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"pp-value-8-1": {
"value": " 1 MATERIAL ACCOUNTING PRINCIPLESGeneral. The consolidated financial statements of TKH 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 2025. The company financial statements are part of the financial statements of TKH. The finan-cial statements have been prepared based on the historical cost basis, except for the valuation at fair value of derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used these are explained in the glossary, which is included in the \u2018Other information\u2019.",
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"pp-value-8-2": {
"value": " 1 MATERIAL ACCOUNTING PRINCIPLESGeneral. The consolidated financial statements of TKH 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 2025. The company financial statements are part of the financial statements of TKH. The finan-cial statements have been prepared based on the historical cost basis, except for the valuation at fair value of 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": {
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"language": "en",
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"pp-value-8-3": {
"value": " 1 MATERIAL ACCOUNTING PRINCIPLESGeneral. The consolidated financial statements of TKH 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 2025. The company financial statements are part of the financial statements of TKH. The finan-cial statements have been prepared based on the historical cost basis, except for the valuation at fair value of 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 Manufacturing 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 disposal 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 commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercised. 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 realisable amount. The net realisable 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 liabilitiesA contract liability is the obligation to deliver products or services to a customer for which TKH has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before products or services are delivered to the customer, a contract liability is recognized. Contract liabilities are recognized as revenue when TKH performs under the contract.Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\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 obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.Assets and directly associated liabilities held for sale and discontinued operationsAssets held for saleAssets and liabilities are classified as held for sale if their carrying amount will be realized primarily through a sales transaction rather than through continued use. The reclassification takes place when the assets and liabilities are available for immediate sale and the sale is within one year. Assets and liabilities held for sale are stated at book value or lower fair value less costs to sell. Non-current assets held for sale are not depreciated. 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. When these criteria are no longer met, TKH ceases to classify the assets and liabilities as held for sale. These assets and liabilities will then be measured at the lower of (a) its carrying amount before the asset was classified as held for sale or for distribution, adjusted for any depreciation, amortisation or revaluations that would have been recognised had the asset (or disposal group) not been so classified and (b) its recoverable amount at the date of the subsequent decision not to sell or distribute.Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area; \u2022is part of a coordinated plan to dispose of a separately important business activity or 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 management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is 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 revenue 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 Technologies represents about 88% of the turnover of the Smart Vision systems seg-ment and consists of 2D & 3D Machine Vision and Security Vision technology. The technol-ogies are combined with software to create smart technologies and one-stop-shop solu-tions with plug-and-play integrated systems. Our Machine Vision technology systems improvequality 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\u2011specific products and systems (including software products): Customer-specific products and systems: A number of products and systems are designed or adapted to customer-specific requirements. TKH recognizes turnover over a period if (i) the customer has control during the creation or improvement of the product / system or (ii) a product/system is created without alternative use and TKH has an enforceable right to payment for the work performed. Examples of (i) include parking guidance that are built up and commissioned on-site. Examples of (ii) are amongst others machine vision cameras constructed for a specific customer application and by TKH integrated security and communication systems. If the two conditions mentioned above are not met, revenue is only recognized at transfer date. For customer-specific systems, installation can be part of the transaction price. A distinction is made between configuration and the physical installation. The configuration is an integral part of the system sold, while the installation is often regarded as a separate service that is usually outsourced to third parties. The installation services to be delivered are separately identifiable and accordingly the transaction price is attributed to the system and the installation based on the relative stand-alone selling prices. Installation is a performance obligation that is fulfilled over time. If revenue is recognized over a period, this is based on the stage of completion of the contract. The progress is determined on the basis of the input method based on a cost price method. Which means, the part of the contract costs incurred for the work that has been carried out to date in relation to the estimated total contract costs. For the payments due by the customer, which according to the contract cannot yet be invoiced, a contract asset is recognized for the period in which the work has been carried out. This contract asset re\ufb02ects the right to compensation for work performed to date. If more is invoiced than has been performed to date, a contract liability is recorded. Contract liabilities are recognized as revenue when TKH performs under the contract.\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 automation, and care solution by providing medicine distribution machines. Tire Building systems represents about 86% 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\u2011specific 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 acceptance.Sales 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. Electrification and Digitalization represent about 72% and 25% turnover share of the Smart Connectivity systems segment.Our connectivity systems are developed for on-shore and off-shore energy distribution. 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 Fibre Optic connectivity systems are manufactured for data and communication networks. Our advanced connectivity technolo-gy 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\u2011specific products and systems are accounted for in the same way in Smart Vision systems. Examplesare special cable and cable systems for machines, robots, medical applications and subsea cable systems. For subsea cable systems, surveys, installation and laying can be part of the contract scope. Per contract it is deter-mined whether these services are separately identifiable and accordingly if the transaction price is to be attributed separately.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 subsidies 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 differences on sale and purchase transactions are classified under financial income and expenses. TaxTax is calculated on the result before tax, taking into account the prevailing tax rates and tax legislation in the different countries. Tax is accounted for in the statement of profit and loss, unless it relates to items directly recognized in the OCI, in which case taxes are also accounted for in the OCI. In addition to the tax directly payable or receivable for the reporting year, the item also includes the changes in the deferred tax assets and liabilities and adjustments to tax assessments from previous years.Non-controlling interestThis item comprises the share of third parties in the results and equity of subsidiaries according to TKH\u2019s accounting principles.Cash \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. The changes in working capital relate to the cash \ufb02ows from changes in current assets (less cash and cash equivalents and less derivatives) and current liabilities (excluding current interest-bearing loans and borrowings and less derivatives). Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. This excludes the interest paid which qualify as borrowing costs, these are included in the cash \ufb02ows from investing 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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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"value": "TKH Group N.V. (hereafter 'TKH') operates as a technology company, which specializes in the creation of innovative, client-centric technology systems that drive success in automation,digitalization and electrification. TKH operates globally and focusses on growth across Europe, North America and Asia. ",
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"value": ", the Netherlands. ",
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"value": ". The consolidated financial statements of TKH 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 2025. The company financial statements are part of the financial statements of TKH. The finan-cial statements have been prepared based on the historical cost basis, except for the valuation at fair value of derivatives and share-based payments. All transactions in financial instruments are recognized at transaction date. To the extent that alternative performance measures are used these are explained in the glossary, which is included in the \u2018Other information\u2019.",
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"value": "Going concernTKH has prepared the financial statements on the basis that it will continue to operate as a going concern.",
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"value": "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. Specific reference is made to note 10 Cash and cash equivalents.",
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"pp-value-22-1": {
"value": "New accounting principles and interpretationsAs from 1 January 2025 the following amendments of standards and new interpretations are effective:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 (starting 1 January 2025)The adoption of the amendments and improvements did not have material impact on the financial statements. TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2026:\u2022Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (starting 1 January 2026)\u2022Contracts referencing nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (starting 1 January 2027)\u2022IFRS 19 - Subsidiaries without Public Accountability: Disclosures (starting 1 January 2027)\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)IFRS 18 will have implications regarding the presentation, classification and disclosures relating to the statement of profit and loss. The items which are now presented below the operating results will have to be reclassified towards either operating, investing or financing result, based on their nature. The largest impact will come from the reclassification of the incidental result on divestment of subsidiaries towards operating result. Further impact comes from the split of the exchange differences into operating, investing and financing result based on their nature. This will be further assessed in detail in the upcoming period. TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financial statements.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-22-2": {
"value": "New accounting principles and interpretationsAs from 1 January 2025 the following amendments of standards and new interpretations are effective:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 (starting 1 January 2025)The adoption of the amendments and improvements did not have material impact on the financial statements. TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2026:\u2022Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (starting 1 January 2026)\u2022Contracts referencing nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (starting 1 January 2027)\u2022IFRS 19 - Subsidiaries without Public Accountability: Disclosures (starting 1 January 2027)\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)IFRS 18 will have implications regarding the presentation, classification and disclosures relating to the statement of profit and loss. The items which are now presented below the operating results will have to be reclassified towards either operating, investing or financing result, based on their nature. The largest impact will come from the reclassification of the incidental result on divestment of subsidiaries towards operating result. Further impact comes from the split of the exchange differences into operating, investing and financing result based on their nature. This will be further assessed in detail in the upcoming period. TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financial statements.",
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"value": "New accounting principles and interpretationsAs from 1 January 2025 the following amendments of standards and new interpretations are effective:\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 (starting 1 January 2025)The adoption of the amendments and improvements did not have material impact on the financial statements. TKH has not opted for an early adoption of the following new standards, amendments to standards and new IFRIC interpretations, which are mandatory for accounting periods that begin on or after 1 January 2026:\u2022Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (starting 1 January 2026)\u2022Contracts referencing nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)\u2022IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (starting 1 January 2027)\u2022IFRS 19 - Subsidiaries without Public Accountability: Disclosures (starting 1 January 2027)\u2022Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (starting 1 January 2026)IFRS 18 will have implications regarding the presentation, classification and disclosures relating to the statement of profit and loss. The items which are now presented below the operating results will have to be reclassified towards either operating, investing or financing result, based on their nature. The largest impact will come from the reclassification of the incidental result on divestment of subsidiaries towards operating result. Further impact comes from the split of the exchange differences into operating, investing and financing result based on their nature. This will be further assessed in detail in the upcoming period. TKH expects that the adoption of the other new standards and amendments in future periods will not have a material impact on its financial statements.2 SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS In 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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290Price, 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.More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.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. This can also include a change in the variable consideration due to a change in scope or penalties for late deliveries. 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. 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 developmentsGlobal economical and geopolitical developments and con\ufb02icts (such as the Russia-Ukraine war), economic and political confrontations between world powers (trade tariffs/barriers, protectionism, availability and price of energy), the erosion of trade agreements, climate change and (global) in\ufb02ation as well as a potential recession may 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 changeThe potential impact of climate change on our strategy and our business model has received a great deal of attention in the year under review. We extensively analyzed the potential climate-related transition risks to our operations posed by climate change, and how these climate-related transition risks could be turned into opportunities, for instance through innovations in climate adaptation or climate-change mitigation. Our climate risk and opportunity assessment follows the TCFD framework, integrating key risk categories into our sustainability strategy.TKH has considered the impact of climate change 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 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 less relevant for TKH for the foreseeable future from a valuation and impairment perspective. 3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.13 OTHER PROVISIONS The 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 euros2025 2024Other long-term provisions 11,816 13,093Other short-term provisions 16,188 19,824Other provisions 28,004 32,917The breakdown and movement of the other provisions is as follows: in thousands of eurosWarrantyEmployee liabilitiesOnerous contracts DismantlingOtherTotalBalance at 31 December 202410,645 3,933 4,539 4,911 8,889 32,917Additions5,353 167 2,756 244 2,139 10,659Releases-1,765 -503 -2,835 -1,974 -7,077Utilized-1,469 -78 -2,222 -3,662 -7,431Other reclassifications-450 -450Exchange differences-175 -13 -253 -12 -161 -614Balance at 31 December 202512,589 3,506 1,985 5,143 4,781 28,004Provision 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, consumables, 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 LIABILITIES The movement of the financial liabilities is as follows:in thousands of eurosEarn-outPut options of holders of non-control-ling interests TotalBalance at 31 December 20245,309 455 5,764Payment settlements-56 -56Change in fair value through the profit and loss account-713 -155 -868Balance at 31 December 20254,540 300 4,840The amount with a term shorter than 1 year is \u20ac 1.8 million (2024: \u20ac 1.9 million). The remainder has a term between 1 and 5 years.Earn-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 subsidiaryPercentage Option exercisable as fromEFB Nordics A/S10.0% 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 2025 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 \u20ac0.1 million has a maturity of shorter than 1 year. 20 FINANCIAL INSTRUMENTS AND RISKS GeneralThe 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-24-1": {
"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.",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-24-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-26-2": {
"value": "Segment reportingTKH is organized along the lines of our three technologies: Smart Vision systems, Smart Manufacturing systems and Smart Connectivity systems. The internal and external segment reporting as 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-27-2": {
"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 disposal in the period in which the related entities are disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-27-3": {
"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 disposal in the period in which the related entities are disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-28-2": {
"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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-28-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-28-4": {
"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.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-28-5": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-30-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-30-4": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-31-2": {
"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 assetsThe 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-31-4": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated from the date they are ready for their intended use. Depending on the type of asset, a residual value of 0 to 10% is taken into account. The expected useful life is as follows:\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:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-31-5": {
"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:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-32-3": {
"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 commencement date of the lease (after deduction of received incentives). The Right-of-use assets are amortized on a straight-line basis from the commencement date of the lease to the first of the end of the useful life of the right of use or the end of the lease period or over the useful life if the underlying asset is (expected) to be acquired. TKH assesses the asset for impairment when such indicators exist.On the commencement date, TKH values the lease obligation at the present value of the lease payments unpaid on that date, discounted using the interest rate implicit in the lease if it is readily available or the incremental borrowing rate. Lease payments that are included in the measurement of the lease obligation consist of fixed payments, variable payments based on changes in an index or price, amounts that are expected to be paid under a residual value guarantee and payments that arise from extension options that are reasonably certain to be exercised. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-36-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-36-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-37-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-37-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "InventoriesInventories are stated at the lower of cost and net realisable amount. The net realisable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-40-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-42-2": {
"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 obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\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 obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.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 differences on sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-42-4": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-42-5": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\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 obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-42-6": {
"value": "Financial instrumentsA financial instrument is any contract that gives rise to a financial asset for an entity and a financial liability or equity instrument for another entity. Financial assets and financial liabilities are recognized in the balance sheet when TKH becomes a party in a contract. Financial assets and financial liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value with recognition of changes in value in the profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities upon initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets or financial liabilities at fair value with recognition of value changes in the profit and loss are recognized immediately in the profit and loss. An exception to this relates to trade receivables, which are valued at the transaction price determined under IFRS 15.Financial 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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.DerivativesDerivative financial assets and financial liabilities (\u2018derivatives\u2019) are recognized in the balance sheet when TKH concludes a contract for such an instrument. Derivatives are stated at fair value on the contract date and are then measured at the prevailing fair value at subsequent reporting dates. Changes in the fair value of derivatives that are designated and effective as hedges of future cash \ufb02ows are recognized directly in the OCI and accounted for as a separate item in equity. The ineffective portion is recognized immediately in the statement of profit and loss. If the cash \ufb02ow from an existing commitment or an expected future transaction results in the recognition of an asset or liability, at the time the asset or liability is recognized the associated gains or losses on the hedging instrument that had previously been recognized in the OCI are included in the valuation of the asset or the liability. For hedges that do not result in the recognition of an asset or a liability, the gains or losses recognized in the OCI are recognized in the statement of profit and loss in the same period as the underlying hedged transaction is recognized in the statement of profit and loss. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized immediately in the statement of profit and loss. Hedge accounting is discontinued when the hedge instrument expires, is sold, exercised or no longer qualifies for hedging. The cumulative gains or losses on that hedging instrument recognized up to that time in equity are recognized in the statement of profit and loss when the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the cumulative gains or losses recognized in the OCI are transferred to the statement of profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-44-5": {
"value": "Financial assetsFinancial assets are at initial recognition classified in one of three groups for the subsequent measurement:\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 obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) TKH has transferred substantially all the risks and rewards of the asset, or (b) TKH has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When TKH has transferred its rights to receive cash \ufb02ows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, TKH continues to recognize the transferred asset to the extent of its continuing involvement. In that case, TKH also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that TKH has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that TKH could be required to repay.Impairment of financial assetsTKH recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash \ufb02ows due in accordance with the contract and all the cash \ufb02ows that TKH expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default. A financial asset is written off when there is no reasonable expectation to recover the contractual cash \ufb02ows.For trade receivables and contract assets, TKH applies a simplified approach in calculating ECLs. Therefore, TKH does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. TKH has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A further explanation is included in note 20.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-47-6": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-49-5": {
"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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-49-6": {
"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 substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-54-5": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-55-6": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-55-7": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-55-8": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-57-2": {
"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. Non-current assets held for sale are not depreciated. 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. When these criteria are no longer met, TKH ceases to classify the assets and liabilities as held for sale. These assets and liabilities will then be measured at the lower of (a) its carrying amount before the asset was classified as held for sale or for distribution, adjusted for any depreciation, amortisation or revaluations that would have been recognised had the asset (or disposal group) not been so classified and (b) its recoverable amount at the date of the subsequent decision not to sell or distribute.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-57-3": {
"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. Non-current assets held for sale are not depreciated. 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. When these criteria are no longer met, TKH ceases to classify the assets and liabilities as held for sale. These assets and liabilities will then be measured at the lower of (a) its carrying amount before the asset was classified as held for sale or for distribution, adjusted for any depreciation, amortisation or revaluations that would have been recognised had the asset (or disposal group) not been so classified and (b) its recoverable amount at the date of the subsequent decision not to sell or distribute.Discontinued operationsA group of assets being disposed of qualifies as a \u2018discontinued operation\u2019 if it is (part of) an entity that is either disposed of or classified as held for sale, and:\u2022represents a separate major line of business or geographical business area; \u2022is part of a coordinated plan to dispose of a separately important business activity or 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-58-3": {
"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; \u2022is 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-60-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-61-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-64-2": {
"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 management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-64-3": {
"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 management reports.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-66-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-66-3": {
"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 revenue 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 Technologies represents about 88% of the turnover of the Smart Vision systems seg-ment and consists of 2D & 3D Machine Vision and Security Vision technology. The technol-ogies are combined with software to create smart technologies and one-stop-shop solu-tions with plug-and-play integrated systems. Our Machine Vision technology systems improvequality 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\u2011specific products and systems (including software products): Customer-specific products and systems: A number of products and systems are designed or adapted to customer-specific requirements. TKH recognizes turnover over a period if (i) the customer has control during the creation or improvement of the product / system or (ii) a product/system is created without alternative use and TKH has an enforceable right to payment for the work performed. Examples of (i) include parking guidance that are built up and commissioned on-site. Examples of (ii) are amongst others machine vision cameras constructed for a specific customer application and by TKH integrated security and communication systems. If the two conditions mentioned above are not met, revenue is only recognized at transfer date. For customer-specific systems, installation can be part of the transaction price. A distinction is made between configuration and the physical installation. The configuration is an integral part of the system sold, while the installation is often regarded as a separate service that is usually outsourced to third parties. The installation services to be delivered are separately identifiable and accordingly the transaction price is attributed to the system and the installation based on the relative stand-alone selling prices. Installation is a performance obligation that is fulfilled over time. If revenue is recognized over a period, this is based on the stage of completion of the contract. The progress is determined on the basis of the input method based on a cost price method. Which means, the part of the contract costs incurred for the work that has been carried out to date in relation to the estimated total contract costs. For the payments due by the customer, which according to the contract cannot yet be invoiced, a contract asset is recognized for the period in which the work has been carried out. This contract asset re\ufb02ects the right to compensation for work performed to date. If more is invoiced than has been performed to date, a contract liability is recorded. Contract liabilities are recognized as revenue when TKH performs under the contract.\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 automation, and care solution by providing medicine distribution machines. Tire Building systems represents about 86% 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\u2011specific 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 acceptance.Sales 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. Electrification and Digitalization represent about 72% and 25% turnover share of the Smart Connectivity systems segment.Our connectivity systems are developed for on-shore and off-shore energy distribution. 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 Fibre Optic connectivity systems are manufactured for data and communication networks. Our advanced connectivity technolo-gy 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\u2011specific products and systems are accounted for in the same way in Smart Vision systems. Examplesare special cable and cable systems for machines, robots, medical applications and subsea cable systems. For subsea cable systems, surveys, installation and laying can be part of the contract scope. Per contract it is deter-mined whether these services are separately identifiable and accordingly if the transaction price is to be attributed separately.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-79-2": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-80-2": {
"value": "Government subsidiesGovernment subsidies 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-81-3": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-82-3": {
"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 differences on sale and purchase transactions are classified under financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-82-4": {
"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 differences on sale and purchase transactions are classified under financial income and expenses. ",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-82-5": {
"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 differences on sale and purchase transactions are classified under financial income and expenses. ",
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-85-2": {
"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. The changes in working capital relate to the cash \ufb02ows from changes in current assets (less cash and cash equivalents and less derivatives) and current liabilities (excluding current interest-bearing loans and borrowings and less derivatives). Income taxes, paid and received interest are included in the cash \ufb02ow from operating activities. This excludes the interest paid which qualify as borrowing costs, these are included in the cash \ufb02ows from investing activities. Received dividends are included in the cash \ufb02ow from investment activities, while paid dividends are included in the cash \ufb02ow from financing activities. The purchase price of acquisitions is included in the cash \ufb02ow from investing activities, to the extent that payment has taken place in cash or cash equivalents. Cash and cash equivalents that are present in the acquired subsidiaries are subtracted from the purchase price. Transactions, which do not involve a cash exchange, are not included in the cash \ufb02ow statement. The payments of the lease terms are presented as repayments on loans for the repayment component of debt (cash \ufb02ow from financing activities) and as paid interest for the interest component (cash \ufb02ow from operating activities). Payment of lease installments that are not included in the lease obligation included in the balance sheet (including leases of assets with a low value or with a term of less than one year) are included under cash \ufb02ow from operating activities. Payments and proceeds on borrowings are presented on a net basis due to the high \ufb02exibility and turnover in relation to utilizations and repayments. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-86-2": {
"value": "2 SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS In 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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290Price, 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.More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.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. This can also include a change in the variable consideration due to a change in scope or penalties for late deliveries. 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. 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 developmentsGlobal economical and geopolitical developments and con\ufb02icts (such as the Russia-Ukraine war), economic and political confrontations between world powers (trade tariffs/barriers, protectionism, availability and price of energy), the erosion of trade agreements, climate change and (global) in\ufb02ation as well as a potential recession may 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 changeThe potential impact of climate change on our strategy and our business model has received a great deal of attention in the year under review. We extensively analyzed the potential climate-related transition risks to our operations posed by climate change, and how these climate-related transition risks could be turned into opportunities, for instance through innovations in climate adaptation or climate-change mitigation. Our climate risk and opportunity assessment follows the TCFD framework, integrating key risk categories into our sustainability strategy.TKH has considered the impact of climate change 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 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 less relevant for TKH for the foreseeable future from a valuation and impairment perspective. 3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.13 OTHER PROVISIONS The 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 euros2025 2024Other long-term provisions 11,816 13,093Other short-term provisions 16,188 19,824Other provisions 28,004 32,917The breakdown and movement of the other provisions is as follows: in thousands of eurosWarrantyEmployee liabilitiesOnerous contracts DismantlingOtherTotalBalance at 31 December 202410,645 3,933 4,539 4,911 8,889 32,917Additions5,353 167 2,756 244 2,139 10,659Releases-1,765 -503 -2,835 -1,974 -7,077Utilized-1,469 -78 -2,222 -3,662 -7,431Other reclassifications-450 -450Exchange differences-175 -13 -253 -12 -161 -614Balance at 31 December 202512,589 3,506 1,985 5,143 4,781 28,004Provision 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, consumables, 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 LIABILITIES The movement of the financial liabilities is as follows:in thousands of eurosEarn-outPut options of holders of non-control-ling interests TotalBalance at 31 December 20245,309 455 5,764Payment settlements-56 -56Change in fair value through the profit and loss account-713 -155 -868Balance at 31 December 20254,540 300 4,840The amount with a term shorter than 1 year is \u20ac 1.8 million (2024: \u20ac 1.9 million). The remainder has a term between 1 and 5 years.Earn-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 subsidiaryPercentage Option exercisable as fromEFB Nordics A/S10.0% 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 2025 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 \u20ac0.1 million has a maturity of shorter than 1 year. 20 FINANCIAL INSTRUMENTS AND RISKS GeneralThe 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. 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},
"pp-value-86-3": {
"value": "2 SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS In 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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290Price, 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.More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.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. This can also include a change in the variable consideration due to a change in scope or penalties for late deliveries. 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. 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 developmentsGlobal economical and geopolitical developments and con\ufb02icts (such as the Russia-Ukraine war), economic and political confrontations between world powers (trade tariffs/barriers, protectionism, availability and price of energy), the erosion of trade agreements, climate change and (global) in\ufb02ation as well as a potential recession may 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 changeThe potential impact of climate change on our strategy and our business model has received a great deal of attention in the year under review. We extensively analyzed the potential climate-related transition risks to our operations posed by climate change, and how these climate-related transition risks could be turned into opportunities, for instance through innovations in climate adaptation or climate-change mitigation. Our climate risk and opportunity assessment follows the TCFD framework, integrating key risk categories into our sustainability strategy.TKH has considered the impact of climate change 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 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 less relevant for TKH for the foreseeable future from a valuation and impairment perspective. 3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.13 OTHER PROVISIONS The 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 euros2025 2024Other long-term provisions 11,816 13,093Other short-term provisions 16,188 19,824Other provisions 28,004 32,917The breakdown and movement of the other provisions is as follows: in thousands of eurosWarrantyEmployee liabilitiesOnerous contracts DismantlingOtherTotalBalance at 31 December 202410,645 3,933 4,539 4,911 8,889 32,917Additions5,353 167 2,756 244 2,139 10,659Releases-1,765 -503 -2,835 -1,974 -7,077Utilized-1,469 -78 -2,222 -3,662 -7,431Other reclassifications-450 -450Exchange differences-175 -13 -253 -12 -161 -614Balance at 31 December 202512,589 3,506 1,985 5,143 4,781 28,004Provision 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, consumables, 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 LIABILITIES The movement of the financial liabilities is as follows:in thousands of eurosEarn-outPut options of holders of non-control-ling interests TotalBalance at 31 December 20245,309 455 5,764Payment settlements-56 -56Change in fair value through the profit and loss account-713 -155 -868Balance at 31 December 20254,540 300 4,840The amount with a term shorter than 1 year is \u20ac 1.8 million (2024: \u20ac 1.9 million). The remainder has a term between 1 and 5 years.Earn-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 subsidiaryPercentage Option exercisable as fromEFB Nordics A/S10.0% 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 2025 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 \u20ac0.1 million has a maturity of shorter than 1 year. 20 FINANCIAL INSTRUMENTS AND RISKS GeneralThe 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
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"pp-value-89-4": {
"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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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"pp-value-89-5": {
"value": "Fair valuesTKH periodically reviews the significant fair value changes regarding specific positions in the financial statements. In case external information is used to determine the fair value, TKH reviews the evidence obtained from these third parties to verify if these valuations meet IFRS requirements, including the level of hierarchy of the fair values in which these valuations are classified. TKH applies the following hierarchy for determining the fair value of financial instruments:\u2022Level 1: Price quotations on active markets for identical assets and liabilities.\u2022Level 2: Other inputs than quoted prices included in level 1, that are either directly or 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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-89-6": {
"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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.8 TRADE AND OTHER RECEIVABLES in thousands of eurosNotes2025 2024Trade accounts receivable224,412 223,654Loss allowance20 -5,159 -4,832Derivatives205,394 1,505Receivables from related parties33402 463Prepayments and accrued income14,050 13,915Other short-term receivables14,397 15,339Long-term receivables628 842Receivables254,124 250,886The amounts mentioned are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2025 receivables with an amount of \u20ac43.8 million are sold to a factoring company (2024: \u20ac43.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 20.10 CASH AND CASH EQUIVALENTS in thousands of eurosNotes2025 2024Cash and bank balances125,325125,629Cash at companies assets held for sale1,650Cash and bank balances as included in the cash \ufb02ow statement125,325 127,279Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand. During 2025, TKH reassessed and refined the presentation of cash and current borrowings in the consolidated cash \ufb02ow statement. It was assessed that in recent years our credit facilities have evolved from mostly cash pool related towards facilities with a strong financing component. Although a part of the credit facilities are still used as part of daily cash management, throughout the year the sum of the specific current borrowings does not \ufb02uctuate between positive and overdrawn balances anymore. These characteristics indicate that the borrowings should be presented as a component of financing activities in the cash \ufb02ow statement. To facilitate comparability, the comparative cash \ufb02ow statement for 2024 has been adjusted to classify movements in these current borrowings within financing activities. This includes an additional cash \ufb02ow from financing activities related to proceeds from current borrowings for an amount of \u20ac38.8 million. This adjustment affects presentation only and has no impact on equity, profit for the year, total assets, or total liabilities.14 OTHER FINANCIAL LIABILITIES The movement of the financial liabilities is as follows:in thousands of eurosEarn-outPut options of holders of non-control-ling interests TotalBalance at 31 December 20245,309 455 5,764Payment settlements-56 -56Change in fair value through the profit and loss account-713 -155 -868Balance at 31 December 20254,540 300 4,840The amount with a term shorter than 1 year is \u20ac 1.8 million (2024: \u20ac 1.9 million). The remainder has a term between 1 and 5 years.Earn-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 subsidiaryPercentage Option exercisable as fromEFB Nordics A/S10.0% 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 2025 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 \u20ac0.1 million has a maturity of shorter than 1 year. 17 NON-CURRENT LIABILITIES in thousands of eurosNotes2025 2024Debts to credit institutions18 487,607 542,965To be amortized transaction costs for the credit facility-1,117 -1,292Long term lease liabilities (Right-of-use assets)75,824 74,162Other non-current liabilities3,285 4,250Interest-bearing loans and borrowings565,599 620,085The 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 1.6%. 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. The other non-current liabilities mainly relate to other external financing. The decrease in the year is due to repayments, there were no new financings.18 NET INTEREST-BEARING DEBT Term Interest Amountin thousands of eurosNotes2025 2024Bank loans reported under non-current liabilities171.1-3.1 years Euribor + margin 487,607 542,965Long term lease liabilities (Right-of-use assets)171-27 years 3.4% 75,824 74,162Short term lease liabilities (Right-of-use assets)< 1 year 3.4% 13,225 13,563Borrowings reported under current liabilities< 1 yearEuribor/SOFR + margin96,669 76,707Cash and cash equivalents10< 1 yearEuribor/SOFR - margin-125,325 -125,629Net interest-bearing debt548,000 581,768The \u2018Short term lease liabilities\u2019 and \u2018Borrowings reported under current liabilities\u2019 are presented in the balance sheet under Current liabilities \u2013 Interest-bearing loans and borrowings. At year-end 2025, \u20ac70.4 million was deemed part of our daily cash management (2024: \u20ac63.3 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 1.6% (2024: 1.0% to 1.7%). The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The discount rate used for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 3.4%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. 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 euros2025 2024 2025 2024 2025 2024 2025 2024Balance at 1 January 76,707 61,810 541,673 497,060 87,725 87,154 706,105 646,024Cash \ufb02ows from financing activities21,597 15,849 -55,791 44,086 -34,194 59,935Payment of lease liabilities-20,187 -18,480 -20,187 -18,480Non-cash changes:- Acquisition of subsidiaries414 0 414- Reclassification to liabilities held for sale-4,200 0 -4,200- New leases and reassesments19,182 19,856 19,182 19,856- Amortized transaction costs608 527 608 527- Interest2,989 2,475 2,989 2,475- Effect of changes in exchange rates-1,635 -952 -660 506 -2,295 -446Balance at 31 December 96,669 76,707 486,490 541,673 89,049 87,725 672,208 706,105See note 20 for more details on the capital and liquidity risk.19 TRADE AND OTHER PAYABLES in thousands of eurosNotes2025 2024Trade creditors180,471 177,145Advance receipts10,454 4,040Other taxes and social insurance contributions30,409 28,444Derivatives20181 4,290Refund liabilities from customer volume rebates915,998 14,171Amounts due to personnel55,597 53,687Other payables and accruals48,753 45,907Trade payables and other payables341,863 327,684The other payables and accruals relate to, among others, commissions, as well as accruals for invoices to be received. At the end of 2025, a number of suppliers (mainly copper and aluminium suppliers) made use of supply chain finance (reversed factoring) for a total of \u20ac35.5 million (2024: \u20ac39.4 million), which is recognized as trade payables and under the bank covenants with the banks not regarded as financial indebtedness. Of this amount about 79% was already paid by finance providers (mostly concentrated at one provider) towards suppliers at the end of 2025. The supply chain finance program enables included suppliers to collect their invoices at an earlier date than based on regular payment terms. The payment terms under this program are between 45 and 120 days, with a weighted average of about 105 days. This is in the upper (longest) range of the payment terms TKH has with non-included suppliers, alltough there are no material comparable amongst those. Reference is also made to note 20 regarding liquidity risk. 20 FINANCIAL INSTRUMENTS AND RISKS GeneralThe 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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808Interest 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. 30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"pp-value-89-8": {
"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 on the right shows the hierarchy and carrying amounts of the assets and financial instruments that are recognized in the balance sheet at fair values.The 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. in thousands of eurosNotesHierarchy20252024AssetsFinancial assets at fair value through P&LLevel 3 162 407Foreign currency forward contracts20Level 2 352 559Commodities (derivatives)20Level 2 5,042 946Total5,556 1,912LiabilitiesInterest rate swaps20Level 2 12 307Foreign currency forward contracts20Level 2 154 3,366Commodities (derivatives)20Level 2 15 617Total181 4,290More information about the assumptions for the determination of the fair value is included in the relevant explanatory notes.",
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},
"pp-value-97-4": {
"value": "3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.",
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"pp-value-97-5": {
"value": "3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744",
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},
"pp-value-97-6": {
"value": "3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.",
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"pp-value-97-7": {
"value": "3 INTANGIBLE ASSETS AND GOODWILL The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. GoodwillBrand names, customer relations and intellectual propertyDevelopment costsPatents, licenses, software and trademarks Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 346,137320,378 315,886 286,306 365,636 334,875 95,085 84,769 1,122,744 1,026,328Accumulated amortization and impairment losses1,9482,323 221,582 199,633 223,037 197,861 65,095 60,815 511,662 460,632Book value at 1 January 344,189 318,055 94,304 86,673142,599 137,014 29,990 23,954 611,082 565,696Purchases and capitalization2,459 45,557 46,460 14,634 12,777 60,191 61,696Acquisitions3425,918 22,631 361 0 48,910Reclassification from property, plant and equipment4360 417 372 777 372Reclassification to assets held for sale-1,234 -5,222 -187 0 -6,643Reclassifications274 -157 -514 156 515 -1 275Disposals-53 -63 -116 0Amortization27-17,738 -17,684 -36,218 -35,316 -7,038 -7,808 -60,994 -60,808Impairment losses28-448-1,579 -934-2,027 -934Adjustment goodwill-1,471 -1,471 0Exchange differences-4,368 1,176 -2,188 225 -3,124 1,111 -75 6 -9,755 2,518Book value at 31 December 338,350 344,189 73,930 94,304147,385 142,599 38,021 29,990 597,686 611,082Accumulated amortization and impairment losses1,948 1,948 232,465 221,582 250,208 223,037 71,520 65,095 556,141 511,662Historical cost at 31 December 340,298 346,137 306,395 315,886 397,593 365,636 109,541 95,085 1,153,827 1,122,744Goodwill is allocated to reporting segments, which are considered as cash generating units (\u2018CGU\u2019) for goodwill impairment testing purposes. Impairment is assessed at this level. The goodwill is allocated as follows:in thousands of eurosGoodwill Discount rate before taxFunctional currencyCGU2025 2024 2025 2024Smart Vision systems265,933 270,757 12.2% 10.8% EUR/USDSmart Manufacturing systems8,643 8,644 12.8% 12.4% EURSmart Connectivity systems63,774 64,788 13.0% 11.3% EURTotal338,350 344,189The recoverable amount of the cash generating units, in which goodwill has been reported, is based on the value in use. The value in use is based on estimated future cash \ufb02ows. These forecasts are derived from the internal business plans, which are drawn up annually and have a horizon of five years. These business plans contain financial budgets and have been prepared by local management and are approved by the Executive Board. Consolidated, the business plans contain a compound average turnover growth rate (CAGR) of 7.4% over the budget period. The Smart Connectivity systems segment has a CAGR above this percentage as a result of the opening and expected ramp-up of our new Eemshaven factory. Cash \ufb02ows after the financial budget period have been extrapolated, taken into account an assumed annual growth of 2.0% (2024: 2.0%), derived from long-term in\ufb02ation expectations. The future cash \ufb02ows are discounted at the discount rate (WACC) shown in the table. The WACC is based on the cost of equity and cost of debt, and is further calculated based on market data and inputs to accurately capture changes to the time value of money, such as the risk-free interest rate the beta factor and country risk premium. In order to properly re\ufb02ect the different risk-profiles of the different CGUs, a WACC is determined for each CGU. Based on the assumptions, the impairment test did not lead to impairments at year-end 2025. 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.in millions of eurosDecrease EBITDA by 10%Increase discount rate by 1%Decrease growth rate by 0.5%Combination of all assumptionsSmart Vision systems-122.5 -103.6 -36.7 -233.4Smart Manufacturing systems-90.6 -82.2 -31.5 -183.3Smart Connectivity systems-154.8 -141.2 -49.7 -310.3These 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 \u20ac1.458 million on December 31, 2025 and was significantly higher than the book value of the net assets of TKH.28 IMPAIRMENT in thousands of eurosNotes2025 2024Impairment of intangible assets and goodwill3 2,027 934Impairment of property, plant and equipment43,874 1,295Impairment Right-of-use assets52,709 6,275Onerous contracts49 0Impairment8,659 8,504The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. The impairment of machinery and installations is mainly related to obsolescence due to relocation of production capacity in the Smart Connectivity systems segment.",
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"pp-value-124-1": {
"value": "4 PROPERTY, PLANT AND EQUIPMENT Land and buildingsMachinery and installations Other equipmentOperating assets in progress Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 247,338239,931293,329280,037179,571173,709198,292154,158918,530847,835Accumulated depreciation and impairments107,113 101,644 196,214 184,503 128,554 124,759 483 910 432,364 411,816Book value at 1 January 140,225 138,28797,11595,53451,01748,950197,809153,248486,166436,019Purchases1,486 7,298 5,189 8,778 8,654 15,273 52,768 59,149 68,097 90,498Acquisitions302 0 302Disposals-21 -39 -415 -1,402 -471 -214 -68 -975 -1,655Depreciation26-11,353 -7,960 -17,318 -13,348 -16,104 -14,638 -44,775 -35,946Impairments28 -3,445 -1,171 -429 -124 -3,874 -1,295Reclassifications-617 -169 169 -617 0Reclassification from/to intangible assets312 -789 -372 -777 -372Reclassification to assets held for sale34 -1,814 -8 -1,990 -4 0 -3,816Exchange differences-859 1,328 -840 876 -410 183 -31 44 -2,140 2,431Commissioning of assets in progress104,916 3,294 88,886 7,687 19,139 3,275 -212,941 -14,256 0 0Book value at 31 December 233,777 140,225 169,184 97,115 61,396 51,017 36,748 197,809 501,105 486,166Accumulated depreciation and impairments117,005 107,113 193,012 196,214 134,892 128,554 413 483 445,322432,364Historical cost at 31 December 350,782 247,338 362,196 293,329 196,288 179,571 37,161 198,292 946,427 918,530The \u2018Commissioning of assets in progress\u2019 relate for a large part to our new plant for inter-array cable in Eemshaven. In 2025, an amount of \u20ac1.6 million (2024: \u20ac8.4 million) was capitalized relating to borrowing costs. The capitalization rate used equals the interest rate on bank borrowings as mentioned in note 18. The impairment of machinery and installations is mainly related to obsolescence due to relocation of production capacity in the Smart Connectivity systems segment. ",
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"pp-value-124-2": {
"value": "4 PROPERTY, PLANT AND EQUIPMENT Land and buildingsMachinery and installations Other equipmentOperating assets in progress Totalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Historical cost at 1 January 247,338239,931293,329280,037179,571173,709198,292154,158918,530847,835Accumulated depreciation and impairments107,113 101,644 196,214 184,503 128,554 124,759 483 910 432,364 411,816Book value at 1 January 140,225 138,28797,11595,53451,01748,950197,809153,248486,166436,019Purchases1,486 7,298 5,189 8,778 8,654 15,273 52,768 59,149 68,097 90,498Acquisitions302 0 302Disposals-21 -39 -415 -1,402 -471 -214 -68 -975 -1,655Depreciation26-11,353 -7,960 -17,318 -13,348 -16,104 -14,638 -44,775 -35,946Impairments28 -3,445 -1,171 -429 -124 -3,874 -1,295Reclassifications-617 -169 169 -617 0Reclassification from/to intangible assets312 -789 -372 -777 -372Reclassification to assets held for sale34 -1,814 -8 -1,990 -4 0 -3,816Exchange differences-859 1,328 -840 876 -410 183 -31 44 -2,140 2,431Commissioning of assets in progress104,916 3,294 88,886 7,687 19,139 3,275 -212,941 -14,256 0 0Book value at 31 December 233,777 140,225 169,184 97,115 61,396 51,017 36,748 197,809 501,105 486,166Accumulated depreciation and impairments117,005 107,113 193,012 196,214 134,892 128,554 413 483 445,322432,364Historical cost at 31 December 350,782 247,338 362,196 293,329 196,288 179,571 37,161 198,292 946,427 918,530The \u2018Commissioning of assets in progress\u2019 relate for a large part to our new plant for inter-array cable in Eemshaven. In 2025, an amount of \u20ac1.6 million (2024: \u20ac8.4 million) was capitalized relating to borrowing costs. The capitalization rate used equals the interest rate on bank borrowings as mentioned in note 18. The impairment of machinery and installations is mainly related to obsolescence due to relocation of production capacity in the Smart Connectivity systems segment. ",
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"pp-value-146-1": {
"value": "6 ASSOCIATES TKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2025 2024Speed Elektronik Vertrieb GmbHSchwelm Germany 25.0% 25.0% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd.MelbourneAustralia 49.0% 49.0% Smart Vision systemsSCS Wagram HoldingParis France 39.1% 39.1% Smart Connectivity systemsTKH has divested the activities of TKH France in 2023 to a private equity group. The activities have continued by the new established company SCS Wagram Holding in which TKH holds a minority interest. In 2025 there have no material transactions with SCS Wagram Holding. Reference is also made to note 33. 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.in thousands of eurosAssets LiabilitiesTurnoverNet resultOther com-prehensive incomeShare in result of associatesSummarized financial information 2025 of SCS Wagram Holding59,866 38,959 50,204 -1,663 -1,845Summarized financial information 2025 other associates6,815 412 2,401 286 274Summarized financial information 2024 of SCS Wagram Holding56,387 32,388 47,476 222 228Summarized financial information 2024 other associates6,425 449 2,115 10 21Movements in the associates are as follows:Associatesin thousands of euros2025 2024Balance at 1 January 29,738 35,987Share in result of associates-1,571 249Change in cash \ufb02ow hedge reserves-360Dividend received-30 -60Sale of a share interest-6,457Actuarial gains/(losses) from defined benefit plans-35Exchange differences-78 19Balance at 31 December 27,664 29,738In 2024 the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. has been divested.33 RELATED PARTIES Trade transactionSold to Bought from Trade receivablesTrade payablesin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024CAE Data SAS (part of SCS Wagram Holding)2,315 2,089 623 242 287 38 27Shin-Etsu (Jiangsu) Optical Preform Co. Ltd.239Speed Elektronik Vertrieb GmbH25368415984449139Commend Australia Integrated Security and Communication Systems Pty Ltd.689 658 156 127Total3,257 3,431 782 84 402 463 51 275The trade transactions with related parties were performed at arms length.Shareholdings of members of the Executive Board and the Supervisory BoardDuring the financial year Mr. J.M.A. van der Lof sold in total 10,888 (depositary receipts of) shares at an average stock price of \u20ac37.84, Mr. E.D.H. de Lange sold 8,174 (depositary receipts of) shares at a stock price of \u20ac37.84 and Mr. H. Voortman sold 7,874 (depositary receipts of) shares at a stock price of \u20ac37.84, 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 5,444, 4,087 and 3,937 (depositary receipts of) shares at a stock price of \u20ac37.84. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 130,035 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 80,099 (depositary receipts of) shares and Mr. H.J. Voortman owned 53,626 (depositary receipts of) shares at the end of 2025. Remuneration of the Executive Board and the Supervisory BoardThe Executive Board and the Supervisory Board are considered key management. Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the Group as a whole. The 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. The 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.Basic salary (TRI) Variable income (STI)Share plan (LTI)PensionPension compensationTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Executive Board2,017 1,953 289 288 1,272 874 108 111 438 408 4,122 3,634Supervisory Board345 335 345 335Total remuneration2,362 2,288 289 288 1,272 874 108 111 438 408 4,467 3,969",
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},
"pp-value-146-2": {
"value": "6 ASSOCIATES TKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2025 2024Speed Elektronik Vertrieb GmbHSchwelm Germany 25.0% 25.0% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd.MelbourneAustralia 49.0% 49.0% Smart Vision systemsSCS Wagram HoldingParis France 39.1% 39.1% Smart Connectivity systemsTKH has divested the activities of TKH France in 2023 to a private equity group. The activities have continued by the new established company SCS Wagram Holding in which TKH holds a minority interest. In 2025 there have no material transactions with SCS Wagram Holding. Reference is also made to note 33. 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.in thousands of eurosAssets LiabilitiesTurnoverNet resultOther com-prehensive incomeShare in result of associatesSummarized financial information 2025 of SCS Wagram Holding59,866 38,959 50,204 -1,663 -1,845Summarized financial information 2025 other associates6,815 412 2,401 286 274Summarized financial information 2024 of SCS Wagram Holding56,387 32,388 47,476 222 228Summarized financial information 2024 other associates6,425 449 2,115 10 21Movements in the associates are as follows:Associatesin thousands of euros2025 2024Balance at 1 January 29,738 35,987Share in result of associates-1,571 249Change in cash \ufb02ow hedge reserves-360Dividend received-30 -60Sale of a share interest-6,457Actuarial gains/(losses) from defined benefit plans-35Exchange differences-78 19Balance at 31 December 27,664 29,738In 2024 the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. has been divested.",
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"pp-value-146-3": {
"value": "6 ASSOCIATES TKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2025 2024Speed Elektronik Vertrieb GmbHSchwelm Germany 25.0% 25.0% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd.MelbourneAustralia 49.0% 49.0% Smart Vision systemsSCS Wagram HoldingParis France 39.1% 39.1% Smart Connectivity systemsTKH has divested the activities of TKH France in 2023 to a private equity group. The activities have continued by the new established company SCS Wagram Holding in which TKH holds a minority interest. In 2025 there have no material transactions with SCS Wagram Holding. Reference is also made to note 33. 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.in thousands of eurosAssets LiabilitiesTurnoverNet resultOther com-prehensive incomeShare in result of associatesSummarized financial information 2025 of SCS Wagram Holding59,866 38,959 50,204 -1,663 -1,845Summarized financial information 2025 other associates6,815 412 2,401 286 274Summarized financial information 2024 of SCS Wagram Holding56,387 32,388 47,476 222 228Summarized financial information 2024 other associates6,425 449 2,115 10 21Movements in the associates are as follows:Associatesin thousands of euros2025 2024Balance at 1 January 29,738 35,987Share in result of associates-1,571 249Change in cash \ufb02ow hedge reserves-360Dividend received-30 -60Sale of a share interest-6,457Actuarial gains/(losses) from defined benefit plans-35Exchange differences-78 19Balance at 31 December 27,664 29,738In 2024 the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. has been divested.12 NON-CONTROLLING INTERESTS THIRD PARTIES Some subsidiaries are or were not fully owned by TKH during the year at any time. These third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2025 2024 2025 2024Various non-controlling interests-73 -30 83 108",
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"pp-value-146-4": {
"value": "6 ASSOCIATES TKH owns direct or indirect the following relevant associates: Place Country Ownership and control Operating segmentName of associate2025 2024Speed Elektronik Vertrieb GmbHSchwelm Germany 25.0% 25.0% Smart Connectivity systemsCommend Australia Integrated Security and Communication Systems Pty Ltd.MelbourneAustralia 49.0% 49.0% Smart Vision systemsSCS Wagram HoldingParis France 39.1% 39.1% Smart Connectivity systemsTKH has divested the activities of TKH France in 2023 to a private equity group. The activities have continued by the new established company SCS Wagram Holding in which TKH holds a minority interest. In 2025 there have no material transactions with SCS Wagram Holding. Reference is also made to note 33. 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.in thousands of eurosAssets LiabilitiesTurnoverNet resultOther com-prehensive incomeShare in result of associatesSummarized financial information 2025 of SCS Wagram Holding59,866 38,959 50,204 -1,663 -1,845Summarized financial information 2025 other associates6,815 412 2,401 286 274Summarized financial information 2024 of SCS Wagram Holding56,387 32,388 47,476 222 228Summarized financial information 2024 other associates6,425 449 2,115 10 21Movements in the associates are as follows:Associatesin thousands of euros2025 2024Balance at 1 January 29,738 35,987Share in result of associates-1,571 249Change in cash \ufb02ow hedge reserves-360Dividend received-30 -60Sale of a share interest-6,457Actuarial gains/(losses) from defined benefit plans-35Exchange differences-78 19Balance at 31 December 27,664 29,738In 2024 the 12.5% interest in the associate Shin-Etsu (Jiangsu) Optical Preform Co. Ltd. has been divested.",
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"pp-value-136-1": {
"value": "5 RIGHT-OF-USE ASSETS TKH 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 27 years, while vehicles and other equipment generally have a duration of between 3 and 5 years.Land and buildingsMachinery and installations Other equipmentTotalin thousands of eurosNotes2025 2024 2025 2024 2025 2024 2025 2024Book value at 1 January 69,454 76,125 82 128 8,470 7,759 78,006 84,012Purchases12,825 10,422 55 29 3,651 5,079 16,531 15,530Acquisitions403 13 0 416Disposals-239 -446 -10 -182 -421 -456Reassesment3,072 4,639 143 3,072 4,782Depreciation26 -12,006 -12,514 -45 -65 -3,985 -3,815 -16,036 -16,394Impairments28 -2,708 -6,275 -1 -2,709 -6,275Exchange differences-1,243 496 -34 10 -1,277 506Reclassification from/to intangible assets4617 617 0Reclassification to assets held for sale34 -3,396 -719 0 -4,115Book value at 31 December 69,772 69,454 92 82 7,919 8,470 77,783 78,006The impairments relate to the vacancy of rented buildings in our Smart Vision systems segmentas a result of a too low occupancy and a slowdown in revenue growth from rented buildings. For the methodology applied, reference is made to the accounting policies and disclosures regarding impairment calculatons. In 2025, the costs related to variable lease payments that were not included in the lease obligation amounted to \u20ac2.6 million (2024: \u20ac3.6 million). The costs of leasing assets with a low value amounted to \u20ac0.2 million (2024: \u20ac0.2 million) and the costs of leases with a term of less than one year amounted to \u20ac2.6 million (2024: \u20ac2.2 million). There are no leases with a residual value guarantee and as at December 31, there are no significant 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 2025 was \u20ac25.6 million.18 NET INTEREST-BEARING DEBT Term Interest Amountin thousands of eurosNotes2025 2024Bank loans reported under non-current liabilities171.1-3.1 years Euribor + margin 487,607 542,965Long term lease liabilities (Right-of-use assets)171-27 years 3.4% 75,824 74,162Short term lease liabilities (Right-of-use assets)< 1 year 3.4% 13,225 13,563Borrowings reported under current liabilities< 1 yearEuribor/SOFR + margin96,669 76,707Cash and cash equivalents10< 1 yearEuribor/SOFR - margin-125,325 -125,629Net interest-bearing debt548,000 581,768The \u2018Short term lease liabilities\u2019 and \u2018Borrowings reported under current liabilities\u2019 are presented in the balance sheet under Current liabilities \u2013 Interest-bearing loans and borrowings. At year-end 2025, \u20ac70.4 million was deemed part of our daily cash management (2024: \u20ac63.3 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 1.6% (2024: 1.0% to 1.7%). The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The discount rate used for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 3.4%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. 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 euros2025 2024 2025 2024 2025 2024 2025 2024Balance at 1 January 76,707 61,810 541,673 497,060 87,725 87,154 706,105 646,024Cash \ufb02ows from financing activities21,597 15,849 -55,791 44,086 -34,194 59,935Payment of lease liabilities-20,187 -18,480 -20,187 -18,480Non-cash changes:- Acquisition of subsidiaries414 0 414- Reclassification to liabilities held for sale-4,200 0 -4,200- New leases and reassesments19,182 19,856 19,182 19,856- Amortized transaction costs608 527 608 527- Interest2,989 2,475 2,989 2,475- Effect of changes in exchange rates-1,635 -952 -660 506 -2,295 -446Balance at 31 December 96,669 76,707 486,490 541,673 89,049 87,725 672,208 706,105See note 20 for more details on the capital and liquidity risk.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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808",
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"pp-value-164-1": {
"value": "7 INVENTORIES in thousands of euros2025 2024Raw materials132,494 168,298Work in progress65,261 84,845Finished goods144,561 145,420Inventories342,316 398,563An amount of \u20ac736.7 million is reported in the statement of profit and loss for costs of raw materials, consumables and finished goods (2024: \u20ac665.5 million). A part of inventories is valued at lower net realisable amount. The book value of these written-down inventories is \u20ac50.2 million (2024: \u20ac62.7 million). The total write-down on inventories, based on aging analysis and sales statistics, in 2025 recognized in the statement of profit and loss is \u20ac8.1 million (2024: \u20ac3.7 million).",
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"pp-value-168-2": {
"value": "8 TRADE AND OTHER RECEIVABLES in thousands of eurosNotes2025 2024Trade accounts receivable224,412 223,654Loss allowance20 -5,159 -4,832Derivatives205,394 1,505Receivables from related parties33402 463Prepayments and accrued income14,050 13,915Other short-term receivables14,397 15,339Long-term receivables628 842Receivables254,124 250,886The amounts mentioned are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2025 receivables with an amount of \u20ac43.8 million are sold to a factoring company (2024: \u20ac43.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
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"pp-value-168-3": {
"value": "8 TRADE AND OTHER RECEIVABLES in thousands of eurosNotes2025 2024Trade accounts receivable224,412 223,654Loss allowance20 -5,159 -4,832Derivatives205,394 1,505Receivables from related parties33402 463Prepayments and accrued income14,050 13,915Other short-term receivables14,397 15,339Long-term receivables628 842Receivables254,124 250,886The amounts mentioned are expected to be settled within 12 months. The receivables are mainly held according to a 'held-to-collect' business model. For the other part TKH applies non-recourse factoring that transfers the ownership of the trade receivables and the associated risks to a factoring company. At the end of 2025 receivables with an amount of \u20ac43.8 million are sold to a factoring company (2024: \u20ac43.3 million) and were subsequently derecognized. The trade receivables are non-interest bearing and generally have a payment term between 14 and 90 days. Credit risk is further described in note 20.",
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"pp-value-176-1": {
"value": "9 CONTRACTS WITH CUSTOMERS The following table provides information on receivables, capitalized contract costs, contract assets and contract liabilities from contracts with customers.in thousands of euros2025 2024Trade accounts receivable224,412 223,654Contract assets198,467 165,861Contract liabilities-137,632 -176,645Refund liabilities from customer volume rebates-15,998 -14,171Contract costs5,549 10,325The 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 euros2025 2024 2025 2024Revenue recognized that was included in the contract liability balance at the beginning of the period176,645 176,130Increases due to cash received, excluding amounts recognized as revenue during the period-137,632 -176,645Transfers from contract assets recognized at the beginning of the period to receivables-165,861 -217,123Increases as a result of changes in the measure of progress198,467 165,861The 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 2025, amortization amounted to \u20ac10.9 million (2024: \u20ac10.5 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.in thousands of euros2025 2024Expected to be recognized as revenue within 1 year825,100 840,121Expected to be recognized as revenue between 1 and 2 years169,832 208,961Expected to be recognized as revenue after 2 years32,913 85,922Total1,027,845 1,135,004The table above shows the expected future revenue with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date.22 INFORMATION BY SEGMENT As announced on our Capital Markets Day in September 2025, TKH intends to accelerate its transition towards becoming a leading Automation company to drive further growth and capture value creation opportunities in the asset light Automation activities. Consequently, TKH will evaluate future ownership alternatives for its Electrification activities. The management structure and segment reporting of TKH in 2025 is still 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. For 2026 onwards we intend to report along the lines of the Automation/Electrification segments. Smart Technology segmentationOperating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024Geographic segmentsNetherlands46,320 43,530 10,781 32,006 355,347 337,838 27 81 412,475 413,454Europe (other)199,582 207,128 137,154 160,358 292,820 226,229 32 629,556 593,747Asia129,454 106,852 240,378 227,147 46,718 34,729 416,550 368,728North America123,849 109,318 124,221 133,987 7,937 8,102 19 17 256,026 251,424Other18,121 15,044 8,508 51,849 19,931 18,488 46,560 85,382External turnover517,326 481,872 521,042 605,347 722,753 625,386 46 130 1,761,167 1,712,735Inter-segment5,320 7,725 1,580 3,496 6,078 6,514 -12,978 -17,735 0 0Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Timing of revenue recognitionRevenue at a point-in-time457,711439,31383,18995,412507,846491,40518181,048,7641,026,148Revenue over time58,49338,673437,783509,759214,001133,524-1-1710,276681,955Inter-segment5,3207,7251,5803,4966,0786,514-12,978-17,73500Revenues from contracts with customers521,524 485,711 522,552 608,667 727,925 631,443 -12,961 -17,718 1,759,040 1,708,103Other revenues1,1223,88670176906457291132,1274,632Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Raw materials, consumables, trade products and subcontracted work198,620192,853238,944295,491437,447353,738-12,793-17,853862,218824,229Added value324,026296,744283,678313,352291,384278,162-139248898,949888,506Added value in %62.0%60.6%54.3%51.5%40.0%44.0%51.0%51.9%Personnel expenses164,667 155,036 139,605 153,206 159,275 146,406 21,514 19,577 485,061 474,225Other operating expenses48,552 47,438 33,686 34,731 81,196 75,953 -643 239 162,791 158,361Adjusted EBITDA110,807 94,270 110,387 125,415 50,913 55,803 -21,010 -19,569 251,097 255,919Depreciation17,103 16,538 9,145 9,302 33,922 24,883 1,446 1,280 61,616 52,003Adjusted EBITA93,704 77,732 101,242 116,113 16,991 30,920 -22,456 -20,849 189,481 203,916Return on Sales (ROS)17.9% 15.9% 19.4% 19.1% 2.3% 4.9% 10.8% 11.9%Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024One-off income and expenses1,047 2,639 -916 12,838 513 3,830 844 16,799 3,996Amortization43,900 42,951 10,794 11,593 6,098 6,251 202 13 60,994 60,808Impairments4,252 6,298 1,033 434 3,374 1,772 8,659 8,504Segment operating result 44,50525,844 90,331 104,086 -5,319 22,384 -26,488 -21,706 103,029 130,608Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions45,079 74,965 30,893 28,647 67,338 110,418 1,509 3,322 144,819 217,352Employees (FTE)2,103 2,122 1,770 1,751 2,312 2,297 119 119 6,304 6,289Balance sheetAssets767,165822,900433,407404,627888,048895,09336,08633,7862,124,7062,156,406Assets held for sale27,197027,197Associates2,6912,67124,97027,0653227,66429,738Total assets769,856 825,571 433,407 431,824 913,018 922,158 36,089 33,788 2,152,370 2,213,341Total liabilities197,605 194,929 269,570 317,436 228,254 208,686 557,111 609,311 1,252,540 1,330,362Capital employed previous year595,111574,414100,359163,169654,601544,56630,01720,9451,380,0881,303,094Capital employed current year538,150595,111149,970100,359646,475654,60126,43730,0171,361,0321,380,088Return on Capital Employed (ROCE)16.5%13.3%80.9%88.1%2.6%5.2%13.8%15.2%The executive board of TKH reviews segment profitability based on segment adjusted EBITDA and adjusted EBITA. From the \u20ac16.8 million one-off income and expenses, \u20ac11.6 million relates to Raw materials, consumables, trade products and subcontracted work, the remainder relates to other components of the operating expenses. Reference is also made to the \u2018Alternative performance measures\u2019 as included in the Other information. 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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"language": "en",
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"pp-value-176-2": {
"value": "9 CONTRACTS WITH CUSTOMERS The following table provides information on receivables, capitalized contract costs, contract assets and contract liabilities from contracts with customers.in thousands of euros2025 2024Trade accounts receivable224,412 223,654Contract assets198,467 165,861Contract liabilities-137,632 -176,645Refund liabilities from customer volume rebates-15,998 -14,171Contract costs5,549 10,325The 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 euros2025 2024 2025 2024Revenue recognized that was included in the contract liability balance at the beginning of the period176,645 176,130Increases due to cash received, excluding amounts recognized as revenue during the period-137,632 -176,645Transfers from contract assets recognized at the beginning of the period to receivables-165,861 -217,123Increases as a result of changes in the measure of progress198,467 165,861The 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 2025, amortization amounted to \u20ac10.9 million (2024: \u20ac10.5 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.in thousands of euros2025 2024Expected to be recognized as revenue within 1 year825,100 840,121Expected to be recognized as revenue between 1 and 2 years169,832 208,961Expected to be recognized as revenue after 2 years32,913 85,922Total1,027,845 1,135,004The table above shows the expected future revenue with respect to contractual performance obligations that have not yet (or partially) been satisfied at balance sheet date.22 INFORMATION BY SEGMENT As announced on our Capital Markets Day in September 2025, TKH intends to accelerate its transition towards becoming a leading Automation company to drive further growth and capture value creation opportunities in the asset light Automation activities. Consequently, TKH will evaluate future ownership alternatives for its Electrification activities. The management structure and segment reporting of TKH in 2025 is still 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. For 2026 onwards we intend to report along the lines of the Automation/Electrification segments. Smart Technology segmentationOperating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024Geographic segmentsNetherlands46,320 43,530 10,781 32,006 355,347 337,838 27 81 412,475 413,454Europe (other)199,582 207,128 137,154 160,358 292,820 226,229 32 629,556 593,747Asia129,454 106,852 240,378 227,147 46,718 34,729 416,550 368,728North America123,849 109,318 124,221 133,987 7,937 8,102 19 17 256,026 251,424Other18,121 15,044 8,508 51,849 19,931 18,488 46,560 85,382External turnover517,326 481,872 521,042 605,347 722,753 625,386 46 130 1,761,167 1,712,735Inter-segment5,320 7,725 1,580 3,496 6,078 6,514 -12,978 -17,735 0 0Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Timing of revenue recognitionRevenue at a point-in-time457,711439,31383,18995,412507,846491,40518181,048,7641,026,148Revenue over time58,49338,673437,783509,759214,001133,524-1-1710,276681,955Inter-segment5,3207,7251,5803,4966,0786,514-12,978-17,73500Revenues from contracts with customers521,524 485,711 522,552 608,667 727,925 631,443 -12,961 -17,718 1,759,040 1,708,103Other revenues1,1223,88670176906457291132,1274,632Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Raw materials, consumables, trade products and subcontracted work198,620192,853238,944295,491437,447353,738-12,793-17,853862,218824,229Added value324,026296,744283,678313,352291,384278,162-139248898,949888,506Added value in %62.0%60.6%54.3%51.5%40.0%44.0%51.0%51.9%Personnel expenses164,667 155,036 139,605 153,206 159,275 146,406 21,514 19,577 485,061 474,225Other operating expenses48,552 47,438 33,686 34,731 81,196 75,953 -643 239 162,791 158,361Adjusted EBITDA110,807 94,270 110,387 125,415 50,913 55,803 -21,010 -19,569 251,097 255,919Depreciation17,103 16,538 9,145 9,302 33,922 24,883 1,446 1,280 61,616 52,003Adjusted EBITA93,704 77,732 101,242 116,113 16,991 30,920 -22,456 -20,849 189,481 203,916Return on Sales (ROS)17.9% 15.9% 19.4% 19.1% 2.3% 4.9% 10.8% 11.9%Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024One-off income and expenses1,047 2,639 -916 12,838 513 3,830 844 16,799 3,996Amortization43,900 42,951 10,794 11,593 6,098 6,251 202 13 60,994 60,808Impairments4,252 6,298 1,033 434 3,374 1,772 8,659 8,504Segment operating result 44,50525,844 90,331 104,086 -5,319 22,384 -26,488 -21,706 103,029 130,608Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions45,079 74,965 30,893 28,647 67,338 110,418 1,509 3,322 144,819 217,352Employees (FTE)2,103 2,122 1,770 1,751 2,312 2,297 119 119 6,304 6,289Balance sheetAssets767,165822,900433,407404,627888,048895,09336,08633,7862,124,7062,156,406Assets held for sale27,197027,197Associates2,6912,67124,97027,0653227,66429,738Total assets769,856 825,571 433,407 431,824 913,018 922,158 36,089 33,788 2,152,370 2,213,341Total liabilities197,605 194,929 269,570 317,436 228,254 208,686 557,111 609,311 1,252,540 1,330,362Capital employed previous year595,111574,414100,359163,169654,601544,56630,01720,9451,380,0881,303,094Capital employed current year538,150595,111149,970100,359646,475654,60126,43730,0171,361,0321,380,088Return on Capital Employed (ROCE)16.5%13.3%80.9%88.1%2.6%5.2%13.8%15.2%The executive board of TKH reviews segment profitability based on segment adjusted EBITDA and adjusted EBITA. From the \u20ac16.8 million one-off income and expenses, \u20ac11.6 million relates to Raw materials, consumables, trade products and subcontracted work, the remainder relates to other components of the operating expenses. Reference is also made to the \u2018Alternative performance measures\u2019 as included in the Other information. 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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"pp-value-201-4": {
"value": "13 OTHER PROVISIONS The 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 euros2025 2024Other long-term provisions 11,816 13,093Other short-term provisions 16,188 19,824Other provisions 28,004 32,917The breakdown and movement of the other provisions is as follows: in thousands of eurosWarrantyEmployee liabilitiesOnerous contracts DismantlingOtherTotalBalance at 31 December 202410,645 3,933 4,539 4,911 8,889 32,917Additions5,353 167 2,756 244 2,139 10,659Releases-1,765 -503 -2,835 -1,974 -7,077Utilized-1,469 -78 -2,222 -3,662 -7,431Other reclassifications-450 -450Exchange differences-175 -13 -253 -12 -161 -614Balance at 31 December 202512,589 3,506 1,985 5,143 4,781 28,004Provision 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, consumables, 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 1,935 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 1,500 companies and 350,000 participants and PMT approximately34,000 companies and 1,300,000 participants. The pension rights of each employee are basedupon 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:2025 2024coverage ratio of PME120.1% 112.7%coverage ratio of PMT115.3% 108.5%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 2025 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, 8 years at December 31, 2025. 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: 2025 2024Discount rate before tax3.7%-4.0% 3.2%-3.4%General percentage salary increase2.1% 2.5%in thousands of euros2025 2024Present value of the defined benefit obligations2,630 3,070Fair value of the plan assets0 0Net pension obligation2,630 3,070The amounts above are recognized in the balance sheet with respect to all defined benefit plans.",
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"pp-value-201-5": {
"value": "13 OTHER PROVISIONS The 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 euros2025 2024Other long-term provisions 11,816 13,093Other short-term provisions 16,188 19,824Other provisions 28,004 32,917The breakdown and movement of the other provisions is as follows: in thousands of eurosWarrantyEmployee liabilitiesOnerous contracts DismantlingOtherTotalBalance at 31 December 202410,645 3,933 4,539 4,911 8,889 32,917Additions5,353 167 2,756 244 2,139 10,659Releases-1,765 -503 -2,835 -1,974 -7,077Utilized-1,469 -78 -2,222 -3,662 -7,431Other reclassifications-450 -450Exchange differences-175 -13 -253 -12 -161 -614Balance at 31 December 202512,589 3,506 1,985 5,143 4,781 28,004Provision 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, consumables, 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.21CONTINGENT LIABILITIES Framework 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 euros2025 2024Bank guarantees provided to third parties199,489 162,010Corporate guarantees provided to banks29,698 11,958Purchase obligations arising from orders for property plant and equipment9,627 15,643The 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-188-2": {
"value": "10 CASH AND CASH EQUIVALENTS in thousands of eurosNotes2025 2024Cash and bank balances125,325125,629Cash at companies assets held for sale1,650Cash and bank balances as included in the cash \ufb02ow statement125,325 127,279Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand. During 2025, TKH reassessed and refined the presentation of cash and current borrowings in the consolidated cash \ufb02ow statement. It was assessed that in recent years our credit facilities have evolved from mostly cash pool related towards facilities with a strong financing component. Although a part of the credit facilities are still used as part of daily cash management, throughout the year the sum of the specific current borrowings does not \ufb02uctuate between positive and overdrawn balances anymore. These characteristics indicate that the borrowings should be presented as a component of financing activities in the cash \ufb02ow statement. To facilitate comparability, the comparative cash \ufb02ow statement for 2024 has been adjusted to classify movements in these current borrowings within financing activities. This includes an additional cash \ufb02ow from financing activities related to proceeds from current borrowings for an amount of \u20ac38.8 million. This adjustment affects presentation only and has no impact on equity, profit for the year, total assets, or total liabilities.18 NET INTEREST-BEARING DEBT 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 euros2025 2024 2025 2024 2025 2024 2025 2024Balance at 1 January 76,707 61,810 541,673 497,060 87,725 87,154 706,105 646,024Cash \ufb02ows from financing activities21,597 15,849 -55,791 44,086 -34,194 59,935Payment of lease liabilities-20,187 -18,480 -20,187 -18,480Non-cash changes:- Acquisition of subsidiaries414 0 414- Reclassification to liabilities held for sale-4,200 0 -4,200- New leases and reassesments19,182 19,856 19,182 19,856- Amortized transaction costs608 527 608 527- Interest2,989 2,475 2,989 2,475- Effect of changes in exchange rates-1,635 -952 -660 506 -2,295 -446Balance at 31 December 96,669 76,707 486,490 541,673 89,049 87,725 672,208 706,105See note 20 for more details on the capital and liquidity risk.35 NON-CASH TRANSACTIONS There were no material non-cash transactions, besides lease transactions as mentioned in note 5.",
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"pp-value-188-3": {
"value": "10 CASH AND CASH EQUIVALENTS in thousands of eurosNotes2025 2024Cash and bank balances125,325125,629Cash at companies assets held for sale1,650Cash and bank balances as included in the cash \ufb02ow statement125,325 127,279Cash and cash equivalents consist of cash and bank balances and deposits that are direct available on demand. During 2025, TKH reassessed and refined the presentation of cash and current borrowings in the consolidated cash \ufb02ow statement. It was assessed that in recent years our credit facilities have evolved from mostly cash pool related towards facilities with a strong financing component. Although a part of the credit facilities are still used as part of daily cash management, throughout the year the sum of the specific current borrowings does not \ufb02uctuate between positive and overdrawn balances anymore. These characteristics indicate that the borrowings should be presented as a component of financing activities in the cash \ufb02ow statement. To facilitate comparability, the comparative cash \ufb02ow statement for 2024 has been adjusted to classify movements in these current borrowings within financing activities. This includes an additional cash \ufb02ow from financing activities related to proceeds from current borrowings for an amount of \u20ac38.8 million. This adjustment affects presentation only and has no impact on equity, profit for the year, total assets, or total liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-192-1": {
"value": "11 EQUITY The group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company financial statements.Authorized capital2025 2024x1,000 \u20ac'000 \u20ac'000The authorized capital consists of:Ordinary shares 59,984Cumulative preference financing shares10,000Convertible cumulative preference financing shares10,000Cumulative preference protective shares60,000Each nominal \u20ac0.25139,984 34,996 34,996Priority share4Each nominal \u20ac1.0044 4 Authorized capital35,000 35,000Of which not issued24,446 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, 2024 amounted to 39,877,080. Due to the exercise of options rights and share schemes, a balance of 6,934 (depositary receipts of) shares were sold in 2025. As a result, the number of (depositary receipts of) shares outstanding with third parties as per December 31, 2025 was 39,884,014. The amount of own shares held by TKH amounts to 2,318,415 per 31 December 2025, which represents 5.49% (2024: 5.51%) 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-192-2": {
"value": "11 EQUITY The group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company financial statements.Authorized capital2025 2024x1,000 \u20ac'000 \u20ac'000The authorized capital consists of:Ordinary shares 59,984Cumulative preference financing shares10,000Convertible cumulative preference financing shares10,000Cumulative preference protective shares60,000Each nominal \u20ac0.25139,984 34,996 34,996Priority share4Each nominal \u20ac1.0044 4 Authorized capital35,000 35,000Of which not issued24,446 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, 2024 amounted to 39,877,080. Due to the exercise of options rights and share schemes, a balance of 6,934 (depositary receipts of) shares were sold in 2025. As a result, the number of (depositary receipts of) shares outstanding with third parties as per December 31, 2025 was 39,884,014. The amount of own shares held by TKH amounts to 2,318,415 per 31 December 2025, which represents 5.49% (2024: 5.51%) 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 euros2025 2024Capitalized development costs114,298 107,730Legal reserve for participations9,205 12,668Legal reserve123,503 120,398The legal reserve is not available for distribution to the company\u2019s shareholders. Both of the abovementioned legal reserves relate to participations. The legal reserve for Capitalized development costs is net of tax.Revaluation reservesThe revaluation reserves are not available for distribution to the company\u2019s shareholders.Hedging and translation reserveThe hedging and translation reserves are legal reserves and not available for distribution to the company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-192-3": {
"value": "11 EQUITY The group equity is disclosed in the Consolidated statement of changes in group equity and in note 8 of the company 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 euros2025 2024Capitalized development costs114,298 107,730Legal reserve for participations9,205 12,668Legal reserve123,503 120,398The legal reserve is not available for distribution to the company\u2019s shareholders. Both of the abovementioned legal reserves relate to participations. The legal reserve for Capitalized development costs is net of tax.Revaluation reservesThe revaluation reserves are not available for distribution to the company\u2019s shareholders.Hedging and translation reserveThe hedging and translation reserves are legal reserves and not available for distribution to the company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-195-2": {
"value": "12 NON-CONTROLLING INTERESTS THIRD PARTIES Some subsidiaries are or were not fully owned by TKH during the year at any time. These third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2025 2024 2025 2024Various non-controlling interests-73 -30 83 108",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-195-3": {
"value": "12 NON-CONTROLLING INTERESTS THIRD PARTIES Some subsidiaries are or were not fully owned by TKH during the year at any time. These third party non-controlling interests are not significant:Result non-controlling interestsCumulative non-controlling interests2025 2024 2025 2024Various non-controlling interests-73 -30 83 108",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-220-5": {
"value": "14 OTHER FINANCIAL LIABILITIES The movement of the financial liabilities is as follows:in thousands of eurosEarn-outPut options of holders of non-control-ling interests TotalBalance at 31 December 20245,309 455 5,764Payment settlements-56 -56Change in fair value through the profit and loss account-713 -155 -868Balance at 31 December 20254,540 300 4,840The amount with a term shorter than 1 year is \u20ac 1.8 million (2024: \u20ac 1.9 million). The remainder has a term between 1 and 5 years.Earn-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 subsidiaryPercentage Option exercisable as fromEFB Nordics A/S10.0% 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 2025 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 \u20ac0.1 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-234-1": {
"value": "15 DEFERRED TAX The deferred tax assets and liabilities relate to the following items of which the movements are also shown: in thousands of eurosProperty, plant and equipment and leasesIntangible assets and goodwillInventories and construction contracts Provisions Unusedtax losses and creditsFinancial instrumentsUndistributed intragroup profitsOther TotalBalance at 1 January 2024-1,779 -53,203 -4,786 339 14,007 170 -2,860 6,214 -41,898(Charge)/credit to other comprehensive income59484543(Charge)/credit to profit or loss-416-2,649-7806473,218421,2304,2625,554Reclassification to assets held for sale1,342-3,591-101-2,350Reclassification to current income tax liabilities-178-178Acquisitions-3,707 -3,707Balance at 31 December 2024-2,195 -58,217 -5,566 867 13,634 696 -1,630 10,375 -42,036(Charge)/credit to other comprehensive income-89 -1,909 -1,998(Charge)/credit to profit or loss4,491 8,270 -614 232 -1,910 -90 623 -5,016 5,986Reclassification to current income tax liabilities-424 -424Adjustment valuation through goodwill for prior year acquisition1,471 1,471Balance at 31 December 20252,296 -48,476 -6,180 586 11,724 -1,303 -1,007 5,359 -37,001Certain 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 euros2025 2024Deferred tax assets stated under non-current assets16,797 16,949Deferred tax liabilities stated under non-current liabilities-53,798 -58,985Deferred taxes-37,001 -42,036TKH has unused tax losses and tax credtis resulting from carry forward interest expenses (ATAD 1) 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 euros2025 2024Term infinite54,928 58,106Term longer than 10 years9,086 11,118Term between the 5 and 10 years0 0Term shorter than 5 years478 451Unrecognized tax losses and credits64,492 69,675The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses and/or tax credits as deferred tax assets. On this basis, TKH has determined that it cannot recognize deferred tax assets on the tax losses and /or tax credits carried forward. The unrecognized unused tax losses and tax credits represent a value of \u20ac16.6 million at the end of 2025 (2024: \u20ac17.9 million) based on the applicable tax rates. TKH has valued tax deductible losses and/or tax credits, 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 and/or tax credits 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 TAX The taxes that are included directly in the statement of other comprehensive income are shown below.in thousands of eurosNotes2025 2024Current tax25,023 28,713Adjustments for previous years-2,267 841Deferred tax15-5,986 -5,554Total tax on result16,770 24,000in thousands of eurosNotes2025 2024Deferred taxes on revaluation of cash \ufb02ow hedges151,909-484Deferred taxes on actuarial gains and losses1589-59Total tax on other comprehensive income1,998 -543The 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)2025 2024Result before tax111,068 123,531Tax calculated at the Dutch tax rate 28,656 25.8% 31,871 25.8%Correction due to tax effect for:Tax participation exemption-8,325 -7.5% -4,748 -3.8%Non-deductible expenses2,355 2.1% 2,278 1.8%Non-taxable income-25 0.0% -107 -0.1%Advantages from tax facilities-6,615 -6.0% -6,989 -5.7%Write off / recognition of deferred taxes-613 -0.6% -908 -0.7%(Recognition)/derecognition of deferred tax asset for unused tax losses485 0.4% 2,130 1.7%Settlement of income tax returns for previous years -2,267 -2.0% 841 0.7%Differences in tax rates for foreign subsidiaries 3,163 2.8% -214 -0.2%Change in statutory tax rate-15 0.0% -131 -0.1%Other tax benefits-29 0.1% -23 0.0%Tax on result and effective tax rate16,770 15.1% 24,000 19.4%The effective tax rate decreased compared to last year. The following elements are worth noting:\u2022A significant decreasing effect of the effective tax rate is resulting from the application of the Dutch participation exemption on the divestment of the shareholding in the Dewetron group that took place during 2025. When this would be normalized for the divestment of the Dewetron group, the effective tax rate would be approx. 23.4%\u2022The non-deductible expenses include regular items such as non-deductible personnel expenses and share based payments, but also the non-deductible interest as a result of the earning stripping rules in the Netherlands is included in this amount.\u2022 The benefits from tax R&D facilities decrease the effective tax rate and during 2025 these benefits decreased. The R&D facilities mainly relate to the Netherlands (innovation box), Austria, Belgium, Canada and China.\u2022 The recognition of a deferred tax liability for withholding taxes had in 2025 a reducing impact on the effective tax rate. \u2022 The settlement of income tax returns for previous years is reducing the effective tax rate, which includes amongst others prior year benefits in the Netherlands. \u2022 Differences in tax rates for foreign subsidiaries caused on balance a higher effective tax rate. This applies to local taxation at the level of our subsidiaries in Germany, Italy, France and USA as well as to withholding taxes incurred as a result of dividend distributions.TKH submits an annual Country-by-Country (CbC) report to the Dutch Tax and Customs Administration. This report is made available through the appropriate channels to the tax authorities of the countries in which TKH operates. As from financial year 2025, TKH will also publish a public Country-by-Country report, following the EU directive on this topic. This report will be made public separately in 2026 on TKH\u2019s website. In addition, TKH is subject to the so-called Mandatory Disclosure Rules (DAC6), which require TKH, and its advisors involved, to report selected cross-border tax arrangements. During the period under review, two reportable arrangements were disclosed.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. In this context, the group neither recognizes nor discloses 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).TKH has assessed the impact of Pillar Two on its financial position, whereby the initial focus is on the Transitional CbCR Safe Harbour rules. The Transitional CbCR Safe Harbour rules are a short-term measure to exclude a group\u2019s operations in lower-risk countries from the compliance obligation of preparing full Pillar Two calculations. Last year, based on the safe harbour assessment, two jurisdictions had an effective tax rate lower than 15% and consequently fell out of the Transitional CbCR Safe Harbour rules. Based on a more detailed assessment it was determined that this will not lead to any top-up tax under the full Pillar Two computations.For the current year, three additional countries are expected to fall out of the Transitional CbCR Safe Harbour rules. Together with the jurisdictions that fell out last year, which are not able to invoke the Transitional CbCR Safe Harbour anymore due to the so-called \u201conce-out- always-out\u201d approach, there are in totalfive jurisdictions that are not able to invoke the Transitional CbCR Safe Harbour in 2025. These jurisdictions have been assessed in more detail. Pursuant to the assessment performed, these jurisdictions are not expected to result in any (material) impact on the financial position of the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-234-2": {
"value": "15 DEFERRED TAX The deferred tax assets and liabilities relate to the following items of which the movements are also shown: in thousands of eurosProperty, plant and equipment and leasesIntangible assets and goodwillInventories and construction contracts Provisions Unusedtax losses and creditsFinancial instrumentsUndistributed intragroup profitsOther TotalBalance at 1 January 2024-1,779 -53,203 -4,786 339 14,007 170 -2,860 6,214 -41,898(Charge)/credit to other comprehensive income59484543(Charge)/credit to profit or loss-416-2,649-7806473,218421,2304,2625,554Reclassification to assets held for sale1,342-3,591-101-2,350Reclassification to current income tax liabilities-178-178Acquisitions-3,707 -3,707Balance at 31 December 2024-2,195 -58,217 -5,566 867 13,634 696 -1,630 10,375 -42,036(Charge)/credit to other comprehensive income-89 -1,909 -1,998(Charge)/credit to profit or loss4,491 8,270 -614 232 -1,910 -90 623 -5,016 5,986Reclassification to current income tax liabilities-424 -424Adjustment valuation through goodwill for prior year acquisition1,471 1,471Balance at 31 December 20252,296 -48,476 -6,180 586 11,724 -1,303 -1,007 5,359 -37,001Certain 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 euros2025 2024Deferred tax assets stated under non-current assets16,797 16,949Deferred tax liabilities stated under non-current liabilities-53,798 -58,985Deferred taxes-37,001 -42,036TKH has unused tax losses and tax credtis resulting from carry forward interest expenses (ATAD 1) 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 euros2025 2024Term infinite54,928 58,106Term longer than 10 years9,086 11,118Term between the 5 and 10 years0 0Term shorter than 5 years478 451Unrecognized tax losses and credits64,492 69,675The subsidiaries neither have any taxable temporary difference nor any tax planning opportunities available that could partly support the recognition of these losses and/or tax credits as deferred tax assets. On this basis, TKH has determined that it cannot recognize deferred tax assets on the tax losses and /or tax credits carried forward. The unrecognized unused tax losses and tax credits represent a value of \u20ac16.6 million at the end of 2025 (2024: \u20ac17.9 million) based on the applicable tax rates. TKH has valued tax deductible losses and/or tax credits, 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 and/or tax credits are based on financial forecasts supported by a profitable order book. It should be noted that these deductible losses often originate from the start-up period of new activities and/or innovations.",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "16 PENSIONS Defined 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 contri-bution 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 2025 related to the defined contribution plans amounts to \u20ac21.5 million (2024: \u20ac21.6 million). The industry pension plans are included in this pension expense. TKH expects for 2026 a pension expense of \u20ac21.7 million for all defined contribution plans, of which about \u20ac14.2 million relates to industry pension schemes.Defined benefit plansMulti-employer union plansIn the Netherlands 1,935 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 1,500 companies and 350,000 participants and PMT approximately34,000 companies and 1,300,000 participants. The pension rights of each employee are basedupon 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:2025 2024coverage ratio of PME120.1% 112.7%coverage ratio of PMT115.3% 108.5%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 2025 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, 8 years at December 31, 2025. 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: 2025 2024Discount rate before tax3.7%-4.0% 3.2%-3.4%General percentage salary increase2.1% 2.5%in thousands of euros2025 2024Present value of the defined benefit obligations2,630 3,070Fair value of the plan assets0 0Net pension obligation2,630 3,070The amounts above are recognized in the balance sheet with respect to all defined benefit plans.23 PERSONNEL EXPENSES in thousands of euros2025 2024Wages and salaries385,247 377,026Share-based payments4,419 4,425Social insurance contributions64,642 63,869Pension costs 21,769 21,998Temporary labor30,979 29,812Capitalized development costs-38,926 -40,888Other personnel expenses19,263 21,376Personnel expenses487,393 477,618The personell expenses include an one-off expense related to restructurings of \u20ac2.3 million (2024: \u20ac3.2 million).",
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"pp-value-269-2": {
"value": "17 NON-CURRENT LIABILITIES in thousands of eurosNotes2025 2024Debts to credit institutions18 487,607 542,965To be amortized transaction costs for the credit facility-1,117 -1,292Long term lease liabilities (Right-of-use assets)75,824 74,162Other non-current liabilities3,285 4,250Interest-bearing loans and borrowings565,599 620,085The 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 1.6%. 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. The other non-current liabilities mainly relate to other external financing. The decrease in the year is due to repayments, there were no new financings.18 NET INTEREST-BEARING DEBT Term Interest Amountin thousands of eurosNotes2025 2024Bank loans reported under non-current liabilities171.1-3.1 years Euribor + margin 487,607 542,965Long term lease liabilities (Right-of-use assets)171-27 years 3.4% 75,824 74,162Short term lease liabilities (Right-of-use assets)< 1 year 3.4% 13,225 13,563Borrowings reported under current liabilities< 1 yearEuribor/SOFR + margin96,669 76,707Cash and cash equivalents10< 1 yearEuribor/SOFR - margin-125,325 -125,629Net interest-bearing debt548,000 581,768The \u2018Short term lease liabilities\u2019 and \u2018Borrowings reported under current liabilities\u2019 are presented in the balance sheet under Current liabilities \u2013 Interest-bearing loans and borrowings. At year-end 2025, \u20ac70.4 million was deemed part of our daily cash management (2024: \u20ac63.3 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 1.6% (2024: 1.0% to 1.7%). The material subsidiaries are guarantor for the obtained financing from credit institutions. No special securities were provided. The discount rate used for lease liabilities differ per right-of-use asset, duration and country with a weighted average of 3.4%. The obligations arising from leasing are guaranteed by the lessor's property right on the leased assets. 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 euros2025 2024 2025 2024 2025 2024 2025 2024Balance at 1 January 76,707 61,810 541,673 497,060 87,725 87,154 706,105 646,024Cash \ufb02ows from financing activities21,597 15,849 -55,791 44,086 -34,194 59,935Payment of lease liabilities-20,187 -18,480 -20,187 -18,480Non-cash changes:- Acquisition of subsidiaries414 0 414- Reclassification to liabilities held for sale-4,200 0 -4,200- New leases and reassesments19,182 19,856 19,182 19,856- Amortized transaction costs608 527 608 527- Interest2,989 2,475 2,989 2,475- Effect of changes in exchange rates-1,635 -952 -660 506 -2,295 -446Balance at 31 December 96,669 76,707 486,490 541,673 89,049 87,725 672,208 706,105See note 20 for more details on the capital and liquidity risk.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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808",
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"pp-value-287-2": {
"value": "19 TRADE AND OTHER PAYABLES in thousands of eurosNotes2025 2024Trade creditors180,471 177,145Advance receipts10,454 4,040Other taxes and social insurance contributions30,409 28,444Derivatives20181 4,290Refund liabilities from customer volume rebates915,998 14,171Amounts due to personnel55,597 53,687Other payables and accruals48,753 45,907Trade payables and other payables341,863 327,684The other payables and accruals relate to, among others, commissions, as well as accruals for invoices to be received. At the end of 2025, a number of suppliers (mainly copper and aluminium suppliers) made use of supply chain finance (reversed factoring) for a total of \u20ac35.5 million (2024: \u20ac39.4 million), which is recognized as trade payables and under the bank covenants with the banks not regarded as financial indebtedness. Of this amount about 79% was already paid by finance providers (mostly concentrated at one provider) towards suppliers at the end of 2025. The supply chain finance program enables included suppliers to collect their invoices at an earlier date than based on regular payment terms. The payment terms under this program are between 45 and 120 days, with a weighted average of about 105 days. This is in the upper (longest) range of the payment terms TKH has with non-included suppliers, alltough there are no material comparable amongst those. Reference is also made to note 20 regarding liquidity risk. ",
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"value": "19 TRADE AND OTHER PAYABLES in thousands of eurosNotes2025 2024Trade creditors180,471 177,145Advance receipts10,454 4,040Other taxes and social insurance contributions30,409 28,444Derivatives20181 4,290Refund liabilities from customer volume rebates915,998 14,171Amounts due to personnel55,597 53,687Other payables and accruals48,753 45,907Trade payables and other payables341,863 327,684The other payables and accruals relate to, among others, commissions, as well as accruals for invoices to be received. At the end of 2025, a number of suppliers (mainly copper and aluminium suppliers) made use of supply chain finance (reversed factoring) for a total of \u20ac35.5 million (2024: \u20ac39.4 million), which is recognized as trade payables and under the bank covenants with the banks not regarded as financial indebtedness. Of this amount about 79% was already paid by finance providers (mostly concentrated at one provider) towards suppliers at the end of 2025. The supply chain finance program enables included suppliers to collect their invoices at an earlier date than based on regular payment terms. The payment terms under this program are between 45 and 120 days, with a weighted average of about 105 days. This is in the upper (longest) range of the payment terms TKH has with non-included suppliers, alltough there are no material comparable amongst those. Reference is also made to note 20 regarding liquidity risk. ",
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"pp-value-293-5": {
"value": "20 FINANCIAL INSTRUMENTS AND RISKS GeneralThe 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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808Interest 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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
"dimensions": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-296-5": {
"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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-296-6": {
"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 \u20ac625 million multicurrency committed credit facility, consisting of a revolving credit facility (\u201cRCF\u201d) of \u20ac500 million and a term loan of \u20ac125 million. The revolving credit facility of \u20ac500 million has a remaining maturity of 4.1 years. In 2025 TKH has signed a new term loan of \u20ac200 million, which replaced the former term loan of \u20ac125 million. The term loan of \u20ac200 million has a maturity till mid-February 2027 with an extension option for 1 year. A sustainability-linked adjustment will provide for a maximum discount or premium of 2.5 basis points on the credit margin. Next to the committed facility, there are uncommitted facilities with several banks for a total of \u20ac457 million (2024: \u20ac304 million). TKH has per December 31, 2025 unused available committed credit facilities of \u20ac215 million (2024: \u20ac85 million) and unused available uncommitted credit facilities for a total of \u20ac204 million (2024: \u20ac93 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 31-12-2025Realization 31-12-2024Net debt compared to EBITDA (debt leverage ratio)< 3.0 1.9 2.0The 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 2025 and has no indication that it will have difficulty complying with this covenant in the 12 months after reporting date.The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2025 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities3.7% 4,559 13,677 522,917 541,153 487,607Lease liabilities (Right-of-use assets)3.4% 5,327 11,828 41,604 51,162 109,921 89,049Financial liabilities1.5%1,8393,2515,0904,840Borrowings reported under current liabilities3.7% 96,744 96,744 96,669Trade creditors162,42418,047180,471180,471Other payables excluding derivatives64,751 64,751 64,751Interest rate swaps (derivatives)3510633547612Foreign currency forward contracts (derivatives)8,3411,61581010,766-198Commodities (derivatives)-3,483 -1,393 -152 -5,028 -5,028Financial liabilities96,744 241,954 45,719 568,765 51,162 1,004,344 918,173The following table provides an overview of the liquidity risk for the financial liabilities of TKH at the end of 2024 based on agreed repayment periods:in thousands of eurosAverage interestPayable on demand <3 months>3 months <1 year 1-5 years>5 yearsContractual cash \ufb02ows Book valueBank loans reported under non-current liabilities4.4% 5,973 17,918 602,118 626,009 542,965Lease liabilities (Right-of-use assets)3.3% 5,318 11,804 41,388 48,670 107,180 87,725Financial liabilities1.5% 1,939 4,075 6,014 5,764Borrowings reported under current liabilities4.4% 76,777 76,777 76,707Trade creditors177,145 177,145 177,145Other payables excluding derivatives113,765 113,765 113,765Interest rate swaps (derivatives)-97 -292 764 375 307Foreign currency forward contracts (derivatives)46,496 52,412 10,703 109,611 2,807Commodities (derivatives)-262 -19 -49 -330 -330Financial liabilities76,777 348,338 83,762 658,999 48,670 1,216,546 1,006,855The 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 at the end of 2025: in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2025 TotalIncoming8,496 1,615 841 10,952Outgoing-8,341 -1,615 -810 -10,766Net0 155 0 31 0 186Discounted at contractual bank rates172 -1 29 0 200The following table shows the corresponding reconciliation of these amounts and their book value at the end of 2024:in thousands of eurosPayable on demand <3 months>3 months <1 year 1-5 years>5 years31-12-2024 TotalIncoming45,840 50,834 10,018 106,692Outgoing-46,496 -52,412 -10,703 -109,611Net0 -656 -1,578 -685 0 -2,919Discounted at contractual bank rates-756 -1,454 -598 0 -2,808",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-345-7": {
"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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-345-8": {
"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:in thousands of euros (unless stated otherwise)Average contracted interest rate Nominal amountFair value 2025 2024 2025 2024 2025 2024Maturity <1 yearMaturity between 2 and 5 years2.22% 2.22% 75,000 75,000 -12 -307Cash \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 \u20ac4.7 million per year as a result of financing and cash with a \ufb02oating interest rate (2024: \u20ac5.1 million). The impact is reduced by existing interest rate swaps.\u2022An increase of the fair value of the financial instruments with about \u20ac2.2 million (2024: \u20ac4.3 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 income. Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 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 tonsFair valuein thousands of euros (unless stated otherwise)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedgesBuy Copper with settlement within 3 months9.02 6.28 1,658 1,175 2,744 -229Buy Copper with settlement between 3 months and 1 year8.81 6.71 705 1,237 864 3Buy Copper with settlement between 1 and 3 years8.80 7.97 107 92 152 49Buy Aluminium with settlement within 3 months2.371.174,5172,422737491Buy Aluminium with settlement between 3 months and 1 year2.34 1.16 2,832 2,158 529 16Total5,026 330A decrease of the copper price with 10% would have a negative impact of approximately \u20ac1.9 million on the result (2024: \u20ac1.8 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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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-358-9": {
"value": "Currency riskIt is TKH\u2019s general policy to hedge currency risks on purchases if these risks cannot be charged to the market. Purchase transactions in foreign currencies are hedged when the sales prices are already fixed in case of material transactions. Sales transactions in foreign currencies are fully hedged in case of material transactions. The main currencies that cause this exposure are the USD and CNY. Foreign currency forward contracts are applied to minimize the exposure of \ufb02uctuations in the currency rates. These contracts mainly have a term to maturity of less than one year. In addition to the currency risk on the purchase and sale transactions, there is a currency risk resulting from the translation of net investments in TKH subsidiaries denominated in functional currencies other than euros. The main currencies that cause this exposure are the USD and CNY. 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 currenciesTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Receivables329,711293,959 86,233 87,654 14,424 11,648 21,595 22,643 451,963 415,904Cash and cash equivalents70,34946,913 14,548 17,219 15,674 36,302 24,754 25,195125,325125,629Non-current interest-bearing loans and borrowings-562,716 -616,594 -414 -617 -2,469 -2,874-565,599-620,085Current interest-bearing loans and borrowings-74,230 -69,938 -15,475 -14,979 -15,574 -939 -4,615 -4,414 -109,894 -90,270Trade payables and other payables-334,114 -342,730 -84,877 -105,312 -18,108 -24,902 -42,395 -31,385 -479,494 -504,329Total-571,000 -688,390 15 -16,035 -3,584 22,109 -3,130 9,165 -577,699 -673,151On 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)2025 2024 2025 2024 2025 2024Cash \ufb02ow hedges of balance positionsSell USD with settlement within 3 months1.13 1.11 -1,022 -13,180 43 -800Buy USD with settlement within 3 months1.07 1,403 28Buy CNY with settlement within 3 months8.37 7.64 55,355 135,928 100 222Cash \ufb02ow hedgesSell USD with settlement within 3 months1.15 1.12 -1,003 -4,560 29 -330Sell USD with settlement between 3 months and 1 year1.18 1.11 -1,898 -29,389 -1 -1,633Sell USD with settlement after 1 year1.13 1.11 -952 -11,120 29 -598Buy USD with settlement within 3 months1.10 582 29Buy USD with settlement between 3 months and 1 year1.10 1,186 61Buy CNY with settlement within 3 months7.61 74,441 95Buy CNY with settlement between 3 months and 1 year7.57 174,456 118Total200 -2,808Time 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 \u20ac8.3 million negative on the result before tax (2024: \u20ac14.4 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 \u20ac32.2 million positive (2024: \u20ac38.2 million positive). An increase of the euro with 10% will have the opposite in\ufb02uence, namely a positive in\ufb02uence of \u20ac8.3 million on the result before tax and a negative in\ufb02uence of \u20ac32.2 million on equity.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-372-7": {
"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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-372-8": {
"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.in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2025 TotalBook value325,191 67,255 9,721 8,736 10,588 5,659 6,976 434,126Expected credit loss rate0.1% 0.4% 1.4% 1.6% 3.7% 5.2% 51.0%Loss allowance359 285 134 138 392 295 3,556 5,159in thousands of eurosNot overdueUp to 30 days 31 - 60 days61 - 90 days91 - 180 days181 - 365 daysOlder than 365 days31-12-2024 TotalBook value297,283 66,251 13,450 3,132 14,525 1,663 3,842 400,146Expected credit loss rate0.1% 0.5% 1.7% 6.7% 2.1% 18.9% 79.1%Loss allowance434 315 223 210 298 314 3,038 4,832The movement of the allowance for doubtful debts is as follows:in thousands of euros2025 2024Balance at 1 January 4,832 5,997Additions1,735 978Releases-999 -459Acquisitions27 88Reclassification to assets held for sale0 -906Utilized-263 -812Other reclassifications-6 -180Exchange differences-167 126Balance at 31 December 5,159 4,832There 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. ",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-399-2": {
"value": "21CONTINGENT LIABILITIES Framework 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 euros2025 2024Bank guarantees provided to third parties199,489 162,010Corporate guarantees provided to banks29,698 11,958Purchase obligations arising from orders for property plant and equipment9,627 15,643The 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": {
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"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-399-3": {
"value": "21CONTINGENT LIABILITIES Framework 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 euros2025 2024Bank guarantees provided to third parties199,489 162,010Corporate guarantees provided to banks29,698 11,958Purchase obligations arising from orders for property plant and equipment9,627 15,643The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-399-4": {
"value": "21CONTINGENT LIABILITIES Framework 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 euros2025 2024Bank guarantees provided to third parties199,489 162,010Corporate guarantees provided to banks29,698 11,958Purchase obligations arising from orders for property plant and equipment9,627 15,643The majority of the outstanding bank guarantees relate to down payments and performance guarantees issued to customers relating to constructions contracts. The related advance payments received from customers are presented as part of contract liabilities.ClaimsTKH and its subsidiaries are involved in a number of legal proceedings. According to the information currently available and legal advice received, TKH expects any adverse effects from the outcome of these legal proceedings to be adequately covered by other provisions or insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"pp-value-409-3": {
"value": "22 INFORMATION BY SEGMENT As announced on our Capital Markets Day in September 2025, TKH intends to accelerate its transition towards becoming a leading Automation company to drive further growth and capture value creation opportunities in the asset light Automation activities. Consequently, TKH will evaluate future ownership alternatives for its Electrification activities. The management structure and segment reporting of TKH in 2025 is still 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. For 2026 onwards we intend to report along the lines of the Automation/Electrification segments. Smart Technology segmentationOperating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024Geographic segmentsNetherlands46,320 43,530 10,781 32,006 355,347 337,838 27 81 412,475 413,454Europe (other)199,582 207,128 137,154 160,358 292,820 226,229 32 629,556 593,747Asia129,454 106,852 240,378 227,147 46,718 34,729 416,550 368,728North America123,849 109,318 124,221 133,987 7,937 8,102 19 17 256,026 251,424Other18,121 15,044 8,508 51,849 19,931 18,488 46,560 85,382External turnover517,326 481,872 521,042 605,347 722,753 625,386 46 130 1,761,167 1,712,735Inter-segment5,320 7,725 1,580 3,496 6,078 6,514 -12,978 -17,735 0 0Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Timing of revenue recognitionRevenue at a point-in-time457,711439,31383,18995,412507,846491,40518181,048,7641,026,148Revenue over time58,49338,673437,783509,759214,001133,524-1-1710,276681,955Inter-segment5,3207,7251,5803,4966,0786,514-12,978-17,73500Revenues from contracts with customers521,524 485,711 522,552 608,667 727,925 631,443 -12,961 -17,718 1,759,040 1,708,103Other revenues1,1223,88670176906457291132,1274,632Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Raw materials, consumables, trade products and subcontracted work198,620192,853238,944295,491437,447353,738-12,793-17,853862,218824,229Added value324,026296,744283,678313,352291,384278,162-139248898,949888,506Added value in %62.0%60.6%54.3%51.5%40.0%44.0%51.0%51.9%Personnel expenses164,667 155,036 139,605 153,206 159,275 146,406 21,514 19,577 485,061 474,225Other operating expenses48,552 47,438 33,686 34,731 81,196 75,953 -643 239 162,791 158,361Adjusted EBITDA110,807 94,270 110,387 125,415 50,913 55,803 -21,010 -19,569 251,097 255,919Depreciation17,103 16,538 9,145 9,302 33,922 24,883 1,446 1,280 61,616 52,003Adjusted EBITA93,704 77,732 101,242 116,113 16,991 30,920 -22,456 -20,849 189,481 203,916Return on Sales (ROS)17.9% 15.9% 19.4% 19.1% 2.3% 4.9% 10.8% 11.9%Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024One-off income and expenses1,047 2,639 -916 12,838 513 3,830 844 16,799 3,996Amortization43,900 42,951 10,794 11,593 6,098 6,251 202 13 60,994 60,808Impairments4,252 6,298 1,033 434 3,374 1,772 8,659 8,504Segment operating result 44,50525,844 90,331 104,086 -5,319 22,384 -26,488 -21,706 103,029 130,608Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions45,079 74,965 30,893 28,647 67,338 110,418 1,509 3,322 144,819 217,352Employees (FTE)2,103 2,122 1,770 1,751 2,312 2,297 119 119 6,304 6,289Balance sheetAssets767,165822,900433,407404,627888,048895,09336,08633,7862,124,7062,156,406Assets held for sale27,197027,197Associates2,6912,67124,97027,0653227,66429,738Total assets769,856 825,571 433,407 431,824 913,018 922,158 36,089 33,788 2,152,370 2,213,341Total liabilities197,605 194,929 269,570 317,436 228,254 208,686 557,111 609,311 1,252,540 1,330,362Capital employed previous year595,111574,414100,359163,169654,601544,56630,01720,9451,380,0881,303,094Capital employed current year538,150595,111149,970100,359646,475654,60126,43730,0171,361,0321,380,088Return on Capital Employed (ROCE)16.5%13.3%80.9%88.1%2.6%5.2%13.8%15.2%The executive board of TKH reviews segment profitability based on segment adjusted EBITDA and adjusted EBITA. From the \u20ac16.8 million one-off income and expenses, \u20ac11.6 million relates to Raw materials, consumables, trade products and subcontracted work, the remainder relates to other components of the operating expenses. Reference is also made to the \u2018Alternative performance measures\u2019 as included in the Other information. 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 assetsEmployees (FTE)in thousands of euros (unless stated otherwise)2025 2024 2025 2024Geographic segmentsNetherlands549,589 519,893 35% 37%Europe (other)505,873 528,399 40% 39%Asia30,635 38,065 14% 13%North America109,463 106,167 9% 9%Other9,306 13,310 2% 2%Total1,204,866 1,205,834 100% 100%1. The non-current assets are shown excluding the deferred tax assets.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-409-4": {
"value": "22 INFORMATION BY SEGMENT As announced on our Capital Markets Day in September 2025, TKH intends to accelerate its transition towards becoming a leading Automation company to drive further growth and capture value creation opportunities in the asset light Automation activities. Consequently, TKH will evaluate future ownership alternatives for its Electrification activities. The management structure and segment reporting of TKH in 2025 is still 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. For 2026 onwards we intend to report along the lines of the Automation/Electrification segments. Smart Technology segmentationOperating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024Geographic segmentsNetherlands46,320 43,530 10,781 32,006 355,347 337,838 27 81 412,475 413,454Europe (other)199,582 207,128 137,154 160,358 292,820 226,229 32 629,556 593,747Asia129,454 106,852 240,378 227,147 46,718 34,729 416,550 368,728North America123,849 109,318 124,221 133,987 7,937 8,102 19 17 256,026 251,424Other18,121 15,044 8,508 51,849 19,931 18,488 46,560 85,382External turnover517,326 481,872 521,042 605,347 722,753 625,386 46 130 1,761,167 1,712,735Inter-segment5,320 7,725 1,580 3,496 6,078 6,514 -12,978 -17,735 0 0Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Timing of revenue recognitionRevenue at a point-in-time457,711439,31383,18995,412507,846491,40518181,048,7641,026,148Revenue over time58,49338,673437,783509,759214,001133,524-1-1710,276681,955Inter-segment5,3207,7251,5803,4966,0786,514-12,978-17,73500Revenues from contracts with customers521,524 485,711 522,552 608,667 727,925 631,443 -12,961 -17,718 1,759,040 1,708,103Other revenues1,1223,88670176906457291132,1274,632Total turnover522,646 489,597 522,622 608,843 728,831 631,900 -12,932 -17,605 1,761,167 1,712,735Raw materials, consumables, trade products and subcontracted work198,620192,853238,944295,491437,447353,738-12,793-17,853862,218824,229Added value324,026296,744283,678313,352291,384278,162-139248898,949888,506Added value in %62.0%60.6%54.3%51.5%40.0%44.0%51.0%51.9%Personnel expenses164,667 155,036 139,605 153,206 159,275 146,406 21,514 19,577 485,061 474,225Other operating expenses48,552 47,438 33,686 34,731 81,196 75,953 -643 239 162,791 158,361Adjusted EBITDA110,807 94,270 110,387 125,415 50,913 55,803 -21,010 -19,569 251,097 255,919Depreciation17,103 16,538 9,145 9,302 33,922 24,883 1,446 1,280 61,616 52,003Adjusted EBITA93,704 77,732 101,242 116,113 16,991 30,920 -22,456 -20,849 189,481 203,916Return on Sales (ROS)17.9% 15.9% 19.4% 19.1% 2.3% 4.9% 10.8% 11.9%Operating segmentsSmart Vision systemsSmart Manufacturing systemsSmart Connectivity systems Other and eliminationsTotalin thousands of euros (unless stated otherwise)2025202420252024202520242025202420252024One-off income and expenses1,047 2,639 -916 12,838 513 3,830 844 16,799 3,996Amortization43,900 42,951 10,794 11,593 6,098 6,251 202 13 60,994 60,808Impairments4,252 6,298 1,033 434 3,374 1,772 8,659 8,504Segment operating result 44,50525,844 90,331 104,086 -5,319 22,384 -26,488 -21,706 103,029 130,608Other informationInvestments in intangible assets, property, plant and equipment, Right-of-use assets, including acquisitions45,079 74,965 30,893 28,647 67,338 110,418 1,509 3,322 144,819 217,352Employees (FTE)2,103 2,122 1,770 1,751 2,312 2,297 119 119 6,304 6,289Balance sheetAssets767,165822,900433,407404,627888,048895,09336,08633,7862,124,7062,156,406Assets held for sale27,197027,197Associates2,6912,67124,97027,0653227,66429,738Total assets769,856 825,571 433,407 431,824 913,018 922,158 36,089 33,788 2,152,370 2,213,341Total liabilities197,605 194,929 269,570 317,436 228,254 208,686 557,111 609,311 1,252,540 1,330,362Capital employed previous year595,111574,414100,359163,169654,601544,56630,01720,9451,380,0881,303,094Capital employed current year538,150595,111149,970100,359646,475654,60126,43730,0171,361,0321,380,088Return on Capital Employed (ROCE)16.5%13.3%80.9%88.1%2.6%5.2%13.8%15.2%The executive board of TKH reviews segment profitability based on segment adjusted EBITDA and adjusted EBITA. From the \u20ac16.8 million one-off income and expenses, \u20ac11.6 million relates to Raw materials, consumables, trade products and subcontracted work, the remainder relates to other components of the operating expenses. Reference is also made to the \u2018Alternative performance measures\u2019 as included in the Other information. 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 assetsEmployees (FTE)in thousands of euros (unless stated otherwise)2025 2024 2025 2024Geographic segmentsNetherlands549,589 519,893 35% 37%Europe (other)505,873 528,399 40% 39%Asia30,635 38,065 14% 13%North America109,463 106,167 9% 9%Other9,306 13,310 2% 2%Total1,204,866 1,205,834 100% 100%1. The non-current assets are shown excluding the deferred tax assets.",
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"pp-value-433-2": {
"value": "23 PERSONNEL EXPENSES in thousands of euros2025 2024Wages and salaries385,247 377,026Share-based payments4,419 4,425Social insurance contributions64,642 63,869Pension costs 21,769 21,998Temporary labor30,979 29,812Capitalized development costs-38,926 -40,888Other personnel expenses19,263 21,376Personnel expenses487,393 477,618The personell expenses include an one-off expense related to restructurings of \u20ac2.3 million (2024: \u20ac3.2 million).25 OTHER OPERATING EXPENSES Other operating expenses include overhead, selling, accommodation and manufacturing expenses.26 DEPRECIATION in thousands of euros2025 2024Depreciation of property, plant and equipment44,775 35,946Depreciation of Right-of-use assets16,036 16,394Result on disposal of property, plant and equipment-157 -337Depreciation60,654 52,003The increase in depreciation of property, plant and equipment is primarily the result of the commissioning of our Eemshaven factory.27 AMORTIZATION in thousands of euros2025 2024Amortization of intangible assets43,256 43,124Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,738 17,684Amortization60,994 60,808Reference is made to note 3 for further detail.28 IMPAIRMENT in thousands of eurosNotes2025 2024Impairment of intangible assets and goodwill3 2,027 934Impairment of property, plant and equipment43,874 1,295Impairment Right-of-use assets52,709 6,275Onerous contracts49 0Impairment8,659 8,504The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. The impairment of machinery and installations is mainly related to obsolescence due to relocation of production capacity in the Smart Connectivity systems segment.29 RESEARCH AND DEVELOPMENT COSTS The total operating expenses over the financial year include the following items:in thousands of euros2025 2024Research and development expenditure88,285 80,749Less: Capitalized development costs-45,557 -46,460Add: Amortization of development costs36,218 35,316Add: Impairment on capitalized development costs1,579 934Research and development costs accounted for in the profit and loss account80,525 70,539Government subsidies for research and development costs6,207 6,470",
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"pp-value-433-3": {
"value": "23 PERSONNEL EXPENSES in thousands of euros2025 2024Wages and salaries385,247 377,026Share-based payments4,419 4,425Social insurance contributions64,642 63,869Pension costs 21,769 21,998Temporary labor30,979 29,812Capitalized development costs-38,926 -40,888Other personnel expenses19,263 21,376Personnel expenses487,393 477,618The personell expenses include an one-off expense related to restructurings of \u20ac2.3 million (2024: \u20ac3.2 million).25 OTHER OPERATING EXPENSES Other operating expenses include overhead, selling, accommodation and manufacturing expenses.26 DEPRECIATION in thousands of euros2025 2024Depreciation of property, plant and equipment44,775 35,946Depreciation of Right-of-use assets16,036 16,394Result on disposal of property, plant and equipment-157 -337Depreciation60,654 52,003The increase in depreciation of property, plant and equipment is primarily the result of the commissioning of our Eemshaven factory.27 AMORTIZATION in thousands of euros2025 2024Amortization of intangible assets43,256 43,124Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,738 17,684Amortization60,994 60,808Reference is made to note 3 for further detail.28 IMPAIRMENT in thousands of eurosNotes2025 2024Impairment of intangible assets and goodwill3 2,027 934Impairment of property, plant and equipment43,874 1,295Impairment Right-of-use assets52,709 6,275Onerous contracts49 0Impairment8,659 8,504The impairments of development costs relate to discontinued R&D projects due to unfavorable technological and/or market developments. The impairment of machinery and installations is mainly related to obsolescence due to relocation of production capacity in the Smart Connectivity systems segment.29 RESEARCH AND DEVELOPMENT COSTS The total operating expenses over the financial year include the following items:in thousands of euros2025 2024Research and development expenditure88,285 80,749Less: Capitalized development costs-45,557 -46,460Add: Amortization of development costs36,218 35,316Add: Impairment on capitalized development costs1,579 934Research and development costs accounted for in the profit and loss account80,525 70,539Government subsidies for research and development costs6,207 6,470",
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"pp-value-436-1": {
"value": "24 SHARE-BASED PAYMENTS Stock 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. Other option beneficiariesThe movement and balance of the outstanding option rights granted to the other option beneficiaries are as follows:Year of allocationExercise price in \u20acNumber at 01-01-2025Granted during the yearExpired during the yearElapsed during the yearExercised during the yearNumber at 31-12-2025 Exercise period2020 32.28 115,979 -12,996 -102,983 0 2023-20252021 37.88 300,347 -1,848 -5,054 293,445 2024-20262022 44.52 341,042 -4,750 336,292 2025-20272023 45.16 356,729 -9,925 346,804 2026-20282024 37.12 386,549 -10,475 376,074 2027-20292025 36.56 383,899 -2,400 381,499 2028-2030Total 1,500,646 383,899 -12,996 -29,398 -108,037 1,734,114At the end of 2025, the company owns 1,079,972 (depositary receipts of) shares to cover the option rights. These (depositary receipt of) shares have been purchased against an average share price of \u20ac42.15. The total purchase value is \u20ac45,524,105. The average share price on the date at which the share options were exercised during the financial year was \u20ac37.58. The options were granted during the financial year on March 4, 2025. The estimated fair value of the options granted in 2025 is \u20ac2,611,371. The fair value was determined on the basis of a binomial valuation model with the following assumptions:2025 2024Fair value at the date of allocation (in \u20ac)6.82 7.63Expected volatility27.6% 29.3%Expected dividend3.0% 3.0%Risk free rate2.212% 2.762%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 \u20ac2,916,278 (2024: \u20ac3,284,237) 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 2025 Mr. J.M.A. van der Lof was allotted 5,444 (depositary receipts of) shares, Mr. E.D.H. de Lange 4,087, and Mr. H.J. Voortman 3,937 (depositary receipts of) shares related to the performance for the year 2024. At the same time, the Executive Board members purchased respectively 5,444, 4,087 and 3,937 (depositary receipts of) shares at the actual share price of \u20ac37.84, 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 \u20ac1,271,349 (2024: \u20ac874,253) in the statement of profit and loss.",
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"pp-value-459-3": {
"value": "26 DEPRECIATION in thousands of euros2025 2024Depreciation of property, plant and equipment44,775 35,946Depreciation of Right-of-use assets16,036 16,394Result on disposal of property, plant and equipment-157 -337Depreciation60,654 52,003The increase in depreciation of property, plant and equipment is primarily the result of the commissioning of our Eemshaven factory.27 AMORTIZATION in thousands of euros2025 2024Amortization of intangible assets43,256 43,124Amortization of intangible assets from acquisitions as a result of 'Purchase Price Allocations'17,738 17,684Amortization60,994 60,808Reference is made to note 3 for further detail.",
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"pp-value-475-3": {
"value": "29 RESEARCH AND DEVELOPMENT COSTS The total operating expenses over the financial year include the following items:in thousands of euros2025 2024Research and development expenditure88,285 80,749Less: Capitalized development costs-45,557 -46,460Add: Amortization of development costs36,218 35,316Add: Impairment on capitalized development costs1,579 934Research and development costs accounted for in the profit and loss account80,525 70,539Government subsidies for research and development costs6,207 6,470",
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"pp-value-475-4": {
"value": "29 RESEARCH AND DEVELOPMENT COSTS The total operating expenses over the financial year include the following items:in thousands of euros2025 2024Research and development expenditure88,285 80,749Less: Capitalized development costs-45,557 -46,460Add: Amortization of development costs36,218 35,316Add: Impairment on capitalized development costs1,579 934Research and development costs accounted for in the profit and loss account80,525 70,539Government subsidies for research and development costs6,207 6,470",
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"pp-value-479-2": {
"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"pp-value-479-3": {
"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"pp-value-479-5": {
"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"pp-value-479-6": {
"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"pp-value-479-7": {
"value": "30 FINANCIAL INCOME AND EXPENSES in thousands of euros2025 2024Exchange and translation differences, including the effect of realized cash \ufb02ow hedges1,385 -2,962Amortized transaction costs-608 -527Interest costs in defined benefit plans-47 -53Interest expense on lease liabilities-2,989 -2,475Interest expenses-26,079 -27,614Interest income from debt instruments at fair value through P&L70 79Interest income1,237 1,272Financial income and expenses-27,031 -32,280",
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"language": "en",
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"pp-value-496-1": {
"value": "32 EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS in thousands of euros (unless stated otherwise)Notes2025 2024Weighted average number of (depositary receipts of) shares (x 1,000)39,881 39,852Effect of share options (x 1,000)7 24Weighted average number of (depositary receipts of) shares diluted (x 1,000)39,888 39,876Net profit94,299 99,531Less: Non-controlling interests73 30Net profit attributable to the shareholders of the company94,372 99,561Amortization of intangible non-current assets from acquisitions317,738 17,684Taxes on amortization-4,689 -4,565Net profit before amortization attributable to the shareholders of the company107,421 112,680One-off income and expenses16,799 3,996Result from divestments, one-off expenses and purchase price allocations in the result of associates-33,931 -22,454Impairments8,659 8,504Fair value changes of financial liability for earn-out and put options of shareholders of non-controlling interests14-868 -733Tax impact on one-off income, expenses and impairments-6,364 -3,125Net profit before amortization and one-off income and expenses attributable to the shareholders of the company91,716 98,868Earnings per share attributable to shareholdersBasic earnings per share (in \u20ac)2.37 2.50Diluted earnings per share (in \u20ac)2.37 2.501Basic earnings per share before amortization (in \u20ac) 2.69 2.831Basic earnings per share before amortization and one-off income and expenses (in \u20ac) 2.30 2.481. Non IFRS measure.The number of (depositary receipts of) shares outstanding with third parties as per December 31, 2025 was 39,884,014 (2024: 39,877,080). The amount of own shares held by TKH amounts to 2,318,415 per 31 December 2025, which represents 5.49% (2024: 5.51%) of the total outstanding shares. The one-off income and expenses in 2025 mainly relates to restructuring, acquisition and divestment costs and one-off transportation costs due to the delayed ramp-up of the Eemshaven facility. ",
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"pp-value-514-1": {
"value": "34 BUSINESS COMBINATIONS DivestmentsIn April 2025, TKH reached an agreement on the sale of its 100% share in Dewetron GmbH. The transaction was closed in October 2025, from which date Dewetron has no longer been consolidated in TKH Group\u2019s results. The turnover of Dewetron, part of TKH\u2019s Smart Manufacturing systems segment, totaled \u20ac29.4 million in 2024 with an EBITA of \u20ac3.0 million and 147 FTE. Dewetron operates mainly in Germany and China. The divestment of Dewetron has resulted in a one-off net profit contribution of \u20ac35.8 million.The reconciliation between the result on divestment and the cash \ufb02ow is as follows: in thousands of euros2025 2024Net assets at the time of divestment24,281 38,849Result on sale of associates and subsidiaries35,774 24,221Cash and cash equivalents divested-5,894 -2,811Cash \ufb02ow from divestments54,161 60,259",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"pp-value-505-2": {
"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 10,888 (depositary receipts of) shares at an average stock price of \u20ac37.84, Mr. E.D.H. de Lange sold 8,174 (depositary receipts of) shares at a stock price of \u20ac37.84 and Mr. H. Voortman sold 7,874 (depositary receipts of) shares at a stock price of \u20ac37.84, 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 5,444, 4,087 and 3,937 (depositary receipts of) shares at a stock price of \u20ac37.84. Among the members of the Executive Board, Mr. J.M.A. van der Lof owned 130,035 (depositary receipts of) shares, Mr. E.D.H. de Lange owned 80,099 (depositary receipts of) shares and Mr. H.J. Voortman owned 53,626 (depositary receipts of) shares at the end of 2025. Remuneration of the Executive Board and the Supervisory BoardThe Executive Board and the Supervisory Board are considered key management. Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the Group as a whole. The 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. The 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.Basic salary (TRI) Variable income (STI)Share plan (LTI)PensionPension compensationTotalin thousands of euros2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Executive Board2,017 1,953 289 288 1,272 874 108 111 438 408 4,122 3,634Supervisory Board345 335 345 335Total remuneration2,362 2,288 289 288 1,272 874 108 111 438 408 4,467 3,969",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-525-1": {
"value": "36 EVENTS AFTER BALANCE SHEET DATE No events of material significance for insight into the financial statements and the preceding period occurred after balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"pp-value-528-1": {
"value": "37 SERVICE FEES PAID TO EXTERNAL AUDITORS The service fees paid to the external auditor, recognized as other operating expenses, can be specified as follows:Deloitte Accountants B.V. / EY Accountants B.V. (Netherlands)Other parts of Deloitte / EY Totalin thousands of euros2025 2024 2025 2024 2025 2024Audit of the financial statements1,611 1,405610 6142,2212,019Other assurance engagements300 371 13 8 313 379Tax fees2 0 2Other non-assurance engagements606Servicecosts external auditors1,911 1,776 623 630 2,534 2,406Deloitte Accountants B.V. was the external auditor of the financial statements 2025. EY Accountants B.V. was the external auditor of the financial statements 2024.The fees related to other assurance engagements includes the limited assurance engagement on the sustainability statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7245008G22FOV7TYYJ34",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}