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1)In the financial statements of 2023, the cash flow statement incorrectly included two separate lines for a change in the share lending liability of \u20ac(15,000) and proceeds of share issue of \u20ac14,514 whereas these amounts did not reflect actual cash flows. In the comparative figures of the financial statements of 2024, the amounts relating to non-cash items were netted for the net cash flow of \u20ac(486). This netting has no further impact on the net cash flow from financing activities.
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"2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_6963928": { "value": "-1504000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_6963929": { "value": "300000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "shtag_6963930": { "value": "24455000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "shtag_6963931": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "shtag_6963932": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ext:StatutoryReserve", "unit": "iso4217:EUR" } }, "shtag_6963933": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_6963934": { "value": "24755000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_6963935": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_6963936": { "value": "24755000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_6963937": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "shtag_6963938": { "value": "653000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "shtag_6963939": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "shtag_6963940": { "value": "-653000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ext:StatutoryReserve", "unit": "iso4217:EUR" } }, "shtag_6963941": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_6963942": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_6963943": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_6963944": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "shtag_6963945": { "value": "2885000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "shtag_6963946": { "value": "96129000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "shtag_6963947": { "value": "5982000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "shtag_6963948": { "value": "7072000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ext:StatutoryReserve", "unit": "iso4217:EUR" } }, "shtag_6963949": { "value": "-46875000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_6963950": { "value": "65193000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_6963951": { "value": "32000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "shtag_6963952": { "value": "65225000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page53-cflshid_21088-tag6963550": { "value": "
(a)Reporting entity
Envipco Holding N.V. is a public limited liability Company, listed on Euronext Amsterdam and Euronext Oslo, 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 (hereafter: \u201cthe Group\u201d, \u2018\u2019the Company\u2019\u2019 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 2024, which ended at the balance sheet
date of 31 December 2024, and were authorized for issuance on 23 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21099-tag6963629": { "value": "Envipco Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21099-tag6963630": { "value": "public limited liability Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21123-tag6963551": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21123-tag6963631": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21123-tag6963632": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21099-tag6963633": { "value": "Van Asch van Wijckstraat 4, 3811 LP Amersfoort, The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21157-tag6963634": { "value": "Envipco Holding N.V. and Subsidiaries (hereafter: \u201cthe Group\u201d, \u2018\u2019the Company\u2019\u2019 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21088-tag6963635": { "value": "
These financial statements cover the year 2024, which ended at the balance sheet
date of 31 December 2024, and were authorized for issuance on 23 June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21088-tag6963658": { "value": "
(c)Going concern
The financial statements are prepared on the basis of the going concern assumption, which assumes that the Company will continue to operate as a going concern for the foreseeable future. In the going concern assessment, management has taken into account both operational and financial aspects in the multi-year plan in which the continuity of the Company is closely monitored. The multi-year plan is estimated using the latest available information and management\u2019s expectations.
The financial year ended 31 December 2024 was a good year for the Company. The most important key figures in the context of the going concern assumption as per balance sheet date are as follows (based on the final consolidated financial statements):
\u00a0\u00a0
FY2024FY2023
Group equityEUR millions65.242.0
EBITDA1EUR millions11.98.3
Gross working capitalEUR millions63.256.1
Solvency ratio%3933
Liquidity ratio1.81.6
Debt service coverage 1.41.2
Senior net debt / EBITDA1(0.3)0.6
1)EBITDA, not being a defined performance measure in IFRS-EU, is defined in the Other information section of this report.
The growth of Envipco is expected to be driven by increasing European expansion taking place for the years to come due to the Packaging & Packaging Waste Regulation (PPWR). This EU PPWR directive entered into force on February 11, 2025, and aims to overhaul the previous Packaging Directive (Directive 94/62/EC) and introduces more stringent measures to promote sustainability. The PPWR requires the implementation of DRS by 2030, which
incentivizes consumers to return used beverage containers for recycling. RVMs play a crucial role in these systems by providing a convenient and efficient way for consumers to return their containers .
As Envipco is largely dependent on implementation of the DRS legislation in Europe for its expected growth, the Company will continue to experience some level of volatility in quarterly performance given the timing of DRS schemes coming into effect.
Based on the expected European growth and required investments, , the Company has decided to end its relationship with US based TD bank and repay the credit facility consisting of 2 term loans, a mortgage and a revolver per 31 July 2025. Envipco initiated the process to refinance this credit facility with a new finance solution to finance the future growth.
Envipco has engaged a Dutch based and a US based Bank to offer a new credit facility supporting the growth in Europe. From both banks the Company received Committed Term Sheet (CTS) ranging from $ 14m to \u20ac 21m which it has currently under review. Although Envipco does not need additional financing due to its current cash position of ca EUR 20 million, a new credit line facility will provide increased flexibility in working capital management and timing of critical investments to finance future European growth. In
addition, the Company keeps ongoing strong focus on working capital management to generate enough operating cash flows to meet its financial obligations when they fall due
Envipco expects to decide on this new financing solution and finalize the documentation and formal agreements with one of these banks before end of Q2 2025.
Reference is made to notes 21 Non-current Liabilities for more information. In 2024, all covenants related to external borrowings have been met and based on the multi-year plan, there are no indications that future covenants will not be met.
On this basis, management is of the opinion that the going concern of the Company is assured.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page53-cflshid_21088-tag6963552": { "value": "
(c)Going concern
The financial statements are prepared on the basis of the going concern assumption, which assumes that the Company will continue to operate as a going concern for the foreseeable future. In the going concern assessment, management has taken into account both operational and financial aspects in the multi-year plan in which the continuity of the Company is closely monitored. The multi-year plan is estimated using the latest available information and management\u2019s expectations.
The financial year ended 31 December 2024 was a good year for the Company. The most important key figures in the context of the going concern assumption as per balance sheet date are as follows (based on the final consolidated financial statements):
\u00a0\u00a0
FY2024FY2023
Group equityEUR millions65.242.0
EBITDA1EUR millions11.98.3
Gross working capitalEUR millions63.256.1
Solvency ratio%3933
Liquidity ratio1.81.6
Debt service coverage 1.41.2
Senior net debt / EBITDA1(0.3)0.6
1)EBITDA, not being a defined performance measure in IFRS-EU, is defined in the Other information section of this report.
The growth of Envipco is expected to be driven by increasing European expansion taking place for the years to come due to the Packaging & Packaging Waste Regulation (PPWR). This EU PPWR directive entered into force on February 11, 2025, and aims to overhaul the previous Packaging Directive (Directive 94/62/EC) and introduces more stringent measures to promote sustainability. The PPWR requires the implementation of DRS by 2030, which
incentivizes consumers to return used beverage containers for recycling. RVMs play a crucial role in these systems by providing a convenient and efficient way for consumers to return their containers .
As Envipco is largely dependent on implementation of the DRS legislation in Europe for its expected growth, the Company will continue to experience some level of volatility in quarterly performance given the timing of DRS schemes coming into effect.
Based on the expected European growth and required investments, , the Company has decided to end its relationship with US based TD bank and repay the credit facility consisting of 2 term loans, a mortgage and a revolver per 31 July 2025. Envipco initiated the process to refinance this credit facility with a new finance solution to finance the future growth.
Envipco has engaged a Dutch based and a US based Bank to offer a new credit facility supporting the growth in Europe. From both banks the Company received Committed Term Sheet (CTS) ranging from $ 14m to \u20ac 21m which it has currently under review. Although Envipco does not need additional financing due to its current cash position of ca EUR 20 million, a new credit line facility will provide increased flexibility in working capital management and timing of critical investments to finance future European growth. In
addition, the Company keeps ongoing strong focus on working capital management to generate enough operating cash flows to meet its financial obligations when they fall due
Envipco expects to decide on this new financing solution and finalize the documentation and formal agreements with one of these banks before end of Q2 2025.
Reference is made to notes 21 Non-current Liabilities for more information. In 2024, all covenants related to external borrowings have been met and based on the multi-year plan, there are no indications that future covenants will not be met.
On this basis, management is of the opinion that the going concern of the Company is assured.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page55-cflshid_21851-tag6963636": { "value": "
(2) Basis of preparation
(a)Statement of compliance
The 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. The annual report has been prepared in ESEF and is in accordance with the requirements as set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
These Financial Statements have been approved for issue by the Board of Directors on 23 June 2025 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.
Basis of measurement
Due to rounding, numbers presented may not add up precisely to the totals provided. Valuation of assets and liabilities and determination of the result takes place under the historical cost convention. Unless presented otherwise at the relevant principle for the specific balance sheet item, assets and liabilities are presented at amortized costs. Income and expenses are accounted for on accrual basis. Losses originating before the end of the financial year are taken into account if they have become known before
preparation of the financial statements. Revenues from goods are recognized either at a point in time or over time, when (or as) the Company satisfies a performance obligations by transferring the promised goods or services to its customers . The cost of these goods is allocated to the same period. Revenues from services are recognized in proportion to the services rendered. The cost of these services is allocated to the same period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page55-cflshid_21859-tag6963547": { "value": "Statement of compliance
The 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. The annual report has been prepared in ESEF and is in accordance with the requirements as set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF).
These Financial Statements have been approved for issue by the Board of Directors on 23 June 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page55-cflshid_22039-tag6963627": { "value": "Income and expenses are accounted for on accrual basis.
General and administrative expenses in the consolidated statement of comprehensive income include the amortisation charge for intangible assets.
Research and development expenses are included in general and administrative expenses.
Research costs are recognised as an expense as incurred.
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.Expenditures for repairs and maintenance are expensed when incurred.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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page55-cflshid_21851-tag6963608": { "value": "
(b)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 of a 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.
The Company used the fair value hierarchy for its projected performance payments under the Sensibin acquisition as explained in Note 21 Borrowings, Lease liabilities and Other non-current liabilities.
u)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. Reference is made to note 2 (b) Measurement of fair values and Note 21 Borrowings, Lease liabilities and Other non-current liabilities.Where the Company used the fair value hierarchy for its projected performance payments under the Sensibin acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page56-cflshid_22596-tag6963553": { "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.Assumptions and estimation uncertaintiesInformation 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 2024 is included in the following notes:\u2022Note 3(v) \u2013 Critical accounting estimates and judgements;\u2022Note 13 \u2013 impairment test of intangible assets: key assumptions underlying recoverable amounts, including the recoverability of capitalised development costs;\u2022Note 13 - Classification of the acquisition of Sensibin Limited: accounting for this acquisition as an asset deal under IAS 38 rather than a business combination under IFRS 3;\u2022Note 16 \u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used.Reporting errors and changes in prior periodsAdjustments or restatements of the Company\u2019s Group financial statements (if any), will be based on the judgment as to whether the information should be restated, considering materiality. Envipco clearly discloses where restatements are made including the nature of the restatement. For the year 2024, no reporting errors were identified. Changes in prior periodsLeasingDuring the current reporting period, the Company identified a prior period error relating to the accounting treatment of certain leases under IFRS 16. Specifically, the error pertained to the initial measurement and recognition of right-of-use (ROU) assets and corresponding lease liabilities in FY 2023.The error resulted in the understatement of ROU assets and lease liabilities in the previously reported financial statements. The correction has been reflected in the ROU assets movement schedule as part of Note 14 Property, Plant and Equipment.There was no material impact on the Company\u2019s statement of profit and loss and comprehensive income and statement of cash flow.Management has reviewed the underlying processes and controls to ensure the completeness and accuracy of lease accounting under IFRS 16 going forward.Salary mappingDuring the current year, the Group undertook a review of the classification of certain salary-related expenses within its financial disclosures. As a result of this review, a change in the mapping of certain Salaries and Wages and Social Security expenses was identified related to prior period. This change pertains solely to the presentation within the notes to the consolidated financial statements and has been reflected in the updated comparative figures disclosed in Note 9 Employee Benefit Expense and Note L General and Administrative Expenses of the company only financial statements.The reclassification has no impact on the previously reported consolidated statement of profit and loss, consolidated statement of financial position, or consolidated statement of cash flows. The comparative information has been restated solely for enhanced consistency and clarity of disclosure.Segment reportingThe Group has updated Note 6 Segment reporting for prior year to better reflect segment performance. Specifically, management fees and royalties have been added back to the Europe, North America and Corporate segment. Changes compared to Q4 2024 reportingSubsequent to the publication of the preliminary Q4 2024 financial results, the following adjustments have been reflected in the final audited financial statements for the year ended 31 December 2024. A revision was made to the deferred tax asset position amounting to \u20ac1.6 million, which was previously capitalized. This was released following a reassessment of its recoverability. The change impacted both the statement of financial position as a reduction in deferred tax assets, and the income statement by an increase in tax expense of \u20ac1.6 million.Additionally, a correction was made to the consolidated financial statements due to an error identified in the classification of intercompany revenues. In the Q4 2024 publication, certain intercompany revenues were incorrectly mapped and presented as external revenues.This correction has lowered consolidated revenue with \u20ac0.7 million. Importantly, there was no impact on gross profit, net income, total assets, or total equity.Further, an adjustment has been made to the external revenues and related cost of sales due a change in classification of a sales transaction. The adjustment has lowered consolidated revenue with \u20ac3.2 million and reduced gross profit with \u20ac0.9 million and net income with \u20ac0.7 million. In addition, total asset and total liabilities increased with \u20ac2.2 million and \u20ac3.1 million respectively.In addition to the above, a reclassification has been made between the trade receivables and current borrowings amounting to \u20ac 4.2 million. This related to factored receivables which receipts from the financial institution were netted against the trade receivables instead of reported as short term borrowings. This reclass on the balance sheet has no impact to the income statement.There were no other material changes between the preliminary Q4 2024 results and the final audited financial statements. Management remains committed to ensuring that all reported figures reflect the most accurate and up-to-date information available at the time of issuance.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page56-cflshid_22442-tag6963554": { "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 2024 is included in the following notes:
\u2022Note 3(v) \u2013 Critical accounting estimates and judgements;
\u2022Note 13 \u2013 impairment test of intangible assets: key assumptions underlying recoverable amounts, including the recoverability of capitalised development costs;
\u2022Note 13 - Classification of the acquisition of Sensibin Limited: accounting for this acquisition as an asset deal under IAS 38 rather than a business combination under IFRS 3;
\u2022Note 16 \u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used.
(13) Intangible Assets
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits, and were derecognized.
The acquired technology of \u20ac6.643,000 of 2024 relates to the acquisition of Sensibin Limited, an innovative Irish-based supplier of Reverse
Vending Machines (RVMs) as further detailed below.
In 2024, \u20ac28,000 has been impaired as part of the Patents, Licenses and Concessions (2023: \u20ac0). No further triggers for impairment were identified.
See Note 21 for security of assets.
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
Goodwill
Goodwill as per 31 December 2024 and 2023 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 7.40% (2023: 9.54%), working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2024 and 2023. 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.
Patents, licenses & concessions
All concessions are being amortised with a useful life of 7 years.
Software
Software pertains to the implementation of phase 1b of the Company\u2019s Enterprise Resource
Planning system which is being amortised over it\u2019s useful life of 5 years.
Development costs
The capitalised development costs relate to internally developed assets in respect of new product development namely New Glass Compartment and Refillable Glass Machines for the existing and new markets. All materials, labour and overhead costs directly attributable to these projects have been capitalised. \u20ac949,000 (2023: \u20ac1,456,000) was capitalised in 2024. 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 \u20ac1,918,000 (2023: \u20ac2,397,000) related to New Recognition System which has a remaining amortization period of 5 years and 9 months.
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
(16) Deferred Tax Assets and Liabilities
\u00a0December 31, 2024
in EUR thousandsBalance at31 Dec 23(Charge)/ credit P&LCurrency translationNet balanceDeferred tax assetsDeferred tax liabilities
Property, plant and equipment(835)497(16)(354)-(354)
Inventory991(687)33337337-
Tax losses carried forward820(902)82---
Accrued expenses565(565)----
Other562(112)(3)447495(48)
Total2,103(1,769)96430832(402)
Set off to tax - - - -(354)354
Net tax assets and liabilities2,103(1,769)96430478(48)
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 - \u20ac1,769,000. No deferred tax assets have been recognised for losses in non-US subsidiaries. Prior
year activated tax assets in the US subsidiaries have been revalued to \u20ac0.
Available tax losses totalling \u20ac35,474,000 (2023 \u20ac26,637,000), expire as follows: \u20ac2,376,000 in 2025, \u20ac683,000 in 2027, \u20ac472,000 in 2028, \u20ac3,746,000 from 2031 through 2044 and \u20ac28,197,000 with no expiration.
Cumulative tax losses where no deferred tax has been recognised amounted to \u20ac35,474,000 (2023: \u20ac20,062,000).
Current and deferred tax income/(expense)
The deferred tax charge was recognised during the year due to the derecognition of previously
recognized tax losses of a Group\u2019s subsidiary, and is further explained in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page56-cflshid_22442-tag6963671": { "value": "
Reporting errors and changes in prior periods
Adjustments or restatements of the Company\u2019s Group financial statements (if any), will be based on the judgment as to whether the information should be restated, considering materiality.
Envipco clearly discloses where restatements are made including the nature of the restatement.
For the year 2024, no reporting errors were identified.
Changes in prior periods
Leasing
During the current reporting period, the Company identified a prior period error relating to the accounting treatment of certain leases under IFRS 16. Specifically, the error pertained to the initial measurement and recognition of right-of-use (ROU) assets and corresponding lease liabilities in FY 2023.
The error resulted in the understatement of ROU assets and lease liabilities in the previously reported financial statements. The correction has been reflected in the ROU assets movement schedule as part of Note 14 Property, Plant and Equipment.
There was no material impact on the Company\u2019s statement of profit and loss and comprehensive income and statement of cash flow.
Management has reviewed the underlying processes and controls to ensure the completeness and accuracy of lease accounting under IFRS 16 going forward.
Salary mapping
During the current year, the Group undertook a review of the classification of certain salary-related expenses within its financial disclosures. As a result of this review, a change in the mapping of certain Salaries and Wages and Social Security expenses was identified related to prior period. This change pertains solely to the presentation within the notes to the consolidated financial statements and has been reflected in the updated comparative figures disclosed in Note 9 Employee Benefit Expense and Note L General
and Administrative Expenses of the company only financial statements.
The reclassification has no impact on the previously reported consolidated statement of profit and loss, consolidated statement of financial position, or consolidated statement of cash flows.
The comparative information has been restated solely for enhanced consistency and clarity of disclosure.
Segment reporting
The Group has updated Note 6 Segment reporting for prior year to better reflect segment performance. Specifically, management fees and
royalties have been added back to the Europe, North America and Corporate segment.
Changes compared to Q4 2024 reporting
Subsequent to the publication of the preliminary Q4 2024 financial results, the following adjustments have been reflected in the final audited financial statements for the year ended 31 December 2024.
A revision was made to the deferred tax asset position amounting to \u20ac1.6 million, which was previously capitalized. This was released following a reassessment of its recoverability. The change impacted both the statement of financial position as a reduction in deferred tax assets, and the income statement by an increase in tax expense of \u20ac1.6 million.
Additionally, a correction was made to the consolidated financial statements due to an error identified in the classification of intercompany revenues. In the Q4 2024 publication, certain intercompany revenues were incorrectly mapped and presented as external revenues.
This correction has lowered consolidated revenue with \u20ac0.7 million. Importantly, there was no impact on gross profit, net income, total assets, or total equity.
Further, an adjustment has been made to the external revenues and related cost of sales due a change in classification of a sales transaction. The adjustment has lowered consolidated revenue with \u20ac3.2 million and reduced gross profit with \u20ac0.9 million and net income with \u20ac0.7 million. In addition, total asset and total liabilities increased with \u20ac2.2 million and \u20ac3.1 million respectively.
In addition to the above, a reclassification has been made between the trade receivables and current borrowings amounting to \u20ac 4.2 million. This related to factored receivables which receipts from the financial institution were netted against the trade receivables instead of reported as short term borrowings. This reclass on the balance sheet has no impact to the income statement.
There were no other material changes between the preliminary Q4 2024 results and the final audited financial statements.
Management remains committed to ensuring that all reported figures reflect the most accurate and up-to-date information available at the time of issuance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_22905-tag6963557": { "value": "
(3) Summary of material accounting policies
a)Standards issued and effective
A number of new standards and amendments are effective for annual periods beginning after 1 January 2024 but they do not have a material
effect on the Company\u2019s consolidated financial statements.
b)Standards issued but not yet effective
Certain new accounting standards and amendments to standards have been published that are not mandatory for reporting periods starting on or after 1 January 2024 and have not been early adopted by the Company. For none of these standards that are not yet effective it is
expected that they have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.
c)Accounting policies applied
The Group has consistently applied the accounting policies set out in Note 3 to all periods
presented in these consolidated financial statements.
d)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. Cash flows in foreign currencies are translated at an average rate.
e)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 interest
The 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%
Envipco Poland Sp. z o.o., Warsaw, Poland \u2013 100% - (established in financial year 2024)
Sensibin Limited, Dublin, Ireland \u2013 100% - (acquired in financial year 2024)
Envipco Principal B.V. \u2013 100% - (established in financial year 2024)
Envipco Poland Sp. z o.o., has been established on 12 April 2024 Warsaw to support sales and service activities for the Polish market. Further, on 14 August 2024 the Company acquired Sensibin Limited, a Dublin-based supplier of reverse
vending machines. Envipco Principal B.V. was established on 15 August 2024.
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. Geographical segment performance is based on the segment\u2019s revenues, net results and EBITDA. Similarly, the respective assets and liabilities are allocated to the geographical segments.
In addition, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions.
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 Kronor, 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.
f)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.
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.
Payment terms
Payment terms differ both between and within the business streams as well as geographically, and include prepayments (typically the payments are due within 30 - 60 days after raising the invoice).
As the group does not extend credit terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant financing components.
Identification of performance obligations and allocation of transaction price
Products and services may be sold separately or in bundled packages. When the sale of RVMs, installation and services are bundled into one contract, the transaction price is allocated to each distinct good or service representing a separate performance obligation. These typically include the following:
1.Sale of RVMs
2.Installation
3.Services
The transaction price contains fixed components and may contain variable components (for example, in relation to annual price indexation of services). An estimate of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is resolved.
The transaction price is allocated to each performance obligation identified in the contract on the basis of the relative stand-alone selling price of the distinct good or service.
Sale and installation 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 been 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. Revenue relating to the product sales is generally recognised at that point in time. Revenue from the installation is recognised when an RVM has been installed, typically shortly after its delivery. Due to the short timing difference
between the delivery of goods and the completion of installation services (typically 3 to 5 days), the Company does not differentiate between the sale of goods and installation services for revenue recognition purposes.
For certain product sales, the nature of the Group\u2019s promise is to enhance assets that remain in control of the customer. As a result, revenue should be recognised over time. However, given the limited timeframe from the start of the assembly to delivery of the completed RVM, on average 5 to 10 working days, practically these revenues are recognised at a point in time upon delivery.
Leasing revenue
The Group assesses whether contracts with customers contain a lease, in accordance with the accounting policy under note (i) below.
For leased RVMs, the customer has the right to obtain substantially all of the economic benefits from use of these RVMs throughout the period of use whereby each machine is considered a separate lease component in the contract. Revenues from RVM leases are recognised over the term of the lease on a straight-line basis, when classified as operational leases.
Lease contracts where substantially all the risks and rewards are transferred are classified as finance leases. Revenue and the accompanying receivable are recognized at a point in time when the customer obtains control over the machine. The cost of the RVM is derecognized from inventory and recognized as cost of sales.
Lease contracts can also include non-lease components such as maintenance and technical support services, in respect of which reference is made to the accounting policy on service revenue.
Service and throughput revenue
The Group\u2019s primary service offerings include repairs, maintenance and technical support services, and pickup and processing. These services are provided either on a time and material basis or as a fixed-price contract.
The maintenance and technical support services that are contracted on a fixed-price basis are typically considered as stand-ready obligations and the revenue for such services are recognised over time based on an output measure of time elapsed.
Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered.
Revenue from fixed-price contracts involving pickup and processing services are 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.
For throughput contracts, revenue is recognized based on actual throughput fee every month.
Warranties
RVMs are normally sold with a warranty period ranging between 12 to 36 months. These warranties provided to customers are considered as assurance-type warranties as the Group promises to remediate, repair or replace the machines, if necessary, insofar the issue is resulting from manufacturing defects.
A provision for warranties is recognized when the underlying product is sold, based on the historical warranty data and a weighing of possible outcomes against their associated probabilities.
The Group has no other material obligations for returns, refunds or similar.
Contract assets and liabilities
The Group recognizes 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 recognizes 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.
g)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.
h)Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022Interest income;
\u2022Interest expense;
\u2022Foreign 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:
\u2022Gross carrying amount of the financial asset; or
\u2022Amortised 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.
i)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.
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 where the amounts are contractually not distinct, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For those contracts where distinction is present in the contract, the Group separates the non-lease components.
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.
Extension options:
Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such
that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration.
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 its relative stand-alone selling price.
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.
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.
j)Deferred and current 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 and does not give rise to equal taxable and deductible temporary differences, 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. Reference is made to note S for use of accounting estimates and judgements. 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).
k)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 between 5 and 7 years.
General and administrative expenses in the consolidated statement of comprehensive income include the amortisation charge for intangible assets.
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 or the Cash Generating Unit\u2019s (CGU) 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.
l)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
m)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.
n)Trade receivables
Trade receivables are initially recognised at the transaction price and subsequently carried at amortised cost less provision for expected credit losses. Due to the limited number of customers the Group determines the ECL of trade receivables on
an individual basis as per balance sheet date. Please refer to paragraph (Q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.
o)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 for service activities 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.
p)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 2024.
Reference is made to note 20 for further information on the numbers of shares authorized and issued, par value per share and reconciliation of number of shares outstanding.
q)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.
r)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.
s)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 defined contribution plans which cover substantially all of their employees. 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, 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.
t)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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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.
u)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.
Reference is made to note 2 (b) Measurement of fair values and Note 21 Borrowings, Lease liabilities and Other non-current liabilities. Where the Company used the fair value hierarchy for its projected performance payments under the Sensibin acquisition.
v)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 6 \u2013 In the absence of a standard pricing list per country (or region), management estimates the stand-alone selling prices of goods and services using the expected cost-plus margin approach. This estimated stand-alone selling price per country (or region) is then used to allocate the contract price to individual performance obligations. the Group employs estimation methods to assess the stand-alone selling prices of products and services in order to allocate the discount to the performance obligations on a relative stand-alone selling price basis;
\u2022Note 6 \u2013 judgement if performance obligations refer to sale and delivery of goods or manufacturing services;
\u2022Note 6 \u2013 judgement if service and maintenance during the warranty period qualifies as a distinct performance obligation;
\u2022Note 6 \u2013 judgement whether contractually extended billing period qualifies as customer financing;
\u2022Note 9 \u2013 measurement of realizing targets in the long-term compensation plan;
\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;
\u2022Note 13 and 21 - estimating the fair value of the contingent liability;
\u2022Note 14 \u2013 length of leases and treatment of lease extension options;
\u2022Note 17 \u2013 measurement of provision for obsolescence;
\u2022Notes 22 - estimates related to provision for future warranty claims;
\u2022Note 25 \u2013 recognition and measurement of contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.
(4) Capital management
The Group\u2019s capital consists of its net equity and external borrowings. 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.
(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.
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 cash and cash equivalents and trade receivables. To minimize the credit risk related to cash and cash equivalents, all of them are held with reputable banks that have demonstrated financial stability, hold appropriate licenses, and are under the supervision of regulatory authorities. All cash and cash equivalents are held at banks with a minimum credit rating of Aa3.
The main portion of receivables are related to RVM sales and services, which are managed closely for collections. The Group\u2019s exposure to credit risk related to trade receivables has reduced in 2024 compared to 2023 because the customer portfolio became more diversified.
See table below for the top-3 receivable position per customer per location. As part of its normal business operations, the Group extends credit to clients, conducts credit evaluations of these clients, and maintains an impairment provision for expected credit losses.
FY 2024FY 2023
LocationTrade receivableLocationTrade receivable
Customer 1Romania17%Hungary26%
Customer 2Hungary7%Malta7%
Customer 3Greece7%Romania6%
Others-69%-61%
Total 100%100%
USA operations manage its gross receivables using a deposit accounting system. Under this system, Envipco acts as a clearing house for services provided rather than for RVM sales.
Payable funds to customers are disbursed only after receivables have been collected.
The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables and
non-current trade receivables reported as part of financial assets at the reporting date by geographic region was:
in EUR thousandsCurrent>30 Days>60 Days>90 DaysTotal
FY 2024\u00a0\u00a0\u00a0
Europe13,2034,0761,1368,99527,410
United States6,7491,4734462968,964
Total19,9525,5491,5829,29136,374
\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0
Europe11,2537401383,56115,692
United States6,7191,529579848,911
Total17,9722,2697173,64524,603
Increase in Trade and other receivables mainly relates to high activity levels in Romania, Greece and Hungary. Increase in Trade and other receivables due > 90 days have been partially paid after year-end.
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.
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.
The following are the Group\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short term leases:
in EUR thousandsIn 1 Year1-2 Years2-5 Years> 5 YearsTotal
FY 2024\u00a0\u00a0\u00a0
Borrowings20,2703,2025,968-29,440
Lease liabilities2,1371,7872,4632,4238,810
Trade creditors16,50611- -16,517
Accrued expenses6,779---6,779
Other liabilities2,8344,203320-7,357
Total 48,5269,2038,7512,42368,903
FY 2023\u00a0\u00a0\u00a0
Borrowings8,2094,9895,508-18,706
Lease liabilities8968411,5714423,750
Trade creditors18,520-- -18,520
Accrued expenses5,111---5,111
Other liabilities--375-375
Total 32,7365,8307,45444246,462
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. The Group is exposed to such risks as it operates internationally, primarily with respect to the US dollar. 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 against the Euro would have decreased net profit by \u20ac0.6m due to the transactional impact. A 5% decline in US Dollar against the Euro would have had an approximately equal but opposite effect on the basis that all other variables remain constant.
Interest rate risk
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 evaluated its exposure to interest rate risk
based on its long-term debt (see Note 21) and concluded that. the interest rate risks on its
borrowings do not need to be hedged.
In case the Company\u2019s interest rate increases by 1%, the impact on profit before tax is \u20ac 193,000 before tax.
Financial instruments \u2013 fair values and risk management
The Company has no financial assets and liabilities measured at fair value except for the Sensibin acquisition explained in Note 13.
At 31 December 2024 and 31 December 2023 the carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables approximated their fair values due to the short-term maturities of these assets and liabilities.
The fair values of the long-term debt as explained in Note 21 are not materially different from the carrying amounts as the interest rate risk is a floating rate plus spread where the spread equals the current market spread.
The Group does not make use of derivative instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_22905-tag6963652": { "value": "
a)Standards issued and effective
A number of new standards and amendments are effective for annual periods beginning after 1 January 2024 but they do not have a material
effect on the Company\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_22905-tag6963663": { "value": "
d)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. Cash flows in foreign currencies are translated at an average rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_22905-tag6963637": { "value": "
d)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. Cash flows in foreign currencies are translated at an average rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_22905-tag6963555": { "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:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page58-cflshid_23058-tag6963556": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page59-cflshid_23343-tag6963559": { "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.
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%
Envipco Poland Sp. z o.o., Warsaw, Poland \u2013 100% - (established in financial year 2024)
Sensibin Limited, Dublin, Ireland \u2013 100% - (acquired in financial year 2024)
Envipco Principal B.V. \u2013 100% - (established in financial year 2024)
Envipco Poland Sp. z o.o., has been established on 12 April 2024 Warsaw to support sales and service activities for the Polish market. Further, on 14 August 2024 the Company acquired Sensibin Limited, a Dublin-based supplier of reverse
vending machines. Envipco Principal B.V. was established on 15 August 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page59-cflshid_23343-tag6963560": { "value": "
Non-controlling interest
The 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%
Envipco Poland Sp. z o.o., Warsaw, Poland \u2013 100% - (established in financial year 2024)
Sensibin Limited, Dublin, Ireland \u2013 100% - (acquired in financial year 2024)
Envipco Principal B.V. \u2013 100% - (established in financial year 2024)
Envipco Poland Sp. z o.o., has been established on 12 April 2024 Warsaw to support sales and service activities for the Polish market. Further, on 14 August 2024 the Company acquired Sensibin Limited, a Dublin-based supplier of reverse
vending machines. Envipco Principal B.V. was established on 15 August 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page59-cflshid_23463-tag6963558": { "value": "
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%
Envipco Poland Sp. z o.o., Warsaw, Poland \u2013 100% - (established in financial year 2024)
Sensibin Limited, Dublin, Ireland \u2013 100% - (acquired in financial year 2024)
Envipco Principal B.V. \u2013 100% - (established in financial year 2024)
Envipco Poland Sp. z o.o., has been established on 12 April 2024 Warsaw to support sales and service activities for the Polish market. Further, on 14 August 2024 the Company acquired Sensibin Limited, a Dublin-based supplier of reverse
vending machines. Envipco Principal B.V. was established on 15 August 2024.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page59-cflshid_23615-tag6963607": { "value": "
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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page59-cflshid_23343-tag6963561": { "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. Geographical segment performance is based on the segment\u2019s revenues, net results and EBITDA. Similarly, the respective assets and liabilities are allocated to the geographical segments.
In addition, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page60-cflshid_23892-tag6963564": { "value": "
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 Kronor, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page60-cflshid_23974-tag6963565": { "value": "The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page60-cflshid_23892-tag6963563": { "value": "
f)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.
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.
Payment terms
Payment terms differ both between and within the business streams as well as geographically, and include prepayments (typically the payments are due within 30 - 60 days after raising the invoice).
As the group does not extend credit terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant financing components.
Identification of performance obligations and allocation of transaction price
Products and services may be sold separately or in bundled packages. When the sale of RVMs, installation and services are bundled into one contract, the transaction price is allocated to each distinct good or service representing a separate performance obligation. These typically include the following:
1.Sale of RVMs
2.Installation
3.Services
The transaction price contains fixed components and may contain variable components (for example, in relation to annual price indexation of services). An estimate of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is resolved.
The transaction price is allocated to each performance obligation identified in the contract on the basis of the relative stand-alone selling price of the distinct good or service.
Sale and installation 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 been 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. Revenue relating to the product sales is generally recognised at that point in time. Revenue from the installation is recognised when an RVM has been installed, typically shortly after its delivery. Due to the short timing difference
between the delivery of goods and the completion of installation services (typically 3 to 5 days), the Company does not differentiate between the sale of goods and installation services for revenue recognition purposes.
For certain product sales, the nature of the Group\u2019s promise is to enhance assets that remain in control of the customer. As a result, revenue should be recognised over time. However, given the limited timeframe from the start of the assembly to delivery of the completed RVM, on average 5 to 10 working days, practically these revenues are recognised at a point in time upon delivery.
Leasing revenue
The Group assesses whether contracts with customers contain a lease, in accordance with the accounting policy under note (i) below.
For leased RVMs, the customer has the right to obtain substantially all of the economic benefits from use of these RVMs throughout the period of use whereby each machine is considered a separate lease component in the contract. Revenues from RVM leases are recognised over the term of the lease on a straight-line basis, when classified as operational leases.
Lease contracts where substantially all the risks and rewards are transferred are classified as finance leases. Revenue and the accompanying receivable are recognized at a point in time when the customer obtains control over the machine. The cost of the RVM is derecognized from inventory and recognized as cost of sales.
Lease contracts can also include non-lease components such as maintenance and technical support services, in respect of which reference is made to the accounting policy on service revenue.
Service and throughput revenue
The Group\u2019s primary service offerings include repairs, maintenance and technical support services, and pickup and processing. These services are provided either on a time and material basis or as a fixed-price contract.
The maintenance and technical support services that are contracted on a fixed-price basis are typically considered as stand-ready obligations and the revenue for such services are recognised over time based on an output measure of time elapsed.
Revenue from time and material contracts is recognised at the contractual rates as labour hours are delivered.
Revenue from fixed-price contracts involving pickup and processing services are 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.
For throughput contracts, revenue is recognized based on actual throughput fee every month.
Warranties
RVMs are normally sold with a warranty period ranging between 12 to 36 months. These warranties provided to customers are considered as assurance-type warranties as the Group promises to remediate, repair or replace the machines, if necessary, insofar the issue is resulting from manufacturing defects.
A provision for warranties is recognized when the underlying product is sold, based on the historical warranty data and a weighing of possible outcomes against their associated probabilities.
The Group has no other material obligations for returns, refunds or similar.
Contract assets and liabilities
The Group recognizes 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 recognizes 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page62-cflshid_25020-tag6963568": { "value": "
h)Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022Interest income;
\u2022Interest expense;
\u2022Foreign 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:
\u2022Gross carrying amount of the financial asset; or
\u2022Amortised 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page62-cflshid_25449-tag6963567": { "value": "Finance income and finance costs
The Group\u2019s finance income and finance costs include:
\u2022Interest income;
\u2022Interest expense;
\u2022Foreign 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:
\u2022Gross carrying amount of the financial asset; or
\u2022Amortised 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page63-cflshid_25520-tag6963604": { "value": "
i)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.
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 where the amounts are contractually not distinct, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For those contracts where distinction is present in the contract, the Group separates the non-lease components.
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.
Extension options:
Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such
that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration.
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 its relative stand-alone selling price.
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page64-cflshid_26424-tag6963622": { "value": "Deferred and current 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 and does not give rise to equal taxable and deductible temporary differences, 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.
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).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page65-cflshid_26631-tag6963570": { "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 and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. Reference is made to note S for use of accounting estimates and judgements. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page65-cflshid_26871-tag6963571": { "value": "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 between 5 and 7 years.
General and administrative expenses in the consolidated statement of comprehensive income include the amortisation charge for intangible assets.
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 or the Cash Generating Unit\u2019s (CGU) 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page65-cflshid_26631-tag6963573": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page65-cflshid_27000-tag6963620": { "value": "
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.
The capitalised software cost is amortised over the estimated useful life, which is 5 years.
Property, plant and equipment are valued at historical cost less accumulated depreciation and impairment losses.
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.
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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page66-cflshid_27130-tag6963572": { "value": "
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 or the Cash Generating Unit\u2019s (CGU) 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.
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 and other receivables recognised and measured under IFRS 15.
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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page66-cflshid_27125-tag6963638": { "value": "
l)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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page66-cflshid_27125-tag6963575": { "value": "
n)Trade receivables
Trade receivables are initially recognised at the transaction price and subsequently carried at amortised cost less provision for expected credit losses. Due to the limited number of customers the Group determines the ECL of trade receivables on
an individual basis as per balance sheet date. Please refer to paragraph (Q) Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.
Trade and other receivables
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page66-cflshid_27125-tag6963639": { "value": "
o)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 for service activities 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27622-tag6963574": { "value": "
p)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 2024.
Reference is made to note 20 for further information on the numbers of shares authorized and issued, par value per share and reconciliation of number of shares outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27806-tag6963576": { "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.
No treasury shares are held at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27806-tag6963619": { "value": "
No treasury shares are held at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27622-tag6963640": { "value": "
q)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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27622-tag6963578": { "value": "
r)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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page67-cflshid_27622-tag6963577": { "value": "
s)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 defined contribution plans which cover substantially all of their employees. 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28165-tag6963664": { "value": "
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, 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:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28165-tag6963625": { "value": "
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, 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.
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. Underperformance in one year may be compensated by overperformance in the next year, to allow for retroactive vesting of shadow shares. This will only take place if the overperformance is at least equal to the underperformance and any shortfall is fully compensated. Shortfall is defined as the variance between actual performance and 100% of the forecasted revenue and EBITDA in the year of underperformance. For shadow shares to vest each year the vesting performance target must be met and the participant needs to have been employed on a full-time basis for the entire period of the bonus grant.
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, but the targets for 2023 and 2024 have not been met. Consequently, the shadow shares for 2023 have been forfeited as the performance of 2024 did not compensate the performance for 2023.
The shadow shares for 2024 did not actually forfeit because if both the 2025 revenue and EBITDA exceed 100 percent of the forecasted revenue and EBITDA, it has the possibility to compensate the performance of 2024 for the plan which have not been vested yet.
As at 31 December 2024, management assessed the likelihood of overperformance in 2025 required for the vesting of the shadow shares 2024 and concluded that such overperformance is not expected. Management will reassess this estimate at each subsequent reporting period and adjust the expected vesting accordingly.
For years subsequent to 2024, management has assumed at the balance sheet date that realistic targets will be set, and as a result, it is assumed that vesting conditions will be met.
The appreciation is calculated based on the share price of \u20ac5.45 as at December 31. The fair value of the equity instruments was measured based on the quoted share price, as the impact of volatility and discounting was not material. The plan with 3-Year grant 2022 has been vested by December 31, 2024 with 200.000 shares.
The following table details the grants awarded under the plan in 2024:
Shadow shares awardedShares granted Strike priceGrant dateVesting datePerformance conditions
3-Year grant 2022600,000\u20ac1.6014 July 202331 December 20242022-2024
4-Year grant 2022150,000\u20ac1.8014 July 202331 December 20252022-2025
4-Year grant 2023500,000\u20ac3.2014 July 202331 December 20262023-2026
Total 1,250,000
The total of the outstanding shadow shares as at 31 December 2024 is as follows:
In number of shares3-Year grant 20224-Year grant 20224-Year grant 2023Total
Grant date14 July 202314 July 202314 July 2023
Unvested at 1 January 2024400,000112,500450,000962,500
Granted--50,00050,000
Forfeited(200,000)-(112,500)(487,500)
Reassessed -(37,500)(137,500)-
Vested(200,000)--(200,000)
Unvested at 31 December 2024-75,000250,000325,000
The 3-Year Grant 2022 plan has ended, resulting in the vesting of 200,000 shares. These shares have not yet been settled, and the corresponding liability is presented in the table below.
The reassessed shares represent the possibility of vesting in case of overperformance in the subsequent financial year.
The liability as at year-end and the and expense for the year can be detailed as follows:
in EUR thousandsGrant dateLiability at1 January 2024Expense recognised in profit or loss Liability at31 December 2024
3-Year grant 202214 July 2023216554770
4-Year grant 202214 July 202332131163
4-Year grant 202314 July 20236232237
Total 2549171,170
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. The fair value of the liability does not take into account the expected volatility of the share price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28165-tag6963621": { "value": "
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, 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:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28165-tag6963580": { "value": "
t)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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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.
u)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.
Reference is made to note 2 (b) Measurement of fair values and Note 21 Borrowings, Lease liabilities and Other non-current liabilities. Where the Company used the fair value hierarchy for its projected performance payments under the Sensibin acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28441-tag6963584": { "value": "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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28441-tag6963583": { "value": "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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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.
u)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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28441-tag6963582": { "value": "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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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
The Group makes use of a simplified approach in accounting for trade and other receivables 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. The Group assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28441-tag6963581": { "value": "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
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 loan receivables.
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 and other receivables recognised and measured under IFRS 15.
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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page68-cflshid_28441-tag6963579": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page69-cflshid_28735-tag6963587": { "value": "
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page69-cflshid_28735-tag6963586": { "value": "
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL . 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:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page70-cflshid_29251-tag6963588": { "value": "
v)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 6 \u2013 In the absence of a standard pricing list per country (or region), management estimates the stand-alone selling prices of goods and services using the expected cost-plus margin approach. This estimated stand-alone selling price per country (or region) is then used to allocate the contract price to individual performance obligations. the Group employs estimation methods to assess the stand-alone selling prices of products and services in order to allocate the discount to the performance obligations on a relative stand-alone selling price basis;
\u2022Note 6 \u2013 judgement if performance obligations refer to sale and delivery of goods or manufacturing services;
\u2022Note 6 \u2013 judgement if service and maintenance during the warranty period qualifies as a distinct performance obligation;
\u2022Note 6 \u2013 judgement whether contractually extended billing period qualifies as customer financing;
\u2022Note 9 \u2013 measurement of realizing targets in the long-term compensation plan;
\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;
\u2022Note 13 and 21 - estimating the fair value of the contingent liability;
\u2022Note 14 \u2013 length of leases and treatment of lease extension options;
\u2022Note 17 \u2013 measurement of provision for obsolescence;
\u2022Notes 22 - estimates related to provision for future warranty claims;
\u2022Note 25 \u2013 recognition and measurement of contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page71-cflshid_29678-tag6963589": { "value": "
(4) Capital management
The Group\u2019s capital consists of its net equity and external borrowings. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page71-cflshid_29678-tag6963590": { "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.
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 cash and cash equivalents and trade receivables. To minimize the credit risk related to cash and cash equivalents, all of them are held with reputable banks that have demonstrated financial stability, hold appropriate licenses, and are under the supervision of regulatory authorities. All cash and cash equivalents are held at banks with a minimum credit rating of Aa3.
The main portion of receivables are related to RVM sales and services, which are managed closely for collections. The Group\u2019s exposure to credit risk related to trade receivables has reduced in 2024 compared to 2023 because the customer portfolio became more diversified.
See table below for the top-3 receivable position per customer per location. As part of its normal business operations, the Group extends credit to clients, conducts credit evaluations of these clients, and maintains an impairment provision for expected credit losses.
FY 2024FY 2023
LocationTrade receivableLocationTrade receivable
Customer 1Romania17%Hungary26%
Customer 2Hungary7%Malta7%
Customer 3Greece7%Romania6%
Others-69%-61%
Total 100%100%
USA operations manage its gross receivables using a deposit accounting system. Under this system, Envipco acts as a clearing house for services provided rather than for RVM sales.
Payable funds to customers are disbursed only after receivables have been collected.
The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables and
non-current trade receivables reported as part of financial assets at the reporting date by geographic region was:
in EUR thousandsCurrent>30 Days>60 Days>90 DaysTotal
FY 2024\u00a0\u00a0\u00a0
Europe13,2034,0761,1368,99527,410
United States6,7491,4734462968,964
Total19,9525,5491,5829,29136,374
\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0
Europe11,2537401383,56115,692
United States6,7191,529579848,911
Total17,9722,2697173,64524,603
Increase in Trade and other receivables mainly relates to high activity levels in Romania, Greece and Hungary. Increase in Trade and other receivables due > 90 days have been partially paid after year-end.
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.
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.
The following are the Group\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short term leases:
in EUR thousandsIn 1 Year1-2 Years2-5 Years> 5 YearsTotal
FY 2024\u00a0\u00a0\u00a0
Borrowings20,2703,2025,968-29,440
Lease liabilities2,1371,7872,4632,4238,810
Trade creditors16,50611- -16,517
Accrued expenses6,779---6,779
Other liabilities2,8344,203320-7,357
Total 48,5269,2038,7512,42368,903
FY 2023\u00a0\u00a0\u00a0
Borrowings8,2094,9895,508-18,706
Lease liabilities8968411,5714423,750
Trade creditors18,520-- -18,520
Accrued expenses5,111---5,111
Other liabilities--375-375
Total 32,7365,8307,45444246,462
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. The Group is exposed to such risks as it operates internationally, primarily with respect to the US dollar. 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 against the Euro would have decreased net profit by \u20ac0.6m due to the transactional impact. A 5% decline in US Dollar against the Euro would have had an approximately equal but opposite effect on the basis that all other variables remain constant.
Interest rate risk
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 evaluated its exposure to interest rate risk
based on its long-term debt (see Note 21) and concluded that. the interest rate risks on its
borrowings do not need to be hedged.
In case the Company\u2019s interest rate increases by 1%, the impact on profit before tax is \u20ac 193,000 before tax.
Financial instruments \u2013 fair values and risk management
The Company has no financial assets and liabilities measured at fair value except for the Sensibin acquisition explained in Note 13.
At 31 December 2024 and 31 December 2023 the carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables approximated their fair values due to the short-term maturities of these assets and liabilities.
The fair values of the long-term debt as explained in Note 21 are not materially different from the carrying amounts as the interest rate risk is a floating rate plus spread where the spread equals the current market spread.
The Group does not make use of derivative instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page71-cflshid_29678-tag6963609": { "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 cash and cash equivalents and trade receivables. To minimize the credit risk related to cash and cash equivalents, all of them are held with reputable banks that have demonstrated financial stability, hold appropriate licenses, and are under the supervision of regulatory authorities. All cash and cash equivalents are held at banks with a minimum credit rating of Aa3.
The main portion of receivables are related to RVM sales and services, which are managed closely for collections. The Group\u2019s exposure to credit risk related to trade receivables has reduced in 2024 compared to 2023 because the customer portfolio became more diversified.
See table below for the top-3 receivable position per customer per location. As part of its normal business operations, the Group extends credit to clients, conducts credit evaluations of these clients, and maintains an impairment provision for expected credit losses.
FY 2024FY 2023
LocationTrade receivableLocationTrade receivable
Customer 1Romania17%Hungary26%
Customer 2Hungary7%Malta7%
Customer 3Greece7%Romania6%
Others-69%-61%
Total 100%100%
USA operations manage its gross receivables using a deposit accounting system. Under this system, Envipco acts as a clearing house for services provided rather than for RVM sales.
Payable funds to customers are disbursed only after receivables have been collected.
The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables and
non-current trade receivables reported as part of financial assets at the reporting date by geographic region was:
in EUR thousandsCurrent>30 Days>60 Days>90 DaysTotal
FY 2024\u00a0\u00a0\u00a0
Europe13,2034,0761,1368,99527,410
United States6,7491,4734462968,964
Total19,9525,5491,5829,29136,374
\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0
Europe11,2537401383,56115,692
United States6,7191,529579848,911
Total17,9722,2697173,64524,603
Increase in Trade and other receivables mainly relates to high activity levels in Romania, Greece and Hungary. Increase in Trade and other receivables due > 90 days have been partially paid after year-end.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page72-cflshid_30100-tag6963610": { "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.
The following are the Group\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short term leases:
in EUR thousandsIn 1 Year1-2 Years2-5 Years> 5 YearsTotal
FY 2024\u00a0\u00a0\u00a0
Borrowings20,2703,2025,968-29,440
Lease liabilities2,1371,7872,4632,4238,810
Trade creditors16,50611- -16,517
Accrued expenses6,779---6,779
Other liabilities2,8344,203320-7,357
Total 48,5269,2038,7512,42368,903
FY 2023\u00a0\u00a0\u00a0
Borrowings8,2094,9895,508-18,706
Lease liabilities8968411,5714423,750
Trade creditors18,520-- -18,520
Accrued expenses5,111---5,111
Other liabilities--375-375
Total 32,7365,8307,45444246,462
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page73-cflshid_30884-tag6963591": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page73-cflshid_30884-tag6963562": { "value": "
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. The Group is exposed to such risks as it operates internationally, primarily with respect to the US dollar. 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 against the Euro would have decreased net profit by \u20ac0.6m due to the transactional impact. A 5% decline in US Dollar against the Euro would have had an approximately equal but opposite effect on the basis that all other variables remain constant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page74-cflshid_31175-tag6963592": { "value": "
(6) Segment information
Envipco considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s profit, the respective assets and liabilities allocated to these segments.
In addition, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions.
The Corporate segment includes the Holding Company.
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.
Segment information of the reportable segments is detailed below:
FY 2024
FY 2023
in EUR thousands
Europe
North America
Corporate
Total
Europe
North America
Corporate
Total
Revenues
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Sale & installation of goods1
74,119
3,400
-
77,519
54,053
3,278
-
57,331
Pick-up & processing services2
-
9,421
-
9,421
-
8,846
-
8,846
Service revenue2
5,449
12,174
-
17,623
1,433
11,149
-
12,582
Leasing revenue2
135
9,316
-
9,451
68
8,783
-
8,851
Total
79,703
34,311
-
114,014
55,554
32,056
-
87,610
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net Results
9,363
(6,379)
(5,960)
(2,976)
1,254
(556)
(97)
601
EBITDA3
16,452
(695)
(3,860)
11,897
3,848
3,812
661
8,321
Depreciation & Amortisation
2,758
3,454
1,983
8,195
1,141
3,446
1,448
6,035
Total assets
82,317
33,408
20,173
135,898
53,615
33,589
11,196
98,400
Total liabilities
30,399
22,308
17,966
70,673
25,876
19,228
11,320
56,424
1)As disclosed in the accounting policies, revenue from sale and installation of goods are recognized at a point in time.
2)As disclosed in the accounting policies, revenue from services and leasing are recognized over time.
3)EBITDA, not being a defined performance measure in IFRS-EU, is defined in the Other information section of this report.
The above revenue figures exclude intercompany transactions between the Company\u2019s operating segments. In 2024, North America segment sold for \u20ac8,722,000 (2023: \u20ac21,333,000) worth of intercompany machines and parts to the European segment. The sharp decrease is because of increased localized European production of machines. European intercompany sales to North America were \u20ac2,534,000 (2023: \u20ac4,487,000).
An amount of \u20ac15,761,000 (2023: \u20ac21,856,000) is included in sales of goods which relates to manufacturing services in which the Group enhances an asset already controlled by the customer. As disclosed in Note 3f - Revenue, in practice, the corresponding revenues are recorded at a point in time, and therefore presented under the sales of goods category.
Legal entity performance:
1)Envipco Europe B.V. consists of mainly of Hungarian activities.
Group revenue for 2024 includes two main customers: \u20ac18,897,000 (2023: \u20ac26,270,000) relates to Envipco Hellas S.A., and \u20ac26,835,000
(2023: \u20ac14,274,000 million) relates to Envipco Europe B.V.
The non-current assets, being intangible fixed assets and property, plant & equipment, of the Company\u2019s country of domicile i.e., Netherlands, were \u20ac9,065,000 (2023: \u20ac9,014,000). Other major countries Romania and the USA had non-current assets of \u20ac5,478,000 (2023: \u20ac3,204,000) and \u20ac9,717,000 (2023: \u20ac9,701,000) respectively.
See table above for Revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Group\u2019s revenue recognition policies. The FY 2024 program services revenue contains \u20ac1,445,000 (2023: \u20ac52,000) of variable throughput income.
FY 2024
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,875
9,695
Environmental Products Corporation
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
IC elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
FY 2023
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
23,784
349
24,133
2,308
Environmental Products Corporation
24,611
28,778
53,389
(178)
Envipco Europe B.V.1
14,274
-
14,274
1,503
Envipco Hellas SA
26,270
-
26,270
1,885
Envipco Automaten GmbH
28,785
172
28,957
603
Other
17,338
1,218
18,556
(2,860)
IC elimination
(77,731)
(238)
(77,969)
(976)
Total
57,331
30,279
87,610
2,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page74-cflshid_31278-tag6963641": { "value": "
FY 2024
FY 2023
in EUR thousands
Europe
North America
Corporate
Total
Europe
North America
Corporate
Total
Revenues
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Sale & installation of goods1
74,119
3,400
-
77,519
54,053
3,278
-
57,331
Pick-up & processing services2
-
9,421
-
9,421
-
8,846
-
8,846
Service revenue2
5,449
12,174
-
17,623
1,433
11,149
-
12,582
Leasing revenue2
135
9,316
-
9,451
68
8,783
-
8,851
Total
79,703
34,311
-
114,014
55,554
32,056
-
87,610
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net Results
9,363
(6,379)
(5,960)
(2,976)
1,254
(556)
(97)
601
EBITDA3
16,452
(695)
(3,860)
11,897
3,848
3,812
661
8,321
Depreciation & Amortisation
2,758
3,454
1,983
8,195
1,141
3,446
1,448
6,035
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
(14) Property, Plant and Equipment
\u00a0\u00a0in EUR thousandsReverse Vending MachinesLand & BuildingsPlant & MachineryVehicles & EquipmentTotal
At 1 January 20238,2463,0111,3141,60414,175
Changes to net carrying amount in 2023\u00a0\u00a0\u00a0\u00a0\u00a0
Additions 4,5082,0619716808,219
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 20238511,534603(178)2,811
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023\u00a0\u00a0\u00a0\u00a0\u00a0
Cost30,9896,3393,3984,37545,101
Accumulated depreciation(21,891)(1,793)(1,481)(2,950)(28,115)
Net carrying amount9,0984,5461,9171,42516,985
Changes to net carrying amount in 2024\u00a0\u00a0\u00a0\u00a0\u00a0
Additions 9,8172,5797002,70315,799
Disposals/transfers to inventory1(3,880)-(1)(57)(3,938)
Reclassifications603298(875)(26)-
Depreciation(3,511)(985)(240)(1,035)(5,771)
Currency translation635248(265)(32)586
Total changes in 20243,6642,140(681)1,5536,676
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2024\u00a0\u00a0\u00a0\u00a0\u00a0
Cost38,1649,4642,9576,96357,548
Accumulated depreciation(25,402)(2,778)(1,721)(3,985)(33,886)
Net carrying amount12,7626,6861,2362,97823,662
1)Disposals/transfers to inventory pertain to the transfer of the maintained PPE to the inventory.
The depreciation expenses are included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
4,020
3,885
Total cost of sales
4,020
3,885
General and administrative expenses
1,705
670
Selling and distribution expenses
41
16
Research and development expenses
5
5
Total operating expenses
1,751
691
Total depreciation expenses
5,771
4,576
Right-of-use assets
Land and
Plant and
Vehicles and
Total
in EUR thousands
Buildings
Machinery
Equipment
At 1 January 2023
740
70
988
1,798
Changes to net carrying amount in 2023
Additions
1,622
78
375
2,075
Depreciation charge for the year
(517)
(33)
(382)
(932)
Currency translation
215
6
(216)
5
Total changes in 2023
1,320
51
(223)
1,148
At 31 December 2023
Cost
2,885
183
1,495
4,563
Accumulated depreciation
(826)
(64)
(731)
(1,621)
Net carrying amount
2,059
119
764
2,942
At 1 January 2024
2,059
119
764
2,942
Changes to net carrying amount in 2024
Additions
1,333
159
1,290
2,782
Corrections1
788
64
966
1,818
Disposals
-
-
(17)
(17)
Depreciation charge for the year
(776)
(65)
(763)
(1,604)
Currency translation
143
9
61
213
Total changes in 2024
1,488
167
1,537
3,192
At 31 December 2024
Cost
5,149
415
3,795
9,359
Accumulated depreciation
(1,602)
(129)
(1,494)
(3,225)
Net carrying amount
3,547
286
2,301
6,134
1)For more explanation, see prior page \u201cCorrections of prior period leases\u201d.
Amounts recognised in profit or loss
in EUR thousandsFY 2024FY 2023
Depreciation of right-of-use assets(1,604) (932)
Interest on lease liabilities(417)(231)
Expenses relating to short-term leases(9)-
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page74-cflshid_31278-tag6963661": { "value": "
FY 2024
FY 2023
in EUR thousands
Europe
North America
Corporate
Total
Europe
North America
Corporate
Total
Revenues
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Sale & installation of goods1
74,119
3,400
-
77,519
54,053
3,278
-
57,331
Pick-up & processing services2
-
9,421
-
9,421
-
8,846
-
8,846
Service revenue2
5,449
12,174
-
17,623
1,433
11,149
-
12,582
Leasing revenue2
135
9,316
-
9,451
68
8,783
-
8,851
Total
79,703
34,311
-
114,014
55,554
32,056
-
87,610
1)As disclosed in the accounting policies, revenue from sale and installation of goods are recognized at a point in time.
2)As disclosed in the accounting policies, revenue from services and leasing are recognized over time.
The above revenue figures exclude intercompany transactions between the Company\u2019s operating segments. In 2024, North America segment sold for \u20ac8,722,000 (2023: \u20ac21,333,000) worth of intercompany machines and parts to the European segment. The sharp decrease is because of increased localized European production of machines. European intercompany sales to North America were \u20ac2,534,000 (2023: \u20ac4,487,000).
An amount of \u20ac15,761,000 (2023: \u20ac21,856,000) is included in sales of goods which relates to manufacturing services in which the Group enhances an asset already controlled by the customer. As disclosed in Note 3f - Revenue, in practice, the corresponding revenues are recorded at a point in time, and therefore presented under the sales of goods category.
Legal entity performance:
1)Envipco Europe B.V. consists of mainly of Hungarian activities.
Group revenue for 2024 includes two main customers: \u20ac18,897,000 (2023: \u20ac26,270,000) relates to Envipco Hellas S.A., and \u20ac26,835,000
(2023: \u20ac14,274,000 million) relates to Envipco Europe B.V.
See table above for Revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Group\u2019s revenue recognition policies. The FY 2024 program services revenue contains \u20ac1,445,000 (2023: \u20ac52,000) of variable throughput income.
FY 2024
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,875
9,695
Environmental Products Corporation
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
IC elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
FY 2023
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
23,784
349
24,133
2,308
Environmental Products Corporation
24,611
28,778
53,389
(178)
Envipco Europe B.V.1
14,274
-
14,274
1,503
Envipco Hellas SA
26,270
-
26,270
1,885
Envipco Automaten GmbH
28,785
172
28,957
603
Other
17,338
1,218
18,556
(2,860)
IC elimination
(77,731)
(238)
(77,969)
(976)
Total
57,331
30,279
87,610
2,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page74-cflshid_31278-tag6963642": { "value": "
FY 2024
FY 2023
in EUR thousands
Europe
North America
Corporate
Total
Europe
North America
Corporate
Total
Revenues
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Sale & installation of goods1
74,119
3,400
-
77,519
54,053
3,278
-
57,331
Pick-up & processing services2
-
9,421
-
9,421
-
8,846
-
8,846
Service revenue2
5,449
12,174
-
17,623
1,433
11,149
-
12,582
Leasing revenue2
135
9,316
-
9,451
68
8,783
-
8,851
Total
79,703
34,311
-
114,014
55,554
32,056
-
87,610
1)As disclosed in the accounting policies, revenue from sale and installation of goods are recognized at a point in time.
2)As disclosed in the accounting policies, revenue from services and leasing are recognized over time.
The above revenue figures exclude intercompany transactions between the Company\u2019s operating segments. In 2024, North America segment sold for \u20ac8,722,000 (2023: \u20ac21,333,000) worth of intercompany machines and parts to the European segment. The sharp decrease is because of increased localized European production of machines. European intercompany sales to North America were \u20ac2,534,000 (2023: \u20ac4,487,000).
An amount of \u20ac15,761,000 (2023: \u20ac21,856,000) is included in sales of goods which relates to manufacturing services in which the Group enhances an asset already controlled by the customer. As disclosed in Note 3f - Revenue, in practice, the corresponding revenues are recorded at a point in time, and therefore presented under the sales of goods category.
Legal entity performance:
1)Envipco Europe B.V. consists of mainly of Hungarian activities.
Group revenue for 2024 includes two main customers: \u20ac18,897,000 (2023: \u20ac26,270,000) relates to Envipco Hellas S.A., and \u20ac26,835,000
(2023: \u20ac14,274,000 million) relates to Envipco Europe B.V.
See table above for Revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Group\u2019s revenue recognition policies. The FY 2024 program services revenue contains \u20ac1,445,000 (2023: \u20ac52,000) of variable throughput income.
FY 2024
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,875
9,695
Environmental Products Corporation
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
IC elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
FY 2023
in EUR thousands
RVM revenue
Program Services revenue
Total revenue
Operating results
Envipco Solutions SRL
23,784
349
24,133
2,308
Environmental Products Corporation
24,611
28,778
53,389
(178)
Envipco Europe B.V.1
14,274
-
14,274
1,503
Envipco Hellas SA
26,270
-
26,270
1,885
Envipco Automaten GmbH
28,785
172
28,957
603
Other
17,338
1,218
18,556
(2,860)
IC elimination
(77,731)
(238)
(77,969)
(976)
Total
57,331
30,279
87,610
2,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page76-cflshid_32387-tag6963611": { "value": "
(7) Audit fees
The fee paid to the Group\u2019s auditors for the following services can be specified as follows:
FY 2024FY 2023
in EUR thousandsBDO Audit & Assurance B.V.Other NetworkTotalKPMG Accountants N.V.Other NetworkTotal
Audit fee of financial statements5764331,009389313702
Other audit engagement137-37---
Tax-related advisory services------
Other non-audit services------
Total6134331,046389313702
1)Relates to CSRD readiness procedures for FY2025.
BDO Audit & Assurance B.V. is the auditor in 2024 to the Company and its subsidiaries (2023: KPMG Accountants N.V.).
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page76-cflshid_32605-tag6963665": { "value": "
Operating expenses
in EUR thousands
FY 2024
FY 2023
Employee benefit expenses
(9)
19,931
14,601
Professional and legal expenses
6,745
4,463
Office, IT and Insurance expenses
2,874
2,891
Amortisation expenses
(13)
2,424
1,459
Marketing and travel expenses
1,850
1,385
Depreciation expenses
(14)
1,751
691
Other personnel related expenses
851
813
Research and Development expenses (excl. personnel)
643
641
Other operating expenses
1,606
1,531
Total Operating expenses
38,675
28,475
\"\"
Professional and legal expenses increased from \u20ac3,760,000 in 2023 to \u20ac6,037,000 in 2024. This increase primarily relates to the Company\u2019s expansion and the growing complexity of its activities. Professional and legal expenses mainly entail consulting services, compliance related
support and legal assistance for commercial contracts, uplisting and employee related topics.
Additionally, the 2024 audit fees of \u20ac 1,046,000 (2023: \u20ac702,000) are included in the professional and legal expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page77-cflshid_32785-tag6963612": { "value": "
Other income
in EUR thousands
FY 2024
FY 2023
Fee for cancellation and resale of UK inventory
246
477
Other
50
15
Total
296
492
The Company received EUR 0.2m (2023: EUR 0.5m)
on other income from cancellation and resale of UK inventory.
Other expenses
in EUR thousandsFY 2024FY 2023
Revaluation contingent consideration 258-
Total258-
The revaluation of the contingent consideration relates to an updated NPV calculation of the
projected performance payments of the Sensibin acquisition. See Note 13 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page77-cflshid_32790-tag6963548": { "value": "
in EUR thousands
FY 2024
FY 2023
Fee for cancellation and resale of UK inventory
246
477
Other
50
15
Total
296
492
Other expenses
in EUR thousandsFY 2024FY 2023
Revaluation contingent consideration 258-
Total258-
in EUR thousands
FY 2024
FY 2023
Salaries and wages
26,198
22,830
Social Security expenses
2,218
2,185
Pension expenses
1,002
685
Long-term compensation plan
917
254
Total
30,335
25,954
The employment benefit expense is included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
10,404
11,353
Total cost of sales
10,404
11,353
General and administrative expenses
15,284
10,636
Selling and distribution expenses
1,864
1,189
Research and development expenses
2,783
2,776
Total operating expenses
19,931
14,601
Total employee benefit expense
30,335
25,954
in EUR thousandsFY 2024FY 2023
Interest expenses (1,883)(1,481)
Interest income7583
Exchange (losses)/ gains(1,179)270
Net finance cost(2,987)(1,128)
in EUR thousandsFY 2024FY 2023
Profit/(loss) before tax \u00a0715\u00a01,157
Taxation (charge)/credit \u2013 statutory rate 25.8%(184)25.8%(298)
Tax (charge) credit for different statutory tax rates on foreign subsidiaries \u00a0113\u00a0108
Non-deductible expenses/other\u00a0513\u00a0180
Recognition of previously unrecognized tax losses and deductible temporary difference\u00a0998\u00a0750
Effect of current year used losses for which no deferred tax asset has been recognised or cannot be realized anymore\u00a0(3,062)\u00a0(1,321)
Release of previously recognized deferred taxes on loss carry forwards(1,579)
Realisation of carry forward losses(267)
Prior year adjustment\u00a0(11)\u00a0-
State tax\u00a0(212)\u00a026
Effective income tax 240%(3,691)48%(556)
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
The depreciation expenses are included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
4,020
3,885
Total cost of sales
4,020
3,885
General and administrative expenses
1,705
670
Selling and distribution expenses
41
16
Research and development expenses
5
5
Total operating expenses
1,751
691
Total depreciation expenses
5,771
4,576
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page77-cflshid_32785-tag6963594": { "value": "
(9) Employee benefit expense
in EUR thousands
FY 2024
FY 2023
Salaries and wages
26,198
22,830
Social Security expenses
2,218
2,185
Pension expenses
1,002
685
Long-term compensation plan
917
254
Total
30,335
25,954
\u00a0
\u00a0
Average number of employees
\u00a0
\u00a0
North America
Production/Supply chain
31
45
Research and Development
22
16
Sales and Service
73
93
General Administration
24
18
Management
6
4
\u00a0
\u00a0
Europe
\u00a0
\u00a0
Production/Supply chain
130
130
Research & Development
14
11
Sales & Service
89
19
General Administration
53
37
Management
7
5
Total
449
378
During 2024, the average number of employees employed by the Company\u2019s
Dutch entities amounted to 17 (2023: 13 persons).
The employment benefit expense is included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
10,404
11,353
Total cost of sales
10,404
11,353
General and administrative expenses
15,284
10,636
Selling and distribution expenses
1,864
1,189
Research and development expenses
2,783
2,776
Total operating expenses
19,931
14,601
Total employee benefit expense
30,335
25,954
Remuneration of the Management Board
The remuneration of the Management Board charged to the result in 2024 was \u20ac1,516,000
(2023: \u20ac1,274,000), which can be specified as follows:
in EUR thousandsFixed Salary/feeVariable compensationFringebenefitsPension costLong-term compensation planTotal
FY 2024\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton143312014-5541,121
G. Garvey 50----50
C. Crepet215----15
E. Thorsen330----30
C. Gylche215----15
M. Bouri120025---225
A.J. Aas30----30
A. Cormack30----30
Total80314514-5541,516
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton4201549-216799
G. Garvey 55----55
C. Crepet2 30----30
E. Thorsen315----15
A. Bouri------
M. Bouri1215100---315
A.J. Aas30----30
A. Cormack30----30
Total7952549-2161,274
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)C. Crepet's term expired and was replaced by C. Gylche on August 23, 2024.
3)E. Thorsen is Non-Executive Director since August 15, 2023.
Non-executive Directors obtain a fixed compensation based on time spent and amounts
charged. Also see Note 26 for related party transactions.
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. Underperformance in one year may be compensated by overperformance in the next year, to allow for retroactive vesting of shadow shares. This will only take place if the overperformance is at least equal to the underperformance and any shortfall is fully compensated. Shortfall is defined as the variance between actual performance and 100% of the forecasted revenue and EBITDA in the year of underperformance. For shadow shares to vest each year the vesting performance target must be met and the participant needs to have been employed on a full-time basis for the entire period of the bonus grant.
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, but the targets for 2023 and 2024 have not been met. Consequently, the shadow shares for 2023 have been forfeited as the performance of 2024 did not compensate the performance for 2023.
The shadow shares for 2024 did not actually forfeit because if both the 2025 revenue and EBITDA exceed 100 percent of the forecasted revenue and EBITDA, it has the possibility to compensate the performance of 2024 for the plan which have not been vested yet.
As at 31 December 2024, management assessed the likelihood of overperformance in 2025 required for the vesting of the shadow shares 2024 and concluded that such overperformance is not expected. Management will reassess this estimate at each subsequent reporting period and adjust the expected vesting accordingly.
For years subsequent to 2024, management has assumed at the balance sheet date that realistic targets will be set, and as a result, it is assumed that vesting conditions will be met.
The appreciation is calculated based on the share price of \u20ac5.45 as at December 31. The fair value of the equity instruments was measured based on the quoted share price, as the impact of volatility and discounting was not material. The plan with 3-Year grant 2022 has been vested by December 31, 2024 with 200.000 shares.
The following table details the grants awarded under the plan in 2024:
Shadow shares awardedShares granted Strike priceGrant dateVesting datePerformance conditions
3-Year grant 2022600,000\u20ac1.6014 July 202331 December 20242022-2024
4-Year grant 2022150,000\u20ac1.8014 July 202331 December 20252022-2025
4-Year grant 2023500,000\u20ac3.2014 July 202331 December 20262023-2026
Total 1,250,000
The total of the outstanding shadow shares as at 31 December 2024 is as follows:
In number of shares3-Year grant 20224-Year grant 20224-Year grant 2023Total
Grant date14 July 202314 July 202314 July 2023
Unvested at 1 January 2024400,000112,500450,000962,500
Granted--50,00050,000
Forfeited(200,000)-(112,500)(487,500)
Reassessed -(37,500)(137,500)-
Vested(200,000)--(200,000)
Unvested at 31 December 2024-75,000250,000325,000
The 3-Year Grant 2022 plan has ended, resulting in the vesting of 200,000 shares. These shares have not yet been settled, and the corresponding liability is presented in the table below.
The reassessed shares represent the possibility of vesting in case of overperformance in the subsequent financial year.
The liability as at year-end and the and expense for the year can be detailed as follows:
in EUR thousandsGrant dateLiability at1 January 2024Expense recognised in profit or loss Liability at31 December 2024
3-Year grant 202214 July 2023216554770
4-Year grant 202214 July 202332131163
4-Year grant 202314 July 20236232237
Total 2549171,170
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. The fair value of the liability does not take into account the expected volatility of the share price.
(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 2024, expenses relating to defined contribution plans amounted to \u20ac1,002,000 (2023: \u20ac685,000) caused by increasing headcount.
(24) Accrued Expenses , Deferred revenue and Other current liabilities
in EUR thousands
FY 2024
FY 2023
Payroll and vacation accruals
4,660
2,962
Other accrued expenses & current liabilities
4,952
2,149
Deferred revenue
1,515
6,060
Total
11,127
11,171
The increase in payroll and vacation accruals is mainly related to an increase in personnel and related accruals and certain bonus accruals. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page77-cflshid_32924-tag6963606": { "value": "
Average number of employees
\u00a0
\u00a0
North America
Production/Supply chain
31
45
Research and Development
22
16
Sales and Service
73
93
General Administration
24
18
Management
6
4
\u00a0
\u00a0
Europe
\u00a0
\u00a0
Production/Supply chain
130
130
Research & Development
14
11
Sales & Service
89
19
General Administration
53
37
Management
7
5
Total
449
378
During 2024, the average number of employees employed by the Company\u2019s
Dutch entities amounted to 17 (2023: 13 persons).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page78-cflshid_33189-tag6963593": { "value": "The employment benefit expense is included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
10,404
11,353
Total cost of sales
10,404
11,353
General and administrative expenses
15,284
10,636
Selling and distribution expenses
1,864
1,189
Research and development expenses
2,783
2,776
Total operating expenses
19,931
14,601
Total employee benefit expense
30,335
25,954
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
The depreciation expenses are included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
4,020
3,885
Total cost of sales
4,020
3,885
General and administrative expenses
1,705
670
Selling and distribution expenses
41
16
Research and development expenses
5
5
Total operating expenses
1,751
691
Total depreciation expenses
5,771
4,576
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page78-cflshid_33189-tag6963566": { "value": "The employment benefit expense is included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
10,404
11,353
Total cost of sales
10,404
11,353
General and administrative expenses
15,284
10,636
Selling and distribution expenses
1,864
1,189
Research and development expenses
2,783
2,776
Total operating expenses
19,931
14,601
Total employee benefit expense
30,335
25,954
The depreciation expenses are included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
4,020
3,885
Total cost of sales
4,020
3,885
General and administrative expenses
1,705
670
Selling and distribution expenses
41
16
Research and development expenses
5
5
Total operating expenses
1,751
691
Total depreciation expenses
5,771
4,576
Total amount of inventories released to the P&L during the year 2024 amounts to \u20ac47,423,000 (2023: \u20ac36,413,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page78-cflshid_33191-tag6963600": { "value": "
Research and development expenses
2,783
2,776
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits, and were derecognized.
The acquired technology of \u20ac6.643,000 of 2024 relates to the acquisition of Sensibin Limited, an innovative Irish-based supplier of Reverse
Vending Machines (RVMs) as further detailed below.
In 2024, \u20ac28,000 has been impaired as part of the Patents, Licenses and Concessions (2023: \u20ac0). No further triggers for impairment were identified.
See Note 21 for security of assets.
Development costs
The capitalised development costs relate to internally developed assets in respect of new product development namely New Glass Compartment and Refillable Glass Machines for the existing and new markets. All materials, labour and overhead costs directly attributable to these projects have been capitalised. \u20ac949,000 (2023: \u20ac1,456,000) was capitalised in 2024. 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 \u20ac1,918,000 (2023: \u20ac2,397,000) related to New Recognition System which has a remaining amortization period of 5 years and 9 months.
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
Research and development expenses
5
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page78-cflshid_33189-tag6963626": { "value": "
Remuneration of the Management Board
The remuneration of the Management Board charged to the result in 2024 was \u20ac1,516,000
(2023: \u20ac1,274,000), which can be specified as follows:
in EUR thousandsFixed Salary/feeVariable compensationFringebenefitsPension costLong-term compensation planTotal
FY 2024\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton143312014-5541,121
G. Garvey 50----50
C. Crepet215----15
E. Thorsen330----30
C. Gylche215----15
M. Bouri120025---225
A.J. Aas30----30
A. Cormack30----30
Total80314514-5541,516
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton4201549-216799
G. Garvey 55----55
C. Crepet2 30----30
E. Thorsen315----15
A. Bouri------
M. Bouri1215100---315
A.J. Aas30----30
A. Cormack30----30
Total7952549-2161,274
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)C. Crepet's term expired and was replaced by C. Gylche on August 23, 2024.
3)E. Thorsen is Non-Executive Director since August 15, 2023.
Non-executive Directors obtain a fixed compensation based on time spent and amounts
charged. Also see Note 26 for related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page78-cflshid_33189-tag6963549": { "value": "
Remuneration of the Management Board
The remuneration of the Management Board charged to the result in 2024 was \u20ac1,516,000
(2023: \u20ac1,274,000), which can be specified as follows:
in EUR thousandsFixed Salary/feeVariable compensationFringebenefitsPension costLong-term compensation planTotal
FY 2024\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton143312014-5541,121
G. Garvey 50----50
C. Crepet215----15
E. Thorsen330----30
C. Gylche215----15
M. Bouri120025---225
A.J. Aas30----30
A. Cormack30----30
Total80314514-5541,516
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
FY 2023\u00a0\u00a0\u00a0\u00a0\u00a0
S. Bolton4201549-216799
G. Garvey 55----55
C. Crepet2 30----30
E. Thorsen315----15
A. Bouri------
M. Bouri1215100---315
A.J. Aas30----30
A. Cormack30----30
Total7952549-2161,274
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)C. Crepet's term expired and was replaced by C. Gylche on August 23, 2024.
3)E. Thorsen is Non-Executive Director since August 15, 2023.
Non-executive Directors obtain a fixed compensation based on time spent and amounts
charged. Also see Note 26 for related party transactions.
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. Underperformance in one year may be compensated by overperformance in the next year, to allow for retroactive vesting of shadow shares. This will only take place if the overperformance is at least equal to the underperformance and any shortfall is fully compensated. Shortfall is defined as the variance between actual performance and 100% of the forecasted revenue and EBITDA in the year of underperformance. For shadow shares to vest each year the vesting performance target must be met and the participant needs to have been employed on a full-time basis for the entire period of the bonus grant.
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, but the targets for 2023 and 2024 have not been met. Consequently, the shadow shares for 2023 have been forfeited as the performance of 2024 did not compensate the performance for 2023.
The shadow shares for 2024 did not actually forfeit because if both the 2025 revenue and EBITDA exceed 100 percent of the forecasted revenue and EBITDA, it has the possibility to compensate the performance of 2024 for the plan which have not been vested yet.
As at 31 December 2024, management assessed the likelihood of overperformance in 2025 required for the vesting of the shadow shares 2024 and concluded that such overperformance is not expected. Management will reassess this estimate at each subsequent reporting period and adjust the expected vesting accordingly.
For years subsequent to 2024, management has assumed at the balance sheet date that realistic targets will be set, and as a result, it is assumed that vesting conditions will be met.
The appreciation is calculated based on the share price of \u20ac5.45 as at December 31. The fair value of the equity instruments was measured based on the quoted share price, as the impact of volatility and discounting was not material. The plan with 3-Year grant 2022 has been vested by December 31, 2024 with 200.000 shares.
The following table details the grants awarded under the plan in 2024:
Shadow shares awardedShares granted Strike priceGrant dateVesting datePerformance conditions
3-Year grant 2022600,000\u20ac1.6014 July 202331 December 20242022-2024
4-Year grant 2022150,000\u20ac1.8014 July 202331 December 20252022-2025
4-Year grant 2023500,000\u20ac3.2014 July 202331 December 20262023-2026
Total 1,250,000
The total of the outstanding shadow shares as at 31 December 2024 is as follows:
In number of shares3-Year grant 20224-Year grant 20224-Year grant 2023Total
Grant date14 July 202314 July 202314 July 2023
Unvested at 1 January 2024400,000112,500450,000962,500
Granted--50,00050,000
Forfeited(200,000)-(112,500)(487,500)
Reassessed -(37,500)(137,500)-
Vested(200,000)--(200,000)
Unvested at 31 December 2024-75,000250,000325,000
The 3-Year Grant 2022 plan has ended, resulting in the vesting of 200,000 shares. These shares have not yet been settled, and the corresponding liability is presented in the table below.
The reassessed shares represent the possibility of vesting in case of overperformance in the subsequent financial year.
The liability as at year-end and the and expense for the year can be detailed as follows:
in EUR thousandsGrant dateLiability at1 January 2024Expense recognised in profit or loss Liability at31 December 2024
3-Year grant 202214 July 2023216554770
4-Year grant 202214 July 202332131163
4-Year grant 202314 July 20236232237
Total 2549171,170
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. The fair value of the liability does not take into account the expected volatility of the share price.
Projected performance payments under the Sensibin acquisition equals \u20ac5,526,000, out of which \u20ac3,231,000 is presented in Other non-current liabilities. The remaining \u20ac2,295,000 is presented as Other current liability.
Reference is made to Note 13 for further details on this acquisition.
In addition, a liability for the share-based payment plan in the amount of \u20ac1,170,000 (2023: \u20ac255,000) and a loan of \u20ac120,000 (2023: \u20ac120,000) payable to Mr. Gregory Garvey, a related party are included. There are no conditions, interest or maturity period for this loan.
For further details on the share-based payment plan, reference is made to note 9.
(26) Related party transactions
In 2024, Envipco entered into a Share Lending
Agreement with Mr. Gregory Garvey, a related party (see Note 21), in association with the private placement. Pursuant to the Share Lending Agreement, the lending shareholder lent a total of 6,000,000 shares and was not entitled to any consideration for this. The Company has on 15 March 2024 issued and redelivered the 6,000,000 shares to the lending shareholder.
The balance receivable at year end from an affiliate under common control of the majority shareholder was \u20ac793,000 (2023: \u20ac752,000) with
interest at Euribor plus 2.5% which was extended in the year and repayable on 31 January 2025. Reference is made to Note 15 for further details.
Other liabilities include a loan of \u20ac120,000 (2023: \u20ac120,000) payable to Mr. Gregory Garvey, a related party (see Note 21). There are no conditions, interest or maturity period for this loan.
Details on the remuneration of the board of directors are provided in Note 9 of the consolidated financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_34532-tag6963646": { "value": "
(10) Finance expense and income
The interest expenses relate to interest on borrowings and lease commitments. Interest
income relates to interest received on bank balances.
in EUR thousandsFY 2024FY 2023
Interest expenses (1,883)(1,481)
Interest income7583
Exchange (losses)/ gains(1,179)270
Net finance cost(2,987)(1,128)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_34532-tag6963645": { "value": "
(10) Finance expense and income
The interest expenses relate to interest on borrowings and lease commitments. Interest
income relates to interest received on bank balances.
in EUR thousandsFY 2024FY 2023
Interest expenses (1,883)(1,481)
Interest income7583
Exchange (losses)/ gains(1,179)270
Net finance cost(2,987)(1,128)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_34532-tag6963644": { "value": "
(10) Finance expense and income
The interest expenses relate to interest on borrowings and lease commitments. Interest
income relates to interest received on bank balances.
in EUR thousandsFY 2024FY 2023
Interest expenses (1,883)(1,481)
Interest income7583
Exchange (losses)/ gains(1,179)270
Net finance cost(2,987)(1,128)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_34532-tag6963643": { "value": "
(10) Finance expense and income
The interest expenses relate to interest on borrowings and lease commitments. Interest
income relates to interest received on bank balances.
in EUR thousandsFY 2024FY 2023
Interest expenses (1,883)(1,481)
Interest income7583
Exchange (losses)/ gains(1,179)270
Net finance cost(2,987)(1,128)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page81-cflshid_34910-tag6963613": { "value": "
(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 thousandsFY 2024FY 2023
Profit/(loss) before tax \u00a0715\u00a01,157
Taxation (charge)/credit \u2013 statutory rate 25.8%(184)25.8%(298)
Tax (charge) credit for different statutory tax rates on foreign subsidiaries \u00a0113\u00a0108
Non-deductible expenses/other\u00a0513\u00a0180
Recognition of previously unrecognized tax losses and deductible temporary difference\u00a0998\u00a0750
Effect of current year used losses for which no deferred tax asset has been recognised or cannot be realized anymore\u00a0(3,062)\u00a0(1,321)
Release of previously recognized deferred taxes on loss carry forwards(1,579)
Realisation of carry forward losses(267)
Prior year adjustment\u00a0(11)\u00a0-
State tax\u00a0(212)\u00a026
Effective income tax 240%(3,691)48%(556)
Current and deferred tax income/ (expense)
in EUR thousandsFY 2024FY 2023
Current(1,781)(697)
Deferred (1,910)141
None of the items of other comprehensive income are included in income taxes. See Note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page82-cflshid_35246-tag6963596": { "value": "
(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. The fully diluted EPS is same as the basic EPS, as the Group does not have any potentially dilutive instruments outstanding.
The net result per ordinary share has been calculated according to the following schedule:
in EUR thousandsFY 2024FY 2023
Numerator\u00a0\u00a0
(Loss)/earnings used in basic and diluted EPS(2,976)601
Denominator\u00a0\u00a0
Weighted average number of shares used in basic and diluted EPS (x1000)56,50751,211
\"\"
Basic and diluted earnings per share for 2024 and 2023 have been calculated using the weighted-average number of current ordinary shares of 56,506,815 and 51,211,440 respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page82-cflshid_35246-tag6963595": { "value": "
(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. The fully diluted EPS is same as the basic EPS, as the Group does not have any potentially dilutive instruments outstanding.
The net result per ordinary share has been calculated according to the following schedule:
in EUR thousandsFY 2024FY 2023
Numerator\u00a0\u00a0
(Loss)/earnings used in basic and diluted EPS(2,976)601
Denominator\u00a0\u00a0
Weighted average number of shares used in basic and diluted EPS (x1000)56,50751,211
\"\"
Basic and diluted earnings per share for 2024 and 2023 have been calculated using the weighted-average number of current ordinary shares of 56,506,815 and 51,211,440 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page83-cflshid_35395-tag6963618": { "value": "
(13) Intangible Assets
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits, and were derecognized.
The acquired technology of \u20ac6.643,000 of 2024 relates to the acquisition of Sensibin Limited, an innovative Irish-based supplier of Reverse
Vending Machines (RVMs) as further detailed below.
In 2024, \u20ac28,000 has been impaired as part of the Patents, Licenses and Concessions (2023: \u20ac0). No further triggers for impairment were identified.
See Note 21 for security of assets.
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
Goodwill
Goodwill as per 31 December 2024 and 2023 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 7.40% (2023: 9.54%), working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2024 and 2023. 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.
Patents, licenses & concessions
All concessions are being amortised with a useful life of 7 years.
Software
Software pertains to the implementation of phase 1b of the Company\u2019s Enterprise Resource
Planning system which is being amortised over it\u2019s useful life of 5 years.
Development costs
The capitalised development costs relate to internally developed assets in respect of new product development namely New Glass Compartment and Refillable Glass Machines for the existing and new markets. All materials, labour and overhead costs directly attributable to these projects have been capitalised. \u20ac949,000 (2023: \u20ac1,456,000) was capitalised in 2024. 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 \u20ac1,918,000 (2023: \u20ac2,397,000) related to New Recognition System which has a remaining amortization period of 5 years and 9 months.
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page83-cflshid_35395-tag6963598": { "value": "
(13) Intangible Assets
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits, and were derecognized.
The acquired technology of \u20ac6.643,000 of 2024 relates to the acquisition of Sensibin Limited, an innovative Irish-based supplier of Reverse
Vending Machines (RVMs) as further detailed below.
In 2024, \u20ac28,000 has been impaired as part of the Patents, Licenses and Concessions (2023: \u20ac0). No further triggers for impairment were identified.
See Note 21 for security of assets.
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page83-cflshid_35395-tag6963597": { "value": "
(13) Intangible Assets
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits, and were derecognized.
The acquired technology of \u20ac6.643,000 of 2024 relates to the acquisition of Sensibin Limited, an innovative Irish-based supplier of Reverse
Vending Machines (RVMs) as further detailed below.
In 2024, \u20ac28,000 has been impaired as part of the Patents, Licenses and Concessions (2023: \u20ac0). No further triggers for impairment were identified.
See Note 21 for security of assets.
The amortization expenses are included in the following line items in the financial statements:
in EUR thousandsFY 2024FY 2023
General and administrative expenses2,4241,459
Total amortisation expenses 2,4241,459
Goodwill
Goodwill as per 31 December 2024 and 2023 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 7.40% (2023: 9.54%), working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2024 and 2023. 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.
Patents, licenses & concessions
All concessions are being amortised with a useful life of 7 years.
Software
Software pertains to the implementation of phase 1b of the Company\u2019s Enterprise Resource
Planning system which is being amortised over it\u2019s useful life of 5 years.
Development costs
The capitalised development costs relate to internally developed assets in respect of new product development namely New Glass Compartment and Refillable Glass Machines for the existing and new markets. All materials, labour and overhead costs directly attributable to these projects have been capitalised. \u20ac949,000 (2023: \u20ac1,456,000) was capitalised in 2024. 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 \u20ac1,918,000 (2023: \u20ac2,397,000) related to New Recognition System which has a remaining amortization period of 5 years and 9 months.
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page83-cflshid_35400-tag6963653": { "value": "(13) Intangible Assets
in EUR thousands
Goodwill
Patents, Licenses & Concessions
Software
Development Costs
Acquired Technology
Total
At 1 January 2023
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
(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
Changes to net carrying amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals \u2013 amortisation
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortisation
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Accumulated amortisation and impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
Schedule of other non-current liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
375
120
Additions
No cash impact
4,146
255
End of period
4,521
375
The additions include a \u20ac3,231,000 liability for projected performance payments under the
Sensibin acquisition and \u20ac916,000 related to the share-based payment plan (2023: \u20ac255,000).
Fair value of borrowings
in EUR thousands
Nominal interest rate
FY 2024
FY 2023
Carrying amount
Fair Value
Carrying amount
Fair Value
Line of credit (LOC)
US Prime Rate
\u20ac 5,776
\u20ac 5,776
\u20ac 2,534
\u20ac 2,534
Line of credit (LOC)
ROBOR plus 2.25%
\u20ac 2,247
\u20ac 2,247
\u20ac 292
\u20ac 292
Mortgage facility
5.50%
\u20ac 1,378
\u20ac 1,460
\u20ac 1,320
\u20ac 1,322
Term Loan
3.51%
\u20ac 866
\u20ac 832
\u20ac 1,629
\u20ac 1,643
Term Loan
SOFR plus 3.0%
\u20ac 1,443
\u20ac 1,372
\u20ac 1,901
\u20ac 1,982
Term Loan
7.35%
\u20ac 7,941
\u20ac 8,050
\u20ac 9,000
\u20ac 9,031
Financial arrangement
8.92%
\u20ac 3,090
\u20ac 3,090
-
-
Factoring arrangement
ROBOR plus 1.9%
\u20ac 4,194
\u20ac 4,194
-
-
Total
\u00a0
\u20ac 26,935
\u20ac 27,021
\u20ac 16,675
\u20ac 16,804
To estimate the fair values of the interest-bearing loans, long-term fixed-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the financed project.
Increases and decreases reconcile to cash flow statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page84-cflshid_36260-tag6963599": { "value": "
Goodwill
Goodwill as per 31 December 2024 and 2023 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 7.40% (2023: 9.54%), working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2024 and 2023. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page84-cflshid_36255-tag6963650": { "value": "
Acquired technology
On August 14, 2024, Envipco acquired 100% of Sensibin Limited, an innovative Irish-based supplier of Reverse Vending Machines (RVMs). The acquisition value of the acquired technology amounted to \u20ac6,643,000. During 2024, an amortization expense of \u20ac511,000 was recognized resulting in a carrying amount at December 31, 2024 of \u20ac6,132,000.
The Company has applied the concentration test to conclude that the company did not acquire a business. As such, the transaction is not accounted for as a business combination but as an acquisition of a group of assets and liabilities, whereby the cost of the acquisition is allocated to the acquired assets and liabilities.
The transaction included a put & call option arrangement that is in place with the sellers.
Envipco has determined that this is effectively a contingent consideration mechanism and as such does not constitute a non-controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the group of assets and liabilities acquired.
The consideration in the transaction amounted to \u20ac7,027,000, of which \u20ac 1,500,000 was paid in cash and \u20ac 5,526,000 has been recognized as a liability for contingent consideration related to projected performance payments (reference is made to note 21).
Envipco does not amend of the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method in order to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion
that the liability from the performance payments as mentioned above is a contingent consideration arrangement within the scope of IFRS 9.
Consequently, the acquired technology is amortised over its expected useful live, which is 5 years, evaluated on a periodic basis.
The assets and liabilities acquired at the time of the transaction were as follows:
\u00a0\u00a0
in EUR thousandsFY 2024
Acquired technology6,643
Property, plant and equipment6
Trade and other receivables139
Cash and cash equivalents34
Trade creditors and accrued expenses(53)
Net assets acquired6,769
Revaluation contingent consideration
258
Total consideration
7,027
Borrowings, Lease liabilities and Other non-current liabilities
in EUR thousandsFY 2024FY 2023
Borrowings \u2013 current portion18,7717,363
Borrowings \u2013 non-current portion8,1649,312
Total borrowings26,93516,675
Lease liabilities \u2013 current portion1,633830
Lease liabilities \u2013 non-current portion4,8342,222
Total lease liabilities6,4673,052
Projected performance payments3,231-
Share based payment1,170255
Other120120
Other non-current liabilities 4,521375
\"\"
\"\"
\"\"
\"\"
Projected performance payments under the Sensibin acquisition equals \u20ac5,526,000, out of which \u20ac3,231,000 is presented in Other non-current liabilities. The remaining \u20ac2,295,000 is presented as Other current liability.
Reference is made to Note 13 for further details on this acquisition.
The fair value at initial recognition was determined based on the discounted value of expected performance payments to be made to the sellers. The performance payments are dependent on meeting certain order quantities and gross profit targets in the periods subsequent to the acquisition. The maximum amount of performance payments payable to the sellers, when all targets will be met, amounts to \u20ac6,500,000. As of year-end, the Company has a strong pipeline of related opportunities that it is working on and it expects to close. Though as of the date of preparing these financial statements, no concrete orders have been secured for the first target by mid-August
2025, which has been valued at approximately \u20ac2,295,000 as of December 31, 2024.
The liability has been increased to reflect the passage of time (unwinding of the discount). This cost of \u20ac258,000 is recognized as an other expense in profit or loss.
The fair value of the liability as at 31 December 2024 is estimated to be in line with the carrying amount. Such fair value measurement is categorized within level 3 of the fair value hierarchy and is based on an income approach.
(22) Provisions
in EUR thousands
FY 2024
FY 2023
Current
1,210
1,429
Non-current
568
549
Total provisions
1,778
1,978
\"\"
Movement of warranty provisions
Warranty provisions are required for warranty for the repair and maintenance of product sales and are adequate for expected usage. The warranty
provision relates to 1-3 years of warranty provided on European machines sales.
in EUR thousands
FY 2024
FY 2023
Beginning of period
1,970
680
Additions
2,111
1,894
Release
(1,267)
(287)
Utilisation
(1,070)
(305)
Exchange gains/(losses)
34
(12)
End of period
1,778
1,970
Current portion
1,210
1,421
Non-current portion
568
549
\"\"
(25) Off balance sheet assets and commitments
The future minimum lease receivable under non-cancellable RVM operating leases
as of 31 December 2024 and 2023 were as follows:
in EUR thousands
FY 2024
FY 2023
Within 1 year
2,861
2,499
Between 2 to 5 years
4,228
3,801
Total
7,089
6,300
Lease revenues from RVMs for the year ended 31 December 2024 were \u20ac3,815,000 (2023: \u20ac3,332,000).
Fiscal unity
The Company, is part of the fiscal unity with Envipco Europe B.V. for corporate income tax (CIT) and value-added tax (VAT) purposes. The standard conditions stipulate that each of the companies is liable for the tax payable by all
companies belonging to the fiscal unity. Pursuant to the Collection of State Taxes Act, the Company, along withthe subsidiarythat is part of the fiscal unity, is wholly and severally liable for taxation payable by the fiscal unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page85-cflshid_36861-tag6963601": { "value": "
(14) Property, Plant and Equipment
\u00a0\u00a0in EUR thousandsReverse Vending MachinesLand & BuildingsPlant & MachineryVehicles & EquipmentTotal
At 1 January 20238,2463,0111,3141,60414,175
Changes to net carrying amount in 2023\u00a0\u00a0\u00a0\u00a0\u00a0
Additions 4,5082,0619716808,219
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 20238511,534603(178)2,811
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2023\u00a0\u00a0\u00a0\u00a0\u00a0
Cost30,9896,3393,3984,37545,101
Accumulated depreciation(21,891)(1,793)(1,481)(2,950)(28,115)
Net carrying amount9,0984,5461,9171,42516,985
Changes to net carrying amount in 2024\u00a0\u00a0\u00a0\u00a0\u00a0
Additions 9,8172,5797002,70315,799
Disposals/transfers to inventory1(3,880)-(1)(57)(3,938)
Reclassifications603298(875)(26)-
Depreciation(3,511)(985)(240)(1,035)(5,771)
Currency translation635248(265)(32)586
Total changes in 20243,6642,140(681)1,5536,676
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 December 2024\u00a0\u00a0\u00a0\u00a0\u00a0
Cost38,1649,4642,9576,96357,548
Accumulated depreciation(25,402)(2,778)(1,721)(3,985)(33,886)
Net carrying amount12,7626,6861,2362,97823,662
1)Disposals/transfers to inventory pertain to the transfer of the maintained PPE to the inventory.
Per end of 2024, no assets were under construction and no triggers for impairment were identified. The 2024 additions were mainly made up of investments in lease and demo RVMs and
production investments in the Romanian and Greek facilities.
See Note 21 for security of assets.
The depreciation expenses are included in the following line items in the financial statements:
in EUR thousands
FY 2024
FY 2023
Cost of sales
4,020
3,885
Total cost of sales
4,020
3,885
General and administrative expenses
1,705
670
Selling and distribution expenses
41
16
Research and development expenses
5
5
Total operating expenses
1,751
691
Total depreciation expenses
5,771
4,576
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page86-cflshid_37560-tag6963602": { "value": "
Leases as lessee
The Group leases a number of buildings, plant and machinery and vehicles. The leases typically run for a period of three to five years, with an option to renew the lease after that date. A lessee is required to determine the lease term as the non-cancellable period of a lease, together with periods covered by an extension option if it is reasonably certain that the option will be exercised. Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration.
During 2024, no leased properties have been sub-let except for a smaller property lease in Greece.
Information about leases for which the Group is a lessee is presented below.
Additions in 2024
Increased leases in 2024 mainly relate to production in US and Romania facilities, and commercial/field service organization in Hungary and Poland.
Corrections of prior period leases
During 2024, Envipco identified and recorded previously omitted lease contracts and corrections to existing leases, leading to a change in the opening balances of right-of-use (ROU) assets and
lease liabilities. These corrections were recorded at net book value (NBV), including accumulated depreciation, interest, and lease payments from prior years.
As a result, ROU assets increased by \u20ac1,818,000, lease liabilities increased by \u20ac1,957,000, and the net impact of \u20ac139,000 was recognized in profit or loss. Management has assessed the net impact of these prior period omissions to be immaterial, and accordingly, no adjustment to previously issued financial statements has been made.
Short-term and low-value leases
The Group leases certain assets with lease terms of 12 months or less and/or low-value assets such as vehicles. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases, applying the exemptions permitted under IFRS 16.The total expense related to leases accounted for under the short-term and low-value exemptions amounted to \u20ac8,685.
Guarantees and security deposits
In connection with certain lease agreements, the Group has provided security deposits and guarantees to lessors. As of 31 December 2024, the total amount of deposits held by lessors in relation to lease contracts was \u20ac238,000. These deposits are typically refundable upon termination of the lease and do not affect the measurement of lease liabilities under IFRS 16.
Right-of-use assets
Land and
Plant and
Vehicles and
Total
in EUR thousands
Buildings
Machinery
Equipment
At 1 January 2023
740
70
988
1,798
Changes to net carrying amount in 2023
Additions
1,622
78
375
2,075
Depreciation charge for the year
(517)
(33)
(382)
(932)
Currency translation
215
6
(216)
5
Total changes in 2023
1,320
51
(223)
1,148
At 31 December 2023
Cost
2,885
183
1,495
4,563
Accumulated depreciation
(826)
(64)
(731)
(1,621)
Net carrying amount
2,059
119
764
2,942
At 1 January 2024
2,059
119
764
2,942
Changes to net carrying amount in 2024
Additions
1,333
159
1,290
2,782
Corrections1
788
64
966
1,818
Disposals
-
-
(17)
(17)
Depreciation charge for the year
(776)
(65)
(763)
(1,604)
Currency translation
143
9
61
213
Total changes in 2024
1,488
167
1,537
3,192
At 31 December 2024
Cost
5,149
415
3,795
9,359
Accumulated depreciation
(1,602)
(129)
(1,494)
(3,225)
Net carrying amount
3,547
286
2,301
6,134
1)For more explanation, see prior page \u201cCorrections of prior period leases\u201d.
Amounts recognised in profit or loss
in EUR thousandsFY 2024FY 2023
Depreciation of right-of-use assets(1,604) (932)
Interest on lease liabilities(417)(231)
Expenses relating to short-term leases(9)-
Amounts recognised in statement of cash flows
in EUR thousandsFY 2024FY 2023
Total cash outflow for leases(1,941)(1,088)
Borrowings, Lease liabilities and Other non-current liabilities
in EUR thousandsFY 2024FY 2023
Borrowings \u2013 current portion18,7717,363
Borrowings \u2013 non-current portion8,1649,312
Total borrowings26,93516,675
Lease liabilities \u2013 current portion1,633830
Lease liabilities \u2013 non-current portion4,8342,222
Total lease liabilities6,4673,052
Projected performance payments3,231-
Share based payment1,170255
Other120120
Other non-current liabilities 4,521375
\"\"
\"\"
\"\"
\"\"
Schedule of lease liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
3,052
1,854
Additions
No cash impact
2,753
2,074
Corrections
No cash impact
1,957
-
Interest expense
No cash impact
417
231
Repayment
Cash impact
(1,941)
(1,088)
Translation effect
No cash impact
229
(19)
End of period
6,467
3,052
Future payments under lease liabilities
in EUR thousands
FY 2024
FY 2023
Current
2,137
1,052
Due between 1 to 5 years
4,250
2,256
Due more than 5 years
2,423
344
Total undiscounted lease payments
8,810
3,652
Less: future interest
(2,343)
(600)
Total lease liabilities
6,467
3,052
(25) Off balance sheet assets and commitments
The future minimum lease receivable under non-cancellable RVM operating leases
as of 31 December 2024 and 2023 were as follows:
in EUR thousands
FY 2024
FY 2023
Within 1 year
2,861
2,499
Between 2 to 5 years
4,228
3,801
Total
7,089
6,300
Lease revenues from RVMs for the year ended 31 December 2024 were \u20ac3,815,000 (2023: \u20ac3,332,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page88-cflshid_38608-tag6963655": { "value": "
(15) Financial Assets
in EUR thousandsFY 2024FY 2023
Deposits with vendors 3934
Non-current trade receivables2,057713
Loan receivable793752
Total financial fixed assets2,8891,499
Non-current trade receivables relate to a retention withheld by selected customers when settling a sales invoice for RVMs sold. The retention has the purpose to protect the customer from losses if the Company fails to fulfil its contractual obligations during the warranty period of the RVMs. Since management has assessed that the retention is withheld for reasons other than the provision of financing to the customer, no discounting is applied in accordance with IFRS 15.62(c).
The loan receivable relates to an affiliate under common control of one of the biggest shareholders as of 31 December 2024, with an interest rate of Euribor plus 2.5% which is extended in the year and is repayable on 31 January 2026.
Changes in non-current trade receivables are included in the operating cash flow as part of changes in trade and other receivables.
\u00a0
Schedule of movement of non-current trade receivables
in EUR thousandsFY 2024FY 2023
At beginning of period713-
Additions1,344713
At end of period2,057713
Schedule of movement of Loan receivable
in EUR thousandsFY 2024FY 2023
At beginning of period752724
Additions4128
At end of period793752
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page88-cflshid_38608-tag6963657": { "value": "
(15) Financial Assets
in EUR thousandsFY 2024FY 2023
Deposits with vendors 3934
Non-current trade receivables2,057713
Loan receivable793752
Total financial fixed assets2,8891,499
Non-current trade receivables relate to a retention withheld by selected customers when settling a sales invoice for RVMs sold. The retention has the purpose to protect the customer from losses if the Company fails to fulfil its contractual obligations during the warranty period of the RVMs. Since management has assessed that the retention is withheld for reasons other than the provision of financing to the customer, no discounting is applied in accordance with IFRS 15.62(c). The loan receivable relates to an affiliate under common control of one of the biggest shareholders as of 31 December 2024, with an interest rate of Euribor plus 2.5% which is extended in the year and is repayable on 31 January 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_38905-tag6963569": { "value": "
(16) Deferred Tax Assets and Liabilities
\u00a0December 31, 2024
in EUR thousandsBalance at31 Dec 23(Charge)/ credit P&LCurrency translationNet balanceDeferred tax assetsDeferred tax liabilities
Property, plant and equipment(835)497(16)(354)-(354)
Inventory991(687)33337337-
Tax losses carried forward820(902)82---
Accrued expenses565(565)----
Other562(112)(3)447495(48)
Total2,103(1,769)96430832(402)
Set off to tax - - - -(354)354
Net tax assets and liabilities2,103(1,769)96430478(48)
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 - \u20ac1,769,000. No deferred tax assets have been recognised for losses in non-US subsidiaries. Prior
year activated tax assets in the US subsidiaries have been revalued to \u20ac0.
Available tax losses totalling \u20ac35,474,000 (2023 \u20ac26,637,000), expire as follows: \u20ac2,376,000 in 2025, \u20ac683,000 in 2027, \u20ac472,000 in 2028, \u20ac3,746,000 from 2031 through 2044 and \u20ac28,197,000 with no expiration.
Cumulative tax losses where no deferred tax has been recognised amounted to \u20ac35,474,000 (2023: \u20ac20,062,000).
Current and deferred tax income/(expense)
The deferred tax charge was recognised during the year due to the derecognition of previously
recognized tax losses of a Group\u2019s subsidiary, and is further explained in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_39162-tag6963662": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_38905-tag6963647": { "value": "
(17) Inventory
in EUR thousands
FY 2024
FY 2023
Finished Goods
9,038
10,974
Raw materials and parts
21,713
22,820
Work in progress
951
563
Provisions for obsolescence
(2,824)
(2,113)
Total
28,878
32,244
The decrease in inventory is mainly related to a reduction in the commercial finished goods inventory which was specifically high in 2023 because of preparations for early Q1 2024 activity. Total amount of inventories released to the P&L during the year 2024 amounts to \u20ac47,423,000 (2023: \u20ac36,413,000).
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
in EUR thousands
FY 2024
FY 2023
Beginning of period2,1132,244
Addition to/release of provision580(61)
Exchange gains/(losses)131(70)
End of period 2,8242,113
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 \u20ac4,610,000 (2023: \u20ac3,443,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page90-cflshid_39578-tag6963603": { "value": "
(18) Trade and Other Receivables
in EUR thousandsFY 2024FY 2023
Trade receivables31,72817,654
Unbilled revenue-3,435
Other receivables7791,634
Prepaid expenses1,8111,167
Total 34,31823,890
The unbilled revenue in 2023 relates to machines installed in 2023 and invoiced in 2024. In 2024 there was no such case.
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 \u20ac625,000 and \u20ac634,000 at the end of years 2024 and 2023 respectively.
Schedule of movement of bad debts
in EUR thousandsFY 2024FY 2023
Beginning of period634600
Addition268340
Release(185)(228)
Utilization(135)(57)
Currency translation adjustment 43(21)
End of period 625634
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page90-cflshid_39578-tag6963628": { "value": "
(18) Trade and Other Receivables
in EUR thousandsFY 2024FY 2023
Trade receivables31,72817,654
Unbilled revenue-3,435
Other receivables7791,634
Prepaid expenses1,8111,167
Total 34,31823,890
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page90-cflshid_39578-tag6963585": { "value": "
Schedule of movement of bad debts
in EUR thousandsFY 2024FY 2023
Beginning of period634600
Addition268340
Release(185)(228)
Utilization(135)(57)
Currency translation adjustment 43(21)
End of period 625634
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page91-cflshid_39957-tag6963614": { "value": "(19) Cash and cash equivalents
in EUR thousandsFY 2024FY 2023
Bank balances30,70712,458
Short-term deposits4-
Cash on hand37-
Total 30,74812,458
All cash and cash equivalents are freely available and not subject to any restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page91-cflshid_39957-tag6963648": { "value": "
(20) Shareholders\u2019 Equity
Share Capital
The Company has only one class of shares: Ordinary Shares. Each ordinary share carries one vote per share and the entitlement to receive dividends as declared.
No treasury shares are held at 31 December 2024.
The authorised and issued share capital is build-up as per below:
Authorised and issued share capital
Ordinary Shares
FY 2024
FY 2023
Number of authorised shares
80,000,000
80,000,000
Authorised share capital
\u20ac 4,000,000
\u20ac 4,000,000
Number of outstanding shares on 1 January
51,690,377
46,051,280
Number of outstanding shares on 31 December
57,690,377
51,690,377
Issued share capital on 31 December
\u20ac 2,884,519
\u20ac 2,584,519
Nominal value
\u20ac 0.05
\u20ac 0.05
The Group has issued 6,000,000 ordinary shares in 2024 for a total consideration of NOK 300,000,000 (\u20ac26,131,000).
Share premium reserve
For full detailed movements in share premium reserve please refer
to the consolidated statement of changes in equity.
Legal reserve
According to Book 2 of the Netherlands Civil Code, the Company is required to restrict part of its equity from distribution to Shareholders, by forming a legal reserve equal to the amount it has capitalised for development costs. The equity enclosed in this legal reserve is not at the disposal of the General Meeting of Shareholders. Therefore, this amount cannot be distributed to Shareholders until the capitalised development costs have been recognised in the profit and loss account. The capitalised development costs as of
31 December 2024 amounted to \u20ac7,072,000 (2023: \u20ac7,725,000). A legal reserve equalling these amounts has been created in both the years by decreasing the share premium reserve with these respective amounts.
Movement in legal reserve is in respect of the capitalised development costs of
-\u20ac653,000 (2023: \u20ac150,000).
See Note 13 for more information.
Retained earnings
At the Company\u2019s Annual General Meeting of the Shareholders it will
be proposed to include the 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page91-cflshid_39952-tag6963624": { "value": "
Authorised and issued share capital
Ordinary Shares
FY 2024
FY 2023
Number of authorised shares
80,000,000
80,000,000
Authorised share capital
\u20ac 4,000,000
\u20ac 4,000,000
Number of outstanding shares on 1 January
51,690,377
46,051,280
Number of outstanding shares on 31 December
57,690,377
51,690,377
Issued share capital on 31 December
\u20ac 2,884,519
\u20ac 2,584,519
Nominal value
\u20ac 0.05
\u20ac 0.05
The Group has issued 6,000,000 ordinary shares in 2024 for a total consideration of NOK 300,000,000 (\u20ac26,131,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page91-cflshid_39952-tag6963666": { "value": "
Share premium reserve
For full detailed movements in share premium reserve please refer
to the consolidated statement of changes in equity.
Legal reserve
According to Book 2 of the Netherlands Civil Code, the Company is required to restrict part of its equity from distribution to Shareholders, by forming a legal reserve equal to the amount it has capitalised for development costs. The equity enclosed in this legal reserve is not at the disposal of the General Meeting of Shareholders. Therefore, this amount cannot be distributed to Shareholders until the capitalised development costs have been recognised in the profit and loss account. The capitalised development costs as of
31 December 2024 amounted to \u20ac7,072,000 (2023: \u20ac7,725,000). A legal reserve equalling these amounts has been created in both the years by decreasing the share premium reserve with these respective amounts.
Movement in legal reserve is in respect of the capitalised development costs of
-\u20ac653,000 (2023: \u20ac150,000).
See Note 13 for more information.
Retained earnings
At the Company\u2019s Annual General Meeting of the Shareholders it will
be proposed to include the 2024 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:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page92-cflshid_40299-tag6963649": { "value": "
(21) Borrowings, Lease liabilities and Other non-current liabilities
in EUR thousandsFY 2024FY 2023
Borrowings \u2013 current portion18,7717,363
Borrowings \u2013 non-current portion8,1649,312
Total borrowings26,93516,675
Lease liabilities \u2013 current portion1,633830
Lease liabilities \u2013 non-current portion4,8342,222
Total lease liabilities6,4673,052
Projected performance payments3,231-
Share based payment1,170255
Other120120
Other non-current liabilities 4,521375
\"\"
\"\"
\"\"
\"\"
Projected performance payments under the Sensibin acquisition equals \u20ac5,526,000, out of which \u20ac3,231,000 is presented in Other non-current liabilities. The remaining \u20ac2,295,000 is presented as Other current liability.
Reference is made to Note 13 for further details on this acquisition.
The fair value at initial recognition was determined based on the discounted value of expected performance payments to be made to the sellers. The performance payments are dependent on meeting certain order quantities and gross profit targets in the periods subsequent to the acquisition. The maximum amount of performance payments payable to the sellers, when all targets will be met, amounts to \u20ac6,500,000. As of year-end, the Company has a strong pipeline of related opportunities that it is working on and it expects to close. Though as of the date of preparing these financial statements, no concrete orders have been secured for the first target by mid-August
2025, which has been valued at approximately \u20ac2,295,000 as of December 31, 2024.
The liability has been increased to reflect the passage of time (unwinding of the discount). This cost of \u20ac258,000 is recognized as an other expense in profit or loss.
The fair value of the liability as at 31 December 2024 is estimated to be in line with the carrying amount. Such fair value measurement is categorized within level 3 of the fair value hierarchy and is based on an income approach.
In addition, a liability for the share-based payment plan in the amount of \u20ac1,170,000 (2023: \u20ac255,000) and a loan of \u20ac120,000 (2023: \u20ac120,000) payable to Mr. Gregory Garvey, a related party are included. There are no conditions, interest or maturity period for this loan.
For further details on the share-based payment plan, reference is made to note 9.
Schedule of other non-current liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
375
120
Additions
No cash impact
4,146
255
End of period
4,521
375
The additions include a \u20ac3,231,000 liability for projected performance payments under the
Sensibin acquisition and \u20ac916,000 related to the share-based payment plan (2023: \u20ac255,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page92-cflshid_40557-tag6963667": { "value": "Projected performance payments under the Sensibin acquisition equals \u20ac5,526,000, out of which \u20ac3,231,000 is presented in Other non-current liabilities. The remaining \u20ac2,295,000 is presented as Other current liability.
Reference is made to Note 13 for further details on this acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page92-cflshid_40557-tag6963654": { "value": "
The fair value at initial recognition was determined based on the discounted value of expected performance payments to be made to the sellers. The performance payments are dependent on meeting certain order quantities and gross profit targets in the periods subsequent to the acquisition. The maximum amount of performance payments payable to the sellers, when all targets will be met, amounts to \u20ac6,500,000. As of year-end, the Company has a strong pipeline of related opportunities that it is working on and it expects to close. Though as of the date of preparing these financial statements, no concrete orders have been secured for the first target by mid-August
2025, which has been valued at approximately \u20ac2,295,000 as of December 31, 2024.
The liability has been increased to reflect the passage of time (unwinding of the discount). This cost of \u20ac258,000 is recognized as an other expense in profit or loss.
The fair value of the liability as at 31 December 2024 is estimated to be in line with the carrying amount. Such fair value measurement is categorized within level 3 of the fair value hierarchy and is based on an income approach.
Schedule of other non-current liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
375
120
Additions
No cash impact
4,146
255
End of period
4,521
375
The additions include a \u20ac3,231,000 liability for projected performance payments under the Sensibin acquisition", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_40829-tag6963668": { "value": "
Borrowings
In 2024, Environmental Products Corporation (EPC) has a borrowing from third-party lenders for $9,831,000 (\u20ac9,463,000). Envipco Solutions Romania (ESR) has a borrowing from third-party lenders for RON 11,178,000 (\u20ac2,247,000).
And Envipco Holding NV has a borrowing from third-party lenders for \u20ac7,941,000.
The following finance arrangements are in place at year-end:
43
in EUR thousandsNominal interest rateYear of maturityFace ValueCarrying amountFY 2024Carrying amountFY 2023
Line of credit (LOC)US Prime Rate2025$6,000\u20ac5,776\u20ac2,534
Line of credit (LOC)ROBOR plus 2.25%2025RON 15,000\u20ac2,247\u20ac292
Mortgage facility5.50%2025$2,240\u20ac1,378\u20ac1,320
Term loan3.51%2025$6,000\u20ac866\u20ac1,629
Term loanSOFR plus 3.0%2025$3,000\u20ac1,443\u20ac1,901
Term loan7.35%2028\u20ac9,000\u20ac7,941\u20ac9,000
Financing arrangement8.92%2029\u20ac3,162\u20ac3,090-
Factoring arrangementROBOR plus 1.9%2025RON 20,867\u20ac4,194-
The Company agreed to end and fully repay the Line of Credit (LOC) of $6,000,000 (\u20ac5,776,000), the Mortgage facility of $1,432,000 (\u20ac1,378,000) and the two term loans of $900,000 (\u20ac866,000) and $1,499,000 (\u20ac1,443,000) collateralised by a fixed and floating charge on all assets of the USA subsidiary in 2025.
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 2024 and 2023. The third Term Loan with a carrying amount of \u20ac7,941,000 (2023: \u20ac9,000,000) was secured in 2023, is quarterly repayable until 2028 and has an interest rate of 7.35%. This Loan is collateralised by the Company\u2019s trade receivables in Europe.
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 2024, the Group met all three of them. Reference is made to Note 1 Going concern analysis on the re-financing of the Group.
During 2024, the Company entered into an agreement for the transfer of legal ownership of several self-manufactured RVMs to a financing company, and subsequently entered into a 5-year leaseback agreement with that same party. The RVMs are used by the group to fulfil its
performance obligations under service agreements with external customers for which revenues are recorded in accordance with IFRS 15. Although the legal ownership of the RVMs was transferred to the leasing company, management concludes that the transfer of the assets did not satisfy the requirements of IFRS 15 to be accounted for as a sale. Therefore, the RVMs continued to be recognized in property, plant and equipment (Note 14).
The cash consideration received from the financing company upon transfer of the legal ownership is recognized as a financial liability under borrowings and accounted for in accordance with IFRS 9 as prescribed in IFRS 16.103(a). Subsequently, the financial liability is measured at amortized cost at an effective interest rate of 8.92% per year.
The financial liability matures within 5 years and will be settled with future lease terms payable to the leasing company. The total carrying value of the liability as of December 31, 2024 amounts to \u20ac3,090,000, of which \u20ac 750,000 is presented as a current financial liability.
The Company also entered into a factoring arrangement with a financial institution for a portion of its trade receivables. The total amount factored was \u20ac4,194,000 (2023: n/a), with an interest rate of 1.9% per annum applied by the factor.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Schedule of borrowings movement
in EUR thousandsFY 2024FY 2023
At beginning of period16,67514,550
AdditionsCash impact10,3649,000
Regular repaymentsCash impact(2,529)(1,721)
Changes in credit linesCash impact1,954(3,081)
Changes in shareholder loansCash impact-(1,638)
Sub-total of cash impact9,7892,560
Translation effectNo cash impact471(435)
At end of period26,93516,675
Schedule of lease liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
3,052
1,854
Additions
No cash impact
2,753
2,074
Corrections
No cash impact
1,957
-
Interest expense
No cash impact
417
231
Repayment
Cash impact
(1,941)
(1,088)
Translation effect
No cash impact
229
(19)
End of period
6,467
3,052
Schedule of other non-current liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
375
120
Additions
No cash impact
4,146
255
End of period
4,521
375
The additions include a \u20ac3,231,000 liability for projected performance payments under the
Sensibin acquisition and \u20ac916,000 related to the share-based payment plan (2023: \u20ac255,000).
Future payments under long term borrowings
in EUR thousandsFY 2024FY 2023
Current20,2708,209
Due between 1 to 5 years9,17010,497
Total undiscounted long term borrowings29,44018,706
Less: future interest(2,505)(2,031)
Total borrowings 26,93516,675
No borrowings are due beyond 5 years as at 31 December 2024.
Future payments under lease liabilities
in EUR thousands
FY 2024
FY 2023
Current
2,137
1,052
Due between 1 to 5 years
4,250
2,256
Due more than 5 years
2,423
344
Total undiscounted lease payments
8,810
3,652
Less: future interest
(2,343)
(600)
Total lease liabilities
6,467
3,052
Fair value of borrowings
in EUR thousands
Nominal interest rate
FY 2024
FY 2023
Carrying amount
Fair Value
Carrying amount
Fair Value
Line of credit (LOC)
US Prime Rate
\u20ac 5,776
\u20ac 5,776
\u20ac 2,534
\u20ac 2,534
Line of credit (LOC)
ROBOR plus 2.25%
\u20ac 2,247
\u20ac 2,247
\u20ac 292
\u20ac 292
Mortgage facility
5.50%
\u20ac 1,378
\u20ac 1,460
\u20ac 1,320
\u20ac 1,322
Term Loan
3.51%
\u20ac 866
\u20ac 832
\u20ac 1,629
\u20ac 1,643
Term Loan
SOFR plus 3.0%
\u20ac 1,443
\u20ac 1,372
\u20ac 1,901
\u20ac 1,982
Term Loan
7.35%
\u20ac 7,941
\u20ac 8,050
\u20ac 9,000
\u20ac 9,031
Financial arrangement
8.92%
\u20ac 3,090
\u20ac 3,090
-
-
Factoring arrangement
ROBOR plus 1.9%
\u20ac 4,194
\u20ac 4,194
-
-
Total
\u00a0
\u20ac 26,935
\u20ac 27,021
\u20ac 16,675
\u20ac 16,804
To estimate the fair values of the interest-bearing loans, long-term fixed-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the financed project.
Increases and decreases reconcile to cash flow statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_41129-tag6963615": { "value": "The Company agreed to end and fully repay the Line of Credit (LOC) of $6,000,000 (\u20ac5,776,000), the Mortgage facility of $1,432,000 (\u20ac1,378,000) and the two term loans of $900,000 (\u20ac866,000) and $1,499,000 (\u20ac1,443,000) collateralised by a fixed and floating charge on all assets of the USA subsidiary in 2025.
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 2024 and 2023. The third Term Loan with a carrying amount of \u20ac7,941,000 (2023: \u20ac9,000,000) was secured in 2023, is quarterly repayable until 2028 and has an interest rate of 7.35%. This Loan is collateralised by the Company\u2019s trade receivables in Europe.
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 2024, the Group met all three of them. Reference is made to Note 1 Going concern analysis on the re-financing of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page94-cflshid_41535-tag6963669": { "value": "
Reconciliation of movements of liabilities to cash flows arising from financing activities
Schedule of borrowings movement
in EUR thousandsFY 2024FY 2023
At beginning of period16,67514,550
AdditionsCash impact10,3649,000
Regular repaymentsCash impact(2,529)(1,721)
Changes in credit linesCash impact1,954(3,081)
Changes in shareholder loansCash impact-(1,638)
Sub-total of cash impact9,7892,560
Translation effectNo cash impact471(435)
At end of period26,93516,675
Schedule of lease liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
3,052
1,854
Additions
No cash impact
2,753
2,074
Corrections
No cash impact
1,957
-
Interest expense
No cash impact
417
231
Repayment
Cash impact
(1,941)
(1,088)
Translation effect
No cash impact
229
(19)
End of period
6,467
3,052
Schedule of other non-current liabilities movement
in EUR thousands
FY 2024
FY 2023
Beginning of period
375
120
Additions
No cash impact
4,146
255
End of period
4,521
375
The additions include a \u20ac3,231,000 liability for projected performance payments under the
Sensibin acquisition and \u20ac916,000 related to the share-based payment plan (2023: \u20ac255,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page95-cflshid_42043-tag6963672": { "value": "
Nominal interest rate
FY 2024
FY 2023
Carrying amount
Fair Value
Carrying amount
Fair Value
Line of credit (LOC)
US Prime Rate
\u20ac 5,776
\u20ac 5,776
\u20ac 2,534
\u20ac 2,534
Line of credit (LOC)
ROBOR plus 2.25%
\u20ac 2,247
\u20ac 2,247
\u20ac 292
\u20ac 292
Mortgage facility
5.50%
\u20ac 1,378
\u20ac 1,460
\u20ac 1,320
\u20ac 1,322
Term Loan
3.51%
\u20ac 866
\u20ac 832
\u20ac 1,629
\u20ac 1,643
Term Loan
SOFR plus 3.0%
\u20ac 1,443
\u20ac 1,372
\u20ac 1,901
\u20ac 1,982
Term Loan
7.35%
\u20ac 7,941
\u20ac 8,050
\u20ac 9,000
\u20ac 9,031
Financial arrangement
8.92%
\u20ac 3,090
\u20ac 3,090
-
-
Factoring arrangement
ROBOR plus 1.9%
\u20ac 4,194
\u20ac 4,194
-
-
Total
\u00a0
\u20ac 26,935
\u20ac 27,021
\u20ac 16,675
\u20ac 16,804
(22) Provisions
in EUR thousands
FY 2024
FY 2023
Current
1,210
1,429
Non-current
568
549
Total provisions
1,778
1,978
\"\"
Movement of warranty provisions
Warranty provisions are required for warranty for the repair and maintenance of product sales and are adequate for expected usage. The warranty
provision relates to 1-3 years of warranty provided on European machines sales.
in EUR thousands
FY 2024
FY 2023
Beginning of period
1,970
680
Additions
2,111
1,894
Release
(1,267)
(287)
Utilisation
(1,070)
(305)
Exchange gains/(losses)
34
(12)
End of period
1,778
1,970
Current portion
1,210
1,421
Non-current portion
568
549
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page96-cflshid_42319-tag6963673": { "value": "
(24) Accrued Expenses , Deferred revenue and Other current liabilities
in EUR thousands
FY 2024
FY 2023
Payroll and vacation accruals
4,660
2,962
Other accrued expenses & current liabilities
4,952
2,149
Deferred revenue
1,515
6,060
Total
11,127
11,171
The increase in payroll and vacation accruals is mainly related to an increase in personnel and related accruals and certain bonus accruals.
Other accrued expenses & liabilities consist of various liabilities such as rent and lease, audit fees, professional & legal fees and projected performance payments under the Sensibin acquisition. The increase in other current liabilities relates to the current portion of these projected performance payments for an amount of
\u20ac2,295,000. Reference is made to Notes 13 and 21 for further details on this acquisition.
Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries. The decrease is mainly due to specific prepayments received from a major customer in 2023 related to scheduled performance obligations to be met in Q1 2024.
Movement of deferred revenues
in EUR thousandsFY 2024FY 2023
Beginning of period6,0601,900
Additions 14,98313,227
Release(19,528)(9,067)
End of period1,5156,060
Revenue reported resulting from the deferred revenue balance movement is \u20ac19,529,000 (2023:
\u20ac9,067,000). The closing balance is expected to be recognized as revenue within 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page96-cflshid_42319-tag6963660": { "value": "
(24) Accrued Expenses , Deferred revenue and Other current liabilities
in EUR thousands
FY 2024
FY 2023
Payroll and vacation accruals
4,660
2,962
Other accrued expenses & current liabilities
4,952
2,149
Deferred revenue
1,515
6,060
Total
11,127
11,171
The increase in payroll and vacation accruals is mainly related to an increase in personnel and related accruals and certain bonus accruals.
Other accrued expenses & liabilities consist of various liabilities such as rent and lease, audit fees, professional & legal fees and projected performance payments under the Sensibin acquisition. The increase in other current liabilities relates to the current portion of these projected performance payments for an amount of
\u20ac2,295,000. Reference is made to Notes 13 and 21 for further details on this acquisition.
Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries. The decrease is mainly due to specific prepayments received from a major customer in 2023 related to scheduled performance obligations to be met in Q1 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page96-cflshid_42319-tag6963616": { "value": "
(24) Accrued Expenses , Deferred revenue and Other current liabilities
in EUR thousands
FY 2024
FY 2023
Payroll and vacation accruals
4,660
2,962
Other accrued expenses & current liabilities
4,952
2,149
Deferred revenue
1,515
6,060
Total
11,127
11,171
The increase in payroll and vacation accruals is mainly related to an increase in personnel and related accruals and certain bonus accruals.
Other accrued expenses & liabilities consist of various liabilities such as rent and lease, audit fees, professional & legal fees and projected performance payments under the Sensibin acquisition. The increase in other current liabilities relates to the current portion of these projected performance payments for an amount of
\u20ac2,295,000. Reference is made to Notes 13 and 21 for further details on this acquisition.
Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries. The decrease is mainly due to specific prepayments received from a major customer in 2023 related to scheduled performance obligations to be met in Q1 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page97-cflshid_42730-tag6963651": { "value": "
(25) Off balance sheet assets and commitments
The future minimum lease receivable under non-cancellable RVM operating leases
as of 31 December 2024 and 2023 were as follows:
in EUR thousands
FY 2024
FY 2023
Within 1 year
2,861
2,499
Between 2 to 5 years
4,228
3,801
Total
7,089
6,300
Lease revenues from RVMs for the year ended 31 December 2024 were \u20ac3,815,000 (2023: \u20ac3,332,000).
Fiscal unity
The Company, is part of the fiscal unity with Envipco Europe B.V. for corporate income tax (CIT) and value-added tax (VAT) purposes. The standard conditions stipulate that each of the companies is liable for the tax payable by all
companies belonging to the fiscal unity. Pursuant to the Collection of State Taxes Act, the Company, along withthe subsidiarythat is part of the fiscal unity, is wholly and severally liable for taxation payable by the fiscal unity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page97-cflshid_42730-tag6963617": { "value": "
(27) Post balance sheet events
There are no Post balance sheet events to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page105-cflshid_45566-tag6963623": { "value": "
Dividends
No dividends were declared or paid by the Company for the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }