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"value": "The Group\u2019s principal activity is the design, development, and operation of automated solutions to recover used beverage containerswhich includes:- The design, development, manufacture and sale or lease of Reverse Vending Machines (RVM) to collect and process used beverage containers.- The provision of technical support, RVM maintenance and accounting services to the retail stores, bottlers and distributors for containers redeemed through these machines.- The provision of deposit, handling fees, scrap reconciliations, commodity brokerage, clearing house functions and accounting.- Provision of materials handling services, primarily in the Northeastern part of the United States of America (USA), for containers that are subject to deposits mandated by law.",
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On 31 December 2023 Envipco had 411 employees (2022: 280), with main growth in areas of production and supply chain. Envipco recognizes the benefits of diversity and is fully committed to providing equal opportunities and treatment for all. The Company has an open and inclusive culture in which diversity is considered to add value to our company. The health and well-being of its employees is an important value of our business. Envipco and its employees must act with integrity, honesty and in compliance with the laws, as stipulated in the Company\u2019s Code of Conduct, which is available on the Company website. All employees are trained on the code of conduct and acknowledge it when they join the company.
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},
"v1-page47-cflshid_19243-tag6534907": {
"value": "Consolidated Statement of Cash Flow
| in EUR thousands | Note | FY 2023 | FY 2022 |
| Cashflow from operating activities | | | |
| Operating results | | 2,285 | (2,710) |
| Adjustment for: | | | |
| Amortisation | (13) | 1,459 | 1,379 |
| Depreciation | (14) | 4,576 | 3,590 |
| PPP loan forgiveness | | - | (1,948) |
| Deferred revenue | | 4,160 | 1,900 |
| Changes in: | | | |
| Changes in trade and other receivables | | (12,955) | 807 |
| Changes in inventories | | (8,788) | (8,424) |
| Changes in provisions | | 1,309 | 499 |
| Changes in trade and other payables | | 11,718 | 3,671 |
| Cash generated from operations | | 3,764 | (1,236) |
| Interest received and paid | | (613) | (249) |
| Income taxes paid | | (372) | (278) |
| Net cash flow from operating activities | | 2,779 | (1,763) |
| Investing activities | | | |
| Development expenditure, patents | (13) | (2,045) | (2,462) |
| Investments in property, plant & equipment | (14) | (5,706) | (5,944) |
| Change in investments (restricted cash) | (15) | 340 | - |
| Net cash flow used in investing activities | | (7,411) | (8,406) |
| Financial activities | | | |
| Proceeds of share issue | (20) | 14,514 | - |
| Changes in shared lending | | (15,000) | 15,000 |
| Changes in borrowings \u2013 proceeds | (21) | 9,000 | 12,059 |
| Changes in borrowings \u2013 repayments | (21) | (4,802) | (4,779) |
Changes in shareholder loan | | | |
| Changes in lease liabilities | | (1,088) | (648) |
| Net cash flow from financing activities | | 986 | 23,270 |
| Net increase/(decrease) in cash and cash equivalents | | (3,646) | 13,101 |
| Opening position | | 16,121 | 3,061 |
| Foreign currency differences on cash and cash equivalents | | (17) | (41) |
| Closing position | | 12,458 | 16,121 |
| The closing position consists of: | | | |
| Cash and cash equivalents | (19) | 12,458 | 16,121 |
| Total closing balance in cash and cash equivalents | | 12,458 | 16,121 |
The Group\u2019s consolidated statement of cash flows is presented using the indirect method.
The funds in the cash flow statement consist of cash and cash equivalents. Bank overdrafts are included as a component of cash and cash equivalents when the overdrafts are repayable on demand and often fluctuate. Cash flows in foreign currencies are translated at an average rate.Reconciliation of movements of liabilities to cash flows arising from financing activities
Schedule of borrowings movement
| in EUR thousands | FY 2023 | FY 2022 |
| At beginning of period | 14,550 | 7,062 |
Changes in shareholder loans
1)\u20ac1,948,000 of the 2022 repayments relates to the loan forgiveness of the PPP loan. In the cash flow statement this amount is excluded from the repayments.
Schedule of lease liabilities movement
Future payments under long term borrowings
| in EUR thousands | FY 2023 | FY 2022 |
| Current | 7,363 | 3,620 |
| Due between 1 to 5 years | 9,312 | 10,930 |
| Total borrowings | 16,675 | 14,550 |
(1) General information
(a)Reporting entity and relationship with parent Company
Envipco Holding N.V. is a public limited liability Company incorporated in accordance with the laws of The Netherlands, with its registered address at Van Asch van Wijckstraat 4, 3811 LP Amersfoort, The Netherlands (Chamber of Commerce number: 33304225). The Company is a holding Company and is incorporated in Amsterdam.
Envipco Holding N.V. and Subsidiaries (\u201cthe Group\u201d or \u201cEnvipco\u201d) are engaged principally in Recycling in which it develops, manufactures, assembles, leases, sells, markets and services a line of \u201creverse
vending machines\u201d (RVMs) mainly in the USA and Europe.(b)Financial reporting period
These financial statements cover the year 2023, which ended at the balance sheet date of 31 December 2023, and were authorized for issuance on July 12, 2024.
(c) Going concern
The financial statements of the Company have been prepared on the basis of the going concern assumption.",
"dimensions": {
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"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20451-tag6534916": {
"value": "Envipco Holding N.V.is a public limited liability Companyincorporated in accordance with the laws of The Netherlands, with its registered address at Van Asch van Wijckstraat 4, 3811 LP Amersfoort, The Netherlands(Chamber of Commerce number: 33304225). The Company is a holding Company and is incorporated in Amsterdam.Remuneration of the Management Board
The remuneration of the Management Board charged to the result in 2023 was \u20ac1,274,000 (2022: \u20ac759,000), which can be specified as follows:
| in EUR thousands | Fixed Salary/fee | Variable compensation | Fringebenefits | Pensioncost | Long-term compensation plan | Total |
| FY 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| S. Bolton1 | 420 | 154 | 9 | - | 216 | 799 |
| G. Garvey | 55 | - | - | - | - | 55 |
| C. Crepet | 30 | - | - | - | - | 30 |
| E. Thorsen2 | 15 | - | - | - | - | 15 |
| A. Bouri | - | - | - | - | - | - |
| M. Bouri1 | 215 | 100 | - | - | - | 315 |
| A.J. Aas3 | 30 | - | - | - | - | 30 |
| A. Cormack3 | 30 | - | - | - | - | 30 |
| Total | 795 | 254 | 9 | - | 216 | 1,274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| FY 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| S. Bolton1 | 399 | 143 | 22 | - | - | 564 |
| G. Garvey | 50 | - | - | - | - | 50 |
| C. Crepet | 30 | - | - | - | - | 30 |
| T.J.M. Stalenhoef2 | 25 | - | - | - | - | 25 |
| A. Bouri | - | - | - | - | - | - |
| D. D\u2019Addario2 | 15 | - | - | - | - | 15 |
| M. Bouri | 30 | - | - | - | - | 30 |
| A.J. Aas | 30 | - | - | - | - | 30 |
| A. Cormack2 | 15 | - | - | - | - | 15 |
| Total | 594 | 143 | 22 | - | - | 759 |
1)S. Bolton is Executive Director since 1 July, 2020 and M. Bouri is executive Director since August 15, 2023; Other members of the Board are Non-Executive Directors.
2)E. Thorsen is Non-Executive Director since August 15, 2023
3)T.J.M. Stalenhoef's and D. D'Addario's terms expired and were replaced by A. Cormack on 1 July 2022.
The remuneration of Simon Bolton as director in 2023 consisted of a fixed salary of \u20ac429,000 (2022: \u20ac421,000), a variable compensation of \u20ac154,000 (2022: \u20ac143,000) and an expense of \u20ac216,000 (2022: \u20ac0) was recorded under the long-term compensation plan, for shadow shares granted that are expected to vest. See further details below.M. Bouri, appointed as executive director in 2023, earned a fixed salary of \u20ac215,000 (2022: \u20ac30,000)
and a variable compensation of \u20ac100,000 (2022: \u20ac0). The remuneration of G. Garvey amounted to \u20ac55,000 (2022: \u20ac50,000). Non-executive Directors obtain a fixed compensation based on time spent and amounts charged. Also see Note 26 for related party transactions.
Other non-current liabilities include a loan of \u20ac121,000 (2022: \u20ac120,000) payable to Mr. Gregory Garvey, a related party. There are no conditions, interest or maturity period for this loan.(26) Related party transactions
The balance receivable at year end from an affiliate under common control of the majority shareholder was \u20ac752,000 (2022: \u20ac725,000) with interest at Euribor plus 2.5% which was extended in the year and repayable on 31 January 2025.Other receivables include a \u20ac0 (2022: \u20ac43,000) loan to a former employee in German subsidiary.
In 2022, current borrowings included a short-term loan from Mr. Gregory Garvey, a related party, for $1,725,000 which has been repaid in 2023 with interest at 6.0% per annum (see Note 21).
The Share lending liability shown on the 2022 balance sheet included the Share Lending
Agreement transaction as explained in the Company\u2019s 2022 Annual Report. The Company has on 1 February 2023 issued and re-delivered the 5,639,097 shares to the lending shareholders removing the liability out of the Company\u2019s books. Other liabilities include a loan of \u20ac120,000 (2022: \u20ac120,000) payable to Mr. Gregory Garvey, a related party (see Note 21). There are no conditions, interest or maturity period for this loan.
Current payables include a \u20ac43,000 (2022: \u20ac0) payable position to the Company\u2019s CEO, Simon Bolton on a social security related prepayment.",
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"v1-page50-cflshid_20451-tag6534918": {
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"v1-page50-cflshid_20451-tag6534919": {
"value": "limited liability Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20468-tag6534922": {
"value": "The Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20468-tag6534923": {
"value": "The Netherlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20451-tag6534920": {
"value": "Van Asch van Wijckstraat 4, 3811 LP Amersfoort, The Netherlands",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20483-tag6534921": {
"value": "The Netherlands",
"dimensions": {
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"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20497-tag6534924": {
"value": "Envipco Holding N.V.",
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"value": "Envipco Holding N.V.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"v1-page50-cflshid_20537-tag6534926": {
"value": "Financial reporting periodThese financial statements cover the year 2023, which ended at the balance sheet date of 31 December 2023, and were authorized for issuance on July 12, 2024.
",
"dimensions": {
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"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Going concernThe financial statements of the Company have been prepared on the basis of the going concern assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page50-cflshid_20589-tag6534913": {
"value": "Statement of complianceThe consolidated financial statements of the Company are part of the statutory financial statements of the Company. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code.
These Financial Statements have been approved for issue by the Board of Directors on 12 July 2024 and are subject to adoption by the Shareholders at the Annual General Meeting of Shareholders. All amounts are in thousands of euros unless stated otherwise.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity are disclosed in Note 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page50-cflshid_20589-tag6534912": {
"value": "Statement of complianceThe consolidated financial statements of the Company are part of the statutory financial statements of the Company. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRSs) and with Section 2:362(9) of the Dutch Civil Code.
These Financial Statements have been approved for issue by the Board of Directors on 12 July 2024 and are subject to adoption by the Shareholders at the Annual General Meeting of Shareholders. All amounts are in thousands of euros unless stated otherwise.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity are disclosed in Note 3.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page50-cflshid_20770-tag6534915": {
"value": "Income and expenses are accounted for on accrual basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page50-cflshid_20869-tag6534914": {
"value": "Measurement of fair values The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\u2022Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable
\u2022Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022In the principal market for the asset or liability or
\u2022In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement ofa non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page51-cflshid_21233-tag6534928": {
"value": "Use of judgement and estimates In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page51-cflshid_21221-tag6534929": {
"value": "Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 December 2023 is included in the following notes:
Note 16 \u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used
Note 13 \u2013 impairment test of intangible assets: key assumptions underlying recoverable amounts, including the recoverability of capitalised development costs.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page52-cflshid_21382-tag6534930": {
"value": "Changes in accounting policiesThe Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these consolidated financial statements.
New standards, amendments and interpretations issued and effective for the financial year beginning 1 January 2023.
Standards issued and effective
A number of new standards and amendments are effective for annual periods beginning after 1 January 2023.
\u2022Insurance Contracts (IFRS 17).
\u2022Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2).
\u2022Definition of Accounting Estimates (Amendments to IAS 8).
\u2022Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
\u2022International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12).
These new standards and amendments do not have a significant impact on the Company\u2019s financial statements.
Standards issued but not yet effective
A number of new standards are effective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements.
The following amended standards and interpretations are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
\u2022Non-current Liabilities with Covenants (Amendments to IAS 1).
\u2022Classification of Liabilities as Current or Non-current (Amendments to IAS 1).
\u2022Lease Liability in a Sale and Leaseback (Amendments to IFRS 16).
\u2022Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).
\u2022Lack of Exchangeability (Amendments to IAS 21)
\u2022Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page52-cflshid_21381-tag6534934": {
"value": "The Group has consistently applied the accounting policies set out in Note 3 to all periods presented in these consolidated financial statements.
New standards, amendments and interpretations issued and effective for the financial year beginning 1 January 2023.
Standards issued and effective
A number of new standards and amendments are effective for annual periods beginning after 1 January 2023.
\u2022Insurance Contracts (IFRS 17).
\u2022Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2).
\u2022Definition of Accounting Estimates (Amendments to IAS 8).
\u2022Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
\u2022International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12).
These new standards and amendments do not have a significant impact on the Company\u2019s financial statements.
Standards issued but not yet effective
A number of new standards are effective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements.
The following amended standards and interpretations are not expected to have a significant impact on the Group\u2019s consolidated financial statements.
\u2022Non-current Liabilities with Covenants (Amendments to IAS 1).
\u2022Classification of Liabilities as Current or Non-current (Amendments to IAS 1).
\u2022Lease Liability in a Sale and Leaseback (Amendments to IFRS 16).
\u2022Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).
\u2022Lack of Exchangeability (Amendments to IAS 21)
\u2022Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28).
(b)Consolidated cash flow statement
The Group\u2019s consolidated statement of cash flows is presented using the indirect method.
The funds in the cash flow statement consist of cash and cash equivalents. Bank overdrafts are included as a component of cash and cash equivalents when the overdrafts are repayable on demand and often fluctuate. Cash flows in foreign currencies are translated at an average rate.
(c)Consolidation
Basis of consolidation
Based on IFRS 10, the Company prepares consolidated financial statements where it controls an entity or entities, as defined under Subsidiaries below, and following the principles of control, it will consolidate an entity irrespective of the nature of the entity. If the Company has the power by way of actual or potential voting rights over an entity, then such entity\u2019s results will be consolidated. The consolidated financial statements present the results of the Company and its subsidiaries (\"the Group\") as if they formed a single economic entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on
transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.
Subsidiaries
Subsidiaries are all entities (including single economic entities) where the Group has control over an investee, it is classified as a subsidiary. The Company controls an investee, if all three of the following elements are present:\u2022power over the investee
\u2022exposure to variable returns from the investee and
\u2022the ability of the investor to use its power to affect those variable returns
The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions and balances between Group companies are eliminated.
Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
Segment reporting
The segments are identified on the basis of internal reports about components of the entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess its performance. The Group considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s operating result. Similarly, the respective assets and liabilities
are allocated to the geographical segments. This coincides with the Group\u2019s internal organisational and management structure and its internal financial management reporting system. A business segment is a group of operations engaged in providing services or products that are subject to risks and returns that are different from those of other business segments.
Foreign currencies
Foreign currency transactions and foreign operations
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kroner, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the income.
Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognised in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on inter-Company balances which are in substance a part of the investment in such Group Company are also recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
(d)Revenue
General
Revenue arises mainly from the offering of pickup and processing, repairs and maintenance, sale of RVMs and leasing of RVMs. To determine whether
to recognise revenue, the Group follows a 5-step process according to IFRS 15:1.Identifying the contract with a customer
2.Identifying the performance obligations
3.Determining the transaction price
4.Allocating the transaction price to the performance obligations
5.Recognising revenue when/as performance obligation(s) are satisfied.
Revenue is recognised either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. When the Group acts as a principal revenue is recognised in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred. When the Group acts an agent with a performance obligation to arrange for the provision of the specified good or service by another party, then revenue is recognised in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.
The Group recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred revenue in other liabilities in the statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises unbilled revenue in other receivables in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. In the USA, under the Bottle Bill deposit system, one of the subsidiary\u2019s billing includes mandatory deposits on the beverage containers which once collected, are passed through to the operators of redemption sites where Envipco machines are used. These pass-through amounts are included in receivables and payables and are not recognised as revenues.
Service revenue
The Group\u2019s primary service offerings include repairs and maintenance, and pickup and processing. These services are provided on a time and material basis or as a fixed-price contract with contract terms generally ranging from less than one year to three years.Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered. Revenue from fixed-price contracts involving managed services is generally recognised in the period the services are provided using a straight-line basis over the term of the contract.
If circumstances arise that may change the original estimates of revenues, costs, or extent of progress toward completion, then revisions to the estimates are made. These revisions may result in increases or decreases in estimated revenues or costs, and such revisions are reflected in income in the period in which management becomes aware of the circumstances that give rise to the revision.
Sale of goods
Revenue from product sales is generally recognised when the product is delivered to the client and when there are no unfulfilled obligations that affect the client\u2019s final acceptance of the arrangement. Delivery does not occur until products have been shipped, risk of loss has transferred to the client and client acceptance has been obtained, client acceptance provisions have lapsed, or the Group has objective evidence that the criteria specified in the client acceptance provisions are either perfunctory or have been satisfied.
A provision for warranties is recognized when the underlying product is sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities.
Leasing revenue
Revenues from product lease are recognised over the term of the lease on a straight-line basis, when classified as operational leases.
Cost of sales
Cost of sales includes all direct material and labour costs and those indirect costs related to contract performance, such as indirect labour, supplies, and depreciation costs. The Group performs ongoing
profitability analysis of its service contracts in order to determine whether the latest estimates - revenues, costs and profits - require updating. If, at any time, these estimates indicate that a contract will be unprofitable, the entire estimated loss for the remainder of the contract is recorded immediately and presented as losses on contracts under provisions.Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022interest income;
\u2022interest expense;
\u2022the foreign currency gain or loss on financial assets and financial liabilities;
Interest income or expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established.
The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
\u2022the gross carrying amount of the financial asset; or
\u2022the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
(e)Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
(i)As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022fixed payments, including in-substance fixed payments;
\u2022amounts expected to be payable under a residual value guarantee; and\u2022the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
(ii)As a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.
The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.
The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.
(f)Deferred tax
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a Business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Income taxes
The Group is subject to income tax in several jurisdictions and significant judgment is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognises tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognised when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.
Deferred tax valuation
The Group recognises deferred tax assets for loss carry-forwards and deductible temporary differences, estimating the amount of future taxable profit that will be probable, against which the loss carry-forwards and deductible temporary difference can be utilised (see Note 16).
(g)Intangible assets
All intangible assets have finite lives based on their economic use except for Goodwill. The intangible assets with finite lives are amortised using the straight-line method. The useful life is estimated at 7 years.
General and administrative expenses in the consolidated statement of comprehensive income include the amortisation charge for intangible assets.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. Goodwill is tested annually for impairment. An impairment loss is recognised for the amount by which the goodwill of a cash generating unit exceeds its recoverable amount.
The recoverable amount is the higher of the cash generating unit\u2019s fair value less costs to sell and value in use. Impairment testing of goodwill is performed at the level of the cash generating units, which is the smallest identifiable group of assets to independently generate cash flows. For the group, the smallest cash generating units comprise the activities of one single country. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold.
Goodwill impairment testing
The Group is required to test, on an annual basis whether goodwill has suffered any impairment. The recoverable amount is determined based on value-in-use calculations. The use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. More information including carrying values is included in Note 13.
Patents, licenses and concessions
The amortisation for the patents, licenses and concessions is included in general and administrative expenses.
Patents are acquired intangible assets and are measured initially at cost on the acquisition date. They are amortised using the straight-line method based on the estimated useful life of 7 years.
Concessions relating to RVM distribution rights in the USA Midwest market are recognised and amortised over the life of the contract.
Research and development
Research and development expenses are included in general and administrative expenses.
Research costs are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the product so that it will be available for use;\u2022management intends to complete the product and use or sell it;
\u2022there is an ability to use or sell the product;
\u2022it can be demonstrated how the product will generate probable future economic benefits;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the product are available; and
\u2022the costs attributable to the product during its development can be reliably measured.
The capitalised development cost is amortised when the asset becomes available for use. Once the asset is completely developed, it is amortised over the estimated useful life, which is 7 years.
A legal reserve is made for capitalised development costs.
Software
Operational costs, which encompass expenses related to research, training and other activities explicitly outlined in IAS 38.69, are expensed as incurred. These expenses are recognized in the income statement in the year in which the services are received.
Capital expenditures involve costs associated with customization fees, data conversion, and other software implementation services. The classification of these costs as capital expenditure depends on whether they enhance the functionality of software or an intangible asset that is controlled by the Company or create a separate intangible asset, as outlined in accounting standards.
The capitalised software cost is amortised over the estimated useful life, which is 5 years.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
The capitalisation and potential impairments of internally generated research and development is amongst others based on estimates of future recovery.
(h)Property, plant and equipment
Property, plant and equipment are valued at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent expenditures that extend the asset\u2019s useful life are capitalised. Expenditures for repairs and maintenance are expensed when incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values, based on the estimated useful lives of such assets.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
Assets under construction will be depreciated once the assets are complete and available for use.
Depreciation is based on the estimated useful lives of assets as follows:
Buildings40 years
Plant and machinery4-7 years
Reverse vending machines4-7 years
Vehicles and equipment3-5 years
(i)Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, and other highly liquid investments with original maturities of three months or less. The cash and cash equivalents are available on demand.
(j)Trade receivables
Trade receivables are recognised initially at fair value, which is generally the face value, and subsequently carried at amortised cost less provision for impairment. Impairment provisions for credit losses are recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Please refer to paragraph (Q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.(k)Inventory
Envipco uses a weighted average actual cost method (WAAC) for valuation of inventory. Product inventory is valued at the lower of cost or net realisable value based on a weighted average actual cost method. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
Spare parts inventory is valued at the lower of historical cost, or net realisable value. Appropriate consideration is given to excessive inventory levels, product deterioration and other factors when establishing the net realisable value.
All RVM parts inventory is valued at the lower of cost and net realisable value.
(l)Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Amounts contributed by the shareholder(s) of the Company in excess of the nominal share capital, are accounted for as share premium. This also includes additional capital contributions by existing Shareholders without the issue of shares or issue of rights to acquire shares of the Company.
Minority interests are valued at the proportionate share of third parties in the net value of the assets and liabilities of a consolidated entity, determined in accordance with the Company\u2019s measurement principles.
The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity.No treasury shares are held at 31 December 2023.
(m) Provisions
The group recognises provisions for liabilities of uncertain timing or amount including those for onerous leases, warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability. In the case of leasehold dilapidations, the provision takes into account the potential that the properties in question may be sublet for some or all of the remaining lease term.
(n)Trade creditors and other current liabilities
Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost. Please refer to paragraph (q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.
(o)Employee benefits
Employee benefits are charged to the profit and loss account in the period in which the employee services are rendered and, to the extent not already paid, as a liability on the balance sheet. If the amount already paid exceeds the benefits owed, the excess is recognised as a current asset to the extent that there will be a reimbursement by the employees or a reduction in future payments by the Company.
The Group subsidiaries sponsor employee benefit plans which cover substantially all of their employees. Such plan is referred to as defined contribution. A defined contribution plan is a plan under which the Group companies pay fixed contributions into a separate entity. Under defined contribution plans, the Group has no legal or
constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, Envipco pays contributions to publicly or privately administered funds or insurance companies. Contributions are generally based on fixed amounts of eligible compensation and the cost for such plans is recognised based on employee service.
Share-based payments
The Group operates a share-based payment plan for certain employees, which has been classified as a cash-settled plan. Reference is made to note 9 for further details about the plan. The Group measures the services received from employees and the liability incurred at the fair value of the liability.
The liability is measured, initially and at the end of each reporting period until settled, by reference to the fair value of each grant under the plan, multiplied by the number of shadow shares, whereby recognition of the liability takes place over the period in which the service is fulfilled (the vesting period). The amount recognized is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions.
Until the liability is settled, its fair value is remeasured at the end of each reporting period, with any changes in the fair value recognized in profit or loss. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
(p)Deferred income
In some of the Group\u2019s services contracts, the Group bills the client prior to performing the services resulting in the recognition of deferred income on the consolidated balance sheet.
(q)Financial instruments initial recognition and subsequent measurement
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022amortised cost.
\u2022fair value through profit or loss (FVTPL).
\u2022fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022the entity\u2019s business model for managing the financial asset.
\u2022the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.
Subsequent measurement of financial assets
(i) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are
not designated as FVTPL):\u2022they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows.
\u2022the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as interest-bearing loans bonds that were previously classified as held-to-maturity under IAS 39.
(ii) Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are categorised at fair value through profit and loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
Impairment of financial assets
IFRS 9\u2019s impairment requirements use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.
The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.In applying this forward-looking approach, a distinction is made between:
\u2022financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019) and;
\u2022financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019).
\u2022\u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date.
\u2022\u201812-month expected credit losses\u2019 are recognised for the first category while \u2018lifetime expected credit losses\u2019 are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
Trade and other receivables and contract assets
The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade receivables on an individual basis. As they possess shared credit risk characteristics they have been grouped based on the days past due.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the
Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income.
(r)Fair values
The management assessed that cash and cash equivalents, trade and other receivables, trade and other payables, and other current liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the financed project.
The fair value of the interest-bearing loans and borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities, being sensitive to a reasonably possible change in the forecast cash flows or the discount rate. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.
(s)Critical accounting estimates and judgments
In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised prospectively. Key judgements and accounting estimates relate to the following:\u2022Note 11 and 16\u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used;
\u2022Note 13 and 14 \u2013 useful life of intangible and tangible fixed assets, including impairment testing if applicable;
\u2022Notes 22 and 25 \u2013 recognition and measurement of provisions and contingencies:
key assumptions about the likelihood and magnitude of an outflow of resources;
\u2022Note 17 \u2013 measurement of provision for obsolescence;
\u2022Note 18 \u2013 measurement of ECL allowance for trade receivables.
\u2022Note 9 \u2013 measurement of realizing targets in the long-term compensation plan.
",
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"v1-page52-cflshid_21676-tag6534931": {
"value": "ConsolidationBasis of consolidation
Based on IFRS 10, the Company prepares consolidated financial statements where it controls an entity or entities, as defined under Subsidiaries below, and following the principles of control, it will consolidate an entity irrespective of the nature of the entity. If the Company has the power by way of actual or potential voting rights over an entity, then such entity\u2019s results will be consolidated. The consolidated financial statements present the results of the Company and its subsidiaries (\"the Group\") as if they formed a single economic entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on
transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.
Subsidiaries
Subsidiaries are all entities (including single economic entities) where the Group has control over an investee, it is classified as a subsidiary. The Company controls an investee, if all three of the following elements are present:\u2022power over the investee
\u2022exposure to variable returns from the investee and
\u2022the ability of the investor to use its power to affect those variable returns
",
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"v1-page52-cflshid_21589-tag6534932": {
"value": "Basis of consolidation
Based on IFRS 10, the Company prepares consolidated financial statements where it controls an entity or entities, as defined under Subsidiaries below, and following the principles of control, it will consolidate an entity irrespective of the nature of the entity. If the Company has the power by way of actual or potential voting rights over an entity, then such entity\u2019s results will be consolidated. The consolidated financial statements present the results of the Company and its subsidiaries (\"the Group\") as if they formed a single economic entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on
transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page52-cflshid_21775-tag6534933": {
"value": "The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_21866-tag6534935": {
"value": "Subsidiaries
Subsidiaries are all entities (including single economic entities) where the Group has control over an investee, it is classified as a subsidiary. The Company controls an investee, if all three of the following elements are present:\u2022power over the investee
\u2022exposure to variable returns from the investee and
\u2022the ability of the investor to use its power to affect those variable returns
The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions and balances between Group companies are eliminated.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22084-tag6534940": {
"value": "Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group.The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22084-tag6534939": {
"value": "Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group.The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22084-tag6534938": {
"value": "Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group.The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22084-tag6534937": {
"value": "Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group.The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22084-tag6534936": {
"value": "Non-controlling interestThe total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests.
The consolidated balance sheets comprise the financial data of Envipco Holding N.V., Amersfoort, The Netherlands, and the following Group companies:
Envipco (UK) Limited, London, United Kingdom \u2013 100%
Envipco Automaten GmbH, Westerkappeln, Germany \u2013 100%
Envipco Pickup & Processing Services Inc., Delaware, U.S.A. \u2013 99.85%
Environmental Products Corporation, Delaware, U.S.A. \u2013 99.85%
Environmental Products Recycling Inc., Delaware, U.S.A. \u2013 99.85%
Envipco A.S., Oslo, Norway \u2013 100%
Envipco N.D. Inc., Delaware, U.S.A. \u2013 99.85%
Envipco Sweden A.B., Borlange, Sweden \u2013 100%
Envipco Hellas SA, Athens, Greece \u2013 100%
Envipco France SA, Paris, France \u2013 100%
Envipco Solutions SRL, Alba Iulia, Romania \u2013 100%
Envipco Portugal Unipessoal LDA, Lisbon, Portugal \u2013 100%
Envipco Slovakia sro, Bratislava, Slovakia \u2013 100%
Envipco Ireland Limited, Dublin, Republic of Ireland \u2013 100%
Envipco Europe B.V., Amersfoort, The Netherlands \u2013 100%
Envipco Hungary Kft, Budapest, Hungary \u2013 100%
Stichting Employees Envipco Holding (SEEH) is controlled by Envipco Holding N.V. The Board of Stichting Employees Envipco Holding currently consists of one former Board member of Envipco Holding N.V. It is a foundation and its function is to administer an Employee Share Option scheme. Currently there are no activities of the Foundation.
The acquisition method of accounting is used to account for Business combinations by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page53-cflshid_22217-tag6534941": {
"value": "Segment reporting
The segments are identified on the basis of internal reports about components of the entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess its performance. The Group considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s operating result. Similarly, the respective assets and liabilities
are allocated to the geographical segments. This coincides with the Group\u2019s internal organisational and management structure and its internal financial managementreporting system. A business segment is a group of operations engaged in providing services or products that are subject to risks and returns that are different from those of other business segments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page54-cflshid_22485-tag6534945": {
"value": "Foreign currency transactions and foreign operations
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kroner, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the income.
Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognised in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on inter-Company balances which are in substance a part of the investment in such Group Company are also recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page54-cflshid_22485-tag6534944": {
"value": "Foreign currency transactions and foreign operations
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kroner, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the income.
Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognised in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on inter-Company balances which are in substance a part of the investment in such Group Company are also recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page54-cflshid_22485-tag6534942": {
"value": "Foreign currency transactions and foreign operations
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kroner, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the income.
Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognised in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on inter-Company balances which are in substance a part of the investment in such Group Company are also recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate(10) Finance expense and income
The financial expenses include borrowings and financial lease commitments. Financial income relates to interest received. | in EUR thousands | FY 2023 | FY 2022 |
| Interest and similar expenses | (1,481) | (601) |
| Interest and similar income | 83 | 97 |
| Exchange gains/(losses) | 270 | (740) |
| Net finance (cost) and or income | (1,128) | (1,244) |
General
Revenue arises mainly from the offering of pickup and processing, repairs and maintenance, sale of RVMs and leasing of RVMs. To determine whether
to recognise revenue, the Group follows a 5-step process according to IFRS 15:1.Identifying the contract with a customer
2.Identifying the performance obligations
3.Determining the transaction price
4.Allocating the transaction price to the performance obligations
5.Recognising revenue when/as performance obligation(s) are satisfied.
Revenue is recognised either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. When the Group acts as a principal revenue is recognised in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred. When the Group acts an agent with a performance obligation to arrange for the provision of the specified good or service by another party, then revenue is recognised in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.
The Group recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred revenue in other liabilities in the statement of financial position. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises unbilled revenue in other receivables in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. In the USA, under the Bottle Bill deposit system, one of the subsidiary\u2019s billing includes mandatory deposits on the beverage containers which once collected, are passed through to the operators of redemption sites where Envipco machines are used. These pass-through amounts are included in receivables and payables and are not recognised as revenues.
Service revenue
The Group\u2019s primary service offerings include repairs and maintenance, and pickup and processing. These services are provided on a time and material basis or as a fixed-price contract with contract terms generally ranging from less than one year to three years.Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered. Revenue from fixed-price contracts involving managed services is generally recognised in the period the services are provided using a straight-line basis over the term of the contract.
If circumstances arise that may change the original estimates of revenues, costs, or extent of progress toward completion, then revisions to the estimates are made. These revisions may result in increases or decreases in estimated revenues or costs, and such revisions are reflected in income in the period in which management becomes aware of the circumstances that give rise to the revision.
Sale of goods
Revenue from product sales is generally recognised when the product is delivered to the client and when there are no unfulfilled obligations that affect the client\u2019s final acceptance of the arrangement. Delivery does not occur until products have been shipped, risk of loss has transferred to the client and client acceptance has been obtained, client acceptance provisions have lapsed, or the Group has objective evidence that the criteria specified in the client acceptance provisions are either perfunctory or have been satisfied.
A provision for warranties is recognized when the underlying product is sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities.
Leasing revenue
Revenues from product lease are recognised over the term of the lease on a straight-line basis, when classified as operational leases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page54-cflshid_22776-tag6534946": {
"value": "Service revenue
The Group\u2019s primary service offerings include repairs and maintenance, and pickup and processing. These services are provided on a time and material basis or as a fixed-price contract with contract terms generally ranging from less than one year to three years.Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered. Revenue from fixed-price contracts involving managed services is generally recognised in the period the services are provided using a straight-line basis over the term of the contract.
If circumstances arise that may change the original estimates of revenues, costs, or extent of progress toward completion, then revisions to the estimates are made. These revisions may result in increases or decreases in estimated revenues or costs, and such revisions are reflected in income in the period in which management becomes aware of the circumstances that give rise to the revision.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page55-cflshid_23066-tag6534947": {
"value": "Cost of sales
Cost of sales includes all direct material and labour costs and those indirect costs related to contract performance, such as indirect labour, supplies, and depreciation costs. The Group performs ongoing
profitability analysis of its service contracts in order to determine whether the latest estimates - revenues, costs and profits - require updating. If, at any time, these estimates indicate that a contract will be unprofitable, the entire estimated loss for the remainder of the contract is recorded immediately and presented as losses on contracts under provisions",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page55-cflshid_23359-tag6534949": {
"value": "Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022interest income;
\u2022interest expense;
\u2022the foreign currency gain or loss on financial assets and financial liabilities;
Interest income or expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established.
The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
\u2022the gross carrying amount of the financial asset; or
\u2022the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page55-cflshid_23359-tag6534948": {
"value": "Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022interest income;
\u2022interest expense;
\u2022the foreign currency gain or loss on financial assets and financial liabilities;
Interest income or expense is recognised using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established.
The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:
\u2022the gross carrying amount of the financial asset; or
\u2022the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page55-cflshid_23359-tag6534950": {
"value": "(e)Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
(i)As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022fixed payments, including in-substance fixed payments;
\u2022amounts expected to be payable under a residual value guarantee; and\u2022the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
(ii)As a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.
The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.
The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page57-cflshid_24329-tag6534951": {
"value": "(f)Deferred tax
Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a Business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilisedDeferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.(16) Deferred Tax Assets | \u00a0 | December 31, 2023 |
| in EUR thousands | Net balance at31/Dec/22 | (Charge)/credit profit & loss | Currency translation | Net balance | Deferred tax assets | Deferred tax liabilities |
| Property, plant and equipment | (888) | 22 | 31 | (835) | - | (835) |
| Inventory | 679 | 333 | (20) | 991 | 991 | - |
| Tax losses carried forward | 1,393 | (525) | (48) | 820 | 820 | - |
| Accrued expenses | 661 | (74) | (23) | 565 | 565 | |
| Other | 185 | 385 | (8) | 562 | 612 | (50) |
| Total | 2,030 | 141 | (69) | 2,103 | 2,988 | (885) |
| Set off to tax | - | - | - | - | (835) | 835 |
| Net tax assets and liabilities | 2,030 | 141 | (69) | 2,103 | 2,153 | (50) |
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same fiscal authority. The deferred tax liabilities are offset against deferred tax assets in the same fiscal unity. The deferred tax charge for the year amounted to \u20ac0.1m. No deferred tax assets have been recognised for losses in non-US subsidiaries.
Available tax losses totalling \u20ac26,637,000 (2022 \u20ac27,398,000), expire as follows: \u20ac2,326,000 in 2024, \u20ac2,234,000 in 2025, \u20ac643,000 in 2027, \u20ac443,000 in 2028, \u20ac928,000 from 2031 through 2043 and \u20ac20,062,000 with no expiration. Tax losses where no deferred tax has been recognised amounted to \u20ac20,062,000 (2022: \u20ac20,027,000).
Current and deferred tax income/(expense)
The deferred tax charge was recognised during the year due to the absorption of net operating losses of a Group\u2019s subsidiary and is further explained in Note 11.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page57-cflshid_24667-tag6534952": {
"value": "Income taxes
The Group is subject to income tax in several jurisdictions and significant judgment is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognises tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognised when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience andinterpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page57-cflshid_24667-tag6534953": {
"value": "(g)Intangible assets
All intangible assets have finite lives based on their economic use except for Goodwill. The intangible assets with finite lives are amortised using the straight-line method. The useful life is estimated at 7 years.
General and administrative expenses in the consolidated statement of comprehensive income include the amortisation charge for intangible assets.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. Goodwill is tested annually for impairment. An impairment loss is recognised for the amount by which the goodwill of a cash generating unit exceeds its recoverable amount.
The recoverable amount is the higher of the cash generating unit\u2019s fair value less costs to sell and value in use. Impairment testing of goodwill is performed at the level of the cash generating units, which is the smallest identifiable group of assets to independently generate cash flows. For the group, the smallest cash generating units comprise the activities of one single country. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold.
Goodwill impairment testing
The Group is required to test, on an annual basis whether goodwill has suffered any impairment. The recoverable amount is determined based on value-in-use calculations. The use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. More information including carrying values is included in Note 13.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page58-cflshid_24987-tag6534954": {
"value": "Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. Goodwill is tested annually for impairment. An impairment loss is recognised for the amount by which the goodwill of a cash generating unit exceeds its recoverable amount.
The recoverable amount is the higher of the cash generating unit\u2019s fair value less costs to sell and value in use. Impairment testing of goodwill is performed at the level of the cash generating units, which is the smallest identifiable group of assets to independently generate cash flows. For the group, the smallest cash generating units comprise the activities of one single country. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold.
Goodwill impairment testing
The Group is required to test, on an annual basis whether goodwill has suffered any impairment. The recoverable amount is determined based on value-in-use calculations. The use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. More information including carrying values is included in Note 13.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page58-cflshid_24987-tag6534955": {
"value": "Goodwill impairment testing
The Group is required to test, on an annual basis whether goodwill has suffered any impairment. The recoverable amount is determined based on value-in-use calculations. The use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. More information including carrying values is included in Note 13.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page58-cflshid_24987-tag6534956": {
"value": "Research and development
Research and development expenses are included in general and administrative expenses.
Research costs are recognised as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the Group are recognised as intangible assets when the following criteria are met:
\u2022it is technically feasible to complete the product so that it will be available for use;\u2022management intends to complete the product and use or sell it;
\u2022there is an ability to use or sell the product;
\u2022it can be demonstrated how the product will generate probable future economic benefits;
\u2022adequate technical, financial and other resources to complete the development and to use or sell the product are available; and
\u2022the costs attributable to the product during its development can be reliably measured.
The capitalised development cost is amortised when the asset becomes available for use. Once the asset is completely developed, it is amortised over the estimated useful life, which is 7 years.
A legal reserve is made for capitalised development costs.
Software
Operational costs, which encompass expenses related to research, training and other activities explicitly outlined in IAS 38.69, are expensed as incurred. These expenses are recognized in the income statement in the year in which the services are received.
Capital expenditures involve costs associated with customization fees, data conversion, and other software implementation services. The classification of these costs as capital expenditure depends on whether they enhance the functionality of software or an intangible asset that is controlled by the Company or create a separate intangible asset, as outlined in accounting standards.
The capitalised software cost is amortised over the estimated useful life, which is 5 years.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
The capitalisation and potential impairments of internally generated research and development is amongst others based on estimates of future recovery.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page59-cflshid_25571-tag6534957": {
"value": "(h)Property, plant and equipment
Property, plant and equipment are valued at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent expenditures that extend the asset\u2019s useful life are capitalised. Expenditures for repairs and maintenance are expensed when incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values, based on the estimated useful lives of such assets.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
Assets under construction will be depreciated once the assets are complete and available for use.
Depreciation is based on the estimated useful lives of assets as follows:
Buildings40 years
Plant and machinery4-7 years
Reverse vending machines4-7 years
Vehicles and equipment3-5 years
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page59-cflshid_25571-tag6534960": {
"value": "(j)Trade receivables
Trade receivables are recognised initially at fair value, which is generally the face value, and subsequently carried at amortised cost less provision for impairment. Impairment provisions for credit losses are recognised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Please refer to paragraph (Q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page59-cflshid_25809-tag6534959": {
"value": "(k)Inventory
Envipco uses a weighted average actual cost method (WAAC) for valuation of inventory. Product inventory is valued at the lower of cost or net realisable value based on a weighted average actual cost method. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
Spare parts inventory is valued at the lower of historical cost, or net realisable value. Appropriate consideration is given to excessive inventory levels, product deterioration and other factors when establishing the net realisable value.
All RVM parts inventory is valued at the lower of cost and net realisable value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page59-cflshid_25994-tag6534958": {
"value": "EquityOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Amounts contributed by the shareholder(s) of the Company in excess of the nominal share capital, are accounted for as share premium. This also includes additional capital contributions by existing Shareholders without the issue of shares or issue of rights to acquire shares of the Company.
Minority interests are valued at the proportionate share of third parties in the net value of the assets and liabilities of a consolidated entity, determined in accordance with the Company\u2019s measurement principles.
The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26104-tag6534961": {
"value": "The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26104-tag6534962": {
"value": "(m) Provisions
The group recognises provisions for liabilities of uncertain timing or amount including those for onerous leases, warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability. In the case of leasehold dilapidations, the provision takes into account the potential that the properties in question may be sublet for some or all of the remaining lease term.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26104-tag6534964": {
"value": "(n)Trade creditors and other current liabilities
Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost. Please refer to paragraph (q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26104-tag6534963": {
"value": "(o)Employee benefits
Employee benefits are charged to the profit and loss account in the period in which the employee services are rendered and, to the extent not already paid, as a liability on the balance sheet. If the amount already paid exceeds the benefits owed, the excess is recognised as a current asset to the extent that there will be a reimbursement by the employees or a reduction in future payments by the Company.
The Group subsidiaries sponsor employee benefit plans which cover substantially all of their employees. Such plan is referred to as defined contribution. A defined contribution plan is a plan under which the Group companies pay fixed contributions into a separate entity. Under defined contribution plans, the Group has no legal or
constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, Envipco pays contributions to publicly or privately administered funds or insurance companies. Contributions are generally based on fixed amounts of eligible compensation and the cost for such plans is recognised based on employee serviceShare-based payments
The Group operates a share-based payment plan for certain employees, which has been classified as a cash-settled plan. Reference is made to note 9 for further details about the plan. The Group measures the services received from employees and the liability incurred at the fair value of the liability.
The liability is measured, initially and at the end of each reporting period until settled, by reference to the fair value of each grant under the plan, multiplied by the number of shadow shares, whereby recognition of the liability takes place over the period in which the service is fulfilled (the vesting period). The amount recognized is adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions.
Until the liability is settled, its fair value is remeasured at the end of each reporting period, with any changes in the fair value recognized in profit or loss. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26427-tag6534967": {
"value": "(p)Deferred income
In some of the Group\u2019s services contracts, the Group bills the client prior to performing the services resulting in the recognition of deferred income on the consolidated balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26427-tag6534969": {
"value": "(q)Financial instruments initial recognition and subsequent measurement
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022amortised cost.
\u2022fair value through profit or loss (FVTPL).
\u2022fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022the entity\u2019s business model for managing the financial asset.
\u2022the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.
Subsequent measurement of financial assets
(i) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are
not designated as FVTPL):\u2022they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows.
\u2022the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as interest-bearing loans bonds that were previously classified as held-to-maturity under IAS 39.
(ii) Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are categorised at fair value through profit and loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
Impairment of financial assets
IFRS 9\u2019s impairment requirements use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.
The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.In applying this forward-looking approach, a distinction is made between:
\u2022financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019) and;
\u2022financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019).
\u2022\u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date.
\u2022\u201812-month expected credit losses\u2019 are recognised for the first category while \u2018lifetime expected credit losses\u2019 are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
Trade and other receivables and contract assets
The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade receivables on an individual basis. As they possess shared credit risk characteristics they have been grouped based on the days past due.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the
Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26427-tag6534968": {
"value": "(q)Financial instruments initial recognition and subsequent measurement
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022amortised cost.
\u2022fair value through profit or loss (FVTPL).
\u2022fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022the entity\u2019s business model for managing the financial asset.
\u2022the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.
Subsequent measurement of financial assets
(i) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are
not designated as FVTPL):\u2022they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows.
\u2022the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as interest-bearing loans bonds that were previously classified as held-to-maturity under IAS 39.
(ii) Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are categorised at fair value through profit and loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26427-tag6534966": {
"value": "(q)Financial instruments initial recognition and subsequent measurement
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022amortised cost.
\u2022fair value through profit or loss (FVTPL).
\u2022fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022the entity\u2019s business model for managing the financial asset.
\u2022the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.
Subsequent measurement of financial assets
(i) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are
not designated as FVTPL):\u2022they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows.
\u2022the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as interest-bearing loans bonds that were previously classified as held-to-maturity under IAS 39.
(ii) Financial assets at fair value through profit or loss (FVTPL)
Financial assets that are held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are categorised at fair value through profit and loss. Further, irrespective of business model financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page60-cflshid_26427-tag6534965": {
"value": "(q)Financial instruments initial recognition and subsequent measurement
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
\u2022amortised cost.
\u2022fair value through profit or loss (FVTPL).
\u2022fair value through other comprehensive income (FVOCI).
In the periods presented the corporation does not have any financial assets categorised as FVOCI.
The classification is determined by both:
\u2022the entity\u2019s business model for managing the financial asset.
\u2022the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses.
A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page61-cflshid_27042-tag6534970": {
"value": "Impairment of financial assets
IFRS 9\u2019s impairment requirements use forward-looking information to recognise expected credit losses \u2013 the \u2018expected credit loss (ECL) model\u2019. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.
The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.In applying this forward-looking approach, a distinction is made between:
\u2022financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (\u2018Stage 1\u2019) and;
\u2022financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (\u2018Stage 2\u2019).
\u2022\u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date.
\u2022\u201812-month expected credit losses\u2019 are recognised for the first category while \u2018lifetime expected credit losses\u2019 are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page61-cflshid_27272-tag6534971": {
"value": "Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page62-cflshid_27373-tag6534972": {
"value": "Trade and other receivables and contract assets
The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. The Group assesses impairment of trade receivables on an individual basis. As they possess shared credit risk characteristics they have been grouped based on the days past due.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page62-cflshid_27373-tag6534974": {
"value": "Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the
Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments).All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page62-cflshid_27373-tag6534973": {
"value": "The Group\u2019s financial liabilities include borrowings, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the
Group designated a financial liability at fair value through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page62-cflshid_27646-tag6534975": {
"value": "(r)Fair values
The management assessed that cash and cash equivalents, trade and other receivables, trade and other payables, and other current liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.
The fair value of the interest-bearing loans and borrowings is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:
\u2022Long-term fixed-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the financed project.
The fair value of the interest-bearing loans and borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities, being sensitive to a reasonably possible change in the forecast cash flows or the discount rate. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page62-cflshid_27902-tag6534976": {
"value": "Critical accounting estimates and judgmentsIn preparing these consolidated financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised prospectively. Key judgements and accounting estimates relate to the following:\u2022Note 11 and 16\u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used;
\u2022Note 13 and 14 \u2013 useful life of intangible and tangible fixed assets, including impairment testing if applicable;
\u2022Notes 22 and 25 \u2013 recognition and measurement of provisions and contingencies:
key assumptions about the likelihood and magnitude of an outflow of resources;
\u2022Note 17 \u2013 measurement of provision for obsolescence;
\u2022Note 18 \u2013 measurement of ECL allowance for trade receivables.
\u2022Note 9 \u2013 measurement of realizing targets in the long-term compensation plan.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page63-cflshid_27957-tag6534977": {
"value": "(4) Capital management
The Group\u2019s capital consists of its net equity and long-term loans. Management monitors and assesses the capital requirements for the Group and ensures that enough funding is available to meet the working capital requirements and also for the future business development. To raise funding, the Group considers both committed credit lines and equity contributions.The Group and one of the Group\u2019s subsidiaries have to comply with certain financial covenants under its loan agreements, details of which are given in Note 21. The Group\u2019s current funding requirements have been met from private placement, Group Term Loan, operations and committed credit lines.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page64-cflshid_28164-tag6534978": {
"value": "(5) Financial risk management
The Group has exposure to Credit, Liquidity and Market risks on the financial instruments used by it. The Board of Directors has the overall responsibility to monitor and manage these risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page64-cflshid_28164-tag6534979": {
"value": "Credit risk
Credit risk arises from the possibility of asset impairment occurring because counterparties are not able to meet their obligations in transactions mainly involving trade receivables. The Group has exposure to credit risk and is dependent on three major customers (see table below) for its receivables, in in 2023 for 39% of its receivables and in 2022, 32% of receivables. In the normal course of business, the Group provides credit to clients, provides credit evaluations of these clients, and maintains an impairment provision for credit losses. Cash and cash equivalents are held with reliable counterparties.
| Concentration of credit risk | FY 2023 | FY 2022 |
| Accounts receivable | Accounts receivable |
| Customer 1 | 26% | 13% |
| Customer 2 | 7% | 10% |
| Customer 3 | 6% | 9% |
| Others | 61% | 68% |
| Total | 100% | 100% |
USA operations manage its gross receivables through a system of deposit accounting where Envipco acts as a clearing house for services provided and not on RVM sales but disburses payable funds to customers only after collections have been made from its receivables. European and USA operations have receivables from RVM sales, which are managed closely for collections.The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
| in EUR thousands | Current | >30 Days | >60 Days | >90 Days | Total |
| FY 2023 | \u00a0 | | \u00a0 | | \u00a0 |
| Europe | 11,253 | 740 | 138 | 2,848 | 14,979 |
| United States | 6,719 | 1,529 | 579 | 84 | 8,911 |
| Total | 17,972 | 2,269 | 717 | 2,932 | 23,890 |
| \u00a0 | | \u00a0 | | \u00a0 |
| FY 2022 | \u00a0 | | \u00a0 | | \u00a0 |
| Europe | 2,554 | 453 | 55 | 1,742 | 4,805 |
| United States | 5,879 | 1,471 | 578 | 625 | 8,552 |
| Total | 8,434 | 1,924 | 633 | 2,366 | 13,357 |
Increase in current Trade and other receivables mainly relates to high Q4 activity levels. Increase in Trade and other receivables due > 90 days have been partially paid after year-end due to amendments to be made to the machines. For the final balance of EUR 1 million the Company is in close contact and has proposed a new payment schedule. Management manages credit risk by reviewing the creditworthiness of counterparties on a regular basis and will set credit limits. No credit insurance is taken out. Due to the limited number of customers the Group determines the ECL of trade receivables on an individual basis.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page64-cflshid_28164-tag6534980": {
"value": "Liquidity risk
Liquidity risk arises from the possibility that the Group may encounter difficulty in meeting its obligations as they fall due or inability to draw under re-finance credit facilities. The Group\u2019s policy is to ensure, as far as possible, that it will have sufficient liquidity to meet its obligations in a timely manner. The executive directors follow liquidity risk management focused on maintaining sufficient cash, enforcing strict credit policy and the availability of funding through an adequate amount of committed credit facilities. Due
to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available.Liquidity is managed closely by pursuing receivable collections in Europe and the USA and also by keeping the committed credit lines in place. The following are the Group\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short term leases:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page65-cflshid_28787-tag6534981": {
"value": "Market risk
Market risk arises from the fact that the value of financial instruments may be positively or negatively affected by fluctuating prices on the financial markets. Market risk includes currency risk, fair value interest rate risk, and price risk.Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to exchange rate fluctuations. Exposure to currency risks arises primarily when receivables and payables (including intercompany loans) are denominated in a currency other than the operating Company\u2019s local currency. In addition, the Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar and British Pound. The Group manages its currency risk by closely monitoring the currency fluctuations and does not hedge its currency risk.
A 5% strengthening of US Dollar and British Pound against the Euro would have decreased net profit by \u20ac0.3m due to the transactional impact. A 5% decline
in US Dollar and British Pound against the Euro would have had an equal but opposite effect on the basis that all other variables remain constant.The Group\u2019s interest rate risk arises from selected long-term borrowings. Such borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group tries to minimise its interest rate by negotiating both fixed and variable interest rates for the borrowings. The Group has no interest rate swaps to hedgeinterest rate risk. The Group evaluated its exposure to interest rate risk based on its long-term debt (see Note 21) and concluded that a mutation in interest rate by 1% would not have a significant impact.Price risk
The Group has an exposure to price risk if fluctuations cannot be passed on in negotiations with customers. To mitigate this risk, the Company tries to incorporate price adjustment clauses in customer contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page66-cflshid_29464-tag6534982": {
"value": "Financial instruments \u2013 fair values and risk managementThe Company has no financial assets and financial liabilities that are measured at fair value. The fair value for financial assets and financial liabilities not measured at fair value is a reasonable approximation of fair value except for borrowings that are further explained in Note 21. The Group does not make use of derivative instruments.Further, for the current year the fair value disclosure of lease liabilities is also not required",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page66-cflshid_29455-tag6534983": {
"value": "(6) Segment information
Envipco considers geography as its main segments. Management measures geographical segment performance based on the segment\u2019s profit. Similarly, the respective assets and liabilities are allocated to the geographical segments. The segments are identified on the basis of internal reports about components of the entity that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess its performance. The Group\u2019s main continuing operations relate to its core activity of Recycling. This activity has a single main operating segment \u2013 RVMs. The RVM business segment includes operations in the USA and Europe due to RVM sales, and services. The other unallocated amounts include the Holding Company and rest of the non-active Group entities. Segment information for continuing operations is presented by geographical areas where a segment is based.
(6) Segment information (continued)Segment information of the reportable segments is detailed below:
Other unallocated amounts
Other unallocated amounts
Depreciation & Amortisation
Other unallocated amounts
Other unallocated amounts
Other unallocated amounts
Property, Plant & Equipment & Intangibles Additions
Other unallocated amounts
1)EBITDA, not being a defined performance measure in IFRS-EU, is defined in the Other information section of this report. The revenues (destination) and non-current intangible assets of the Company\u2019s country of domicile i.e., Netherlands were respectively \u20ac0 (2022: \u20ac2,000) and \u20ac8,876,000 (2022: \u20ac8,269,000).See table above for Revenue details where contract (lease) revenues and performance obligations for sale of goods have been disclosed
as part of the Group\u2019s revenue recognition policies. Contract balances, if any, at year end are included in trade receivables (see Note 18). Other unallocated amounts relate to capitalized development costs and corporate costs that are included in the Europe segment.
",
"dimensions": {
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}
},
"v1-page68-cflshid_30685-tag6534985": {
"value": "(7) Audit feesThe fee paid to the Group\u2019s auditors for the following services relating to the calendar year can be specified as follows:
| FY 2023 | FY 2022 |
| in EUR thousands | KPMG Accountants N.V. | Other KPMG Network | Total | KPMG Accountants N.V. | Other KPMG Network | Total |
| Audit fee of financial statements | 389 | 313 | 702 | 325 | 191 | 516 |
| Other audit engagement | - | - | - | - | - | - |
| Tax-related advisory services | - | - | - | - | - | - |
| Other non-audit services | - | - | - | - | - | - |
| Total | 389 | 313 | 702 | 325 | 191 | 516 |
KPMG Accountants N.V. is the auditor in 2023 and 2022 to the Company and its subsidiaries. The fees mentioned in the table for the audit of the financial statements relate to the total fees for the audit of the financial statements, irrespective of whether the activities have been performed during the financial year.
",
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}
},
"v1-page68-cflshid_30685-tag6534984": {
"value": "(8) Other income
| in EUR thousands | FY 2023 | FY 2022 |
| Fee for cancellation and resale of UK inventory | 477 | - |
| PPP loan forgiveness | - | 1,958 |
| Other | 15 | - |
| Total | 492 | 1,958 |
The company received EUR 0.5m on other income from cancellation and resale of UK inventory. In Q3 2022, the company received formal forgiveness of the 2021 PPP loan.
",
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"v1-page69-cflshid_30988-tag6534987": {
"value": "(9) Employee benefit expenseLong-term compensation plan
Average number of employees
The expense is included in the following line items in the financial statements:
| in EUR thousands | FY 2023 | FY 2022 |
| Cost of sales | 11,353 | 6,134 |
| General and administrative expenses | 10,636 | 9,732 |
| Selling and distribution expenses | 1,189 | 1,364 |
| Research and development expenses1 | 2,776 | 2,390 |
| Total employee benefit expense | 25,954 | 19,620 |
1)Including the amounts of capitalized expenses (9) Employee benefit expense (continued)Remuneration of the Management Board
The remuneration of the Management Board charged to the result in 2023 was \u20ac1,274,000 (2022: \u20ac759,000), which can be specified as follows:
| in EUR thousands | Fixed Salary/fee | Variable compensation | Fringebenefits | Pensioncost | Long-term compensation plan | Total |
| FY 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| S. Bolton1 | 420 | 154 | 9 | - | 216 | 799 |
| G. Garvey | 55 | - | - | - | - | 55 |
| C. Crepet | 30 | - | - | - | - | 30 |
| E. Thorsen2 | 15 | - | - | - | - | 15 |
| A. Bouri | - | - | - | - | - | - |
| M. Bouri1 | 215 | 100 | - | - | - | 315 |
| A.J. Aas3 | 30 | - | - | - | - | 30 |
| A. Cormack3 | 30 | - | - | - | - | 30 |
| Total | 795 | 254 | 9 | - | 216 | 1,274 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| FY 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | | \u00a0 |
| S. Bolton1 | 399 | 143 | 22 | - | - | 564 |
| G. Garvey | 50 | - | - | - | - | 50 |
| C. Crepet | 30 | - | - | - | - | 30 |
| T.J.M. Stalenhoef2 | 25 | - | - | - | - | 25 |
| A. Bouri | - | - | - | - | - | - |
| D. D\u2019Addario2 | 15 | - | - | - | - | 15 |
| M. Bouri | 30 | - | - | - | - | 30 |
| A.J. Aas | 30 | - | - | - | - | 30 |
| A. Cormack2 | 15 | - | - | - | - | 15 |
| Total | 594 | 143 | 22 | - | - | 759 |
1)S. Bolton is Executive Director since 1 July, 2020 and M. Bouri is executive Director since August 15, 2023; Other members of the Board are Non-Executive Directors.
2)E. Thorsen is Non-Executive Director since August 15, 2023
3)T.J.M. Stalenhoef's and D. D'Addario's terms expired and were replaced by A. Cormack on 1 July 2022.
The remuneration of Simon Bolton as director in 2023 consisted of a fixed salary of \u20ac429,000 (2022: \u20ac421,000), a variable compensation of \u20ac154,000 (2022: \u20ac143,000) and an expense of \u20ac216,000 (2022: \u20ac0) was recorded under the long-term compensation plan, for shadow shares granted that are expected to vest. See further details below.M. Bouri, appointed as executive director in 2023, earned a fixed salary of \u20ac215,000 (2022: \u20ac30,000)
and a variable compensation of \u20ac100,000 (2022: \u20ac0). The remuneration of G. Garvey amounted to \u20ac55,000 (2022: \u20ac50,000). Non-executive Directors obtain a fixed compensation based on time spent and amounts charged. Also see Note 26 for related party transactions.
(9) Employee benefit expense (continued)
Long-term compensation plan for executive management
The Envipco Holding N.V. Employee Shadow Share Plan (\u201cthe plan\u201d) was approved by the Board of Directors in 2022 and published in 2023. Under the plan, certain employees of the Group may receive remuneration in the form of shadow shares, a form of share appreciation rights. Shadow shares represent the conditional right to receive a performance-based bonus payment in cash. The plan has been assessed to qualify as a cash-settled share-based payment plan. Participants will not acquire any equity instruments. Shadow shares will only vest if certain service and non-market performance conditions are met. Employees are required to remain in service until the end of the grant period. Additionally, vesting is conditional upon the Group meeting certain financial targets during the vesting period.The shadow shares in the three plans have been granted at a strike price of respectively \u20ac1.60, \u20ac1.80, and \u20ac3.20. Targets have been set (retrospectively) for all plans at 80% of the annual forecasted revenue and EBITDA approved by the Board and the remuneration committee. The target for 2022 has been met and the target for 2023 has not been and therefore these shadow shares have been forfeited although these can still be reinstated if both the 2024 revenue and EBITDA exceed 100 percent of the forecasted revenue and EBITDA. The appreciation is calculated based on the share price of \u20ac3.30 as at December 31.
The following table details the grants awarded under the plan in 2023:
The total of the outstanding shadow shares as at 31 December 2023 is as follows:
Outstanding
as at
1 January 2023
Outstanding as at
31 December 2023
The number of outstanding shares as at year-end reflects the Company\u2019s expectation of the shadow shares that are expected to vest.
The liability as at year-end and the and expense for the year can be detailed as follows:
Liability
as at
31 December 2023
Expense recognised in profit or loss
Liability
as at
31 December 2023
The fair value of the liability as at the balance sheet date has been determined by reference to the fair value of each awarded shadow shares (incorporating the strike price of the shadow shares and the fair value of the ordinary shares of the Company), taking into account the estimated outcome of applicable service and non-market performance conditions in the number of shadow shares that is expected to vest.
(23) Employee Benefit Plans
Group companies provide pension benefits for their employees. The way these benefits are provided varies according to the legal, fiscal and economic conditions of each country. Such benefits are provided under defined contribution plans. For the year ended 31 December 2023, expenses relating to defined contribution plans amounted to \u20ac685,000 (2022: \u20ac431,000).
",
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"v1-page69-cflshid_30998-tag6534986": {
"value": "(13) Intangible Assets (continued)The expense is included in the following line items in the financial statements:
General and administrative expenses
Total amortisation and depreciation expenses
(14) Property, Plant and Equipment (continued)The expense is included in the following line items in the financial statements:
| in EUR thousands | FY 2023 | FY 2022 |
| Cost of sales | 3,885 | 3,206 |
| General and administrative expenses | 670 | 380 |
| Selling and distribution expenses | 16 | 4 |
| Research and development expenses | 5 | 1 |
| Total amortisation and depreciation expenses | 4,576 | 3,590 |
",
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"v1-page72-cflshid_32578-tag6534991": {
"value": "(10) Finance expense and income
The financial expenses include borrowings and financial lease commitments. Financial income relates to interest received. | in EUR thousands | FY 2023 | FY 2022 |
| Interest and similar expenses | (1,481) | (601) |
| Interest and similar income | 83 | 97 |
| Exchange gains/(losses) | 270 | (740) |
| Net finance (cost) and or income | (1,128) | (1,244) |
(10) Finance expense and income
The financial expenses include borrowings and financial lease commitments. Financial income relates to interest received. | in EUR thousands | FY 2023 | FY 2022 |
| Interest and similar expenses | (1,481) | (601) |
| Interest and similar income | 83 | 97 |
| Exchange gains/(losses) | 270 | (740) |
| Net finance (cost) and or income | (1,128) | (1,244) |
(10) Finance expense and income
The financial expenses include borrowings and financial lease commitments. Financial income relates to interest received. | in EUR thousands | FY 2023 | FY 2022 |
| Interest and similar expenses | (1,481) | (601) |
| Interest and similar income | 83 | 97 |
| Exchange gains/(losses) | 270 | (740) |
| Net finance (cost) and or income | (1,128) | (1,244) |
(10) Finance expense and income
The financial expenses include borrowings and financial lease commitments. Financial income relates to interest received. | in EUR thousands | FY 2023 | FY 2022 |
| Interest and similar expenses | (1,481) | (601) |
| Interest and similar income | 83 | 97 |
| Exchange gains/(losses) | 270 | (740) |
| Net finance (cost) and or income | (1,128) | (1,244) |
(11) Income taxes
Effective tax rate
Envipco operates in several jurisdictions with varied local statutory income tax rates. This causes a difference between the average statutory income tax rate and The Netherlands tax rate of 25,8%. The following table reconciles income taxes based on the Group\u2019s weighted average statutory income tax rate and the Group\u2019s income tax benefit from continuing operations:
| in EUR thousands | FY 2023 | FY 2022 |
| Profit/(loss) before tax | \u00a0 | 1,157 | | (3,954) |
| Taxation (charge)/credit \u2013 statutory rate | 25.8% | (298) | 25.8% | 1,020 |
| Tax (charge) credit for different statutory tax rates on foreign subsidiaries | \u00a0 | 108 | | 92 |
| Non-deductible expenses/other | \u00a0 | 180 | | 488 |
| Recognition of previously unrecognized tax losses and deductible temporary difference | \u00a0 | 750 | | (51) |
| Current year losses for which no deferred tax asset has been recognized | \u00a0 | (1,321) | | (1,731) |
| Prior year adjustment | \u00a0 | - | | 107 |
| State tax | \u00a0 | 26 | \u00a0 | (149) |
| Effective income tax | (48)% | (556) | (6)% | (224) |
Current and deferred tax income/ (expense) None of the items of other comprehensive income is included in income taxes. See Note 16.
(12) Earnings per share
The numerator for both basic and fully diluted net result per ordinary share (earnings per share or EPS) is net result attributable to holders of ordinary shares. The denominator for basic EPS is the number of ordinary shares outstanding during the year, excluding ordinary shares held as treasury shares. The fully diluted EPS is same as the basic EPS.
The net result per ordinary share has been calculated according to the following schedule:
| in EUR thousands | FY 2023 | FY 2022 |
| Total Operations | Total Operations |
| Numerator | \u00a0 | \u00a0 |
| Earnings/(loss) used in basic and diluted EPS | 601 | (4,178) |
| \u00a0 | \u00a0 | \u00a0 |
| Weighted average number of shares used in basic and diluted EPS (x1000) | 51,211 | 46,051 |
(12) Earnings per share
The numerator for both basic and fully diluted net result per ordinary share (earnings per share or EPS) is net result attributable to holders of ordinary shares. The denominator for basic EPS is the number of ordinary shares outstanding during the year, excluding ordinary shares held as treasury shares. The fully diluted EPS is same as the basic EPS.
The net result per ordinary share has been calculated according to the following schedule:
| in EUR thousands | FY 2023 | FY 2022 |
| Total Operations | Total Operations |
| Numerator | \u00a0 | \u00a0 |
| Earnings/(loss) used in basic and diluted EPS | 601 | (4,178) |
| \u00a0 | \u00a0 | \u00a0 |
| Weighted average number of shares used in basic and diluted EPS (x1000) | 51,211 | 46,051 |
(13) Intangible Assets| in EUR thousands | Goodwill | Patents, Licenses and Concessions | Software | Development Costs | Total |
| At 1 January 2022 | | | | | |
| Cost | 156 | 1,260 | - | 13,379 | 14,795 |
| Accumulated amortisation and impairment | - | (1,102) | - | (6,191) | (7,293) |
| Net carrying amount | 156 | 158 | - | 7,188 | 7,502 |
| Changes to net carrying amount in 2022 | | | | | |
| Additions | - | 130 | 626 | 1,718 | 2,474 |
| Disposals | - | (12) | - | - | (12) |
| Amortisation | - | (49) | - | (1,330) | (1,379) |
| Currency translation differences | 10 | 2 | - | - | 12 |
| Total changes in 2022 | 10 | 71 | 626 | 388 | 1,095 |
| At 31 December 2022 | | | | | |
| Cost | 166 | 1,379 | 626 | 15,096 | 17,267 |
| Accumulated amortisation and impairment | - | (1,151) | - | (7,521) | (8,672) |
| Net carrying amount | 166 | 228 | 626 | 7,575 | 8,595 |
| Changes to net carrying amount in 2023 | | | | | |
| Additions | - | 26 | 563 | 1,456 | 2,045 |
| Disposals | - | - | - | - | - |
| Amortisation | - | (81) | (72) | (1,307) | (1,460) |
| Currency translation differences | (5) | (5) | - | - | (10) |
| Total changes in 2023 | (5) | (60) | 491 | 149 | 575 |
| At 31 December 2023 | | | | | |
| Cost | 161 | 1,400 | 1,189 | 16,552 | 19,302 |
| Accumulated amortisation and impairment | - | (1,232) | (72) | (8,828) | (10,132) |
| Net carrying amount | 161 | 168 | 1,117 | 7,724 | 9,170 |
All development costs are internally generated and no triggers for impairment were identified.The 2023 additions mainly relate to capitalized R&D and IT costs.
See Note 21 for security of assets.
(13) Intangible Assets (continued)The expense is included in the following line items in the financial statements:
General and administrative expenses
Total amortisation and depreciation expenses
",
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"v1-page75-cflshid_33323-tag6534995": {
"value": "(13) Intangible Assets| in EUR thousands | Goodwill | Patents, Licenses and Concessions | Software | Development Costs | Total |
| At 1 January 2022 | | | | | |
| Cost | 156 | 1,260 | - | 13,379 | 14,795 |
| Accumulated amortisation and impairment | - | (1,102) | - | (6,191) | (7,293) |
| Net carrying amount | 156 | 158 | - | 7,188 | 7,502 |
| Changes to net carrying amount in 2022 | | | | | |
| Additions | - | 130 | 626 | 1,718 | 2,474 |
| Disposals | - | (12) | - | - | (12) |
| Amortisation | - | (49) | - | (1,330) | (1,379) |
| Currency translation differences | 10 | 2 | - | - | 12 |
| Total changes in 2022 | 10 | 71 | 626 | 388 | 1,095 |
| At 31 December 2022 | | | | | |
| Cost | 166 | 1,379 | 626 | 15,096 | 17,267 |
| Accumulated amortisation and impairment | - | (1,151) | - | (7,521) | (8,672) |
| Net carrying amount | 166 | 228 | 626 | 7,575 | 8,595 |
| Changes to net carrying amount in 2023 | | | | | |
| Additions | - | 26 | 563 | 1,456 | 2,045 |
| Disposals | - | - | - | - | - |
| Amortisation | - | (81) | (72) | (1,307) | (1,460) |
| Currency translation differences | (5) | (5) | - | - | (10) |
| Total changes in 2023 | (5) | (60) | 491 | 149 | 575 |
| At 31 December 2023 | | | | | |
| Cost | 161 | 1,400 | 1,189 | 16,552 | 19,302 |
| Accumulated amortisation and impairment | - | (1,232) | (72) | (8,828) | (10,132) |
| Net carrying amount | 161 | 168 | 1,117 | 7,724 | 9,170 |
All development costs are internally generated and no triggers for impairment were identified.The 2023 additions mainly relate to capitalized R&D and IT costs.
See Note 21 for security of assets.
(13) Intangible Assets (continued)The expense is included in the following line items in the financial statements:
General and administrative expenses
Total amortisation and depreciation expenses
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"v1-page76-cflshid_34051-tag6534997": {
"value": "GoodwillGoodwill as per 31 December 2023 and 2022 relates to goodwill of one Cash Generating Unit in the RVM segment in the US, which was tested for any impairment, based on its value in use, by using present value of discrete cash flows for next three years and the present value of the terminal cash flow with the following assumptions: pre-tax WACC discount rate of 9.54% (2022: 9.58%), working capital requirement at 10% of revenue and terminal cash flow growth rate of 2.5% both in 2023 and 2022. Sensitivities related to the value in use calculation would imply that a 1% increase in the discount rate or using a 0% growth rate would not have resulted in an impairment.",
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"v1-page76-cflshid_34051-tag6534998": {
"value": "Development costsMost of the capitalised development costs relate to internally developed assets in respect of new product range namely New Electronic Platform, New Recognition Systems and Backroom Systems for the existing and new markets. All materials, labour and overhead costs directly attributable to these projects have been capitalised. \u20ac1,456,000 (2022: \u20ac1,718,000) of the development costs was capitalised in 2023. Fully developed assets are amortised over their expected useful lives, which is 7 years, evaluated on a periodic basis. The largest individual asset included in the development cost has a book value of \u20ac2,397,000 (2022: \u20ac2,875,000) related to New Recognition System.
Key projects under development during 2023 included New Camera Machines and High Volume Sorting Systems.
",
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},
"v1-page77-cflshid_34321-tag6534999": {
"value": "(14) Property, Plant and Equipment| \u00a0\u00a0in EUR thousands | Reverse Vending Machines | Land & Buildings | Plant & Machinery | Vehicles & Equipment | Total |
| At 1 January 2022 | 6,170 | 2,109 | 448 | 863 | 9,590 |
| Changes to net carrying amount in 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | 4,952 | 995 | 1,044 | 1,120 | 8,111 |
| Disposals/transfers to inventory1 | (573) | - | (1) | (73) | (647) |
| Depreciation | (2,682) | (329) | (209) | (371) | (3,591) |
| Currency translation | 378 | 236 | 32 | 64 | 709 |
| Total changes in 2022 | 2,076 | 902 | 866 | 740 | 4,584 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 27,118 | 4,139 | 2,491 | 3,965 | 37,713 |
| Accumulated depreciation | (18,872) | (1,128) | (1,177) | (2,361) | (23,538) |
| Net carrying amount | 8,246 | 3,011 | 1,314 | 1,604 | 14,175 |
| At 1 January 2023 | 8,246 | 3,011 | 1,314 | 1,604 | 14,175 |
| Changes to net carrying amount in 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Additions | 4,508 | 2,061 | 971 | 680 | 8,219 |
| Disposals/transfers to inventory1 | (363) | - | (54) | (22) | (439) |
| Depreciation | (3,019) | (667) | (304) | (588) | (4,576) |
| Currency translation | (274) | 140 | (10) | (248) | (392) |
| Total changes in 2023 | 851 | 1,534 | 603 | (178) | 2,811 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| At 31 December 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 30,989 | 6,339 | 3,398 | 4,375 | 45,101 |
| Accumulated depreciation | (21,891) | (1,793) | (1,481) | (2,950) | (28,116) |
| Net carrying amount | 9,097 | 4,546 | 1,917 | 1,425 | 16,985 |
1)Disposals/transfers to inventory pertain to the transfer of the maintained PPE to the inventory. See Note 21 for security of assets.
Per end of 2023, no assets were under construction and no triggers for impairment were identified.The 2023 additions were mainly made up of investments for production in German and Greek facilities and lease and demo RVMs.
(14) Property, Plant and Equipment (continued)The expense is included in the following line items in the financial statements:
| in EUR thousands | FY 2023 | FY 2022 |
| Cost of sales | 3,885 | 3,206 |
| General and administrative expenses | 670 | 380 |
| Selling and distribution expenses | 16 | 4 |
| Research and development expenses | 5 | 1 |
| Total amortisation and depreciation expenses | 4,576 | 3,590 |
",
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},
"v1-page78-cflshid_34973-tag6535000": {
"value": "Leases as lessee
The Group leases a number of buildings, plant and machinery and equipment. The leases typically run for a period of three to six years, with an option to renew the lease after that date. During 2023, the leased properties have not been sub-let. The Group leases some equipment with contract terms of one year. These leases are short-term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.Information about leases for which the Group is a lessee is presented below.
Increased leases in 2023 mainly relate to production in German and Greek facilities.
| Land and | Plant and | Vehicles and | Total |
| in EUR thousands | Buildings | Machinery | Equipment |
| 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation charge for the year | (517) | (33) | (382) | (932) |
| Net carrying amount at 31 December | 2,059 | 119 | 764 | 2,942 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| 2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Depreciation charge for the year | (251) | (41) | (253) | (545) |
| Net carrying amount at 31 December | 740 | 70 | 988 | 1.798 |
Amounts recognised in profit or loss
\u00a0
| in EUR thousands | FY 2023 | FY 2022 |
| Interest on lease liabilities | (231) | (113) |
Amounts recognised in statement of cash flows
Total cash outflow for leases
Schedule of lease liabilities movement
",
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},
"v1-page80-cflshid_35947-tag6535001": {
"value": "(17) Inventory| in EUR thousands | FY 2023 | FY 2022 |
| Finished Goods | 10,974 | 5,943 |
| Raw materials and parts | 22,820 | 20,326 |
| Work in progress | 563 | 88 |
| Provisions for obsolescence | (2,113) | (2,244) |
| Total | 32,244 | 24,114 |
The increase in inventory is mainly related to commercial finished goods inventory in preparation of 2024 activity.Finished goods are valued at lower of cost and net realisable value. Cost includes material cost, direct labour and overheads. Raw material and parts are valued at lower of cost and net realisable value. Cost includes purchase cost and cost of bringing the part to its present location. Work in progress is valued including direct material cost and a proportion of direct labour and overheads.
Estimates of net realisable value of inventory are based on the most reliable evidence available at the time the estimates are made. The carrying amount of the inventory carried at fair value less costs to sell is nil. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period. As such, estimates are continuously evaluated and it is common that in the normal course of business, circumstances that previously caused inventories to be written down below cost no longer exist resulting in reversals of write-downs.
Schedule of movement of provision for obsolescence
Addition to/release of provision
The increase/ (decrease) in provisions relating to inventories is affected through cost of sales. The gross carrying amount of the items included in the provision is \u20ac3,443,000 (2022: \u20ac2,940,000).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page81-cflshid_36327-tag6535003": {
"value": "(18) Trade and Other Receivables| in EUR thousands | FY 2023 | FY 2022 |
| Trade receivables | 17,654 | 10,982 |
| Unbilled revenue | 3,435 | - |
| Other receivables | 1,634 | 1,591 |
| Prepaid expenses | 1,167 | 784 |
| Total | 23,890 | 13,357 |
The unbilled revenue relates to machines installed in 2023 and invoiced in 2024. In 2022, the other receivables included a \u20ac43,000 loan to a former employee in German subsidiary, which has been repaid in 2023.Estimates of the recoverability of trade receivables are based on the most reliable evidence available at the time the estimates are made. As these
estimates are continuously evaluated, it is common that in the normal course of business, circumstances that previously caused trade receivables to be impaired no longer exist resulting in reversals of impairment charges. Trade receivables are shown net of bad debt provisions of \u20ac634,000 and \u20ac600,000 at the end of years 2023 and 2022 respectively.
Schedule of movement of bad debts
| in EUR thousands | FY 2023 | FY 2022 |
| Beginning of period | 600 | 411 |
| Addition | 340 | 279 |
| Release | (228) | - |
| Utilization | (57) | (129) |
| Currency translation adjustment | (21) | 39 |
| End of period | 634 | 600 |
(19) Cash and cash equivalents
| in EUR thousands | FY 2023 | FY 2022 |
| Cash at bank and in hand | 12,458 | 16,121 |
| Total | 12,458 | 16,121 |
Restricted cash
| in EUR thousands | FY 2023 | FY 2022 |
| Contract guarantee | - | 340 |
Restricted cash related to a contract guarantee for RVM deliveries to Malta has been released in 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page81-cflshid_36518-tag6535002": {
"value": "Restricted cash
| in EUR thousands | FY 2023 | FY 2022 |
| Contract guarantee | - | 340 |
Restricted cash related to a contract guarantee for RVM deliveries to Malta has been released in 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page82-cflshid_36670-tag6535005": {
"value": "(20) Shareholders\u2019 EquityShare Capital
Authorised and issued share capital
Number of authorised shares
Number of outstanding shares on 1 January
Number of outstanding shares on 31 December
Issued share capital on 31 December
Share premium reserveFor full detailed movements in share premium reserve please refer to the consolidated statement of changes in equity.
Legal reserve
Movement in legal reserve is in respect of the capitalised development costs of \u20ac150,000 (2022: \u20ac387,000) (see Note C for Separate Financial Statements).
Retained earningsAt the Company\u2019s Annual General Meeting of the Shareholders it will be proposed to include the 2023 result in retained earnings.
Translation reserve
Group entities, whose functional currency is other than Euro, the Group\u2019s reporting currency, are translated using closing rates for balance sheets and average rates for income statements. The resulting difference is recognised as translation reserve in equity and is non-distributable
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page82-cflshid_36670-tag6535006": {
"value": "(21) Non-current Liabilities
Other non-current liabilities include a loan of \u20ac121,000 (2022: \u20ac120,000) payable to Mr. Gregory Garvey, a related party. There are no conditions, interest or maturity period for this loan.In addition, other non-current liabilities include the liability for the share-based payment plan in the amount of \u20ac254,000 (2022: \u20ac0). For further details, reference is made to note 9.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page83-cflshid_37026-tag6535008": {
"value": "Borrowings
Environmental Products Corporation (EPC) has borrowing facility from third-party lenders for $8,158,000. Envipco Solutions Romania (ESR) has borrowing facility from third-party lenders for RON 1,454,000 and Envipco Holding NV had a borrowing facility from Mr. Gregory Garvey, a related party, for $1,725,000 in 2022 which has been repaid in 2023, and entered into a new borrowing facility with third-party lenders for \u20ac9,000,000 in 2023.
The following loans have been drawn:
The Line of Credit (LOC) of $2,800,000 is renewable annually for next 24 months, capped based on eligible accounts receivables and repayable at maturity on 31 July 2024 with interest if not renewed. A $2,240,000 Mortgage facility, is repayable (based on a 20-year amortisation) within 10 years including interest at 5.50% with a balloon payment in year 2024. A Term Loan of $6,000,000 was secured in March 2020 repayable by 2025 with 3.51% interest rate. A Term Loan of $3,000,000 was secured in June 2022 repayable by 2027 with interest rate of SOFR (Secured Overnight Financing Rate) plus 300 basis points. In 2023, a new Term Loan of \u20ac9,000,000 was secured repayable by 2028 with interest rate of 7.35%. The first two Term Loans are collateralised by a fixed and floating charge on all assets of the USA subsidiary and guaranteed by the Company. The third Term Loan is collateralised by the Company\u2019s trade receivables in Europe. Net borrowing costs deducted were \u20ac0 (2022: \u20ac96,000).The US entity obtained a Paycheck Protection Program (PPP) loan second draw in March 2021 of $1,929,000 with interest rate at 1% and repayable if not forgiven. The use of the PPP loan was limited to payroll costs, any payment of interest on a covered mortgage obligation and rent or utility costs as determined by the guidelines prescribed in the Program. In July 2022 this loan was forgiven.
The debt covenants in relation to the first two Term Loans and mortgage facilities are linked to the performance of the USA subsidiaries and have been met during 2023 and 2022.
The debt covenants related to the third Term Loan are linked to the Group\u2019s solvency, debt service coverage and senior net debt/EBITDA. In 2023, the Group reported for the first time on these covenants and met all three of them.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Schedule of borrowings movement
| in EUR thousands | FY 2023 | FY 2022 |
| At beginning of period | 14,550 | 7,062 |
Changes in shareholder loans
1)\u20ac1,948,000 of the 2022 repayments relates to the loan forgiveness of the PPP loan. In the cash flow statement this amount is excluded from the repayments.
Schedule of lease liabilities movement
Future payments under long term borrowings
| in EUR thousands | FY 2023 | FY 2022 |
| Current | 7,363 | 3,620 |
| Due between 1 to 5 years | 9,312 | 10,930 |
| Total borrowings | 16,675 | 14,550 |
| in EUR thousands | Nominal interest rate | FY 2023 | FY 2022 |
| Carrying amount | Fair Value | Carrying amount | Fair Value |
| Line of credit (LOC) | US Prime Rate | \u20ac 2,534 | \u20ac 2,534 | \u20ac 5,626 | \u20ac 5,626 |
| Line of credit (LOC) | ROBOR plus 2.25% | \u20ac 292 | \u20ac 292 | \u20ac 479 | \u20ac 479 |
| Current borrowing | 6.00% | - | - | \u20ac1,638 | \u20ac 1,638 |
| Mortgage facility | 5.50% | \u20ac 1,320 | \u20ac 1,322 | \u20ac 1,463 | \u20ac 1,550 |
| Term Loan | 3.51% | \u20ac 1,629 | \u20ac 1,643 | \u20ac 2,813 | \u20ac 2,700 |
| Term Loan | SOFR plus 3.0% | \u20ac 1,901 | \u20ac 1,982 | \u20ac 2,532 | \u20ac 2,405 |
| Term Loan | 7.35% | \u20ac 9,000 | \u20ac 9,031 | - | - |
| Total | \u00a0 | \u20ac 16,675 | \u20ac 16,804 | \u20ac 14,550 | \u20ac 14,398 |
Increases and decreases reconcile to cash flow statement. For lease liabilities reference is made to Note 25.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page83-cflshid_37304-tag6535007": {
"value": "The first two Term Loans are collateralised by a fixed and floating charge on all assets of the USA subsidiary and guaranteed by the Company. The third Term Loan is collateralised by the Company\u2019s trade receivables in Europe. Net borrowing costs deducted were \u20ac0 (2022: \u20ac96,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page84-cflshid_37864-tag6535009": {
"value": "(22) Provisions
| in EUR thousands | FY 2023 | FY 2022 |
| Current | 1,429 | 680 |
| Non-current | 549 | |
| Total provisions | 1,978 | 680 |
Movement of warranty provisions
Warranty provisions are required for warranty for the repair and maintenance of product sales and are adequate for expected usage.
| in EUR thousands | FY 2023 | FY 2022 |
| Beginning of period | 680 | 181 |
| Additions | 1,894 | 523 |
| Release | (287) | - |
| Utilisation | (305) | (24) |
| Exchange gains/(losses) | (12) | - |
| End of period | 1,970 | 680 |
| Current portion | 1,421 | 680 |
| Non-current portion | 549 | - |
The warranty provision relates to 1-3 years of warranty provided on European machines sales. Because of high activity level in 2023, the warranty provision increased.
Movement of other provisions
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page86-cflshid_38402-tag6535010": {
"value": "(24) Accrued Expenses and Other current liabilities| in EUR thousands | FY 2023 | FY 2022 |
| Payroll and vacation accruals | 2,962 | 2,302 |
| Other accrued expenses | 2,149 | 3,257 |
| Deferred revenue | 6,060 | 1,900 |
| Total | 11,171 | 7,459 |
In anticipation to the 2023 private placement, Envipco entered into a Share Lending Agreement with Alexandre Bouri and Gregory Garvey on December 12th 2022. This was recognized as a \u20ac15,000,000 short term liability on the balance sheet at year end. Pursuant to the Share Lending Agreement, the lending shareholders lent a total of 5,639,097 shares. The Company has on 1 February 2023 issued and re-delivered the 5,639,097 shares to the lending shareholders removing the liability out of the Company\u2019s books.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page86-cflshid_38551-tag6535011": {
"value": "(25) Commitments and Contingencies The future minimum lease receivable under non-cancellable RVM operating leases as of 31 December 2023 and 2022 were as follows:
| in EUR thousands | FY 2023 | FY 2022 |
| Within 1 year | 2,499 | 2,482 |
| Between 2 to 5 years | 3,801 | 4,162 |
| Total | 6,300 | 6,644 |
Lease revenues from RVMs for the year ended 31 December 2023 were approximately \u20ac3,332,000 (2022: \u20ac3,321,000).
Legal proceedings
There are no legal proceedings and therefore no commitments are to be recognized.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page87-cflshid_38660-tag6535012": {
"value": "(26) Related party transactions
The balance receivable at year end from an affiliate under common control of the majority shareholder was \u20ac752,000 (2022: \u20ac725,000) with interest at Euribor plus 2.5% which was extended in the year and repayable on 31 January 2025.Other receivables include a \u20ac0 (2022: \u20ac43,000) loan to a former employee in German subsidiary.
In 2022, current borrowings included a short-term loan from Mr. Gregory Garvey, a related party, for $1,725,000 which has been repaid in 2023 with interest at 6.0% per annum (see Note 21).
The Share lending liability shown on the 2022 balance sheet included the Share Lending
Agreement transaction as explained in the Company\u2019s 2022 Annual Report. The Company has on 1 February 2023 issued and re-delivered the 5,639,097 shares to the lending shareholders removing the liability out of the Company\u2019s books. Other liabilities include a loan of \u20ac120,000 (2022: \u20ac120,000) payable to Mr. Gregory Garvey, a related party (see Note 21). There are no conditions, interest or maturity period for this loan.
Current payables include a \u20ac43,000 (2022: \u20ac0) payable position to the Company\u2019s CEO, Simon Bolton on a social security related prepayment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page87-cflshid_38660-tag6535013": {
"value": "(27) Post balance sheet events The Company has on March 12, 2024, raised NOK 300 million, \u20ac26,131,000, in gross proceeds through a private placement issuing 6,000,000 new ordinary shares in the Company. The Company continues to deliver on its European growth strategy and is well positioned to win target
share of new market opportunities. Hence, the Company intends to use the net proceeds from the Private Placement to (i) strengthen the Company\u2019s footprint to capitalize on new market opportunities, (ii) working capital, (iii) M&A, and (iv) general corporate purposes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page99-cflshid_42786-tag6535014": {
"value": "(Q) Financial Instruments
The Group has exposure to the following risks from its use of financial instruments:\u2014Credit risk.
\u2014Liquidity risk.
\u2014Market risk.
In the notes to the consolidated financial statements information is included about the Group\u2019s exposure
to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. These risks, objectives, policies and processes for measuring and managing risk, and the management of capital apply also to the separate financial statements of the Company.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7245009QH646WM76PR25",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}