GmbH is not required to prepare consolidated annual accounts pursuant to \u00a7 291 HGB.TKH Security GmbH, Allied Vision Technologies GmbH, TKF GmbH, Augusta Technologie GmbH i.L., Chromasens GmbH, Dewetron Deutschland GmbH, EEB Kabeltechnik GmbH, EFB Elektronik GmbH, EFB Elektronik Real Estate B.V. & Co KG, Ernst & Engbring GmbH, HE System Elec-tronic GmbH, IV-Tec GmbH, Lakesight Technologies Holding GmbH, Lakesight Technologies German Holding GmbH, LMI Technologies GmbH, Sensor to Image GmbH, New Electronic Technology GmbH, Profipatch GmbH, Schneider Intercom GmbH, SVS-Vistek GmbH, Texim Europe GmbH, TKD Immobilien GmbH, TKH Airport Solutions GmbH, TKH Deutschland GmbH, TKH Deutschland Verwaltungs GmbH, TKH Grundst\u00fccksverwaltungs B.V. & Co KG, TKH Deutsch-land Service GmbH, TKH Technologie Deutschland AG.The following UK subsidiaries are controlled and consolidated by the group, where the Directors have taken the exemption from having an audit of their financial statements for the year ended December 31, 2023. This exemption is made in accordance with the UK Companies Act, S479A.Smart Vision systems Alphatronics Allied Vision C&C Partners Chromasens Commend Group LMI Technologies Mextal Net GmbH TKH Security SVS-Vistek 1Techno Specials EuresysTattileSmart Manufacturing systemsDewetron Texim EuropeEKB VMIHE System ElectronicSmart Connectivity systemsE&E IsolectraEFB TFOIntronics TKF2TKH Airport Solutions CAE TKH Group SupportTKH GroupTKH FinanceTKH LogisticsTKH Artifical Intelligence1 Consolidated as from May 2023.2 Consolidated up to and including September 2023.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-154-4": {
"value": "13 Other provisionsThe long-term provisions have been discounted. The increase of the provision in the year 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 euros2023 2022Other long-term provisions 12,740 6,798Other short-term provisions 19,209 20,798Other provisions 31,949 27,596The breakdown and movement of the other provisions is as follows: in thousands of euros Warranty Employee liabilities Onerous contracts Dismantling Other TotalBalance at 31 December 2022 6,364 3,281 12,212 261 5,478 27,596Additions 4,482 448 3,446 4,637 3,796 16,809Releases -1,745 -40 -5,309 -2,150 -9,244Acquisitions 140 140Utilized -1,707 -209 -1,313 -54 -3,283Other reclassifications 151 151Exchange differences -40 -12 -127 3 -44 -220Balance at 31 December 2023 7,645 3,468 8,909 4,901 7,026 31,949Provision 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. 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. Additions and releases to this provision are mostly presented as costs of \u2018Raw materials, consum-ables, trade products and subcontracted work\u2019.Dismantling obligationThe provision mainly relates to the costs to restore leased assets to its original condition as required by the terms and conditions of that specific lease. The provision is valued at the best estimate of the future expenditure that would be required to restore the assets. This is a long-term provision, which has been discounted at a rate of 4.66%. Other itemsThe other items also relate to reorganizations, claims, matters of dispute, guarantees which are expected to be claimed and other contractual obligations. The restructuring provision relates mainly to the lay-off of employees and the remaining term is less than 1 year. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have a term no longer than one year. There is no asset recognized for expected compensation fees from third parties in relation to the reported provisions.Defined benefit plansMulti-employer union plansIn the Netherlands 2,079 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 34,000 companies and 1,400,000 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:2023 2022coverage ratio of PME 113.3% 111.7%coverage ratio of PMT 109.8% 108.1%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 2023 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), reference is made to the paragraph above. 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 schemesThere 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, 10 years at December 31, 2023. Furthermore, there is legislation for the Austrian employees obligating to pay a onetime compensation 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:2023 2022Discount rate before tax 3.2-4.2% 3.5-3.8%General percentage salary increase 2.5% 2.5%The following amounts are recognized in the balance sheet with respect to all defined benefit plans:in thousands of euros2023 2022Present value of the defined benefit obligations 3,679 3,765Fair value of the plan assetsNet pension obligation 3,679 3,765",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-154-5": {
"value": "13 Other provisionsThe long-term provisions have been discounted. The increase of the provision in the year 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 euros2023 2022Other long-term provisions 12,740 6,798Other short-term provisions 19,209 20,798Other provisions 31,949 27,596The breakdown and movement of the other provisions is as follows: in thousands of euros Warranty Employee liabilities Onerous contracts Dismantling Other TotalBalance at 31 December 2022 6,364 3,281 12,212 261 5,478 27,596Additions 4,482 448 3,446 4,637 3,796 16,809Releases -1,745 -40 -5,309 -2,150 -9,244Acquisitions 140 140Utilized -1,707 -209 -1,313 -54 -3,283Other reclassifications 151 151Exchange differences -40 -12 -127 3 -44 -220Balance at 31 December 2023 7,645 3,468 8,909 4,901 7,026 31,949Provision 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. 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. Additions and releases to this provision are mostly presented as costs of \u2018Raw materials, consum-ables, trade products and subcontracted work\u2019.Dismantling obligationThe provision mainly relates to the costs to restore leased assets to its original condition as required by the terms and conditions of that specific lease. The provision is valued at the best estimate of the future expenditure that would be required to restore the assets. This is a long-term provision, which has been discounted at a rate of 4.66%. Other itemsThe other items also relate to reorganizations, claims, matters of dispute, guarantees which are expected to be claimed and other contractual obligations. The restructuring provision relates mainly to the lay-off of employees and the remaining term is less than 1 year. The recognized provisions have been based on the best estimate, made on the basis of currently available information and will mainly have a term no longer than one year. There is no asset recognized for expected compensation fees from third parties in relation to the reported provisions.21 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 euros2023 2022Bank guarantees provided to third parties 110,463 103,429Corporate guarantees provided to banks 13,784 14,133Purchase obligations arising from orders for property plant and equipment37,567 80,232The 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.",
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"pp-value-161-5": {
"value": "14 Other financial liabilitiesThe movement of the financial liabilities is as follows:Earn-outPut options of holders of non-controllinginterestsTotalin thousands of euros Balance at 31 December 2022 2,904 1,000 3,904Payment for acquisitions from previous years -1,379 -1,379Change in value through the profit and loss account5096 146Exchange differences11Balance at 31 December 2023 1,576 1,096 2,672in thousands of euros2023 2022Term shorter than 1 year 1,639 2,985Term between 1 and 5 years 1,033 919Financial liabilities 2,672 3,904Earn-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 2023 till the first possibility to exercise. The amount to be paid depends on the future results of the aforementioned subsidiaries. The year of the cash out\ufb02ow is dependent on a decision to exercise by TKH or the option owner. An amount of \u20ac0.8 million has a maturity of shorter than 1 year. 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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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"value": "15 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 contractsProvisions Unused tax losses and creditsFinancial instrumentsUndis-tributed intragroup profits OtherTotalin thousands of eurosBalance at 1 January 2022 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 -39,197(Charge)/credit to other comprehensive income -15 -15(Charge)/credit to profit or loss -2,681 2,136 -51 697 711 -1,349 -1,144 4,068 2,387Reclassification to assets held for sale 92 92Reclassification to current income tax liabilities-817-817Acquisitions -4,348 -4,348Balance at 31 December 2023 -1,779 -53,203 -4,786 339 12,229 170 -2,860 7,992 -41,898Certain 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 euros2023 2022Deferred tax assets stated under non-current assets 15,824 13,271Deferred tax liabilities stated under non-current liabilities -57,722 -52,468Deferred taxes -41,898 -39,197TKH 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 euros2023 2022Term infinite 47,006 49,551Term longer than 10 years 15,268 11,812Term between the 5 and 10 years 3Term shorter than 5 years 5Unrecognized tax losses and credits 62,274 61,371The 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 14.6 million at the end of 2023 (2022: \u20ac 14.5 million) 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.31 Taxin thousands of euros Notes2023 2022Current tax 39,475 46,282Adjustments for previous years 92 -1,807Deferred tax15-2,387 -359Total tax on result 37,180 44,116The taxes that are included directly in the statement of other comprehensive income are shown below.in thousands of euros Notes2023 2022Deferred taxes on revaluation of cash \ufb02ow hedges15-1,798Deferred taxes on actuarial gains and losses1515 316Total tax on other comprehensive income 15 -1,482The 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)2023 2022Result before tax 202,942 181,242Tax calculated at the Dutch tax rate 52,359 25.8% 46,760 25.8%Correction due to tax effect for:Tax participation exemption -13,652 -6.7% -667 -0.4%Non-deductible expenses 2,278 1.1% 1,170 0.6%Non-taxable income -80 0.0% -57 0.0%Advantages from tax facilities -5,440 -2.7% -4,275 -2.4%Write off / recognition of deferred taxes 1,209 0.6% -1,761 -1.0%(Recognition)/derecognition of deferred tax asset for unused tax losses1450.1% 3,108 1.7%Settlement of income tax returns for previous years 920.0% -1,807 -1.0%Differences in tax rates for foreign subsidiaries 774 0.4% 1,013 0.6%Change in statutory tax rate -483 -0.2% 710 0.4%Other tax benefits -22 -0.1% -78 0.0%Effective tax rate 37,180 18.3% 44,116 24.3%The effective tax rate decreased compared to last year. The change is mainly attributable to the following circumstances:\u2022A significant decreasing effect is resulting from the application of the Dutch participation exemption on the divestments of shareholdings that took place during 2023. When this would be normalized, the effective tax rate would be approx. 24.6%.\u2022Higher non-deductible expenses mainly related to share based payments increase the effective tax rate.\u2022The benefits from tax R&D facilities decrease the effective tax rate and during 2023 these benefits increased. The R&D facilities mainly relate to the Netherlands (innovation box), Canada (SR&ED), China and Austria;\u2022The recognition of a deffered tax liability for withholding taxes had in 2023 a negative impact on the effective tax rate, whereas in 2022 a release of deferred tax liabilities, due to the upstream of dividends within the group, lowered the effective tax rate. \u2022Last year, tax losses were not fully recognized, which resulted in a higher effective tax rate of 1.7%. The impact in 2023 is very limited;\u2022The settlement of income tax returns for previous years for several legal entities in different countries was limited in 2023 (2022: benefit of \u20ac 1.8 million); \u2022Differences 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 USA; and\u2022Changes in statutory tax rates applied in the calculation of deferred taxes resulted in a tax benefit of \u20ac 0.5 million (2022: tax charge of \u20ac 0.7 million). TKH is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the Netherlands effective as from 31 December 2023 for financial years starting on or after this date (e.g. financial year 2024). Under the legislation, the group is liable to pay a top-up tax for the difference between their (GloBE) effective tax rate per jurisdiction and the 15% minimum rate. Based on an assessment of the financial years 2021 - 2023, most of the group entities have an effective tax rate that exceeds 15%. There are three jurisdictions that may be at risk to have an effective tax lower than 15% going forward. For these countries, a more detailed assessment has taken place of the additional taxation due, and this was considered not material.The TKH Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.",
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"pp-value-172-2": {
"value": "15 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 contractsProvisions Unused tax losses and creditsFinancial instrumentsUndis-tributed intragroup profits OtherTotalin thousands of eurosBalance at 1 January 2022 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 -39,197(Charge)/credit to other comprehensive income -15 -15(Charge)/credit to profit or loss -2,681 2,136 -51 697 711 -1,349 -1,144 4,068 2,387Reclassification to assets held for sale 92 92Reclassification to current income tax liabilities-817-817Acquisitions -4,348 -4,348Balance at 31 December 2023 -1,779 -53,203 -4,786 339 12,229 170 -2,860 7,992 -41,898Certain 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 euros2023 2022Deferred tax assets stated under non-current assets 15,824 13,271Deferred tax liabilities stated under non-current liabilities -57,722 -52,468Deferred taxes -41,898 -39,197TKH 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 euros2023 2022Term infinite 47,006 49,551Term longer than 10 years 15,268 11,812Term between the 5 and 10 years 3Term shorter than 5 years 5Unrecognized tax losses and credits 62,274 61,371The 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 14.6 million at the end of 2023 (2022: \u20ac 14.5 million) 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.",
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"value": "16 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 2023 related to the defined contribution plans amounts to \u20ac 20.7 million (2022: \u20ac 17.5 million). The industry pension plans are included in this pension expense. TKH expects for 2024 a pension expense of \u20ac 21.5 million for all defined contribution plans, of which about \u20ac 14.3 million relates to industry pension schemes.Defined benefit plansMulti-employer union plansIn the Netherlands 2,079 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 34,000 companies and 1,400,000 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:2023 2022coverage ratio of PME 113.3% 111.7%coverage ratio of PMT 109.8% 108.1%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 2023 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), reference is made to the paragraph above. 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 schemesThere 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, 10 years at December 31, 2023. Furthermore, there is legislation for the Austrian employees obligating to pay a onetime compensation 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:2023 2022Discount rate before tax 3.2-4.2% 3.5-3.8%General percentage salary increase 2.5% 2.5%The following amounts are recognized in the balance sheet with respect to all defined benefit plans:in thousands of euros2023 2022Present value of the defined benefit obligations 3,679 3,765Fair value of the plan assetsNet pension obligation 3,679 3,76523 Personnel expensesin thousands of euros2023 2022Wages and salaries 368,950 335,656Share-based payments 6,247 4,133Social insurance contributions 61,968 54,957Pension costs 20,777 17,891Temporary labor 33,250 34,924Capitalized development costs -32,876 -30,413Other personnel expenses 20,151 17,949Personnel expenses 478,467 435,097",
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"pp-value-199-2": {
"value": "17 Non-current liabilitiesin thousands of euros Notes2023 2022Debts to credit institutions18 498,879 431,746To be amortized transaction costs for the credit facility -1,819Long term lease liabilities (Right-of-use assets) 73,100 68,049Other non-current liabilities 2,208 3,213Interest-bearing loans and borrowings 572,368 503,008The 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 draw downs from the credit facility. On average the margin is 1.5%. The interest is variable and based on Euribor or SOFR. The material subsidiaries are guarantor for the obtained financing. No additional securities were provided. See note 20 more details on the capital and liquidity risk.18 Net interest-bearing debtTerm Interest Amountin thousands of euros Notes2023 2022Bank loans reported under non-current liabilities172.1-4.1 yearsEuribor + margin 498,879 431,746Long term lease liabilities (Right-of-use assets)171-29 years 2.5% 73,100 68,049Short term lease liabilities (Right-of-use assets) < 1 year 2.5% 14,054 14,028Borrowings reported under current liabilities < 1 year Euribor/SOFR + margin 61,810 56,391Cash and cash equivalents10< 1 year Euribor/SOFR - margin -93,697 -184,559Net interest-bearing debt 554,146 385,655At year-end 2023, \u20ac 24.5 million of the cash and cash equivalants forms part of cash and interest pools (2022: \u20ac 106.2 million). The interest on the borrowings is variable and based on Euribor or SOFR. The credit margins differ per credit institution, duration and country and vary from 1.0% to 1.5% (2022: 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 2.5%. The obligationsarising from leasing are guaranteed by the lessor's property right on the leased assets. See note 20 for more details on the capital and liquidity risk.The overview below shows the changes in the interest-bearing liabilities arising from financing activities: Borrowings reported under current liabilitiesBank loans reported under non-current liabilitiesTotal lease liabilities (Right-of-use assets) Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022Balance at 1 January 56,391 34,630 431,746 268,010 82,077 75,487 570,214 378,127Cash \ufb02ows from financing activities 86,628 -51,186 62,050 163,543 148,678 112,357Proceeds/(repayments) from cash pools -81,775 73,381 -81,775 73,381Payment of lease liabilities -16,537 -14,746 -16,537 -14,746Non-cash changes:- Acquisition of subsidiaries 340 2,413 140 924 3,677 140- Reclassification to liabilities held for sale -685 -685 0- New leases and reassesments 21,724 17,570 21,724 17,570- Amortized transaction costs 527 527 0- Interest 1,746 1,695 1,746 1,695- Effect of changes in exchange rates 226 -434 324 53 -2,095 2,071 -1,545 1,690Balance at 31 December 61,810 56,391 497,060 431,746 87,154 82,077 646,024 570,214The withdrawals and repayments of cash pools relate to changes in cash pools presented under cash and cash equivalents (note 10).Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664",
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"value": "19 Trade and other payablesin thousands of euros Notes2023 2022Trade creditors 201,351 232,608Advance receipts 5,440 4,442Other taxes and social insurance contributions 25,355 30,418Derivatives202,946 6,595Refund liabilities from customer volume rebates913,826 15,238Other payables and accruals 108,327 95,613Trade payables and other payables 357,245 384,914The other payables and accruals relate to, among others, personnel bonuses to be paid, commissions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2023, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 44.1 million (2022: \u20ac 46.3 million), which is recognized as trade payables.",
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"value": "19 Trade and other payablesin thousands of euros Notes2023 2022Trade creditors 201,351 232,608Advance receipts 5,440 4,442Other taxes and social insurance contributions 25,355 30,418Derivatives202,946 6,595Refund liabilities from customer volume rebates913,826 15,238Other payables and accruals 108,327 95,613Trade payables and other payables 357,245 384,914The other payables and accruals relate to, among others, personnel bonuses to be paid, commissions, holidays and holiday allowances as well as accruals for invoices to be received. At the end of 2023, a number of suppliers made use of supply chain finance (reversed factoring) for a total of \u20ac 44.1 million (2022: \u20ac 46.3 million), which is recognized as trade payables.",
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"value": "20 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. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664Interest 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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
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"pp-value-219-5": {
"value": "Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-219-6": {
"value": "Capital and liquidity riskExternal financing is contracted by the holding for the entire TKH Group. 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 previous committed RCF of \u20ac 500 million, which has been in place since January 2017. 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. 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. After balance sheet date the execution of an one-year entension of the RCF has been agreed with the banks. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac 310 million (2022: \u20ac 326 million). TKH has per December 31, 2023 unused available committed credit facilities of \u20ac 130 million (2022: \u20ac 70 million) and unsued available uncommitted credit facilities for a total of \u20ac 142 million (2022: \u20ac 287 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 31-12-2023Realization 31-12-2022Net debt compared to EBITDA (debt leverage ratio) < 3.0 1.8 1.1The 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 2023.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2023 based on agreed repayment periods:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank loans reported under non-current liabilities 5.4% 6,735 20,205 570,687 597,627 498,879Lease liabilities (Right-of-use assets) 2.5% 5,280 11,720 41,429 44,325 102,754 87,154Financial liabilities 1.5% 1,639 1,283 2,922 2,672Borrowings reported under current liabilities 5.4% 61,880 61,880 61,810Trade creditors 201,351 201,351 201,351Other payables excluding derivatives 122,153 122,153 122,153Interest rate swaps (derivatives) -91 -273 -1,444 -1,808 155Foreign currency forward contracts (derivatives) 33,315 66,196 44,486 143,997 1,428Commodities (derivatives) -475 -444 15 -904 -904Financial liabilities 61,880 368,268 99,043 656,456 44,325 1,229,972 974,698The 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:Average interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valuein thousands of eurosBank 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 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: Payable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2023 Totalin thousands of eurosIncoming 32,467 65,723 44,406 142,596Outgoing -33,315 -66,196 -44,486 -143,997Net 0 -848 -473 -80 0 -1,401Discounted at contractual bank rates -1,060 -458 90 -1,428in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2022 TotalIncoming 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 -5,664",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-265-7": {
"value": "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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-265-8": {
"value": "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 strong interest rates movements, TKH has chosen to hedge the interest rate risk below this mentioned 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)2023 2022 2023 2022 2023 2022Maturity <1 year 0.45% 25,000 97Maturity between 2 and 5 years 2.45% 25,000 -155Cash \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 5.6 million per year as a result of financing and cash with a \ufb02oating interest rate (2022: \u20ac 3.6 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac 1.2 million (2022: \u20ac 0.1 million) as a result of the contracted interest rate swap. This raise would be recognized in the hedging reserves of the equity through the consolidated statement of comprehensive incomeCurrency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if theserisks 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 euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Receivables 336,445 297,135 94,553 116,316 13,051 17,817 16,695 22,206 460,744 453,474Cash and cash equivalents 33,723 121,435 18,881 22,318 20,012 17,219 21,081 23,588 93,697 184,560Non-current interest-bearing loans and borrowings -572,368 -503,008 -572,368 -503,008Current interest-bearing loans and borrowings -65,783 -29,834 -6,493 -35,702 -1,193 -1,188 -2,395 -3,695 -75,864 -70,419Trade payables and other payables -391,617 -446,146 -86,058 -62,830 -31,277 -36,666 -24,422 -25,745 -533,374 -571,387Total -659,600 -560,418 20,883 40,102 593 -2,818 10,959 16,354 -627,165 -506,780On balance sheet date, TKH has entered into foreign currency forward contracts: Average contract rateNominal amount in foreign currency Fair value in thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months 1.10 1.14 -6,160 -11,368 177 -128Buy CNY with settlement within 3 months 7.60 7.11 155,081 158,773 -875 -737Cash \ufb02ow hedgesSell USD with settlement within 3 months 1.10 1.14 -453 -6,169 1 -510Sell USD with settlement between 3 months and 1 year 1.09 1.14 -32,402 -20,873 519 -1,670Sell USD with settlement after 1 year 1.11 1.09 -49,157 -60,459 90 -893Buy USD with settlement between 3 months and 1 year 1.11 3,769 0 25 0Buy GBP with settlement between 3 months and 1 year 0.88 540 -6Buy CNY with settlement within 3 months 7.61 7.12 52,772 86,402 -363 -441Buy CNY with settlement between 3 months and 1 year 7.64 7.10 255,908 205,626 -1,002 -1,279Total -1,428 -5,664Time 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 have an in\ufb02uence of \u20ac 10.4 million negative on the result before tax (2022: \u20ac 2.6 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 33.3 million positive (2022: \u20ac 28.9 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac 10.4 million on the result before tax and a negative in\ufb02uence of \u20ac 33.3 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:\u2022a sales contract with a fixed price has been entered into,\u2022delivery will not take place within one month, and\u2022an 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)2023 2022 2023 2022 2023 2022Cash \ufb02ow hedgesBuy Copper with settlement within 3 months 6.89 7.82 2,112 1,456 374 95Buy Copper with settlement between 3 months and 1 year 7.12 7.41 1,886 245 395 112Buy Copper with settlement between 1 and 3 years 7.73 7.49 391 43 -18 14Buy Aluminium with settlement within 3 months 2.07 2.34 1,833 4,061 101 -690Buy Aluminium with settlement between 3 months and 1 year 2.10 2.35 512 466 49 -41Buy Aluminium with settlement within 1 and 3 years 2.28 203 3Total 904 -510A decrease of the copper price with 10% would have a negative impact of approximately \u20ac 1.8 million on the result (2022: \u20ac 1.5 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:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-283-7": {
"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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-283-8": {
"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 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.Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2023 Totalin thousands of euros Book value 357,210 61,814 7,258 6,491 3,370 2,958 6,573 445,674Expected credit loss rate 0.1%0.4% 1.2% 8.2% 4.9% 18.4% 60.9%Loss allowance 414251 90 531 164 545 4,0025,997Not overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2022 Totalin thousands of euros Book 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 6,300There are no significant overdue account receivables that are not largely covered by credit insurances 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 euros2023 2022Balance at 1 January 6,300 6,377Aditions 1,148 882Releases -565 -682Acquisitions1Reclassification to assets held for sale -18Utilized-827 -249Other reclassifications -28 -47Exchange differences -14 19Balance at 31 December 5,997 6,300",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-307-2": {
"value": "21 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 euros2023 2022Bank guarantees provided to third parties 110,463 103,429Corporate guarantees provided to banks 13,784 14,133Purchase obligations arising from orders for property plant and equipment37,567 80,232The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-307-3": {
"value": "21 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 euros2023 2022Bank guarantees provided to third parties 110,463 103,429Corporate guarantees provided to banks 13,784 14,133Purchase obligations arising from orders for property plant and equipment37,567 80,232The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-307-4": {
"value": "21 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 euros2023 2022Bank guarantees provided to third parties 110,463 103,429Corporate guarantees provided to banks 13,784 14,133Purchase obligations arising from orders for property plant and equipment37,567 80,232The 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-312-3": {
"value": "22 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. Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Geographic segmentsNetherlands 45,170 40,256 47,675 47,488 361,787 361,835 12 33 454,644 449,612Europe (other) 209,390 205,460 141,397 184,656 366,215 410,356 1 53 717,003 800,525Asia 114,300 118,463 201,183 107,526 37,685 42,347 -1 353,167 268,336North America 105,725 109,773 128,307 116,070 5,559 7,796 23 24 239,614 233,663Other 15,097 18,570 49,691 29,945 18,316 15,964 83,104 64,479External turnover 489,682 492,522 568,253 485,685 789,562 838,298 35 110 1,847,532 1,816,615Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Timing of revenue recognitionRevenue at a point-in-time 444,656 451,884 99,118 97,077 654,330 699,558 21 27 1,198,125 1,248,546Revenue over time 40,624 35,114 468,931 388,482 134,827 138,252 644,382 561,848Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Revenues from contracts with customers 496,124 494,199 573,359 491,083 800,135 848,065 -27,111 -22,953 1,842,507 1,810,394Other revenues 4,402 5,524 204 126 405 488 14 83 5,025 6,221Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Raw materials, consumables, trade products and subcontracted work 205,744 207,485 283,716 246,094 465,649 528,009 -27,248 -22,894 927,861 958,694Added value 294,782 292,238 289,847 245,115 334,891 320,544 151 24 919,671 857,921Added value in % 58.9% 58.5% 50.5% 49.9% 41.8% 37.8% 49.8% 47.2%EBITDA102,782111,056 100,218 77,468 104,138 110,348 -19,668 -16,056 287,470 282,816Depreciation 16,896 15,520 9,582 8,372 23,006 23,017 953 1,104 50,437 48,013EBITA 85,886 95,536 90,636 69,096 81,132 87,331 -20,621 -17,160 237,033 234,803ROS 17.2% 19.1% 15.8% 14.1% 10.1% 10.3% 12.8% 12.9%One-off income and expenses 508 618 -8,115 857 -2,257 1,983 -10,372Amortization 42,662 39,494 10,978 11,397 3,214 3,660 6 -1 56,860 54,550Impairments 3,445 432 83 39 193 -1 1 3,720 472Segment operating result 39,271 55,610 79,575 57,660 77,107 91,786 -21,484 -14,903 174,469 190,153Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions92,229 38,807 34,114 34,618 167,711 97,822 2,937 1,273 296,991 172,520Employees (FTE) 2,142 1,998 1,954 1,819 2,274 2,291 95 90 6,465 6,198Balance sheetAssets 801,964 761,444 474,075 461,327 790,353 634,231 4,229 90,724 2,070,621 1,947,726Assets held for sale 21,171 108,506 21,171 108,506Associates 2,764 2,738 33,220 9,464 3 2 35,987 12,204Total assets 804,728 764,182 495,246 461,327 823,573 752,201 4,232 90,726 2,127,779 2,068,436Total liabilities 190,671 203,856 314,612 331,538 239,764 277,445 547,168 468,830 1,292,215 1,281,669Capital employed previous year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Capital employed current year 574,414 528,933 163,169 111,584 544,566 430,069 20,945 23,146 1,303,094 1,093,732Return on Capital Employed (ROCE) 15.6% 18.8% 66.0% 75.4% 16.6% 22.4% 19.8% 23.2%EBITDA and EBITA are exluding one-off income and expenses. Reference is made to note 32 for a further detail on the one-off income and expenses.The geographic split of turnover is based on the customer-location. Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019.TKH 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.1Non-current assets Employees (FTE)in thousands of euros (unless stated otherwise)2023 2022 2023 2022Geographic segmentsNetherlands 481,377 335,540 37% 36%Europe (other) 512,746 457,213 42% 40%Asia 40,977 45,084 13% 14%North America 72,301 69,019 7% 8%Other 15,065 10,063 1% 2%Total 1,122,466 916,919 100% 100%1 The non-current assets are shown excluding the deferred tax assets.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-312-4": {
"value": "22 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. Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Geographic segmentsNetherlands 45,170 40,256 47,675 47,488 361,787 361,835 12 33 454,644 449,612Europe (other) 209,390 205,460 141,397 184,656 366,215 410,356 1 53 717,003 800,525Asia 114,300 118,463 201,183 107,526 37,685 42,347 -1 353,167 268,336North America 105,725 109,773 128,307 116,070 5,559 7,796 23 24 239,614 233,663Other 15,097 18,570 49,691 29,945 18,316 15,964 83,104 64,479External turnover 489,682 492,522 568,253 485,685 789,562 838,298 35 110 1,847,532 1,816,615Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Timing of revenue recognitionRevenue at a point-in-time 444,656 451,884 99,118 97,077 654,330 699,558 21 27 1,198,125 1,248,546Revenue over time 40,624 35,114 468,931 388,482 134,827 138,252 644,382 561,848Inter-segment 10,844 7,201 5,310 5,524 10,978 10,255 -27,132 -22,980 0 0Revenues from contracts with customers 496,124 494,199 573,359 491,083 800,135 848,065 -27,111 -22,953 1,842,507 1,810,394Other revenues 4,402 5,524 204 126 405 488 14 83 5,025 6,221Total turnover 500,526 499,723 573,563 491,209 800,540 848,553 -27,097 -22,870 1,847,532 1,816,615Raw materials, consumables, trade products and subcontracted work 205,744 207,485 283,716 246,094 465,649 528,009 -27,248 -22,894 927,861 958,694Added value 294,782 292,238 289,847 245,115 334,891 320,544 151 24 919,671 857,921Added value in % 58.9% 58.5% 50.5% 49.9% 41.8% 37.8% 49.8% 47.2%EBITDA102,782111,056 100,218 77,468 104,138 110,348 -19,668 -16,056 287,470 282,816Depreciation 16,896 15,520 9,582 8,372 23,006 23,017 953 1,104 50,437 48,013EBITA 85,886 95,536 90,636 69,096 81,132 87,331 -20,621 -17,160 237,033 234,803ROS 17.2% 19.1% 15.8% 14.1% 10.1% 10.3% 12.8% 12.9%One-off income and expenses 508 618 -8,115 857 -2,257 1,983 -10,372Amortization 42,662 39,494 10,978 11,397 3,214 3,660 6 -1 56,860 54,550Impairments 3,445 432 83 39 193 -1 1 3,720 472Segment operating result 39,271 55,610 79,575 57,660 77,107 91,786 -21,484 -14,903 174,469 190,153Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions92,229 38,807 34,114 34,618 167,711 97,822 2,937 1,273 296,991 172,520Employees (FTE) 2,142 1,998 1,954 1,819 2,274 2,291 95 90 6,465 6,198Balance sheetAssets 801,964 761,444 474,075 461,327 790,353 634,231 4,229 90,724 2,070,621 1,947,726Assets held for sale 21,171 108,506 21,171 108,506Associates 2,764 2,738 33,220 9,464 3 2 35,987 12,204Total assets 804,728 764,182 495,246 461,327 823,573 752,201 4,232 90,726 2,127,779 2,068,436Total liabilities 190,671 203,856 314,612 331,538 239,764 277,445 547,168 468,830 1,292,215 1,281,669Capital employed previous year 528,933 488,804 111,584 71,645 430,069 350,350 23,146 16,955 1,093,732 927,754Capital employed current year 574,414 528,933 163,169 111,584 544,566 430,069 20,945 23,146 1,303,094 1,093,732Return on Capital Employed (ROCE) 15.6% 18.8% 66.0% 75.4% 16.6% 22.4% 19.8% 23.2%EBITDA and EBITA are exluding one-off income and expenses. Reference is made to note 32 for a further detail on the one-off income and expenses.The geographic split of turnover is based on the customer-location. Added value is calculated by deducting \u2018Raw materials, consumables, trade products and subcontracted work\u2019 from \u2018Total turnover\u2019.TKH 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.1Non-current assets Employees (FTE)in thousands of euros (unless stated otherwise)2023 2022 2023 2022Geographic segmentsNetherlands 481,377 335,540 37% 36%Europe (other) 512,746 457,213 42% 40%Asia 40,977 45,084 13% 14%North America 72,301 69,019 7% 8%Other 15,065 10,063 1% 2%Total 1,122,466 916,919 100% 100%1 The non-current assets are shown excluding the deferred tax assets.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-331-2": {
"value": "23 Personnel expensesin thousands of euros2023 2022Wages and salaries 368,950 335,656Share-based payments 6,247 4,133Social insurance contributions 61,968 54,957Pension costs 20,777 17,891Temporary labor 33,250 34,924Capitalized development costs -32,876 -30,413Other personnel expenses 20,151 17,949Personnel expenses 478,467 435,09725 Other operating expensesOther operating expenses include overhead, selling, accommodation and manufacturing expenses.26 Depreciationin thousands of euros2023 2022Depreciation of property, plant and equipment 32,574 31,700Depreciation of Right-of-use assets 16,339 15,314Result on disposal of property, plant and equipment -85 -9,374Depreciation 48,828 37,64027 Amortizationin thousands of euros2023 2022Amortization of intangible assets 40,338 37,283Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'16,522 17,267Amortization 56,860 54,55028 Impairmentin thousands of euros Notes2023 2022Impairment of intangible assets and goodwill3 1,790 48Impairment of property, plant and equipment4701 25Impairment Right-of-use assets51,230 381Onerous contracts -1 18Impairment 3,720 47229 Research and development costsThe total operating expenses over the financial year include the following itemin thousands of euros2023 2022Research and development expenditure 77,235 67,877Less: Capitalized development costs -41,847 -37,843Add: Amortization of development costs 33,522 30,827Add: Impairment on capitalized development costs 1,790 48Research and development costs accounted for in the profit and loss account70,700 60,909Government subsidies for research and development costs 4,925 4,261",
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"pp-value-331-3": {
"value": "23 Personnel expensesin thousands of euros2023 2022Wages and salaries 368,950 335,656Share-based payments 6,247 4,133Social insurance contributions 61,968 54,957Pension costs 20,777 17,891Temporary labor 33,250 34,924Capitalized development costs -32,876 -30,413Other personnel expenses 20,151 17,949Personnel expenses 478,467 435,09725 Other operating expensesOther operating expenses include overhead, selling, accommodation and manufacturing expenses.26 Depreciationin thousands of euros2023 2022Depreciation of property, plant and equipment 32,574 31,700Depreciation of Right-of-use assets 16,339 15,314Result on disposal of property, plant and equipment -85 -9,374Depreciation 48,828 37,64027 Amortizationin thousands of euros2023 2022Amortization of intangible assets 40,338 37,283Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'16,522 17,267Amortization 56,860 54,55028 Impairmentin thousands of euros Notes2023 2022Impairment of intangible assets and goodwill3 1,790 48Impairment of property, plant and equipment4701 25Impairment Right-of-use assets51,230 381Onerous contracts -1 18Impairment 3,720 47229 Research and development costsThe total operating expenses over the financial year include the following itemin thousands of euros2023 2022Research and development expenditure 77,235 67,877Less: Capitalized development costs -41,847 -37,843Add: Amortization of development costs 33,522 30,827Add: Impairment on capitalized development costs 1,790 48Research and development costs accounted for in the profit and loss account70,700 60,909Government subsidies for research and development costs 4,925 4,261",
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"pp-value-333-1": {
"value": "24 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 of allocationExercise price in \u20ac Number at 01-01-2023Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2023 Exercise period2018 52.25 8,400 -8,40002021-2023Total 8,400 0 0 -8,400 0 0Other option beneficiariesThe movement and balance of the outstanding option rights granted to the other option beneficia-ries are as follows:Year of allocationExercise price in \u20ac Number at 01-01-2023Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2023 Exercise period201852.25 217,079 -217,079 0 2021-2023201946.02 252,460 -28,465 223,995 2022-2024202032.28 304,066 -1,956 -158,268 143,842 2023-2025202137.88 330,424-2,250328,174 2024-2026202244.52 351,142351,142 2025-2027202345.16 0 370,434370,434 2026-2028Total 1,455,171 370,434 0 -221,285 -186,733 1,417,587 At the end of 2023, the company owns 1,162,040 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 41.74. The total purchase value is \u20ac 48,500,407. The average share price on the date at which the share options were exercised during the financial year was \u20ac 46.13. The options were granted during the financial year on March 7, 2023. The estimated fair value of the options granted in 2023 is \u20ac 4,332,509. The fair value was determined on the basis of a binomial valuation model with the following assumptions:2023 2022Fair value at the date of allocation (in \u20ac) 11.68 10.09Expected volatility 35.8% 36.3%Expected dividend 3.0% 3.0%Risk free rate 3.502% 0.397%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 3,250,187 (2022: \u20ac 2,709,255) for these share-based payments which will be 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 2023 Mr. J.M.A. van der Lof was allotted 6,547 (depositary receipts of) shares, Mr. E.D.H. de Lange 4,910, and Mr. H.J. Voortman 4,456 (depositary receipts of) shares related to the performance for the year 2022. At the same time, the Executive Board members purchased respectively 6,547, 4,910 and 4,456 (depositary receipts of) shares at the actual share price of \u20ac 45.57, 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 2,996,652 (2022: \u20ac 1,424,205) in the statement of profit and loss.",
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"pp-value-362-3": {
"value": "26 Depreciationin thousands of euros2023 2022Depreciation of property, plant and equipment 32,574 31,700Depreciation of Right-of-use assets 16,339 15,314Result on disposal of property, plant and equipment -85 -9,374Depreciation 48,828 37,64027 Amortizationin thousands of euros2023 2022Amortization of intangible assets 40,338 37,283Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'16,522 17,267Amortization 56,860 54,550",
"dimensions": {
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"pp-value-368-3": {
"value": "29 Research and development costsThe total operating expenses over the financial year include the following itemin thousands of euros2023 2022Research and development expenditure 77,235 67,877Less: Capitalized development costs -41,847 -37,843Add: Amortization of development costs 33,522 30,827Add: Impairment on capitalized development costs 1,790 48Research and development costs accounted for in the profit and loss account70,700 60,909Government subsidies for research and development costs 4,925 4,261",
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"language": "en",
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"pp-value-368-4": {
"value": "29 Research and development costsThe total operating expenses over the financial year include the following itemin thousands of euros2023 2022Research and development expenditure 77,235 67,877Less: Capitalized development costs -41,847 -37,843Add: Amortization of development costs 33,522 30,827Add: Impairment on capitalized development costs 1,790 48Research and development costs accounted for in the profit and loss account70,700 60,909Government subsidies for research and development costs 4,925 4,261",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-371-2": {
"value": "30 Financial income and expensesin thousands of euros2023 2022Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-750 -2,136Amortized transaction costs -527Interest costs in defined benefit plans -51 -17Interest expense on lease liabilities -1,746 -1,695Interest expenses -21,116 -8,595Interest income from debt instruments at fair value through P&L 72 88Interest income 1,244 474Financial income and expenses -22,874 -11,881",
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"pp-value-371-3": {
"value": "30 Financial income and expensesin thousands of euros2023 2022Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-750 -2,136Amortized transaction costs -527Interest costs in defined benefit plans -51 -17Interest expense on lease liabilities -1,746 -1,695Interest expenses -21,116 -8,595Interest income from debt instruments at fair value through P&L 72 88Interest income 1,244 474Financial income and expenses -22,874 -11,881",
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"pp-value-371-4": {
"value": "30 Financial income and expensesin thousands of euros2023 2022Exchange and translation differences, including the effect of realized cash \ufb02ow hedges-750 -2,136Amortized transaction costs -527Interest costs in defined benefit plans -51 -17Interest expense on lease liabilities -1,746 -1,695Interest expenses -21,116 -8,595Interest income from debt instruments at fair value through P&L 72 88Interest income 1,244 474Financial income and expenses -22,874 -11,881",
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"pp-value-381-1": {
"value": "32 Earnings per share attributable to shareholdersin thousands of euros (unless stated otherwise) Notes2023 2022Weighted average number of (depositary receipts of) shares (x 1,000)40,666 41,057Effect of share options (x 1,000) 86 104Weighted average number of (depositary receipts of) shares diluted (x 1,000)40,752 41,161Net profit 165,762 137,126Less: Non-controlling interests -58 -43Net profit attributable to the shareholders of the company 165,704 137,083Amortization of intangible non-current assets from acquisitions 316,522 17,267Taxes on amortization -4,244 -4,633Net profit before amortization attributable to the shareholders of the company177,982 149,717One-off income and expenses 1,983 -10,372Result from divestments, one-off expenses and purchase price allocations in the result of associates -51,891 1,013Impairments 3,720 472Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests14 146 105Tax impact on one-off income, expenses and impairments -1,426 2,661Net profit before amortization and one-off income and expenses attributable to the shareholders of the company130,514 143,596Earnings per share attributable to shareholdersOrdinary earnings per share (in \u20ac) 4.07 3.34Diluted earnings per share (in \u20ac) 4.07 3.331Ordinary earnings per share before amortization (in \u20ac) 4.38 3.65Ordinary earnings per share before amortization and one-off income 1and expenses (in \u20ac) 3.21 3.501. Non IFRS measureThe one-off income and expenses in 2023 mainly relates to restructuring, acquisition and divest-ment costs. The one-off income in 2022 mainly relates to the sale of real estate formerly classified as \u2018Held for sale\u2019. The number of (depositary receipts of) shares outstanding with third parties as per December 31, 2023 was 39,801,946. (2022: 41,004,782). The amount of own shares held by TKH amounts to 2,400,483 per 31 december 2023, which represents 5.69% (2022: 2.84%) of the total outstanding shares.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-387-2": {
"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 18,594 (depositary receipts of) shares at an average stock price of \u20ac 45.89, Mr. E.D.H. de Lange sold 14,730 (depositary receipts of) shares at a stock price of \u20ac 45.57 and Mr. H. Voortman sold 4,456 (depositary receipts of) shares at a stock price of \u20ac 45.57, 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 6,547, 4,910 and 4,456 (depositary receipts of) shares at a stock price of \u20ac 45.57. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 112,647 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 80,099 (depositary receipts of) shares and Mr. H.J. Voortman owned 40,391 (depositary receipts of) shares at the end of 2023. 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 subsidiary or group companies.Total regular income (TRI) Bonus (STI) Share scheme (LTI) PensionCompensation for pension premium Totalin thousands of euros2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Executive Board 1,887 1,758 785 1,028 2,808 1,244 96 88 375 341 5,951 4,458Supervisory Board 325 304 325 304Total remuneration 2,212 2,062 785 1,028 2,808 1,244 96 88 375 341 6,276 4,762The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-394-1": {
"value": "34 Business combinationsAcquisitionsOn 8 May 2023, TKH acquired 100% of the shares in Euresys, a leading innovative high-tech designer and provider of software for 2D and 3D image analysis, as well as video capture and processing. Its main markets are computer vision, machine vision, factory automation, and medical imaging. Euresys technology complements TKH\u2019s existing and differentiating proprietary Machine Vision technologies, and adds strong software expertise, interface technologies and know-how to our capabilities. Euresys employs 82 people and realizes an annual turnover of about \u20ac 23 million (about \u20ac 17 million from acquisition date) with an EBITA and ROS at a minimum in line with our Smart Vision segment. Besides its head office in Li\u00e8ge (Belgium), it has operations in Germany, US, Japan, Singapore and China. The activities are part of the Smart Vision Systems segment. The purchase price, net asset valuation and fair value adjustments are as follows:Euresysin thousands of eurosBook value Adjustments Fair valueIntangible assets 2,794 18,003 20,797Property, plant and equipment 5,656 5,656Right-of-use assets 924 924Inventories 4,990 4,990Trade and other receivables 4,878 4,878Cash and cash equivalents 10,779 10,779Provisions -140 -140Non-current liabilities -2,737 -600 -3,337Deferred tax 153 -4,501 -4,348Borrowings -340 -324 -664Current liabilities -3,709 -3,709Acquired net assets 22,324 13,502 35,826Goodwill paid 17,866Purchase price 53,692Contingent consideration 0Cash and cash equivalents acquired -10,779Purchase price paid 42,913The goodwill paid is attributable to the knowledge and skills of the workforce, expected synergy benefits through intensification of cooperation within the TKH Group and alignment with TKH\u2019s strategic development. The recognized goodwill is not tax deductible. The purchase price is paid in cash. The acquisition has a positive effect on TKH's earnings per share as per 2023. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-402-1": {
"value": "Assets and directly associated liabilities held for saleAs part of the Strategic program Accelerate 2025 TKH has decided in 2023 to start an active program to sell certain activities within Smart Manufacturing Systems related to electronic assem-blies for the industrial and automotive market. Accordingly the associated assets and liabilities have been reclassified in 2023 to assets and liabilities held for sale. Besides working capital, the production facilities are also an important part of this value. The amount of allocated goodwill has been based on applying the relative value method. A sale of these activities is highly probable within the upcoming 12 months. TKH expects a one-off net profit upon sale.The assets and liabilities classified as held for sale end of 2022 relate to Cable Connectivity Group B.V and the TKH France activities, which were both divested in 2023.The main categories of assets and liabilities classified as held for sale are as follows: in thousands of euros2023 2022Assets Intangible assets and goodwill 1,179 34,116Property, plant and equipment 10,718 1,769Right-of-use assets 667 10,324Associates 0 19,219Other receivables 0 478Deferred tax assets 398 0Inventories 4,363 31,034Trade and other receivables 2,071 11,380Contract assets 1,718 0Current income tax 0 123Cash and cash equivalents 57 63Assets held for sale 21,171 108,506Liabilities Non-current interest-bearing loans and borrowings 536 8,072Deferred tax liabilities 490 1,059Retirement benefit obligation 0 911Current interest-bearing loans and borrowings 149 2,137Trade payables and other payables 1,972 20,752Current income tax liabilities 0 526Liabilities directly associated with assets held for sale 3,147 33,457Net assets directly associated with held for sale 18,024 75,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-402-2": {
"value": "Assets and directly associated liabilities held for saleAs part of the Strategic program Accelerate 2025 TKH has decided in 2023 to start an active program to sell certain activities within Smart Manufacturing Systems related to electronic assem-blies for the industrial and automotive market. Accordingly the associated assets and liabilities have been reclassified in 2023 to assets and liabilities held for sale. Besides working capital, the production facilities are also an important part of this value. The amount of allocated goodwill has been based on applying the relative value method. A sale of these activities is highly probable within the upcoming 12 months. TKH expects a one-off net profit upon sale.The assets and liabilities classified as held for sale end of 2022 relate to Cable Connectivity Group B.V and the TKH France activities, which were both divested in 2023.The main categories of assets and liabilities classified as held for sale are as follows: in thousands of euros2023 2022Assets Intangible assets and goodwill 1,179 34,116Property, plant and equipment 10,718 1,769Right-of-use assets 667 10,324Associates 0 19,219Other receivables 0 478Deferred tax assets 398 0Inventories 4,363 31,034Trade and other receivables 2,071 11,380Contract assets 1,718 0Current income tax 0 123Cash and cash equivalents 57 63Assets held for sale 21,171 108,506Liabilities Non-current interest-bearing loans and borrowings 536 8,072Deferred tax liabilities 490 1,059Retirement benefit obligation 0 911Current interest-bearing loans and borrowings 149 2,137Trade payables and other payables 1,972 20,752Current income tax liabilities 0 526Liabilities directly associated with assets held for sale 3,147 33,457Net assets directly associated with held for sale 18,024 75,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-407-1": {
"value": "36 Events after balance sheet dateOn 23 January 2024, TKH acquired 100% of the shares in JCAI Inc. JCAI offers state-of-the-art guidance software and equipment that provides airports with the tools needed to ensure the aircraft is directed automatically over the tarmac, allowing for maximization of throughput, whilst balancing safety. JCAII has established a strong track record in the airport de-icing area, its patented technology coordinating visual guidance, real time data and operational messaging to both \ufb02ight and ground crew. JCAII\u2019s software is currently deployed across many airports as well as airlines. Through the combination of JCAII\u2019s activities with TKH we will be able to boost the growth of both JCAII and the TKH CEDD connectivity technology.JCAII is based in Toronto, Canada and employs 35 people of which the majority is related to R&D and software development. The annual turnover of JCAII amounted to CAD 13.7 million, with 25% of turnover derived from recurring software sales. The initial purchase price of about \u20ac 20 million is paid in cash and is financed from existing resources. In addition a contingent consideration has been agreed for the acquisiton on the basis of (growth of) future results in the next three years, with a minimum of nil and a maximum of about \u20ac 35 million. The transaction is expected to have a positive effect on TKH's earnings per share as per 2024. The determination of the fair value of the acquired net assets and the contingent consideration is not finalized per the date of this report given the short time frame between acquisition and publication of the annual report.",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-409-1": {
"value": "37 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 EYTotalin thousands of euros2023 2022 2023 2022 2023 2022Audit of the financial statements 1,352 1,255 663 691 2,015 1,946Other assurance engagements 86 82 18 5 104 87Tax fees 10 10 0Other non-assurance engagements 8 8 0Servicecosts external auditors 1,438 1,337 699 696 2,137 2,033",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}
}