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"pp-value-1-1": {
"value": "1 Reporting entitySif Holding N.V. (the \u2018Company\u2019) is a public limited liability company domiciled in theNetherlands. The Company\u2019s registered office is at Mijnheerkensweg 33, Roermond.These consolidated financial statements comprise the Company and its subsidiaries(collectively the \u2018Group\u2019 and individually \u2018Group companies\u2019). Information on thestructure of the Group is provided in note 30. The company is registered with theNetherlands Chamber of Commerce Business Register under number 13016026.The consolidated financial statements of the Group for the year ended 31 December2022, were authorised for issue in accordance with a resolution of the ExecutiveBoard on 29 March 2023.The Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry.As from 12 May 2016 the shares of the company have been listed on EuronextAmsterdam.2 Basis of preparationThese consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards as adopted by the European Union (EU-IFRS). The financial statements also comply with the financial reportingrequirements included in section 9 of Book 2 of the Netherlands Civil Code.The consolidated financial statements have been prepared on a historical cost basis,except for the liability for share based payments and investment property that aremeasured at fair value and the jubilee provision that is based on the actuarialmethod. The Group\u2019s consolidated financial statements are presented in EUR (\u2018000),which is also the Company\u2019s functional currency, if not stated otherwise. All valuesare rounded to the nearest thousands (EUR \u2018000) on individual line items which canresult in minor rounding differences in sub-totals and totals, except when otherwiseindicated.The consolidated financial statements provide comparative information in respect ofthe previous period.2.1 Going concernIn determining the appropriate basis of preparation of the consolidated financialstatements, management is required to consider whether the Group can continue inoperational existence for the foreseeable future.The future financial performance of the Group is dependent upon the widereconomic environment in which it operates. The factors that particularly affect theperformance of the Group include political decision making and global economicconditions. The war in Ukraine has heightened the inherent uncertainty in theGroup\u2019s assessment of these factors. However, the outlook remains positive: theorderbook is well filled until halfway 2025 and the financing arrangements aresecured until 31 March 2024. Furthermore, the market for offshore generatedsustainable energy is expected to continue growing for the coming years, whichresults in sufficient opportunities on the longer term. This is confirmed by themarket study which was the basis for the decision making for the expansion plansof the production facility. Due to the strong demand for larger monopiles than theGroup can produce in it\u2019s current facility, the Group is planning an upgrade of itsmanufacturing plant. After balance sheet date the Final Investment Decision for thisexpansion is taken by the Group. The financing for the expansion plan includes there-financing of the current financing arrangements. Reference is made to note 35 formore information related to the expansion plans.The Group assessed where climate related matters could have a significant impacton the going concern situation. As due to emission-reduction legislation the demandfor renewable energy is increasing, which increases the future offshore wind marketand therewith for the demand for the products of the Group. Therefore, managementassesses that the current climate related matters have a positive impact on thefuture volume of projects in the offshore wind market, and therefore lower the risk inrelation to going concern of the Group.Impact of war in UkraineThe current war between Russia and Ukraine impacts the global economy asa whole, and as a result we and the market we are operating in, face greater risksdue to the international nature of the offshore wind industry, including the countrieswhere we, our customers or our suppliers operate. On the other hand, the ambitionsfor the renewable energy transition have increased, to be able to become lessdependend on Russian gas.This military action, including sanctions and other measures taken in response, haveand could further adversely affect the global economy, the financial markets andsupply chain, which therefore may impact customer demand, delivery of productsand services to clients, as well as our ability and the ability of our supply chain toobtain raw materials, parts, components and utilities. In addition, the conflictamplifies the surge in energy prices, commodity prices, transportation costs,inflation and cyberattacks.The price inflations have mainly impact for the Group in the area of utilities. As theprice for steel is a pass through item for the Group, the increased steel prices haveno effect on the profitability of the Group. Given the necessary growth of theoffshore wind market (amongst others driven by accelerated need for energytransion), management does not expect that the steel price inflation results in lesswind farms being developed.The Group has no direct business with Ukraine, Russia or Belarus, but managementnotices an indirect impact on the Group\u2019s business, including price increases andinflation, as well as impact on our suppliers. Management remains alert for anyimpact on our business in the future. Currently, there is no material uncertainty withrespect to the going concern evaluation.Accordingly, management considers there to be no material uncertainties that maycast significant doubt on the Group\u2019s ability to continue to operate as a goingconcern. Therefore, the Group continues to adopt the going concern basis in thepreparation of the consolidated financial statements.3 Significant accounting policiesThe Group has consistently applied the following accounting policies to all periodspresented in these consolidated financial statements.3.1 Basis of consolidationSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2022. Control is achieved when theGroup is exposed, or has rights, to variable returns from its involvement with theinvestee and has the ability to affect those returns through its power over theinvestee. Specifically, the Group controls an investee if, and only if, the Group has:Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);1.Exposure, or rights, to variable returns from its involvement with the investee;2.The ability to use its power over the investee to affect its returns.3.The Group re-assesses whether or not it controls an investee if facts andcircumstances indicate that there are changes to one or more of the three elementsof control. Consolidation of a subsidiary begins when the Group obtains control overthe subsidiary and ceases when the Group loses control of the subsidiary. Assets,liabilities, income and expenses of a subsidiary acquired or disposed of during theyear are included in the consolidated financial statements from the date the Groupgains control until the date the Group ceases to control the subsidiary. A change inthe ownership interest of a subsidiary, without a loss of control, is accounted for asan equity transaction. If the Group loses control over a subsidiary, it derecognizesthe related assets (including goodwill), liabilities, non-controlling interest and othercomponents of equity while any resultant gain or loss is recognized in profit or loss.Any investment retained is recognized at fair value.Business combinationsBusiness combinations are accounted for using the acquisition method. The cost ofan acquisition is measured as the aggregate of the consideration transferred, whichis measured at acquisition date fair value, and the amount of any non-controllinginterests in the acquiree. For each business combination, the Group elects whetherto measure the non-controlling interests in the acquiree at fair value or at theproportionate share of the acquiree\u2019s identifiable net assets. Acquisition-relatedcosts are expensed as incurred and included in general expenses.The Group determines that it has acquired a business when the acquired set ofactivities and assets include an input and a substantive process that togethersignificantly contribute to the ability to create outputs. The acquired process isconsidered substantive if it is critical to the ability to continue producing outputs,and the inputs acquired include an organised workforce with the necessary skills,knowledge, or experience to perform that process or it significantly contributes tothe ability to continue producing outputs and is considered unique or scarce orcannot be replaced without significant cost, effort, or delay in the ability to continueproducing outputs.When the Group acquires a business, it assesses the financial assets and liabilitiesassumed for appropriate classification and designation in accordance with thecontractual terms, economic circumstances and pertinent conditions as at theacquisition date.If the fair value of the net assets acquired is in excess of the aggregateconsideration transferred, the Group re-assesses whether it has correctly identifiedall of the assets acquired and all of the liabilities assumed and reviews theprocedures used to measure the amounts to be recognized at the acquisition date. Ifthe reassessment still results in an excess of the fair value of net assets acquiredover the aggregate consideration transferred, then the gain is recognized in profit orloss.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expensesarising from intra-group transactions, are eliminated. Unrealised gains arising fromtransactions with equity-accounted investees are eliminated against the investmentto the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminatedin the same way as unrealised gains, but only to the extent that there is no evidenceof impairment.3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.Contract assets and liabilitiesRevenues from contracts with customers and direct costs are recognized in thestatement of profit or loss in proportion to the satisfaction of each performanceobligation. In the Wind segment and some projects in the Other segment thesatisfaction is assessed based on the actual hours incurred compared with theestimated hours needed to complete the full performance obligation. In addition,management estimates at each reporting date the total expected costs to beincurred for each individual performance obligation and adjustments are madewhere appropriate. Detailed explanations of the degree of judgment andassumptions used are included under the respective section in the significantaccounting policies related to revenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.3.3 Summary of significant accounting policiesRevenue from contracts with customersThe Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry. Furthermore, the Group is providingMarshalling and logistics services to its clients. In addition, with the acquisition ofKCI The Engineers B.V. during 2021, the Group is also involved in the engineering ofsolutions for renewables market, the oil & gas market and other equipment. Revenuefrom contracts with customers is recognized when control of the goods or servicesis transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Grouphas generally concluded that it is the principal in its revenue arrangements, becauseit typically controls the (series of) goods or services before transferring them to thecustomer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsIdentify the contract(s) with a customerThe Group identifies a contract with a customer when all the criteria of IFRS 15 aremet. The price as agreed upon may vary in the beginning of the project. The initialcontract price is normally determined based on situations in the past and thecompany is working with its customers on the final design and development of theproject. The change in the contract price is a change within the existing contract andrelates mainly to adjustments before the start of the production. A combination ofcontracts is considered for every individual contract, although mostly not applicableas contract prices are determined on a standalone basis and no discounts are givenrelated to other contracts. Contract modifications are relatively limited.Under IFRS 15 cost to obtain a contract - when they are incremental - and if they areexpected to be recovered \u2014should be capitalized and then amortized consistentlywith the pattern of revenue for the related contract. However, the Group incurs costsof obtaining a contract, but these are not incremental costs (the costs would haveincurred if the contract had not been obtained) and are recognized as an expensewhen incurred.Identify the performance obligations in the contractThe goods of the Group include mainly monopiles, transition pieces, legs, piles andpilesleeves. Goods within a contract that are substantially the same and that havethe same pattern of transfer to the customer are considered as series of distinctgoods. These series and the other individual goods are identified as separateperformance obligations as the customer can benefit from the goods on its own orwith readily available resources and the goods are distinct within the context of thecontract. This results in an accounting treatment with a series of goods ona performance obligation for the aforementioned goods, as the series of goods aredesigned for a specific project and connected to each other without having theopportunity to adjust these easily. The aforementioned goods are separated asthese can be considered to be distinct. Storage of goods is not considereda performance obligation, as it is not a promise in the contract. When the customerrequires additional storage of goods (in addition to the agreed schedules forproduction and load-out), this is assessed in light of the guidance for identificationof performance obligations (at contract inception) or contract modifications (whenthe request comes during the execution of the contract). If applicable, the additionalstorage service is not considered a service in the Marshalling segment, as it doesnot qualify as a lease (the customers does not obtain right to control the use thestorage area) and no specific logistical handling services are provided.Determine the transaction priceThe transaction price is the price that the company expects to receive for thesatisfaction of the performance obligations taking into account among others:discounts, financing components and liquidated damages. Before including anyamount of variable consideration in the transaction price, the Group considerswhether the amount of variable consideration is constrained. In case the Groupdetermined that the estimates of variable consideration are constrained, thetransaction price is adjusted accordingly. The main variable consideration that canbe applicable to the contracts of the Group is related to steel prices (of which theimpact of changes is passed through to the customers of the Group) and liquidateddamages, which are performance penalties in the contract in case agreedmilestones are not met. Based on facts and circumstances in relation to therespective project, the Group assesses to what extend it is highly probable thata significant revenue reversal will not occur in future periods once the uncertaintyrelated to the variable consideration is resolved. Other forms of variableconsiderations are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.Allocate the transaction price to the performance obligations in the contractThe transaction price is separately agreed for the relevant performance obligation orare allocated to the relevant performance obligation in proportion to their stand-alone selling price which was the basis for the contract.Recognize revenue when (or as) the entity satisfies a performance obligationThe Group recognizes revenue when (or as) a performance obligation is satisfied,i.e., when control of the (series of) goods or services underlying the particularperformance obligation is transferred to the customer. The Group recognize revenueover time, since its performance creates or enhances an asset that the customercontrols as the asset is created, its performance does not create an asset with analternative use to the entity and the entity has an enforceable right to payment forperformance completed to date. The Group uses the input method to measureprogress over time, based on labour hours spent. The actual hours spent in relationto the total expected hours to the satisfaction of that performance obligation isconsidered a reliable measure to recognize revenue over time.Marshalling servicesDuring 2019 the Group started to provide marshalling and logistic services to itsclients. These services can comprise of (a combination of) renting out logistical andfacilities, and providing logistical handling services.Contracts with bundled sales of renting out space and logistical handling servicesare comprised of at least two performance obligations, because the renting andhandling services are both sold on a stand-alone basis and are distinct within thecontext of the contract. Accordingly, the Group allocates the transaction price basedon the relative stand-alone selling prices of the services. In the assessment of theapplicable performance obligations in contracts with customers in the Marshallingsegment it is considered whether the control of any goods or services is transferredto the Group, or the control remains at the customer.As renting out logistical space is considered a lease contract within the scope ofIFRS 16, the related accounting is performed in accordance with the policies asdescribed in the section \u201cLeases\u201d.The logistical handling services agreed in the contract can be distinct, or a series ofdistinct services that are substantially the same and that have the same pattern oftransfer to the customer. As a customer simultaneously receives and consumes thebenefits provided by an entity\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group transfers the control of theservice at a point in time. Therefore, revenue for logistical handling services isrecognized at the moment the service is provided to the customer.For some contracts the Group needs to incur costs in order to enable the Group tofulfil the performance obligations in the contract (initial direct costs). In accordancewith IFRS 15 and 16, in the accounting of those costs to fullfill a contract, any otherapplicable accounting standards are considered first. If other standards are notapplicable to contract fulfilment costs, the following criteria are applied forcapitalisation of these costs as contract costs in case of an IFRS 15 contract:The costs directly relate to a contract or to a specifically identifiable anticipatedcontract (e.g., costs relating to services to be provided under renewal of anexisting contract or costs of designing an asset to be transferred undera specific contract that has not yet been approved).1.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.2.The costs are expected to be recovered.3.In case the initial direct costs related to an operational lease contact for which theGroup acts as the (intermediate) lessor, the initial direct costs incurred in obtainingan operating lease are added to the carrying amount of the underlying asset andrecognized as an expense over the lease term on the same basis as the leaseincome.Contract balancesContract assetsContract assets represent the gross amount expected to be collected fromcustomers for contract work performed to date. The contract assets are measuredas costs incurred plus profits recognized to date less progress billings andrecognized losses. Contract assets are subject to impairment assessment. Refer toaccounting policies on impairment of financial assets.Contract liabilitiesA contract liability is recognized if a customer pays consideration, or the Group hasa right to an amount of consideration that is unconditional (i.e. a receivable), beforethe Group transfers the related goods or services. Contract liabilities are recognizedas revenue when the Group performs under the contract (i.e., transfers control of therelated goods or services to the customer).Furthermore, the Group provides warranty bonds for completed contracts. Theestimated bond costs for the duration of the warranty bonds are recorded as part ofthe contract liabilities, and are revised periodically.Trade receivablesA receivable is recognized if an amount of consideration that is unconditional is duefrom the customer (i.e., only the passage of time is required before payment of theconsideration is due). Refer to accounting policies of financial assets.Government grantsGovernment grants are recognized where there is reasonable assurance that thegrant will be received and all attached conditions will be complied with. When thegrant relates to an expense item, it is recognized as income on a systematic basisover the periods that the related costs, for which it is intended to compensate, areexpensed. When the grant relates to an asset, it is recognized as income in equalamounts over the expected useful life of the related asset.Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided.A liability is recognized for the amount expected to be paid if the Group hasa present legal or constructive obligation to pay this amount as a result of pastservice provided by the employee and the obligation can be estimated reliably. Wagetax deductions (WBSO) are recognized in profit or loss over the periods in which theGroup recognizes the related costs which the grants are intended to compensate.Post-employment benefit planThe Group has a defined benefit scheme for which premiums are payable to anindustry pension fund (Bedrijfstakpensioenfonds) that is separately managed: thePensioenfonds Metaal en Techniek (PMT). This pension scheme is administeredtogether with those of other legal entities. The pension obligation is based on theduration of the participation in the plan and their salary levels. The relatedobligations are covered by the periodical premiums to the industry pension fund. Theassociated businesses are not obliged to compensate any deficits in the pensionfunds, nor are they entitled to any surpluses. Furthermore, the structure of theadministration does not allow for providing the required information to the Group foraccounting for the pension scheme as a defined benefit scheme in accordance withIAS 19. As such, this pension scheme has been accounted for as a definedcontribution scheme in the financial statements.Obligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits is the amountof future benefit that employees have earned in return for their service in the currentand prior periods. That benefit is discounted to determine its present value.Remeasurements are recognized in profit or loss in the period in which they arise.Cash-settled stock compensation plans are initially measured at the fair value of theliability which is expensed over the 3-year vesting period as the employees renderservice. The liability is remeasured at each balance sheet date to its fair value, withany changes recognized immediately through profit and loss. The estimates withrespect to the number of units that are expected to vest (based on performanceconditions) and for which share price are revised at each balance sheet date.Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.Foreign currency transactionsTransactions in foreign currencies are initially recorded by the Group\u2019s entities attheir respective functional currency spot rates at the date the transaction firstqualifies for recognition. Monetary assets and liabilities denominated in foreigncurrencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary itemsare recognized in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreigncurrency are translated using the exchange rates at the dates of the initialtransactions. Non-monetary items measured at fair value in a foreign currency aretranslated using the exchange rates at the date when the fair value is determined.The gain or loss arising on translation of non-monetary items measured at fair valueis treated in line with the recognition of the gain or loss on the change in fair value ofthe item.On consolidation, the assets and liabilities of foreign operations are translated intoeuros at the rate of exchange prevailing at the reporting date and their statements ofprofit or loss are translated at exchange rates prevailing at the dates of thetransactions. The exchange differences arising on translation for consolidation arerecognized in other comprehensive income (OCI). On disposal of a foreign operation,the component of OCI relating to that particular foreign operation is realised in profitor loss.TaxesCurrent taxCurrent tax comprises the expected tax payable or receivable on the taxable incomeor loss for the year and any adjustment to tax payable or receivable in respect ofprevious years. It is measured using tax rates enacted or substantively enacted atthe reporting date in the countries where the Group operates and generates taxableincome.Income tax expense comprises current and deferred tax. Income taxes arerecognized in profit or loss except to the extent that they relate to items recognizeddirectly in equity or in other comprehensive income. Management periodicallyevaluates positions taken in the tax returns with respect to situations in whichapplicable tax regulations are subject to interpretation and establishes provisionswhere appropriate.Deferred taxDeferred tax is provided using the liability method on temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting purposes andtheir tax bases, except for:deferred tax liabilities arising from the initial recognition of goodwill or assets orliabilities in a transaction that is not a business combination and, at the time ofthe transaction, affects neither accounting nor taxable profit or loss and;>temporary differences related to investments in subsidiaries, associates and jointarrangements to the extent that the Group is able to control the timing of thereversal of the temporary differences and it is probable that they will not reversein the foreseeable future.>Deferred tax assets are recognized for all deductible unused tax losses, tax creditsand unused deductible temporary differences to the extent that it is probable thatfuture taxable profits will be available against which they can be utilised. Deferredtax assets are reviewed at each reporting date and are reduced to the extent that itis no longer probable that the related tax benefit will be realised. Such reductions arereversed when the probability of future taxable profits improves.Unrecognized deferred tax assets are reassessed at each reporting date andrecognized to the extent that it has become probable that future taxable profits willbe available against which they can be utilised.Deferred tax assets and liabilities are measured at the tax rates that are expected toapply in the year when the asset is realised or the liability is settled, based on taxrates (and tax laws) that have been enacted or substantively enacted at thereporting date.Deferred tax relating to items recognized outside profit or loss is recognized outsideprofit or loss. Deferred tax items are recognized in correlation to the underlyingtransaction either in other comprehensive income (OCI) or directly in equity.The Group offsets deferred tax assets and deferred tax liabilities if and only if it hasa legally enforceable right to set off current tax assets and current tax liabilities andthe deferred tax assets and deferred tax liabilities relate to income taxes levied bythe same taxation authority on either the same taxable entity or different taxableentities which intend either to settle current tax liabilities and assets on a net basis,or to realise the assets and settle the liabilities simultaneously, in each future periodin which significant amounts of deferred tax liabilities or assets are expected to besettled or recovered.Value added taxExpenses and assets are recognized net of the amount of value added tax, exceptwhen the value added tax incurred on a purchase of assets or services is notrecoverable from the taxation authority, in which case, the value added tax isrecognized as part of the cost of acquisition of the asset or as part of the expenseitem, as applicable.The net amount of value added tax recoverable from, or payable to, the taxationauthority is included as part of receivables or payables in the statement of financialposition.Intangible assetsSoftwareSoftware is recognized at cost less accumulated amortization and accumulatedimpairment. Amortization is based on the estimated useful lifes of the assetsconcerned and assessed for impairment whenever there is an indication that theintangible asset may be impaired. Amortization methods, useful lifes and residualvalues are reviewed at each reporting date and adjusted if appropriate.Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 yearsProperty, plant and equipmentRecognition and measurementItems of property, plant and equipment are measured at cost less accumulateddepreciation and accumulated impairment losses, if any. Such cost includes the costof replacing part of the plant and equipment and borrowing costs for long-termconstruction projects if the recognition criteria are met. When significant parts ofplant and equipment are required to be replaced at intervals, the Group depreciatesthem separately based on their specific useful lifes. Likewise, when a majorrenovation or overhaul is performed, its cost is recognized in the carrying amount ofthe plant and equipment as a replacement if the recognition criteria are satisfied. Allother repair and maintenance costs are recognized in profit or loss as incurred.If significant parts of an item of property, plant and equipment have different usefullifes, they are accounted for as separate items (major components) of property,plant and equipment.Subsequent expenditureSubsequent expenditure is capitalised only when it is probable that the futureeconomic benefits associated with the expenditure will flow to the Group.DepreciationDepreciation is calculated using the cost of items of property, plant and equipmentless their estimated residual values using the straight-line method over theirestimated useful lifes, and is recognized in profit or loss. Land is not depreciated.Assets which are under construction are capitalised under property, plant orequipment whereby depreciation will start when the asset is available for use.The estimated useful lifes of property, plant and equipment for current andcomparative periods are as follows:>Buildings:6 \u2013 20 years>Plant and equipment:5 \u2013 20 years>Other fixed assets:5 \u2013 10 yearsDepreciation methods, useful lifes and residual values are reviewed at each reportingdate and adjusted if appropriate.DerecognitionAn item of property, plant and equipment and any significant part initially recognizedis derecognized upon disposal (i.e., at the date the recipient obtains control) or whenno future economic benefits are expected from its use or disposal. Any gain or lossarising on derecognition of the asset (calculated as the difference between the netdisposal proceeds and the carrying amount of the asset) is included in thestatement of profit or loss when the asset is derecognized.Investment propertyInvestment property is initially measured at cost. Subsequent to initial recognition,investment properties are stated at fair value, which reflects market conditions atthe reporting date. Gains or losses arising from changes in the fair values ofinvestment properties are included in profit or loss in the period in which they arise,including the corresponding tax effect.Investment properties are derecognized either when they have been disposed of (i.e.,at the date the recipient obtains control) or when they are permanently withdrawnfrom use and no future economic benefit is expected from their disposal. Any gainor loss on disposal of an investment property (calculated as the difference betweenthe net proceeds from disposal and the carrying amount of the item) is recognizedin profit or loss in the period of derecognition.LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease.That is, if the contract conveys the right to control the use of an identified asset fora period of time in exchange for consideration.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases,except for short-term leases and leases of low-value assets. The Group recognizeslease liabilities to make lease payments and right-of-use assets representing theright to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease(i.e., the date the underlying asset is available for use). Right-of-use assets aremeasured at cost, less any accumulated depreciation and impairment losses, andadjusted for any remeasurement of lease liabilities. The cost of right-of-use assetsincludes the amount of lease liabilities recognized, initial direct costs incurred, andlease payments made at or before the commencement date less any leaseincentives received. Right-of-use assets are depreciated on a straight-line basis overthe shorter of the lease term and the estimated useful lifes of the assets. For moreinformation related to the estimated useful life of the assets reference is made tonote 3.2.If ownership of the leased asset transfers to the Group at the end of the lease termor the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset.The right-of-use assets are also subject to impairment. Refer to the accountingpolicies in section \u201cImpairment of non-financial assets\u201d.Lease liabilitiesAt the commencement date of the lease, the Group recognizes lease liabilitiesmeasured at the present value of lease payments to be made over the lease term.The lease payments include fixed payments (including in-substance fixed payments)less any lease incentives receivable, variable lease payments that depend on anindex or a rate, and amounts expected to be paid under residual value guarantees.The lease payments also include the exercise price of a purchase option reasonablycertain to be exercised by the Group and payments of penalties for terminating thelease, if the lease term reflects the Group exercising the option to terminate. Variablelease payments that do not depend on an index or a rate are recognized asexpenses (unless they are incurred to produce inventories) in the period in which theevent or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incrementalborrowing rate at the lease commencement date because the interest rate implicit inthe lease is not readily determinable. After the commencement date, the amount oflease liabilities is increased to reflect the accretion of interest and reduced for thelease payments made. In addition, the carrying amount of lease liabilities isremeasured if there is a modification, a change in the lease term, a change in thelease payments (e.g., changes to future payments resulting from a change in anindex or rate used to determine such lease payments) or a change in theassessment of an option to purchase the underlying asset.The repayment of lease liabilities is separately shown in cash flow statement underfinancing activities. The interest part is shown as part of the interest paid. TheGroup\u2018s lease liabilities are separately shown in the balance sheet.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-termleases of machinery and equipment (i.e., those leases that have a lease term of12 months or less from the commencement date and do not contain a purchaseoption). It also applies the lease of low value assets recognition exemption to leasesof office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.Group as a lessorLeases in which the Group does not transfer substantially all the risks and rewardsincidental to ownership of an asset are classified as operating leases. Rental incomearising is accounted for on a straight-line basis over the lease terms and is includedin operational lease income in the statement of profit or loss due to its operatingnature. Initial direct costs incurred in negotiating and arranging an operating leaseare added to the carrying amount of the leased asset and recognized over the leaseterm on the same basis as rental income. Rents are recognized as revenue in theperiod in which they are earned.Investments in joint venturesA joint venture is a type of joint arrangement whereby the parties that have jointcontrol of the arrangement have rights to the net assets of the joint venture. Jointcontrol is the contractually agreed sharing of control of an arrangement, whichexists only when decisions about the relevant activities require the unanimousconsent of the parties sharing control. The considerations made in determiningsignificant influence or joint control are similar to those necessary to determinecontrol over subsidiaries. The Group\u2019s investments in its joint ventures areaccounted for using the equity method. Under the equity method, the investment ina joint venture is initially recognized at cost. The carrying amount of the investmentis adjusted to recognize changes in the Group\u2019s share of net assets of the jointventures since the acquisition date.The statement of profit or loss reflects the Group\u2019s share of the results of operationsof the associate or joint venture. In addition, when there has been a changerecognized directly in the equity of the associate or joint venture, the Grouprecognizes its share of any changes, when applicable, in the statement of changes inequity. Unrealised gains and losses resulting from transactions between the Groupand the associate or joint venture are eliminated to the extent of the interest in theassociate or joint venture.Non-controlling interestsNon-controlling interest is defined as the equity in a subsidiary non attributable,directly or indirectly, to a parent. For each business combination, in which thecompany holds less than 100% of the equity interests in the acquiree, the Groupvalues the non-controlling interest using its proportionate share of the acquiree\u2019sidentifiable net assets.InventoriesInventories are measured at the lower of cost and net realisable value. The cost ofinventories is based on the first-in first-out principle. Net realisable value is theestimated selling price in the ordinary course of business, less estimated costs ofcompletion and the estimated costs necessary to make the sale.Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash atbanks and in hand, which are subject to an insignificant risk of changes in value.Because of the short term nature of the instrument, the Group recognizes thecurrent account at its contractual par amount. Similar to trade receivables, thecurrent account involves one single cash flow which is the repayment of theprincipal. Therefore, the cash flows resulting from the receivables meet the SPPI testof payments of principal and interest despite the interest component being zero.The Group holds the current account in order to collect contractual cash flows. Thecurrent account is therefore classified as measured at amortized cost.Financial assetsIFRS 9 sets out requirements for recognizing and measuring financial assets,financial liabilities and some contracts to buy or sell non-financial items.Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured atamortized cost, fair value through other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognition depends on the financialasset\u2019s contractual cash flow characteristics and the Group\u2019s business model formanaging them. With the exception of trade receivables that do not containa significant financing component or for which the Group has applied the practicalexpedient of IFRS 15.63 associated with the determination of whether a significantfinancing component exists, the Group initially measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables that do not contain a significant financingcomponent or for which the Group has applied the practical expedient are measuredat the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortized cost or fairvalue through OCI, it needs to give rise to cash flows that are \u2018solely payments ofprincipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessmentis referred to as the SPPI test and is performed at an instrument level. The Group\u2019sbusiness model for managing financial assets refers to how it manages its financialassets in order to generate cash flows. The business model determines whethercash flows will result from collecting contractual cash flows, selling the financialassets, or both.Subsequent measurementFinancial assets at amortized cost are the most relevant to the Group. The Groupmeasures financial assets at amortized cost if both of the following conditions aremet:The financial asset is held within a business model with the objective to holdfinancial assets in order to collect contractual cash flows, and>The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amountoutstanding>Financial assets at amortized cost are subsequently measured using the effectiveinterest rate (EIR) method and are subject to impairment. Gains and losses arerecognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized cost includes trade receivables, contractassets and a loan to an associate.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>ImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings, payables, or as derivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilities are recognized initially at fair value and, in the case of loans andborrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans andborrowings including bank overdrafts, and derivative financial instruments, if any.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in twocategories:Financial liabilities at fair value through profit or loss>Financial liabilities at amortized cost (loans and borrowings)>Financial liabilities at amortized cost (loans and borrowings) is the category mostrelevant to the Group. After initial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using the EIR method. Gains andlosses are recognized in profit or loss when the liabilities are derecognized as well asthrough the EIR amortization process. Amortized cost is calculated by taking intoaccount any discount or premium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included as finance costs in thestatement of profit or loss.DerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.Derivative financial instrumentsThe Group may use interest rate swaps and foreign currency contracts to hedge itsinterest-rate and foreign currency risk exposures arising from project and financingactivities. In accordance with its treasury policy, the Group does not hold derivativesfor trading purposes. Interest-rate swaps and foreign currency contracts aremeasured at fair value with any changes recognized immediately through profit andloss.The fair value of interest-rate swaps is calculated as the present value of theestimated future cash flows. The fair value of forward currency contracts isdetermined using the forward foreign exchange rates as at the closing date.Fair value measurementFair value is the price that would be received to sell an asset or paid to transfera liability in an orderly transaction between market participants at the measurementdate. The Group uses valuation techniques that are appropriate in the circumstancesand for which sufficient data are available to measure fair value, maximising the useof relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financialstatements are categorised within the fair value hierarchy, described as follows,based on the lowest level input that is significant to the fair value measurement asa whole:Level 1: quoted prices (unadjusted) in active markets for identical assets orliabilities.>Level 2: Valuation techniques for which the lowest level input that is significantto the fair value measurement is directly or indirectly observable>Level 3: Valuation techniques for which the lowest level input that is significantto the fair value measurement is unobservable.>For assets and liabilities that are recognized in the financial statements at fair valueon a recurring basis, the Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorisation (based on the lowestlevel input that is significant to the fair value measurement as a whole) at the end ofeach reporting period.Share capitalCash dividend and non-cash distribution to the shareholderThe Company recognizes a liability to make cash or non-cash distributions to theshareholders when the distribution is authorised and the distribution is no longer atthe discretion of the Company. As per the corporate laws in the Netherlands,a distribution is authorised when it is approved by the shareholders. A correspondingamount is recognized directly in equity.Non-cash distributions are measured at the fair value of the assets to be distributedwith fair value remeasurement recognized directly in equity. Upon distribution ofnon-cash assets, any difference between the carrying amount of the liability and thecarrying amount of the assets distributed is recognized in the statement of profit orloss.ProvisionsProvisions are recognized when the Group has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow of resourcesembodying economic benefits will be required to settle the obligation and a reliableestimate can be made of the amount of the obligation. When the Group expectssome or all of a provision to be reimbursed, for example, under an insurancecontract, the reimbursement is recognized as a separate asset, but only when thereimbursement is virtually certain. The expense relating to a provision is presented inthe statement of profit or loss net of any reimbursement.If the effect of the time value of money is material, provisions are discounted usinga current pre-tax rate that reflects, when appropriate, the risks specific to the liability.When discounting is used, the increase in the provision due to the passage of time isrecognized as a finance cost.Onerous contractsIf the Group has a contract that is onerous, the present obligation under the contractis recognized and measured as a provision. However, before a separate provision foran onerous contract is established, the Group recognizes any impairment loss thathas occurred on assets dedicated to that contract. An onerous contract is a contractunder which the unavoidable costs (i.e., the costs that the Group cannot avoidbecause it has the contract) of meeting the obligations under the contract exceedthe economic benefits expected to be received under it. The unavoidable costsunder a contract reflect the least net cost of exiting from the contract, which is thelower of the cost of fulfilling it and any compensation or penalties arising fromfailure to fulfil it. The cost of fulfilling a contract comprises the costs that relatedirectly to the contract (i.e., both incremental costs and an allocation of costsdirectly related to contract activities).Impairment of non-financial assetsEach reporting date, the Group assesses whether there is any indication that theGroup\u2019s assets have been impaired. If any indication exists, an estimate is made ofthe recoverable amount of the asset concerned. An impairment is only recognizedwhen the carrying amount of an asset or its cash-generating unit exceeds itsrecoverable amount. Any impairments are recognized in the statement of profit orloss under depreciation and impairment expenses.The recoverable amount of an asset or cash-generating unit is the higher of thevalue in use and the fair value less costs of disposal. The recoverable amount iscalculated for each asset individually, unless that asset does not generate any cashflows that are largely independent from those of other assets or groups of assets.The calculation of the value in use is based on a discounting of the estimated futurecash flows, using a discount rate that reflects the current market assessments ofthe time value of money and the specific risks associated with the asset. For thecalculation of fair value minus cost of disposal use is made of an appropriatevaluation model.A previously recognized impairment loss is only reversed if the assumptions used todetermine the asset\u2019s recoverable amount have changed since the most recentimpairment loss. The reversal is limited so that the carrying amount of the assetdoes not exceed its recoverable amount, nor exceed the carrying amount that wouldhave been determined, net of depreciation, had no impairment loss been recognizedfor the asset in prior years.4 Changes in accounting policies and disclosuresNew and amended standards and interpretationsThe Group applied for the first-time certain standards and amendments, which areeffective for annual periods beginning on or after 1 January 2022. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet effective.Amendments to IAS 16 Property, plant and equipment \u2013 Proceeds beforeintended use, effective 1 January 2022The amendments prohibits entities deducting from the cost of an item of property,plant and equipment, any proceeds from selling items produced while bringing thatasset to the location and condition necessary for it to be capable of operating in themanner intended by management. Instead, an entity recognizes the proceeds fromselling such items, and the costs of producing those items, in profit or loss.Companies are required to apply the amendment to annual reporting periodsbeginning on or after 1 January 2022. The amendment must be appliedretrospectively but only to items of property, plant and equipment that are broughtto the location and condition necessary for them to be capable of operating in themanner intended by management on or after the beginning of the earliest periodpresented in the financial statements in which the entity first applies theamendments.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 37 Provisions, contingent liabilities and contingentassets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January2022The amendments specify which costs an entity needs to include when assessingwhether a contract is onerous or loss-making. The amendments apply a \u201cdirectlyrelated cost approach\u201d. The costs that relate directly to a contract to provide goodsor services include both incremental costs (e.g., the costs of direct labour andmaterials) and an allocation of costs (e.g., depreciation of equipment used to fulfilthe contract as well as costs of contract management and supervision) directlyrelated to contract activities. General and administrative costs do not relate directlyto a contract and are excluded unless they are explicitly chargeable to thecounterparty under the contract.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IFRS 3 Business combinations \u2013 References to theconceptual framework, effective 1 January 2022The amendments replaced the reference to an old version of the IASB\u2019s ConceptualFramework (the 1989 Framework) with a reference to the current version issued inMarch 2018 (the Conceptual Framework). The amendments further added anexception to the recognition principle in IFRS 3. That is, for liabilities and contingentliabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separatelyan acquirer would apply IAS 37 or IFRIC 21, respectively, instead of the ConceptualFramework, to identify the obligations it has assumed in a business combination.The amendment further added an explicit statement in the standard that an acquirercannot recognize contingent assets acquired in a business combination.These amendments had no impact on the consolidated financial statements of theGroup.Annual Improvements Cycle - 2018-2020, effective 1 January 2022The IASB issued the 2018-2020 cycle improvements to its standards andinterpretations. These improvements include:IFRS 9 Financial instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognitionof financial liabilities.The amendment clarifies the fees that an entity includes when assessingwhether the terms of a new or modified financial liability are substantiallydifferent from the terms of the original financial liability. These fees include onlythose paid or received between the borrower and the lender, including fees paidor received by either the borrower or lender on the other\u2019s behalf. An entityapplies the amendment to financial liabilities that are modified or exchanged onor after the beginning of the annual reporting period in which the entity firstapplies the amendment. An entity applies the amendments for annual reportingperiods beginning on or after 1 January 2022. An entity shall apply theamendments to financial liabilities that are modified or exchanged on or after thebeginning of the annual reporting period in which the entity first applies theamendment. Early application is permitted.These amendments had no impact on the Group\u2019s consolidated financialstatements.>Illustrative Examples accompanying IFRS 16 Leases.The amendment removes the illustration of payments from the lessor relating toleasehold improvements in Illustrative Example 13 accompanying IFRS 16. Thisremoves potential confusion regarding the treatment of lease incentives whenapplying IFRS 16. These amendments had no impact on the consolidatedfinancial statements of the Group.>5 Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yeteffective, up to the date of issuance of the Group\u2019s financial statements aredisclosed below. The Group intends to adopt these new and amended standardsand interpretations, if applicable, when they become effective.The amendments marked with an (*) have not been endorsed by the EU per the dateof these financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2013 Classificationof Liabilities as Current or Non-current (the 2020 amendments and2022 amendments)*The amendments clarify the criteria for determining whether to classify a liability ascurrent or non-current. The amendments clarify:Right to defer settlement - the amendments provide clarification that if anentity\u2019s right to defer settlement of a liability is subject to the entity complyingwith future covenants, the entity has a right to defer settlement of the liabilityeven if it does not comply with those covenants at the end of the reportingperiod.>Expected deferrals - the amendments clarify that classification of a liability isunaffected by the likelihood that the entity will exercise its right to defersettlement of the liability for at least twelve months after the reporting period.>Settlement by way of own equity instruments - the amendments clarify thatthere is an exception to the requirement that settlement of liabilities by way ofown equity instruments impacts the classification of liabilities.>Disclosures - the amendments require additional disclosures by an entity thatclassifies liabilities arising from loan arrangements as non-current when it hasa right to defer settlement of those liabilities that are subject to the entitycomplying with future covenants within twelve months.>Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.Since the Group\u2019s current practice is in line with the amendments, the Group doesnot expect any effect on its consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements and IFRSPractice Statement 2: Disclosure of Accounting policies, effective 1 January2023The amendments provide guidance on the application of materiality judgements toaccounting policy disclosures. The amendments to IAS 1 replace the requirement todisclose \u2018significant\u2019 accounting policies with a requirement to disclose \u2018material\u2019accounting policies.Guidance and illustrative examples are added in the Practice Statement to assist inthe application of the materiality concept when making judgements aboutaccounting policy disclosures.The amendments to IAS 1 will be effective for annual periods starting on or after1 January 2023 with earlier application permitted. The group is currently assessingthe impact of these amendments on the Group\u2019s consolidated financial statements.Amendments to IAS 8 Accounting policies, Changes in AccountingEstimates and Errors: Definition of Accounting Estimates, effective1 January 2023The amendments introduce a new definition of accounting estimates. Accountingestimates are defined as \u201cmonetary amounts in financial statements that aresubject to measurement uncertainty\u201d.The amendments clarify what changes in accounting estimates are and how thesediffer from changes in accounting policies and corrections of errors. Also, theyclarify how entities use measurement techniques and inputs to develop accountingestimates.The amendments become effective for annual reporting periods beginning on orafter 1 January 2023, with earlier application permitted. The group is currentlyassessing the impact of these amendments on the Group\u2019s consolidated financialstatements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets andLiabilities arising from a Single Transaction, effective 1 January 2023The Amendments narrow the scope of the initial recognition exception under IAS12 Income Taxes, so that it no longer applies to transactions that give rise to equaltaxable and deductible temporary differences.The Amendments also clarify that where payments that settle a liability aredeductible for tax purposes, it is a matter of judgement (having considered theapplicable tax law) whether such deductions are attributable for tax purposes to theliability recognized in the financial statements (and interest expense) or to therelated asset component (and interest expense). This judgement is important indetermining whether any temporary differences exist on initial recognition of theasset and liability.The Amendments apply to annual reporting periods beginning on or after 1 January2023, with earlier application permitted. The amendments apply prospectively totransactions that occur on or after the beginning of the earliest comparative periodpresented.The group is currently assessing the impact of these amendments on the Group\u2019sconsolidated financial statements.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024*The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognize any amount ofthe gain or loss that relates to the right of use retained. The amendment does notprescribe specific measurement requirements for lease liabilities arising froma leaseback. The initial measurement of the lease liability arising from a leasebackmay result in a seller-lessee determining \u2018lease payments\u2019 that are different from thegeneral definition of lease payments in Appendix A of IFRS 16. The seller-lessee willneed to develop and apply an accounting policy that results in information that isrelevant and reliable in accordance with IAS 8 Accounting Policies, Changes inAccounting Estimates and Errors.Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.The Group currently has had no sale and leaseback transactions since theimplementation date of IFRS 16. In case these will occur in future periods, theseamendments will be taken into account.6 Operating segmentsFor management purposes, the Group is organised into divisions based on itsproducts and services and has three operating segments:Wind, which produces and delivers monopiles, transition pieces or otherfoundation components for the off-shore wind industry;>Marshalling, which includes renting-out of logistical area and facilities and thedelivery of logistical services to customers, mainly in the off-shore wind industry>Other, which includes mainly engineering services, production of offshore steelstructures and operational lease income for the windmill on the Group\u2019s site inRotterdam.>These divisions offer different products and services, and require differenttechnology and target different markets.Information related to each operating segment is set out below.Segment contribution constitutes the difference between revenue from contractswith customers and cost of sales. Cost of sales includes the costs of raw materials,subcontracted work and other external charges as well as logistic and other projectrelated expenses. The gross profit is determined by segment contribution subtractedby costs relating to direct personnel expenses and production and generalmanufacturing expenses.All accounts below gross profit are not allocated to individual segments as these aremanaged on an overall group basis. Costs of sales like raw materials, subcontractedwork and other charges and logistic and other project related expenses depend onunderlying contracts with customers. Gross profit is used to measure performancebecause management believes that this information is the most relevant inevaluating the results of the respective segments relative to other entities thatoperate in the same industries. Total assets, which are located in the Netherlands,are not allocated to individual segments as these are managed on an overall groupbasis.Information about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095The depreciation and amortization expenses includes an amount of EUR 3.8 million(2021: EUR 1.6 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 1.6 million, 2021: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 2.2 million, 2021: nihil) in the Marshallingsegment (under IFRS 16).Revenue from contracts with customers in the Wind segment in 2022 hasdecreased as compared to 2021, mainly due to the fact that in 2021 the revenuefrom contracts with customers included revenue related to the performanceobligations fulfilled by the Group\u2019s subcontractor for the production of secondarysteel. During 2022 these performance obligations were not in the scope of thecontracts with customers of the Group.Geographical informationThe Wind, Marshalling and Other segments are managed centrally. No segmentassets or liabilities are applicable as the manufacturing facilities and sales officesoperate solely from the Netherlands.The geographic information below analyses the Group\u2019s revenue by the country ofdomicile of contract partners, the European Union (EU) and other countries outsidethe EU. In presenting the following information, segment revenue has been based onthe geographical location of contract partners.The Group did not adjust the promised amount of consideration for the effects ofa significant financing component, as at contract inception the period between whenthe entity transfers a promised (series of) goods or service to a customer and whenthe customer pays for that (series of) goods or service will be one year or less.Payment terms within the Group\u2019s contracts are normally in line with projectmilestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020222021The Netherlands156,074270,701United Kingdom198,353143,252Norway12,483547France7902,320Japan603,308Rest of the European Union (EU)5,9332,413Rest of the world851-Total revenue374,543422,541Transaction price allocated to the remaining performanceobligationsThe revenue from contracts with customers expected to be recognized in the futurerelated to performance obligations that are unsatisfied (or partly unsatisfied) at thereporting date, are expected to be approximately EUR 610 million (of whichapproximately EUR 139 million will be satisfied more than one year after reportingdate) (2021: EUR 504 million of which approximately EUR 156 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable considerations (such as fluctuationsin steel prices, liquidated damages and other variable considerations under existingcontracts).Major customersRevenues from three customers of the Group\u2019s Wind segment representedapproximately EUR 320 million (2021: three customers representing EUR403 million) of the Group\u2019s total revenues. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer alsoapproximately EUR 123 million, the third customer approximately EUR 74 million. In2021 the largest customer represented a revenue of approximately EUR 154 million,the second customer approximately EUR 140 million and the third customerapproximately EUR 106 million.7 Personnel expensesAMOUNTS IN EUR '00020222021Wages and salaries25,65824,627Hired staff and temporary workers22,87517,330Compensation/grants received(823)(460)Social security contributions3,2773,094Pension expenses3,3933,266Other employee benefit expenses4,4344,189Total personnel expenses58,81452,046The compensation/grants received mainly relate to wage tax grants received inrelation to research and development activities.Pension expensesObligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.The pension fund coverage ratio of the PMT industry fund at 31 December2022 amounted to 106,8% (2021: 105,1%). The 2022 pension premium hasremained at a level similar to the 2021 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2021: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR4.0 million in 2023, of which approximately EUR 3.7 million to PMT industry fund.Number of employeesThe average number of employees employed by the Group in 2022 amounts to365 FTE (2021: 358 FTE), which includes 43 FTE for KCI (2021: 42 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20222021Production and distribution170167Innovation and maintenance3234Logistic services2723Planning and engineering5651Quality and safety1011Sales1314Management55Purchasing and warehousing1415Administrative910Other2928Total number of employees3653588 Selling expensesAMOUNTS IN EUR '00020222021Travel and representation266149Promotional and advertising costs218263Tender expenses7731Other selling expenses67189Total selling expenses6286329 General expensesAMOUNTS IN EUR '00020222021Consultancy fees6,4403,316Insurances2,1482,036Software, license fees2,3521,582Office expenses659472Other general expenses7061,065Total general expenses12,3058,471The general expenses have increased in 2022 as compared to 2021, mainly due toconsultancy fees related to the expansion plans (reference is made to note 35 formore information regarding these plans) and investments in cloud softwaresolutions.10 Net finance costsAMOUNTS IN EUR '00020222021Interest on loans and borrowings99221Borrowing cost finance facility245328Interest expense on lease liabilities9431,071Other finance costs723732Finance costs2,0102,35211 Share of profit of joint venturesFor the year 2022 the result of the Group from joint ventures was EUR 1 thousandpositive (2021: EUR 82 thousand positive). The amount consists of EUR22 thousand positive related to SBR Engineering GmbH (2021: EUR 11 thousandpositive) and EUR 21 thousand negative from Smulders Sif Steel Foundations B.V.(2021: EUR 71 thousand positive) (see note 17).12 Income tax expenseIncome tax recognized in profit or lossAMOUNTS IN EUR '00020222021Current year income tax charge1,4343,158Movement in deferred tax balances1,436(94)Prior year adjustment(200)144Tax expense recognized in statement ofprofit or loss2,6703,208The prior year adjustments relate mainly to adjustments in the tax base of intangibleassets and other liabilities, which is confirmed by the latest finanlized income taxreturn.The Group believes that its accruals for tax liabilities are adequate for all open taxyears based on its assessment of many factors, including interpretations of tax lawand prior experience.Movement in deferred tax balancesAMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2022Intangible fixed assets(25)-(3)(28)Property, plant and equipment(75)-(3)(78)Right of use assets and lease liabilities797-116913Investment property3-(23)(20)Contract assets--(941)(941)Accounts receivable2-13Employee benefits46-(15)31Other liabilities--(568)(568)Tax assets (liabilities) after netting748-(1,436)(688)AMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2021Intangible fixed assets--(25)(25)Property, plant and equipment(77)-2(75)Right of use assets and lease liabilities41030582797Investment property10-(7)3Accounts receivable6-(4)2Employee benefits--4646Tax assets (liabilities) after netting34930594748Unrecognized deferred tax assets and liabilitiesAt 31 December 2022 and 31 December 2021, the Group has recognized all deferredtax assets applicable to the Group.Reconciliation of effective tax rate%20222021Tax using the Company\u2019s domestic tax rate25.124.6Adjustment in tax rates due to correctionsprior year1.51.0Reduction in tax rates due to tax incentives(1.5)(3.6)Gain on bargain purchase-(1.0)Participation Exemption-(0.1)Non tax deductible expenses1.10.4Effective tax rate26.221.3The reductions in tax rates due to tax incentives mentioned in above table relates toan expected gain from the application of the innovation box. The gain on bargainpurchase in 2021 relates to the gain resulting from the acquisition of KCI TheEngineers B.V.13 Earnings per shareBasic and diluted earnings per shareThe calculation of basic and diluted earnings per share has been based on the profitattributable to the ordinary shareholders of the company and the weighted-averagenumber of ordinary shares outstanding.Weighted-average number of ordinary shares20222021Issued ordinary shares at 1 January25,501,35625,501,356Issued ordinary shares at 31 December25,501,35625,501,356Weighted average number of ordinaryshares at 31 December25,501,35625,501,356The issued share capital of the Company amounted to EUR 5,1 million, consisting of25,501,356 shares with a nominal value of EUR 0.20 (20 eurocents per share).14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Balance at 1 January 20212,042-2,042Additions-100100Disposals---Balance at 31 December 20212,0421002,142Accumulated depreciationBalance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Balance at 1 January 2021(777)-(777)Depreciation(888)-(888)Disposals---Balance at 31 December 2021(1,665)-(1,665)Carrying amountsAt 31 December 2022-860860At 31 December 202137710047715 Property, plant and equipmentReconciliation of the carrying amountAMOUNTS IN EUR '000Land andbuildingsPlant andequipmentOther fixedassetsTotalCostBalance at 1 January 2022136,061108,9463,506248,513Additions3,45818,46761722,542Disposals----Balance at 31 December 2022139,519127,4134,123271,055Balance at 1 January 2021131,330101,1693,107235,606Additions4,7317,77720112,709Acquired in business combination--198198Disposals----Balance at 31 December 2021136,061108,9463,506248,513Accumulated depreciationBalance at 1 January 2022(61,333)(76,862)(2,706)(140,901)Depreciation(4,505)(8,945)(289)(13,739)Disposals----Balance at 31 December 2022(65,838)(85,807)(2,995)(154,640)Balance at 1 January 2021(54,781)(68,129)(2,356)(125,266)Depreciation(6,552)(8,733)(350)(15,635)Disposals----Balance at 31 December 2021(61,333)(76,862)(2,706)(140,901)Carrying amountsAt 31 December 202273,68141,6061,128116,415At 31 December 202174,72832,084800107,612At 31 December 2022, the total property, plant and equipment include an amount ofEUR 20.4 million (2021: EUR 7.5 million), devided over land and buildings EUR2.8 million (2021: EUR 4.7 million), plant and equipment EUR 17.6 million (2021:EUR 2.8 million) and other fixed assets EUR 70 thousand (2021: EUR 23 thousand).At 31 December 2022 and 2021 all directly owned property, plant and equipmentwas collateralized as part of the financing agreements in place (see note 24).16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020222021Balance at 1 January425400Additions--Revaluation9025Balance at 31 December515425Investment property comprises a commercial property that is leased to a third party.The lease contains annual rents indexed to consumer prices. Subsequent renewalsare negotiated with the lessee. No contingent rents are charged. Further informationabout this lease is included in note 31.Fair value as of 31 December 2022 is estimated at EUR 515 thousand (2021: EUR425 thousand), based on the estimated increase in property value, combined withthe initial valuation made by external, independent property valuators, havingappropriate recognized professional qualifications and recent experience in thelocation and category of the property. The fair value measurement has beencategorised as a Level 3 fair value based on the inputs to the valuation techniqueused.17 Investment in joint venturesThe Group has a 50% interest in SBR Engineering GmbH, a joint venture consistingof engineering capacity of experienced workforce. The Group\u2019s interest in SBREngineering GmbH is accounted for using the equity method in the consolidatedfinancial statements. As per year-end 2022 the Group\u2019s interest in the joint ventureamounts EUR 66 thousand (2021: EUR 44 thousand).The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venturefocused on project management in the offshore wind industry. The Group\u2019s interestin Smulders Sif Steel Foundations B.V. is accounted for using the equity method inthe consolidated financial statements. As per year-end 2022 the Group\u2019s interest inthe joint venture amounts EUR 10 thousand (2021: EUR 71 thousand).AMOUNTS IN EUR '00020222021Balance at 1 January11533Additions--Result for the year182Dividends paid(40)-Balance at 31 December7611518 InventoriesAMOUNTS IN EUR '00020222021Raw materials and consumables427612Total inventories427612During 2022 and 2021 no inventories were written down to the lower of netrealisable value.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020222021Contract assets18,31512,944Contract liabilities(32,458)(37,713)Net contract assets and liabilities(14,143)(24,769)Expenses incurred including realized profit todate1,223,926831,510Invoiced terms(1,238,069)(856,279)Net contract assets and liabilities(14,143)(24,769)Management periodically reviews the valuation of contract assets and liabilitiesbased on project agreements, project results to date and estimates of projectexpenses to be incurred. Each period end management assesses the status of theprojects and takes into consideration all aspects in order to finalize the projects inline with contractual agreements and relating contingencies, such as potentialupward or downward adjustment in the projected estimates, and accounts for themaccordingly. Due to changes in estimates, fluctuations in the anticipated projectresult can occur over the contract term.The contract assets concern all projects in progress for which the incurredexpenses, including realized profit and project losses to date (if any), exceed theterms invoiced to customers. The impairment costs due to expected credit loss(IFRS 9) are not material.Contract liabilities concern the balances of all projects in progress for which theinvoiced terms exceed expenses incurred plus recorded profit minus project losses,if any. In addition, the estimated bond costs for completed contracts which areexpected to be incurred within 12 months after balance sheet date are recorded aspart of the contract liabilities, which amount to EUR 0.4 million at 31 December2022 (2021: EUR 0.7 million). The revenues recognized in the reporting period thatwas included in the contract liability balance at the beginning of the period amountsEUR 37.0 million (2021: EUR 13.3 million). Revenue recognized in the reportingperiod from performance obligations satisfied (or partially satisfied) in previousperiods amounts to EUR 8.1 million (2021: EUR 4.4 million).The classification of a project as contract asset or liability can vary over time,depending on the timing of significant (progress) payments by customers andmaterial purchases of the Group.Both the contract assets and liabilities predominantly have durations shorter than12 months and are therefore considered to be current.20 Trade receivablesAll trade and other receivables are expected to mature within 12 months. Tradereceivables are non-interest bearing and are generally based on payment terms of30 to 60 days. Based on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.At year end EUR nihil of the total open balance refers to related parties (2021: EURnihil million).Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000021 Cash and cash equivalentsAMOUNTS IN EUR '00020222021Cash-7Bank balances89,83273,194Cash and cash equivalents89,83273,201The balance of the cash and cash equivalents are freely accessible and available tothe Group and no restrictions apply.22 Capital and reservesShare capitalOn 14 January 2016, the authorised capital of the Group was increased to EUR25 million, consisting of 125,000,000 shares with a nominal value of EUR0.20 (20 eurocents) per share. The issued shares were converted into25,501,356 shares, each having a nominal value of EUR 0.20 (20 eurocents pershare). All ordinary shares rank equally with regard to the Company\u2019s residualassets. No changes have occured during 2022.Additional paid-in capitalThe additional paid-in capital results from contributions in kind by the shareholder inrelation to the issuance of loans as the transaction costs related to the issuance ofadditional loans were not passed on by the shareholder.DividendsThe following dividends were declared and settled by the Company during the year:The Group\u2019s dividend policy is a payout of dividend in line with Sif\u2019s medium to long-term financial performance and targets, with the aim of increasing dividends-per-share over time. For 2023 no dividend pay-out will be proposed (to be approved bythe shareholders).23 Partly-owned subsidiariesThe Group holds 60% interest in Twinpark Sif B.V., an entity involved in thedevelopment and manufacturing of a windmill. The summarised financialinformation of these subsidiaries is provided below. This information is based onamounts before intercompany eliminations.2022 2021Number of ordinary shares dividend eligible 25,501,356 25,501,356Rounded dividend per ordinary share (\u20ac) 0.19 0.12Dividends declared and settled during theyear (\u20ac '000) 4,851 3,060Summarised statement of profit or loss:AMOUNTS IN EUR '00020222021Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(153)(123)Finance costs(10)(41)Profit before tax958957Income tax(205)(215)Profit after tax753742Attributable to non-controlling interests301297Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020222021Property, plant and equipment6,1076,467Trade receivables14487Cash and cash equivalents5,2643,561Trade and other payables(8,257)(8,139)Interest-bearing loans and borrowings(325)(325)Total equity2,8032,051Attributable to:Equity holders of parent1,6821,229Non-controlling interest1,122821Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020222021Operating1,7141,304Investing--Financing(10)(21)Net increase in cash and cash equivalents1,7041,28324 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683The prepaid transaction costs of the revolving credit facility are presented as part ofprepayments and are recognized as expense on a straight-line basis over theduration of the facilities.Reference is made to note 31 for further information on the lease liabilities, and therelated increase.Information about the Group\u2019s exposure to interest rate, foreign currency andliquidity risk is included in note 25. From the above movements the amortizationfinancing costs are non-cash.Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>25 Financial instrumentsFinancial risk managementThe Group has exposure to the following risks arising from financial instruments:credit risk;>liquidity risk;>market risk.>Credit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Contract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.Cash and cash equivalentsThe Group held cash and cash equivalents of EUR 89.8 million at 31 December2022 (2021: EUR 73.2 million). The cash and cash equivalents are held with bankand financial institution counterparties, which are at least rated A- based on ratingagency ratings.Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting theobligations associated with its financial liabilities that are settled by delivering cashor another financial asset. The Group\u2019s approach to managing liquidity is to ensure,as far as possible, that it will have sufficient liquidity to meet its liabilities when theyare due, under the normal course of business, and within the covenants as agreedwith the banks and financial institutions.The Group aims to maintain the minimal level of its cash and cash equivalents at anamount in excess of expected cash outflows on financial liabilities (other than tradepayables) over the next 60 days. The Group also monitors the level of expected cashinflows on trade and other receivables together with expected cash outflows ontrade and other payables.Exposure to liquidity riskThe following are the remaining contractual maturities of financial liabilities at thereporting date. The amounts are gross and undiscounted:AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2022Non-derivative financial liabilitiesLease liabilities107,398118,6562,3817,0627,78024,81576,618Trade payables92,33392,33392,333----Total non-derivative financial liabilities199,731210,98994,7147,0627,78024,81576,618AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2021Non-derivative financial liabilitiesLease liabilities105,683115,1481,5644,4856,01411,92091,165Trade payables62,08262,08262,082----Total non-derivative financial liabilities167,765177,23063,6464,4856,01411,92091,165As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.Market riskMarket risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market prices. Market riskcomprises three types of risk: interest rate risk, currency risk and other price risk,such as commodity risk. Financial instruments affected by market risk include loansand borrowings, deposits, debt and equity investments and derivative financialinstruments. The objective of market risk management is to manage and controlmarket risk exposures within acceptable parameters, while optimising the return.As per year-end 2022, the Group uses no derivatives to manage market risks (2021:none). All such, potential transactions would be carried out within treasury policyguidelines.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market interest rates. The Group\u2019sexposure to the risk of changes in market interest rates relates primarily to theGroup\u2019s long-term debt obligations with floating interest rates. Given the fact that asat 31 December 2022 and 31 December 2021 no debt obligations are outstanding,no interest rate risk is applicable to the Group.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of anexposure will fluctuate because of changes in foreign exchange rates. The Group isexposed to currency risk to the extent that there is a mismatch between thecurrencies in which sales, purchases and borrowings are denominated and therespective functional currencies of Group companies. The functional currency ofGroup companies is the Euro. The currency in which transactions are primarilydenominated is also the Euro. The currency risk is limited since the Group almostfully conducts its sales, purchases and borrowings in its functional currency and ifapplicable, closes hedge contracts at the time of entering into contracts in foreigncurrencies.Commodity price riskThe Group is affected by the price volatility of mainly steel and utilities. The riskrelated to steel is fully transferred to the customers of the Group, no risk remains forthe Group. With respect to utilities the Group fixes the purchase price for part of thefuture usage of gas and electricity to partly cover future volatility.26 Employee benefitsAMOUNTS IN EUR '00020222021Jubilee provision375436Accrual for employee bonuses9111,007Accrual for employee vacation daysoutstanding1,325987Personnel expenses payable1,167446Total employee benefits liabilities3,7782,876Non-current468416Current3,3102,460Total employee benefits liabilities3,7782,876The movement in the jubilee provision can be specified as follows:AMOUNTS IN EUR '00020222021Balance at 1 January436339Additions-162Used(20)(65)Released(41)-Balance at 31 December37543627 Share based paymentsThe Company has a share based compensation plan (Performance Share Unit(PSU)) for members of the Executive Board as part of their remuneration. Under thisplan executive management are entitled to receive a cash payment equal to thevalue of the number of PSUs that have vested. The PSUs are paid out after thecompletion of a three-year vesting period, contingent on the approval from theSupervisory Board.At 31 December 2022 the outstanding liability with regard to the PSU plan was\u20ac 0.2 million (2021: \u20ac 0.2 million). During 2022 a number of 12.177 PSUs are vestedand exercised (2021: 3.100), no PSUs are forfeited (2021: 10.872) and 26.734 PSUsare awarded (2021: 10.337). At 31 December 2022 a number of 43.852 PSUs areoutstanding (2021: 29.295 PSUs), which vest on average 20 months after reportingdate (2021: 20 months).28 Other current and non-current liablitiesThe Group\u2019s current liabilities mainly consist of operational expenses to be paid.The non-current part mainly consist of the non-current part of the premiums to bepaid for bank guarantees (EUR 0.7 million, 2021: EUR 1.3 million).The other current liabilities include mainly liabilities for invoices to be received (EUR7.1 million).29 Capital managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s abilityto continue as a going concern in order to provide returns for shareholders andbenefits for other stakeholders as well as to maintain an optimal capital structure tocontinue to be able to qualify for large commercial tenders while optimizing theoverall cost of capital. In order to maintain or adjust the capital structure, the Groupmay adjust the amount of dividends paid to shareholders, return capital toshareholders, issue new shares or sell assets to reduce debt.The Group aims for a financing structure that ensures continuing operations andminimises cost of capital. For this, flexibility and access to the financial markets areimportant conditions. The Group monitors its financing structure using a solvencyratio. Solvency is calculated as total equity divided by total assets (excluding theimpact of IFRS 16). At year-end 2022, the solvency ratio was 42.1% (2021: 47.7%).In addition, the loan covenants are closely monitored to ensure that these remainwithin agreed thresholds. The current loan covenants include the solvency andleverage ratio for which reference is made to note 24.30 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Sif Japan K.K.1Tokyo95Twinpark Sif B.V. 2Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.3Schiedam1001 \u2013 Sif Japan K.K. is liquidated per 26 August 20222 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.3 \u2013 Acquired per 15 March 2021.No further changes are applicable in investments in subsidiaries.31 LeasesGroup as lesseeThe Group has lease contracts for various items of plant, machinery, vehicles andother equipment used in its operations. Leases of plant and machinery generallyhave lease terms between 3 and 25 years, while motor vehicles and other equipmentgenerally have lease terms between 3 and 5 years. The Group\u2019s obligations under itsleases are secured by the lessor\u2019s title to the leased assets. Generally, the Group isrestricted from assigning and subleasing the leased assets and some contractsrequire the Group to maintain certain financial ratios. There are several leasecontracts that include extension and termination options and variable leasepayments, which are further discussed below.The Group also has certain leases of machinery and equipment with lease terms of12 months or less and leases of office equipment with low value, for a total amountof EUR 3.6 million in 2022 (2021: EUR 4.1 million). The majority relates to short-termleases. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019recognition exemptions for these leases.As of September 2015, the Group entered into a lease agreement with HavenbedrijfRotterdam N.V. for the lease of two plots in the Rotterdam harbor. The lease of plotA started at 1 September 2015 and will end on 1 July 2041 (cancellable as per1 July 2031). The lease of plot B started at 1 July 2017 and will end on 1 July2041 (cancellable as per 1 July 2031). As of July 2019, the Group entered intoa lease agreement with Havenbedrijf Rotterdam N.V. for plot C. The lease for plotC started on 30th July 2019 and will end on 1 July 2041 (also cancellable as per1 July 2031).Right-of-use assetsAMOUNTS IN EUR '000Right-of-useCostBalance at 1 January 2022119,479Additions6,394Remeasurement3,670Disposals(43)Balance at 31 December 2022129,500Balance at 1 January 202161,633Acquired in business combination211Additions2,406Remeasurement55,268Disposals(39)Balance at 31 December 2021119,479Accumulated depreciationBalance at 1 January 2022(14,881)Depreciation(10,110)Disposals(43)Balance at 31 December 2022(25,034)Balance at 1 January 2021(9,731)Depreciation(5,189)Disposals39Balance at 31 December 2021(14,881)Carrying amountsAt 31 December 2022104,466At 31 December 2021104,598Lease liabilitiesAMOUNTS IN EUR '000Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Balance at 1 January 202154,764Acquired in business combination211Additions311Remeasurement55,268Lease terms(5,943)Financing costs1,071Balance at 31 December 2021105,683Carrying amountsAt 31 December 2022107,398At 31 December 2021105,683Of the total carrying value per year-end 2022 an amount of EUR 8.5 million isclassified current (2021: EUR 5.1 million).The additions in right-of-use assets include mainly logistical equipment which leasedfor two consequtive contracts with customers (EUR 5.1 million). Furthermore, initialdirect costs on operational lease contracts in the Marshalling segment are includedfor an amount of EUR 0.6 million (2021: EUR 2.1 million).The Group had total cash outflows for leases of EUR 8.6 million in 2022 (2021: EUR6.0 million). The Group also had non-cash additions to right-of-use assets and leaseliabilities of EUR 5.8 million in 2022 (2021: EUR 0.3 million).The Group has several lease contracts that include extension and terminationoptions. These options are negotiated by management to provide flexibility inmanaging the leased-asset portfolio and align with the Group\u2019s business needs.Management exercises significant judgement in determining whether theseextension and termination options are reasonably certain to be exercised.Reference is made to the section \u2018Management estimates and judgements\u2019 for thedetails on the estimate relating to the lease term.Group as a lessorThe Group leases out its investment property (see note 16), a Wind TurbineGenerator located at Maasvlakte 2 and some antenna locations for telecomproviders. The lease income from operational leases amounts for the year 2022 EUR1.6 million (2021: EUR 1.6 million) and does not include variable payments.Furthermore, as part of its contracts with customers in the Marshalling segment, theGroup leases out part of the leased plots in the Rotterdam harbor and some otherminor assets. These leases classify as operational sub-leases, and have terms ofless than two years. The lease income from these operational lease contractsamounts for the year 2022 EUR 9.1 million (2021: EUR 2.5 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020222021Less than 1 year3,1849,744Between 1 and 2 years-2,239More than 2 years--Total future minimum rental receivable3,18411,983The future rental receivable relates mainly to operating lease agreements withcustomers in the operating segment Marshalling.32 Off-balance sheet commitmentsCommitments for the purchase of property, plant and equipmentand raw materialsAt 31 December 2022, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 6.4 million (2021: EUR 1.1 million), which includesEUR 3.3 million related to the expansion plans of the production facilities. Thecommitments for raw materials amounts to EUR 152.4 million (2021: EUR287.9 million) and commitments for subcontracting amounts to EUR 6.5 million(2021: EUR 16.8 million).Guarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202231 December 2021AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General130,00080,091130,000127,929Co\u00f6peratieve Rabobank U.A.General40,00011,25540,00011,255ING Bank N.V.General40,00033,19040,00033,623ABN AMRO Bank N.V.General40,00027,53240,00027,589Co\u00f6peratieve Rabobank U.A.Project--3,6043,604ING Bank N.V.Project--3,6043,604Total250,000152,068257,208207,604The Group is jointly and severally liable for all amounts to which Euler Hermes, TokioMarine, Co\u00f6peratieve Rabobank U.A., ING Bank N.V. and ABN Amro Bank N.V. havea right to claim in relation to the above mentioned guarantees. The formershareholder is also jointly and severally liable for all amounts of the pendingguarantees which have been provided before 12 May 2016.Fiscal unityFor corporate income tax purposes, the Company is the parent of a fiscal unity thatcontains the Dutch wholly-owned group companies. The Company is thereforejointly and severally liable for the corporate income tax liabilities of the tax unity. KCIThe Engineers B.V. has joined this fiscal unity as from 1 September 2021.33 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 192 thousand (2021: EUR 180 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2021: EUR 3.2 million).Transactions with companies with which Supervisory Boardmembers are involved as a shareholderDuring the year there are no transactions with companies with which SupervisoryBoard members are involved as a shareholder.Transactions with key management personnelThe members of the Supervisory Board and the Executive Board are considered keymanagement personnel.The number of shares purchased by directors as per year-end can be specified asfollows:20222021G.G.P.M. van Beers16,50016,500Balance at 31 December16,50016,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20222021A. Goed\u00e9e170,00070,000P.J. Gerretse245,00045,792C.A.J. van den Bosch245,00045,639P.E. Visser345,00045,000P.E. Wit445,00045,000250,000251,431Member of the supervisory board as of 14 January 2016.1.Member of the supervisory board as of 12 February 2016.2.Member of the supervisory board on an ad interim basis as of 1 November 2017.3.Member of the supervisory board as of 3 May 2018.4.COMPENSATION OF THE CURRENT EXECUTIVE BOARD MEMBERSG.G.P.M. van BeersB.J. Meijer **L.A.M. Verweij *AMOUNTS IN EUR202220212022202120222021Base salary398,879382,398235,980138,730-104,821Employer\u00b4s pension contributions24,45822,70620,60412,428-24,491Pension compensation33,74234,23016,6499,768-17,150Annual bonus (accrual)149,619224,33069,91759,273-49,688LTIP (accrual)118,114139,71427,8397,234-51,724Termination fee-----143,559Other benefits (car lease, travel expenses and relocationexpenses)50,46345,08240,47123,718-14,028Social security and other payments9,88110,0049,8815,800-3,851Total remuneration785,156858,464421,341256,951-409,312Paid annual bonus in the year, earned over the previous year201,906192,11759,273--117,431Paid vested LTIP85,026----51,724Total actual paid variable remuneration286,932192,11759,273--169,155* Chief Financial Officer of the Group until 12 May 2021** Chief Financial Officer of the Group as of 12 May 202134 Service fees paid to external auditorsThe total service fees of external auditors for financial years 2022 and 2021, whichconsist of services related to the respective reporting periods, can be specified asfollows:Ernst & Young AccountantsLLPOtherAMOUNTS IN EUR \u20190002022202120222021Audit of financialstatements360302--Other assuranceservices457398Total4053759835 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"value": "1 Reporting entitySif Holding N.V. (the \u2018Company\u2019) is a public limited liability company domiciled in theNetherlands. The Company\u2019s registered office is at Mijnheerkensweg 33, Roermond.These consolidated financial statements comprise the Company and its subsidiaries(collectively the \u2018Group\u2019 and individually \u2018Group companies\u2019). Information on thestructure of the Group is provided in note 30. The company is registered with theNetherlands Chamber of Commerce Business Register under number 13016026.The consolidated financial statements of the Group for the year ended 31 December2022, were authorised for issue in accordance with a resolution of the ExecutiveBoard on 29 March 2023.The Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry.As from 12 May 2016 the shares of the company have been listed on EuronextAmsterdam.2 Basis of preparationThe Group\u2019s consolidated financial statements are presented in EUR (\u2018000),which is also the Company\u2019s functional currency, if not stated otherwise. All valuesare rounded to the nearest thousands (EUR \u2018000) on individual line items which canresult in minor rounding differences in sub-totals and totals, except when otherwiseindicated.The consolidated financial statements provide comparative information in respect ofthe previous period.",
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"value": "1 Reporting entityThe consolidated financial statements of the Group for the year ended 31 December2022, were authorised for issue in accordance with a resolution of the ExecutiveBoard on 29 March 2023.",
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"value": "The Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry.",
"dimensions": {
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"pp-value-29-3": {
"value": "2 Basis of preparationThese consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards as adopted by the European Union (EU-IFRS). The financial statements also comply with the financial reportingrequirements included in section 9 of Book 2 of the Netherlands Civil Code.The consolidated financial statements have been prepared on a historical cost basis,except for the liability for share based payments and investment property that aremeasured at fair value and the jubilee provision that is based on the actuarialmethod. The Group\u2019s consolidated financial statements are presented in EUR (\u2018000),which is also the Company\u2019s functional currency, if not stated otherwise. All valuesare rounded to the nearest thousands (EUR \u2018000) on individual line items which canresult in minor rounding differences in sub-totals and totals, except when otherwiseindicated.The consolidated financial statements provide comparative information in respect ofthe previous period.2.1 Going concernIn determining the appropriate basis of preparation of the consolidated financialstatements, management is required to consider whether the Group can continue inoperational existence for the foreseeable future.The future financial performance of the Group is dependent upon the widereconomic environment in which it operates. The factors that particularly affect theperformance of the Group include political decision making and global economicconditions. The war in Ukraine has heightened the inherent uncertainty in theGroup\u2019s assessment of these factors. However, the outlook remains positive: theorderbook is well filled until halfway 2025 and the financing arrangements aresecured until 31 March 2024. Furthermore, the market for offshore generatedsustainable energy is expected to continue growing for the coming years, whichresults in sufficient opportunities on the longer term. This is confirmed by themarket study which was the basis for the decision making for the expansion plansof the production facility. Due to the strong demand for larger monopiles than theGroup can produce in it\u2019s current facility, the Group is planning an upgrade of itsmanufacturing plant. After balance sheet date the Final Investment Decision for thisexpansion is taken by the Group. The financing for the expansion plan includes there-financing of the current financing arrangements. Reference is made to note 35 formore information related to the expansion plans.The Group assessed where climate related matters could have a significant impacton the going concern situation. As due to emission-reduction legislation the demandfor renewable energy is increasing, which increases the future offshore wind marketand therewith for the demand for the products of the Group. Therefore, managementassesses that the current climate related matters have a positive impact on thefuture volume of projects in the offshore wind market, and therefore lower the risk inrelation to going concern of the Group.Impact of war in UkraineThe current war between Russia and Ukraine impacts the global economy asa whole, and as a result we and the market we are operating in, face greater risksdue to the international nature of the offshore wind industry, including the countrieswhere we, our customers or our suppliers operate. On the other hand, the ambitionsfor the renewable energy transition have increased, to be able to become lessdependend on Russian gas.This military action, including sanctions and other measures taken in response, haveand could further adversely affect the global economy, the financial markets andsupply chain, which therefore may impact customer demand, delivery of productsand services to clients, as well as our ability and the ability of our supply chain toobtain raw materials, parts, components and utilities. In addition, the conflictamplifies the surge in energy prices, commodity prices, transportation costs,inflation and cyberattacks.The price inflations have mainly impact for the Group in the area of utilities. As theprice for steel is a pass through item for the Group, the increased steel prices haveno effect on the profitability of the Group. Given the necessary growth of theoffshore wind market (amongst others driven by accelerated need for energytransion), management does not expect that the steel price inflation results in lesswind farms being developed.The Group has no direct business with Ukraine, Russia or Belarus, but managementnotices an indirect impact on the Group\u2019s business, including price increases andinflation, as well as impact on our suppliers. Management remains alert for anyimpact on our business in the future. Currently, there is no material uncertainty withrespect to the going concern evaluation.Accordingly, management considers there to be no material uncertainties that maycast significant doubt on the Group\u2019s ability to continue to operate as a goingconcern. Therefore, the Group continues to adopt the going concern basis in thepreparation of the consolidated financial statements.",
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"pp-value-29-4": {
"value": "2 Basis of preparation2.1 Going concernIn determining the appropriate basis of preparation of the consolidated financialstatements, management is required to consider whether the Group can continue inoperational existence for the foreseeable future.The future financial performance of the Group is dependent upon the widereconomic environment in which it operates. The factors that particularly affect theperformance of the Group include political decision making and global economicconditions. The war in Ukraine has heightened the inherent uncertainty in theGroup\u2019s assessment of these factors. However, the outlook remains positive: theorderbook is well filled until halfway 2025 and the financing arrangements aresecured until 31 March 2024. Furthermore, the market for offshore generatedsustainable energy is expected to continue growing for the coming years, whichresults in sufficient opportunities on the longer term. This is confirmed by themarket study which was the basis for the decision making for the expansion plansof the production facility. Due to the strong demand for larger monopiles than theGroup can produce in it\u2019s current facility, the Group is planning an upgrade of itsmanufacturing plant. After balance sheet date the Final Investment Decision for thisexpansion is taken by the Group. The financing for the expansion plan includes there-financing of the current financing arrangements. Reference is made to note 35 formore information related to the expansion plans.The Group assessed where climate related matters could have a significant impacton the going concern situation. As due to emission-reduction legislation the demandfor renewable energy is increasing, which increases the future offshore wind marketand therewith for the demand for the products of the Group. Therefore, managementassesses that the current climate related matters have a positive impact on thefuture volume of projects in the offshore wind market, and therefore lower the risk inrelation to going concern of the Group.Impact of war in UkraineThe current war between Russia and Ukraine impacts the global economy asa whole, and as a result we and the market we are operating in, face greater risksdue to the international nature of the offshore wind industry, including the countrieswhere we, our customers or our suppliers operate. On the other hand, the ambitionsfor the renewable energy transition have increased, to be able to become lessdependend on Russian gas.This military action, including sanctions and other measures taken in response, haveand could further adversely affect the global economy, the financial markets andsupply chain, which therefore may impact customer demand, delivery of productsand services to clients, as well as our ability and the ability of our supply chain toobtain raw materials, parts, components and utilities. In addition, the conflictamplifies the surge in energy prices, commodity prices, transportation costs,inflation and cyberattacks.The price inflations have mainly impact for the Group in the area of utilities. As theprice for steel is a pass through item for the Group, the increased steel prices haveno effect on the profitability of the Group. Given the necessary growth of theoffshore wind market (amongst others driven by accelerated need for energytransion), management does not expect that the steel price inflation results in lesswind farms being developed.The Group has no direct business with Ukraine, Russia or Belarus, but managementnotices an indirect impact on the Group\u2019s business, including price increases andinflation, as well as impact on our suppliers. Management remains alert for anyimpact on our business in the future. Currently, there is no material uncertainty withrespect to the going concern evaluation.Accordingly, management considers there to be no material uncertainties that maycast significant doubt on the Group\u2019s ability to continue to operate as a goingconcern. Therefore, the Group continues to adopt the going concern basis in thepreparation of the consolidated financial statements.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"value": "2 Basis of preparationThese consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards as adopted by the European Union (EU-IFRS). ",
"dimensions": {
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"language": "en",
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"value": "2 Basis of preparationThe Group\u2019s consolidated financial statements are presented in EUR (\u2018000),which is also the Company\u2019s functional currency, if not stated otherwise. ",
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"pp-value-107-2": {
"value": "3 Significant accounting policies3.1 Basis of consolidationSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2022. Control is achieved when theGroup is exposed, or has rights, to variable returns from its involvement with theinvestee and has the ability to affect those returns through its power over theinvestee. Specifically, the Group controls an investee if, and only if, the Group has:Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);1.Exposure, or rights, to variable returns from its involvement with the investee;2.The ability to use its power over the investee to affect its returns.3.The Group re-assesses whether or not it controls an investee if facts andcircumstances indicate that there are changes to one or more of the three elementsof control. Consolidation of a subsidiary begins when the Group obtains control overthe subsidiary and ceases when the Group loses control of the subsidiary. Assets,liabilities, income and expenses of a subsidiary acquired or disposed of during theyear are included in the consolidated financial statements from the date the Groupgains control until the date the Group ceases to control the subsidiary. A change inthe ownership interest of a subsidiary, without a loss of control, is accounted for asan equity transaction. If the Group loses control over a subsidiary, it derecognizesthe related assets (including goodwill), liabilities, non-controlling interest and othercomponents of equity while any resultant gain or loss is recognized in profit or loss.Any investment retained is recognized at fair value.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expensesarising from intra-group transactions, are eliminated. Unrealised gains arising fromtransactions with equity-accounted investees are eliminated against the investmentto the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminatedin the same way as unrealised gains, but only to the extent that there is no evidenceof impairment.Foreign currency transactionsOn consolidation, the assets and liabilities of foreign operations are translated intoeuros at the rate of exchange prevailing at the reporting date and their statements ofprofit or loss are translated at exchange rates prevailing at the dates of thetransactions. The exchange differences arising on translation for consolidation arerecognized in other comprehensive income (OCI). On disposal of a foreign operation,the component of OCI relating to that particular foreign operation is realised in profitor loss.",
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"pp-value-107-3": {
"value": "3 Significant accounting policies3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.Contract assets and liabilitiesRevenues from contracts with customers and direct costs are recognized in thestatement of profit or loss in proportion to the satisfaction of each performanceobligation. In the Wind segment and some projects in the Other segment thesatisfaction is assessed based on the actual hours incurred compared with theestimated hours needed to complete the full performance obligation. In addition,management estimates at each reporting date the total expected costs to beincurred for each individual performance obligation and adjustments are madewhere appropriate. Detailed explanations of the degree of judgment andassumptions used are included under the respective section in the significantaccounting policies related to revenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.3.3 Summary of significant accounting policiesRevenue from contracts with customersThe Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry. Furthermore, the Group is providingMarshalling and logistics services to its clients. In addition, with the acquisition ofKCI The Engineers B.V. during 2021, the Group is also involved in the engineering ofsolutions for renewables market, the oil & gas market and other equipment. Revenuefrom contracts with customers is recognized when control of the goods or servicesis transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Grouphas generally concluded that it is the principal in its revenue arrangements, becauseit typically controls the (series of) goods or services before transferring them to thecustomer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsIdentify the contract(s) with a customerThe Group identifies a contract with a customer when all the criteria of IFRS 15 aremet. The price as agreed upon may vary in the beginning of the project. The initialcontract price is normally determined based on situations in the past and thecompany is working with its customers on the final design and development of theproject. The change in the contract price is a change within the existing contract andrelates mainly to adjustments before the start of the production. A combination ofcontracts is considered for every individual contract, although mostly not applicableas contract prices are determined on a standalone basis and no discounts are givenrelated to other contracts. Contract modifications are relatively limited.Under IFRS 15 cost to obtain a contract - when they are incremental - and if they areexpected to be recovered \u2014should be capitalized and then amortized consistentlywith the pattern of revenue for the related contract. However, the Group incurs costsof obtaining a contract, but these are not incremental costs (the costs would haveincurred if the contract had not been obtained) and are recognized as an expensewhen incurred.Identify the performance obligations in the contractThe goods of the Group include mainly monopiles, transition pieces, legs, piles andpilesleeves. Goods within a contract that are substantially the same and that havethe same pattern of transfer to the customer are considered as series of distinctgoods. These series and the other individual goods are identified as separateperformance obligations as the customer can benefit from the goods on its own orwith readily available resources and the goods are distinct within the context of thecontract. This results in an accounting treatment with a series of goods ona performance obligation for the aforementioned goods, as the series of goods aredesigned for a specific project and connected to each other without having theopportunity to adjust these easily. The aforementioned goods are separated asthese can be considered to be distinct. Storage of goods is not considereda performance obligation, as it is not a promise in the contract. When the customerrequires additional storage of goods (in addition to the agreed schedules forproduction and load-out), this is assessed in light of the guidance for identificationof performance obligations (at contract inception) or contract modifications (whenthe request comes during the execution of the contract). If applicable, the additionalstorage service is not considered a service in the Marshalling segment, as it doesnot qualify as a lease (the customers does not obtain right to control the use thestorage area) and no specific logistical handling services are provided.Determine the transaction priceThe transaction price is the price that the company expects to receive for thesatisfaction of the performance obligations taking into account among others:discounts, financing components and liquidated damages. Before including anyamount of variable consideration in the transaction price, the Group considerswhether the amount of variable consideration is constrained. In case the Groupdetermined that the estimates of variable consideration are constrained, thetransaction price is adjusted accordingly. The main variable consideration that canbe applicable to the contracts of the Group is related to steel prices (of which theimpact of changes is passed through to the customers of the Group) and liquidateddamages, which are performance penalties in the contract in case agreedmilestones are not met. Based on facts and circumstances in relation to therespective project, the Group assesses to what extend it is highly probable thata significant revenue reversal will not occur in future periods once the uncertaintyrelated to the variable consideration is resolved. Other forms of variableconsiderations are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.Allocate the transaction price to the performance obligations in the contractThe transaction price is separately agreed for the relevant performance obligation orare allocated to the relevant performance obligation in proportion to their stand-alone selling price which was the basis for the contract.Recognize revenue when (or as) the entity satisfies a performance obligationThe Group recognizes revenue when (or as) a performance obligation is satisfied,i.e., when control of the (series of) goods or services underlying the particularperformance obligation is transferred to the customer. The Group recognize revenueover time, since its performance creates or enhances an asset that the customercontrols as the asset is created, its performance does not create an asset with analternative use to the entity and the entity has an enforceable right to payment forperformance completed to date. The Group uses the input method to measureprogress over time, based on labour hours spent. The actual hours spent in relationto the total expected hours to the satisfaction of that performance obligation isconsidered a reliable measure to recognize revenue over time.Marshalling servicesDuring 2019 the Group started to provide marshalling and logistic services to itsclients. These services can comprise of (a combination of) renting out logistical andfacilities, and providing logistical handling services.Contracts with bundled sales of renting out space and logistical handling servicesare comprised of at least two performance obligations, because the renting andhandling services are both sold on a stand-alone basis and are distinct within thecontext of the contract. Accordingly, the Group allocates the transaction price basedon the relative stand-alone selling prices of the services. In the assessment of theapplicable performance obligations in contracts with customers in the Marshallingsegment it is considered whether the control of any goods or services is transferredto the Group, or the control remains at the customer.As renting out logistical space is considered a lease contract within the scope ofIFRS 16, the related accounting is performed in accordance with the policies asdescribed in the section \u201cLeases\u201d.The logistical handling services agreed in the contract can be distinct, or a series ofdistinct services that are substantially the same and that have the same pattern oftransfer to the customer. As a customer simultaneously receives and consumes thebenefits provided by an entity\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group transfers the control of theservice at a point in time. Therefore, revenue for logistical handling services isrecognized at the moment the service is provided to the customer.For some contracts the Group needs to incur costs in order to enable the Group tofulfil the performance obligations in the contract (initial direct costs). In accordancewith IFRS 15 and 16, in the accounting of those costs to fullfill a contract, any otherapplicable accounting standards are considered first. If other standards are notapplicable to contract fulfilment costs, the following criteria are applied forcapitalisation of these costs as contract costs in case of an IFRS 15 contract:The costs directly relate to a contract or to a specifically identifiable anticipatedcontract (e.g., costs relating to services to be provided under renewal of anexisting contract or costs of designing an asset to be transferred undera specific contract that has not yet been approved).1.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.2.The costs are expected to be recovered.3.In case the initial direct costs related to an operational lease contact for which theGroup acts as the (intermediate) lessor, the initial direct costs incurred in obtainingan operating lease are added to the carrying amount of the underlying asset andrecognized as an expense over the lease term on the same basis as the leaseincome.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-4": {
"value": "3 Significant accounting policiesThe Group has consistently applied the following accounting policies to all periodspresented in these consolidated financial statements.3.1 Basis of consolidationSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2022. Control is achieved when theGroup is exposed, or has rights, to variable returns from its involvement with theinvestee and has the ability to affect those returns through its power over theinvestee. Specifically, the Group controls an investee if, and only if, the Group has:Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);1.Exposure, or rights, to variable returns from its involvement with the investee;2.The ability to use its power over the investee to affect its returns.3.The Group re-assesses whether or not it controls an investee if facts andcircumstances indicate that there are changes to one or more of the three elementsof control. Consolidation of a subsidiary begins when the Group obtains control overthe subsidiary and ceases when the Group loses control of the subsidiary. Assets,liabilities, income and expenses of a subsidiary acquired or disposed of during theyear are included in the consolidated financial statements from the date the Groupgains control until the date the Group ceases to control the subsidiary. A change inthe ownership interest of a subsidiary, without a loss of control, is accounted for asan equity transaction. If the Group loses control over a subsidiary, it derecognizesthe related assets (including goodwill), liabilities, non-controlling interest and othercomponents of equity while any resultant gain or loss is recognized in profit or loss.Any investment retained is recognized at fair value.Business combinationsBusiness combinations are accounted for using the acquisition method. The cost ofan acquisition is measured as the aggregate of the consideration transferred, whichis measured at acquisition date fair value, and the amount of any non-controllinginterests in the acquiree. For each business combination, the Group elects whetherto measure the non-controlling interests in the acquiree at fair value or at theproportionate share of the acquiree\u2019s identifiable net assets. Acquisition-relatedcosts are expensed as incurred and included in general expenses.The Group determines that it has acquired a business when the acquired set ofactivities and assets include an input and a substantive process that togethersignificantly contribute to the ability to create outputs. The acquired process isconsidered substantive if it is critical to the ability to continue producing outputs,and the inputs acquired include an organised workforce with the necessary skills,knowledge, or experience to perform that process or it significantly contributes tothe ability to continue producing outputs and is considered unique or scarce orcannot be replaced without significant cost, effort, or delay in the ability to continueproducing outputs.When the Group acquires a business, it assesses the financial assets and liabilitiesassumed for appropriate classification and designation in accordance with thecontractual terms, economic circumstances and pertinent conditions as at theacquisition date.If the fair value of the net assets acquired is in excess of the aggregateconsideration transferred, the Group re-assesses whether it has correctly identifiedall of the assets acquired and all of the liabilities assumed and reviews theprocedures used to measure the amounts to be recognized at the acquisition date. Ifthe reassessment still results in an excess of the fair value of net assets acquiredover the aggregate consideration transferred, then the gain is recognized in profit orloss.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealised income and expensesarising from intra-group transactions, are eliminated. Unrealised gains arising fromtransactions with equity-accounted investees are eliminated against the investmentto the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminatedin the same way as unrealised gains, but only to the extent that there is no evidenceof impairment.3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.Contract assets and liabilitiesRevenues from contracts with customers and direct costs are recognized in thestatement of profit or loss in proportion to the satisfaction of each performanceobligation. In the Wind segment and some projects in the Other segment thesatisfaction is assessed based on the actual hours incurred compared with theestimated hours needed to complete the full performance obligation. In addition,management estimates at each reporting date the total expected costs to beincurred for each individual performance obligation and adjustments are madewhere appropriate. Detailed explanations of the degree of judgment andassumptions used are included under the respective section in the significantaccounting policies related to revenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.3.3 Summary of significant accounting policiesRevenue from contracts with customersThe Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry. Furthermore, the Group is providingMarshalling and logistics services to its clients. In addition, with the acquisition ofKCI The Engineers B.V. during 2021, the Group is also involved in the engineering ofsolutions for renewables market, the oil & gas market and other equipment. Revenuefrom contracts with customers is recognized when control of the goods or servicesis transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Grouphas generally concluded that it is the principal in its revenue arrangements, becauseit typically controls the (series of) goods or services before transferring them to thecustomer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsIdentify the contract(s) with a customerThe Group identifies a contract with a customer when all the criteria of IFRS 15 aremet. The price as agreed upon may vary in the beginning of the project. The initialcontract price is normally determined based on situations in the past and thecompany is working with its customers on the final design and development of theproject. The change in the contract price is a change within the existing contract andrelates mainly to adjustments before the start of the production. A combination ofcontracts is considered for every individual contract, although mostly not applicableas contract prices are determined on a standalone basis and no discounts are givenrelated to other contracts. Contract modifications are relatively limited.Under IFRS 15 cost to obtain a contract - when they are incremental - and if they areexpected to be recovered \u2014should be capitalized and then amortized consistentlywith the pattern of revenue for the related contract. However, the Group incurs costsof obtaining a contract, but these are not incremental costs (the costs would haveincurred if the contract had not been obtained) and are recognized as an expensewhen incurred.Identify the performance obligations in the contractThe goods of the Group include mainly monopiles, transition pieces, legs, piles andpilesleeves. Goods within a contract that are substantially the same and that havethe same pattern of transfer to the customer are considered as series of distinctgoods. These series and the other individual goods are identified as separateperformance obligations as the customer can benefit from the goods on its own orwith readily available resources and the goods are distinct within the context of thecontract. This results in an accounting treatment with a series of goods ona performance obligation for the aforementioned goods, as the series of goods aredesigned for a specific project and connected to each other without having theopportunity to adjust these easily. The aforementioned goods are separated asthese can be considered to be distinct. Storage of goods is not considereda performance obligation, as it is not a promise in the contract. When the customerrequires additional storage of goods (in addition to the agreed schedules forproduction and load-out), this is assessed in light of the guidance for identificationof performance obligations (at contract inception) or contract modifications (whenthe request comes during the execution of the contract). If applicable, the additionalstorage service is not considered a service in the Marshalling segment, as it doesnot qualify as a lease (the customers does not obtain right to control the use thestorage area) and no specific logistical handling services are provided.Determine the transaction priceThe transaction price is the price that the company expects to receive for thesatisfaction of the performance obligations taking into account among others:discounts, financing components and liquidated damages. Before including anyamount of variable consideration in the transaction price, the Group considerswhether the amount of variable consideration is constrained. In case the Groupdetermined that the estimates of variable consideration are constrained, thetransaction price is adjusted accordingly. The main variable consideration that canbe applicable to the contracts of the Group is related to steel prices (of which theimpact of changes is passed through to the customers of the Group) and liquidateddamages, which are performance penalties in the contract in case agreedmilestones are not met. Based on facts and circumstances in relation to therespective project, the Group assesses to what extend it is highly probable thata significant revenue reversal will not occur in future periods once the uncertaintyrelated to the variable consideration is resolved. Other forms of variableconsiderations are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.Allocate the transaction price to the performance obligations in the contractThe transaction price is separately agreed for the relevant performance obligation orare allocated to the relevant performance obligation in proportion to their stand-alone selling price which was the basis for the contract.Recognize revenue when (or as) the entity satisfies a performance obligationThe Group recognizes revenue when (or as) a performance obligation is satisfied,i.e., when control of the (series of) goods or services underlying the particularperformance obligation is transferred to the customer. The Group recognize revenueover time, since its performance creates or enhances an asset that the customercontrols as the asset is created, its performance does not create an asset with analternative use to the entity and the entity has an enforceable right to payment forperformance completed to date. The Group uses the input method to measureprogress over time, based on labour hours spent. The actual hours spent in relationto the total expected hours to the satisfaction of that performance obligation isconsidered a reliable measure to recognize revenue over time.Marshalling servicesDuring 2019 the Group started to provide marshalling and logistic services to itsclients. These services can comprise of (a combination of) renting out logistical andfacilities, and providing logistical handling services.Contracts with bundled sales of renting out space and logistical handling servicesare comprised of at least two performance obligations, because the renting andhandling services are both sold on a stand-alone basis and are distinct within thecontext of the contract. Accordingly, the Group allocates the transaction price basedon the relative stand-alone selling prices of the services. In the assessment of theapplicable performance obligations in contracts with customers in the Marshallingsegment it is considered whether the control of any goods or services is transferredto the Group, or the control remains at the customer.As renting out logistical space is considered a lease contract within the scope ofIFRS 16, the related accounting is performed in accordance with the policies asdescribed in the section \u201cLeases\u201d.The logistical handling services agreed in the contract can be distinct, or a series ofdistinct services that are substantially the same and that have the same pattern oftransfer to the customer. As a customer simultaneously receives and consumes thebenefits provided by an entity\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group transfers the control of theservice at a point in time. Therefore, revenue for logistical handling services isrecognized at the moment the service is provided to the customer.For some contracts the Group needs to incur costs in order to enable the Group tofulfil the performance obligations in the contract (initial direct costs). In accordancewith IFRS 15 and 16, in the accounting of those costs to fullfill a contract, any otherapplicable accounting standards are considered first. If other standards are notapplicable to contract fulfilment costs, the following criteria are applied forcapitalisation of these costs as contract costs in case of an IFRS 15 contract:The costs directly relate to a contract or to a specifically identifiable anticipatedcontract (e.g., costs relating to services to be provided under renewal of anexisting contract or costs of designing an asset to be transferred undera specific contract that has not yet been approved).1.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.2.The costs are expected to be recovered.3.In case the initial direct costs related to an operational lease contact for which theGroup acts as the (intermediate) lessor, the initial direct costs incurred in obtainingan operating lease are added to the carrying amount of the underlying asset andrecognized as an expense over the lease term on the same basis as the leaseincome.Contract balancesContract assetsContract assets represent the gross amount expected to be collected fromcustomers for contract work performed to date. The contract assets are measuredas costs incurred plus profits recognized to date less progress billings andrecognized losses. Contract assets are subject to impairment assessment. Refer toaccounting policies on impairment of financial assets.Contract liabilitiesA contract liability is recognized if a customer pays consideration, or the Group hasa right to an amount of consideration that is unconditional (i.e. a receivable), beforethe Group transfers the related goods or services. Contract liabilities are recognizedas revenue when the Group performs under the contract (i.e., transfers control of therelated goods or services to the customer).Furthermore, the Group provides warranty bonds for completed contracts. Theestimated bond costs for the duration of the warranty bonds are recorded as part ofthe contract liabilities, and are revised periodically.Trade receivablesA receivable is recognized if an amount of consideration that is unconditional is duefrom the customer (i.e., only the passage of time is required before payment of theconsideration is due). Refer to accounting policies of financial assets.Government grantsGovernment grants are recognized where there is reasonable assurance that thegrant will be received and all attached conditions will be complied with. When thegrant relates to an expense item, it is recognized as income on a systematic basisover the periods that the related costs, for which it is intended to compensate, areexpensed. When the grant relates to an asset, it is recognized as income in equalamounts over the expected useful life of the related asset.Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided.A liability is recognized for the amount expected to be paid if the Group hasa present legal or constructive obligation to pay this amount as a result of pastservice provided by the employee and the obligation can be estimated reliably. Wagetax deductions (WBSO) are recognized in profit or loss over the periods in which theGroup recognizes the related costs which the grants are intended to compensate.Post-employment benefit planThe Group has a defined benefit scheme for which premiums are payable to anindustry pension fund (Bedrijfstakpensioenfonds) that is separately managed: thePensioenfonds Metaal en Techniek (PMT). This pension scheme is administeredtogether with those of other legal entities. The pension obligation is based on theduration of the participation in the plan and their salary levels. The relatedobligations are covered by the periodical premiums to the industry pension fund. Theassociated businesses are not obliged to compensate any deficits in the pensionfunds, nor are they entitled to any surpluses. Furthermore, the structure of theadministration does not allow for providing the required information to the Group foraccounting for the pension scheme as a defined benefit scheme in accordance withIAS 19. As such, this pension scheme has been accounted for as a definedcontribution scheme in the financial statements.Obligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits is the amountof future benefit that employees have earned in return for their service in the currentand prior periods. That benefit is discounted to determine its present value.Remeasurements are recognized in profit or loss in the period in which they arise.Cash-settled stock compensation plans are initially measured at the fair value of theliability which is expensed over the 3-year vesting period as the employees renderservice. The liability is remeasured at each balance sheet date to its fair value, withany changes recognized immediately through profit and loss. The estimates withrespect to the number of units that are expected to vest (based on performanceconditions) and for which share price are revised at each balance sheet date.Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.Foreign currency transactionsTransactions in foreign currencies are initially recorded by the Group\u2019s entities attheir respective functional currency spot rates at the date the transaction firstqualifies for recognition. Monetary assets and liabilities denominated in foreigncurrencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary itemsare recognized in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreigncurrency are translated using the exchange rates at the dates of the initialtransactions. Non-monetary items measured at fair value in a foreign currency aretranslated using the exchange rates at the date when the fair value is determined.The gain or loss arising on translation of non-monetary items measured at fair valueis treated in line with the recognition of the gain or loss on the change in fair value ofthe item.On consolidation, the assets and liabilities of foreign operations are translated intoeuros at the rate of exchange prevailing at the reporting date and their statements ofprofit or loss are translated at exchange rates prevailing at the dates of thetransactions. The exchange differences arising on translation for consolidation arerecognized in other comprehensive income (OCI). On disposal of a foreign operation,the component of OCI relating to that particular foreign operation is realised in profitor loss.TaxesCurrent taxCurrent tax comprises the expected tax payable or receivable on the taxable incomeor loss for the year and any adjustment to tax payable or receivable in respect ofprevious years. It is measured using tax rates enacted or substantively enacted atthe reporting date in the countries where the Group operates and generates taxableincome.Income tax expense comprises current and deferred tax. Income taxes arerecognized in profit or loss except to the extent that they relate to items recognizeddirectly in equity or in other comprehensive income. Management periodicallyevaluates positions taken in the tax returns with respect to situations in whichapplicable tax regulations are subject to interpretation and establishes provisionswhere appropriate.Deferred taxDeferred tax is provided using the liability method on temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting purposes andtheir tax bases, except for:deferred tax liabilities arising from the initial recognition of goodwill or assets orliabilities in a transaction that is not a business combination and, at the time ofthe transaction, affects neither accounting nor taxable profit or loss and;>temporary differences related to investments in subsidiaries, associates and jointarrangements to the extent that the Group is able to control the timing of thereversal of the temporary differences and it is probable that they will not reversein the foreseeable future.>Deferred tax assets are recognized for all deductible unused tax losses, tax creditsand unused deductible temporary differences to the extent that it is probable thatfuture taxable profits will be available against which they can be utilised. Deferredtax assets are reviewed at each reporting date and are reduced to the extent that itis no longer probable that the related tax benefit will be realised. Such reductions arereversed when the probability of future taxable profits improves.Unrecognized deferred tax assets are reassessed at each reporting date andrecognized to the extent that it has become probable that future taxable profits willbe available against which they can be utilised.Deferred tax assets and liabilities are measured at the tax rates that are expected toapply in the year when the asset is realised or the liability is settled, based on taxrates (and tax laws) that have been enacted or substantively enacted at thereporting date.Deferred tax relating to items recognized outside profit or loss is recognized outsideprofit or loss. Deferred tax items are recognized in correlation to the underlyingtransaction either in other comprehensive income (OCI) or directly in equity.The Group offsets deferred tax assets and deferred tax liabilities if and only if it hasa legally enforceable right to set off current tax assets and current tax liabilities andthe deferred tax assets and deferred tax liabilities relate to income taxes levied bythe same taxation authority on either the same taxable entity or different taxableentities which intend either to settle current tax liabilities and assets on a net basis,or to realise the assets and settle the liabilities simultaneously, in each future periodin which significant amounts of deferred tax liabilities or assets are expected to besettled or recovered.Value added taxExpenses and assets are recognized net of the amount of value added tax, exceptwhen the value added tax incurred on a purchase of assets or services is notrecoverable from the taxation authority, in which case, the value added tax isrecognized as part of the cost of acquisition of the asset or as part of the expenseitem, as applicable.The net amount of value added tax recoverable from, or payable to, the taxationauthority is included as part of receivables or payables in the statement of financialposition.Intangible assetsSoftwareSoftware is recognized at cost less accumulated amortization and accumulatedimpairment. Amortization is based on the estimated useful lifes of the assetsconcerned and assessed for impairment whenever there is an indication that theintangible asset may be impaired. Amortization methods, useful lifes and residualvalues are reviewed at each reporting date and adjusted if appropriate.Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 yearsProperty, plant and equipmentRecognition and measurementItems of property, plant and equipment are measured at cost less accumulateddepreciation and accumulated impairment losses, if any. Such cost includes the costof replacing part of the plant and equipment and borrowing costs for long-termconstruction projects if the recognition criteria are met. When significant parts ofplant and equipment are required to be replaced at intervals, the Group depreciatesthem separately based on their specific useful lifes. Likewise, when a majorrenovation or overhaul is performed, its cost is recognized in the carrying amount ofthe plant and equipment as a replacement if the recognition criteria are satisfied. Allother repair and maintenance costs are recognized in profit or loss as incurred.If significant parts of an item of property, plant and equipment have different usefullifes, they are accounted for as separate items (major components) of property,plant and equipment.Subsequent expenditureSubsequent expenditure is capitalised only when it is probable that the futureeconomic benefits associated with the expenditure will flow to the Group.DepreciationDepreciation is calculated using the cost of items of property, plant and equipmentless their estimated residual values using the straight-line method over theirestimated useful lifes, and is recognized in profit or loss. Land is not depreciated.Assets which are under construction are capitalised under property, plant orequipment whereby depreciation will start when the asset is available for use.The estimated useful lifes of property, plant and equipment for current andcomparative periods are as follows:>Buildings:6 \u2013 20 years>Plant and equipment:5 \u2013 20 years>Other fixed assets:5 \u2013 10 yearsDepreciation methods, useful lifes and residual values are reviewed at each reportingdate and adjusted if appropriate.DerecognitionAn item of property, plant and equipment and any significant part initially recognizedis derecognized upon disposal (i.e., at the date the recipient obtains control) or whenno future economic benefits are expected from its use or disposal. Any gain or lossarising on derecognition of the asset (calculated as the difference between the netdisposal proceeds and the carrying amount of the asset) is included in thestatement of profit or loss when the asset is derecognized.Investment propertyInvestment property is initially measured at cost. Subsequent to initial recognition,investment properties are stated at fair value, which reflects market conditions atthe reporting date. Gains or losses arising from changes in the fair values ofinvestment properties are included in profit or loss in the period in which they arise,including the corresponding tax effect.Investment properties are derecognized either when they have been disposed of (i.e.,at the date the recipient obtains control) or when they are permanently withdrawnfrom use and no future economic benefit is expected from their disposal. Any gainor loss on disposal of an investment property (calculated as the difference betweenthe net proceeds from disposal and the carrying amount of the item) is recognizedin profit or loss in the period of derecognition.LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease.That is, if the contract conveys the right to control the use of an identified asset fora period of time in exchange for consideration.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases,except for short-term leases and leases of low-value assets. The Group recognizeslease liabilities to make lease payments and right-of-use assets representing theright to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease(i.e., the date the underlying asset is available for use). Right-of-use assets aremeasured at cost, less any accumulated depreciation and impairment losses, andadjusted for any remeasurement of lease liabilities. The cost of right-of-use assetsincludes the amount of lease liabilities recognized, initial direct costs incurred, andlease payments made at or before the commencement date less any leaseincentives received. Right-of-use assets are depreciated on a straight-line basis overthe shorter of the lease term and the estimated useful lifes of the assets. For moreinformation related to the estimated useful life of the assets reference is made tonote 3.2.If ownership of the leased asset transfers to the Group at the end of the lease termor the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset.The right-of-use assets are also subject to impairment. Refer to the accountingpolicies in section \u201cImpairment of non-financial assets\u201d.Lease liabilitiesAt the commencement date of the lease, the Group recognizes lease liabilitiesmeasured at the present value of lease payments to be made over the lease term.The lease payments include fixed payments (including in-substance fixed payments)less any lease incentives receivable, variable lease payments that depend on anindex or a rate, and amounts expected to be paid under residual value guarantees.The lease payments also include the exercise price of a purchase option reasonablycertain to be exercised by the Group and payments of penalties for terminating thelease, if the lease term reflects the Group exercising the option to terminate. Variablelease payments that do not depend on an index or a rate are recognized asexpenses (unless they are incurred to produce inventories) in the period in which theevent or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incrementalborrowing rate at the lease commencement date because the interest rate implicit inthe lease is not readily determinable. After the commencement date, the amount oflease liabilities is increased to reflect the accretion of interest and reduced for thelease payments made. In addition, the carrying amount of lease liabilities isremeasured if there is a modification, a change in the lease term, a change in thelease payments (e.g., changes to future payments resulting from a change in anindex or rate used to determine such lease payments) or a change in theassessment of an option to purchase the underlying asset.The repayment of lease liabilities is separately shown in cash flow statement underfinancing activities. The interest part is shown as part of the interest paid. TheGroup\u2018s lease liabilities are separately shown in the balance sheet.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-termleases of machinery and equipment (i.e., those leases that have a lease term of12 months or less from the commencement date and do not contain a purchaseoption). It also applies the lease of low value assets recognition exemption to leasesof office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.Group as a lessorLeases in which the Group does not transfer substantially all the risks and rewardsincidental to ownership of an asset are classified as operating leases. Rental incomearising is accounted for on a straight-line basis over the lease terms and is includedin operational lease income in the statement of profit or loss due to its operatingnature. Initial direct costs incurred in negotiating and arranging an operating leaseare added to the carrying amount of the leased asset and recognized over the leaseterm on the same basis as rental income. Rents are recognized as revenue in theperiod in which they are earned.Investments in joint venturesA joint venture is a type of joint arrangement whereby the parties that have jointcontrol of the arrangement have rights to the net assets of the joint venture. Jointcontrol is the contractually agreed sharing of control of an arrangement, whichexists only when decisions about the relevant activities require the unanimousconsent of the parties sharing control. The considerations made in determiningsignificant influence or joint control are similar to those necessary to determinecontrol over subsidiaries. The Group\u2019s investments in its joint ventures areaccounted for using the equity method. Under the equity method, the investment ina joint venture is initially recognized at cost. The carrying amount of the investmentis adjusted to recognize changes in the Group\u2019s share of net assets of the jointventures since the acquisition date.The statement of profit or loss reflects the Group\u2019s share of the results of operationsof the associate or joint venture. In addition, when there has been a changerecognized directly in the equity of the associate or joint venture, the Grouprecognizes its share of any changes, when applicable, in the statement of changes inequity. Unrealised gains and losses resulting from transactions between the Groupand the associate or joint venture are eliminated to the extent of the interest in theassociate or joint venture.Non-controlling interestsNon-controlling interest is defined as the equity in a subsidiary non attributable,directly or indirectly, to a parent. For each business combination, in which thecompany holds less than 100% of the equity interests in the acquiree, the Groupvalues the non-controlling interest using its proportionate share of the acquiree\u2019sidentifiable net assets.InventoriesInventories are measured at the lower of cost and net realisable value. The cost ofinventories is based on the first-in first-out principle. Net realisable value is theestimated selling price in the ordinary course of business, less estimated costs ofcompletion and the estimated costs necessary to make the sale.Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash atbanks and in hand, which are subject to an insignificant risk of changes in value.Because of the short term nature of the instrument, the Group recognizes thecurrent account at its contractual par amount. Similar to trade receivables, thecurrent account involves one single cash flow which is the repayment of theprincipal. Therefore, the cash flows resulting from the receivables meet the SPPI testof payments of principal and interest despite the interest component being zero.The Group holds the current account in order to collect contractual cash flows. Thecurrent account is therefore classified as measured at amortized cost.Financial assetsIFRS 9 sets out requirements for recognizing and measuring financial assets,financial liabilities and some contracts to buy or sell non-financial items.Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured atamortized cost, fair value through other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognition depends on the financialasset\u2019s contractual cash flow characteristics and the Group\u2019s business model formanaging them. With the exception of trade receivables that do not containa significant financing component or for which the Group has applied the practicalexpedient of IFRS 15.63 associated with the determination of whether a significantfinancing component exists, the Group initially measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables that do not contain a significant financingcomponent or for which the Group has applied the practical expedient are measuredat the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortized cost or fairvalue through OCI, it needs to give rise to cash flows that are \u2018solely payments ofprincipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessmentis referred to as the SPPI test and is performed at an instrument level. The Group\u2019sbusiness model for managing financial assets refers to how it manages its financialassets in order to generate cash flows. The business model determines whethercash flows will result from collecting contractual cash flows, selling the financialassets, or both.Subsequent measurementFinancial assets at amortized cost are the most relevant to the Group. The Groupmeasures financial assets at amortized cost if both of the following conditions aremet:The financial asset is held within a business model with the objective to holdfinancial assets in order to collect contractual cash flows, and>The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amountoutstanding>Financial assets at amortized cost are subsequently measured using the effectiveinterest rate (EIR) method and are subject to impairment. Gains and losses arerecognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized cost includes trade receivables, contractassets and a loan to an associate.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>ImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings, payables, or as derivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilities are recognized initially at fair value and, in the case of loans andborrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans andborrowings including bank overdrafts, and derivative financial instruments, if any.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in twocategories:Financial liabilities at fair value through profit or loss>Financial liabilities at amortized cost (loans and borrowings)>Financial liabilities at amortized cost (loans and borrowings) is the category mostrelevant to the Group. After initial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using the EIR method. Gains andlosses are recognized in profit or loss when the liabilities are derecognized as well asthrough the EIR amortization process. Amortized cost is calculated by taking intoaccount any discount or premium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included as finance costs in thestatement of profit or loss.DerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.Derivative financial instrumentsThe Group may use interest rate swaps and foreign currency contracts to hedge itsinterest-rate and foreign currency risk exposures arising from project and financingactivities. In accordance with its treasury policy, the Group does not hold derivativesfor trading purposes. Interest-rate swaps and foreign currency contracts aremeasured at fair value with any changes recognized immediately through profit andloss.The fair value of interest-rate swaps is calculated as the present value of theestimated future cash flows. The fair value of forward currency contracts isdetermined using the forward foreign exchange rates as at the closing date.Fair value measurementFair value is the price that would be received to sell an asset or paid to transfera liability in an orderly transaction between market participants at the measurementdate. The Group uses valuation techniques that are appropriate in the circumstancesand for which sufficient data are available to measure fair value, maximising the useof relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financialstatements are categorised within the fair value hierarchy, described as follows,based on the lowest level input that is significant to the fair value measurement asa whole:Level 1: quoted prices (unadjusted) in active markets for identical assets orliabilities.>Level 2: Valuation techniques for which the lowest level input that is significantto the fair value measurement is directly or indirectly observable>Level 3: Valuation techniques for which the lowest level input that is significantto the fair value measurement is unobservable.>For assets and liabilities that are recognized in the financial statements at fair valueon a recurring basis, the Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorisation (based on the lowestlevel input that is significant to the fair value measurement as a whole) at the end ofeach reporting period.Share capitalCash dividend and non-cash distribution to the shareholderThe Company recognizes a liability to make cash or non-cash distributions to theshareholders when the distribution is authorised and the distribution is no longer atthe discretion of the Company. As per the corporate laws in the Netherlands,a distribution is authorised when it is approved by the shareholders. A correspondingamount is recognized directly in equity.Non-cash distributions are measured at the fair value of the assets to be distributedwith fair value remeasurement recognized directly in equity. Upon distribution ofnon-cash assets, any difference between the carrying amount of the liability and thecarrying amount of the assets distributed is recognized in the statement of profit orloss.ProvisionsProvisions are recognized when the Group has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow of resourcesembodying economic benefits will be required to settle the obligation and a reliableestimate can be made of the amount of the obligation. When the Group expectssome or all of a provision to be reimbursed, for example, under an insurancecontract, the reimbursement is recognized as a separate asset, but only when thereimbursement is virtually certain. The expense relating to a provision is presented inthe statement of profit or loss net of any reimbursement.If the effect of the time value of money is material, provisions are discounted usinga current pre-tax rate that reflects, when appropriate, the risks specific to the liability.When discounting is used, the increase in the provision due to the passage of time isrecognized as a finance cost.Onerous contractsIf the Group has a contract that is onerous, the present obligation under the contractis recognized and measured as a provision. However, before a separate provision foran onerous contract is established, the Group recognizes any impairment loss thathas occurred on assets dedicated to that contract. An onerous contract is a contractunder which the unavoidable costs (i.e., the costs that the Group cannot avoidbecause it has the contract) of meeting the obligations under the contract exceedthe economic benefits expected to be received under it. The unavoidable costsunder a contract reflect the least net cost of exiting from the contract, which is thelower of the cost of fulfilling it and any compensation or penalties arising fromfailure to fulfil it. The cost of fulfilling a contract comprises the costs that relatedirectly to the contract (i.e., both incremental costs and an allocation of costsdirectly related to contract activities).Impairment of non-financial assetsEach reporting date, the Group assesses whether there is any indication that theGroup\u2019s assets have been impaired. If any indication exists, an estimate is made ofthe recoverable amount of the asset concerned. An impairment is only recognizedwhen the carrying amount of an asset or its cash-generating unit exceeds itsrecoverable amount. Any impairments are recognized in the statement of profit orloss under depreciation and impairment expenses.The recoverable amount of an asset or cash-generating unit is the higher of thevalue in use and the fair value less costs of disposal. The recoverable amount iscalculated for each asset individually, unless that asset does not generate any cashflows that are largely independent from those of other assets or groups of assets.The calculation of the value in use is based on a discounting of the estimated futurecash flows, using a discount rate that reflects the current market assessments ofthe time value of money and the specific risks associated with the asset. For thecalculation of fair value minus cost of disposal use is made of an appropriatevaluation model.A previously recognized impairment loss is only reversed if the assumptions used todetermine the asset\u2019s recoverable amount have changed since the most recentimpairment loss. The reversal is limited so that the carrying amount of the assetdoes not exceed its recoverable amount, nor exceed the carrying amount that wouldhave been determined, net of depreciation, had no impairment loss been recognizedfor the asset in prior years.4 Changes in accounting policies and disclosuresNew and amended standards and interpretationsThe Group applied for the first-time certain standards and amendments, which areeffective for annual periods beginning on or after 1 January 2022. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet effective.Amendments to IAS 16 Property, plant and equipment \u2013 Proceeds beforeintended use, effective 1 January 2022The amendments prohibits entities deducting from the cost of an item of property,plant and equipment, any proceeds from selling items produced while bringing thatasset to the location and condition necessary for it to be capable of operating in themanner intended by management. Instead, an entity recognizes the proceeds fromselling such items, and the costs of producing those items, in profit or loss.Companies are required to apply the amendment to annual reporting periodsbeginning on or after 1 January 2022. The amendment must be appliedretrospectively but only to items of property, plant and equipment that are broughtto the location and condition necessary for them to be capable of operating in themanner intended by management on or after the beginning of the earliest periodpresented in the financial statements in which the entity first applies theamendments.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 37 Provisions, contingent liabilities and contingentassets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January2022The amendments specify which costs an entity needs to include when assessingwhether a contract is onerous or loss-making. The amendments apply a \u201cdirectlyrelated cost approach\u201d. The costs that relate directly to a contract to provide goodsor services include both incremental costs (e.g., the costs of direct labour andmaterials) and an allocation of costs (e.g., depreciation of equipment used to fulfilthe contract as well as costs of contract management and supervision) directlyrelated to contract activities. General and administrative costs do not relate directlyto a contract and are excluded unless they are explicitly chargeable to thecounterparty under the contract.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IFRS 3 Business combinations \u2013 References to theconceptual framework, effective 1 January 2022The amendments replaced the reference to an old version of the IASB\u2019s ConceptualFramework (the 1989 Framework) with a reference to the current version issued inMarch 2018 (the Conceptual Framework). The amendments further added anexception to the recognition principle in IFRS 3. That is, for liabilities and contingentliabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separatelyan acquirer would apply IAS 37 or IFRIC 21, respectively, instead of the ConceptualFramework, to identify the obligations it has assumed in a business combination.The amendment further added an explicit statement in the standard that an acquirercannot recognize contingent assets acquired in a business combination.These amendments had no impact on the consolidated financial statements of theGroup.Annual Improvements Cycle - 2018-2020, effective 1 January 2022The IASB issued the 2018-2020 cycle improvements to its standards andinterpretations. These improvements include:IFRS 9 Financial instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognitionof financial liabilities.The amendment clarifies the fees that an entity includes when assessingwhether the terms of a new or modified financial liability are substantiallydifferent from the terms of the original financial liability. These fees include onlythose paid or received between the borrower and the lender, including fees paidor received by either the borrower or lender on the other\u2019s behalf. An entityapplies the amendment to financial liabilities that are modified or exchanged onor after the beginning of the annual reporting period in which the entity firstapplies the amendment. An entity applies the amendments for annual reportingperiods beginning on or after 1 January 2022. An entity shall apply theamendments to financial liabilities that are modified or exchanged on or after thebeginning of the annual reporting period in which the entity first applies theamendment. Early application is permitted.These amendments had no impact on the Group\u2019s consolidated financialstatements.>Illustrative Examples accompanying IFRS 16 Leases.The amendment removes the illustration of payments from the lessor relating toleasehold improvements in Illustrative Example 13 accompanying IFRS 16. Thisremoves potential confusion regarding the treatment of lease incentives whenapplying IFRS 16. These amendments had no impact on the consolidatedfinancial statements of the Group.>5 Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yeteffective, up to the date of issuance of the Group\u2019s financial statements aredisclosed below. The Group intends to adopt these new and amended standardsand interpretations, if applicable, when they become effective.The amendments marked with an (*) have not been endorsed by the EU per the dateof these financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2013 Classificationof Liabilities as Current or Non-current (the 2020 amendments and2022 amendments)*The amendments clarify the criteria for determining whether to classify a liability ascurrent or non-current. The amendments clarify:Right to defer settlement - the amendments provide clarification that if anentity\u2019s right to defer settlement of a liability is subject to the entity complyingwith future covenants, the entity has a right to defer settlement of the liabilityeven if it does not comply with those covenants at the end of the reportingperiod.>Expected deferrals - the amendments clarify that classification of a liability isunaffected by the likelihood that the entity will exercise its right to defersettlement of the liability for at least twelve months after the reporting period.>Settlement by way of own equity instruments - the amendments clarify thatthere is an exception to the requirement that settlement of liabilities by way ofown equity instruments impacts the classification of liabilities.>Disclosures - the amendments require additional disclosures by an entity thatclassifies liabilities arising from loan arrangements as non-current when it hasa right to defer settlement of those liabilities that are subject to the entitycomplying with future covenants within twelve months.>Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.Since the Group\u2019s current practice is in line with the amendments, the Group doesnot expect any effect on its consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements and IFRSPractice Statement 2: Disclosure of Accounting policies, effective 1 January2023The amendments provide guidance on the application of materiality judgements toaccounting policy disclosures. The amendments to IAS 1 replace the requirement todisclose \u2018significant\u2019 accounting policies with a requirement to disclose \u2018material\u2019accounting policies.Guidance and illustrative examples are added in the Practice Statement to assist inthe application of the materiality concept when making judgements aboutaccounting policy disclosures.The amendments to IAS 1 will be effective for annual periods starting on or after1 January 2023 with earlier application permitted. The group is currently assessingthe impact of these amendments on the Group\u2019s consolidated financial statements.Amendments to IAS 8 Accounting policies, Changes in AccountingEstimates and Errors: Definition of Accounting Estimates, effective1 January 2023The amendments introduce a new definition of accounting estimates. Accountingestimates are defined as \u201cmonetary amounts in financial statements that aresubject to measurement uncertainty\u201d.The amendments clarify what changes in accounting estimates are and how thesediffer from changes in accounting policies and corrections of errors. Also, theyclarify how entities use measurement techniques and inputs to develop accountingestimates.The amendments become effective for annual reporting periods beginning on orafter 1 January 2023, with earlier application permitted. The group is currentlyassessing the impact of these amendments on the Group\u2019s consolidated financialstatements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets andLiabilities arising from a Single Transaction, effective 1 January 2023The Amendments narrow the scope of the initial recognition exception under IAS12 Income Taxes, so that it no longer applies to transactions that give rise to equaltaxable and deductible temporary differences.The Amendments also clarify that where payments that settle a liability aredeductible for tax purposes, it is a matter of judgement (having considered theapplicable tax law) whether such deductions are attributable for tax purposes to theliability recognized in the financial statements (and interest expense) or to therelated asset component (and interest expense). This judgement is important indetermining whether any temporary differences exist on initial recognition of theasset and liability.The Amendments apply to annual reporting periods beginning on or after 1 January2023, with earlier application permitted. The amendments apply prospectively totransactions that occur on or after the beginning of the earliest comparative periodpresented.The group is currently assessing the impact of these amendments on the Group\u2019sconsolidated financial statements.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024*The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognize any amount ofthe gain or loss that relates to the right of use retained. The amendment does notprescribe specific measurement requirements for lease liabilities arising froma leaseback. The initial measurement of the lease liability arising from a leasebackmay result in a seller-lessee determining \u2018lease payments\u2019 that are different from thegeneral definition of lease payments in Appendix A of IFRS 16. The seller-lessee willneed to develop and apply an accounting policy that results in information that isrelevant and reliable in accordance with IAS 8 Accounting Policies, Changes inAccounting Estimates and Errors.Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.The Group currently has had no sale and leaseback transactions since theimplementation date of IFRS 16. In case these will occur in future periods, theseamendments will be taken into account.6 Operating segmentsFor management purposes, the Group is organised into divisions based on itsproducts and services and has three operating segments:Wind, which produces and delivers monopiles, transition pieces or otherfoundation components for the off-shore wind industry;>Marshalling, which includes renting-out of logistical area and facilities and thedelivery of logistical services to customers, mainly in the off-shore wind industry>Other, which includes mainly engineering services, production of offshore steelstructures and operational lease income for the windmill on the Group\u2019s site inRotterdam.>These divisions offer different products and services, and require differenttechnology and target different markets.Information related to each operating segment is set out below.Segment contribution constitutes the difference between revenue from contractswith customers and cost of sales. Cost of sales includes the costs of raw materials,subcontracted work and other external charges as well as logistic and other projectrelated expenses. The gross profit is determined by segment contribution subtractedby costs relating to direct personnel expenses and production and generalmanufacturing expenses.All accounts below gross profit are not allocated to individual segments as these aremanaged on an overall group basis. Costs of sales like raw materials, subcontractedwork and other charges and logistic and other project related expenses depend onunderlying contracts with customers. Gross profit is used to measure performancebecause management believes that this information is the most relevant inevaluating the results of the respective segments relative to other entities thatoperate in the same industries. Total assets, which are located in the Netherlands,are not allocated to individual segments as these are managed on an overall groupbasis.13 Earnings per shareBasic and diluted earnings per shareThe calculation of basic and diluted earnings per share has been based on the profitattributable to the ordinary shareholders of the company and the weighted-averagenumber of ordinary shares outstanding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
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"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-107-5": {
"value": "3 Significant accounting policiesSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2022. Control is achieved when theGroup is exposed, or has rights, to variable returns from its involvement with theinvestee and has the ability to affect those returns through its power over theinvestee. Specifically, the Group controls an investee if, and only if, the Group has:Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);1.Exposure, or rights, to variable returns from its involvement with the investee;2.The ability to use its power over the investee to affect its returns.3.The Group re-assesses whether or not it controls an investee if facts andcircumstances indicate that there are changes to one or more of the three elementsof control. Consolidation of a subsidiary begins when the Group obtains control overthe subsidiary and ceases when the Group loses control of the subsidiary. Assets,liabilities, income and expenses of a subsidiary acquired or disposed of during theyear are included in the consolidated financial statements from the date the Groupgains control until the date the Group ceases to control the subsidiary. A change inthe ownership interest of a subsidiary, without a loss of control, is accounted for asan equity transaction. If the Group loses control over a subsidiary, it derecognizesthe related assets (including goodwill), liabilities, non-controlling interest and othercomponents of equity while any resultant gain or loss is recognized in profit or loss.Any investment retained is recognized at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-6": {
"value": "3 Significant accounting policiesBusiness combinationsBusiness combinations are accounted for using the acquisition method. The cost ofan acquisition is measured as the aggregate of the consideration transferred, whichis measured at acquisition date fair value, and the amount of any non-controllinginterests in the acquiree. For each business combination, the Group elects whetherto measure the non-controlling interests in the acquiree at fair value or at theproportionate share of the acquiree\u2019s identifiable net assets. Acquisition-relatedcosts are expensed as incurred and included in general expenses.The Group determines that it has acquired a business when the acquired set ofactivities and assets include an input and a substantive process that togethersignificantly contribute to the ability to create outputs. The acquired process isconsidered substantive if it is critical to the ability to continue producing outputs,and the inputs acquired include an organised workforce with the necessary skills,knowledge, or experience to perform that process or it significantly contributes tothe ability to continue producing outputs and is considered unique or scarce orcannot be replaced without significant cost, effort, or delay in the ability to continueproducing outputs.When the Group acquires a business, it assesses the financial assets and liabilitiesassumed for appropriate classification and designation in accordance with thecontractual terms, economic circumstances and pertinent conditions as at theacquisition date.If the fair value of the net assets acquired is in excess of the aggregateconsideration transferred, the Group re-assesses whether it has correctly identifiedall of the assets acquired and all of the liabilities assumed and reviews theprocedures used to measure the amounts to be recognized at the acquisition date. Ifthe reassessment still results in an excess of the fair value of net assets acquiredover the aggregate consideration transferred, then the gain is recognized in profit orloss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-140-4": {
"value": "Business combinationsBusiness combinations are accounted for using the acquisition method. The cost ofan acquisition is measured as the aggregate of the consideration transferred, whichis measured at acquisition date fair value, and the amount of any non-controllinginterests in the acquiree. For each business combination, the Group elects whetherto measure the non-controlling interests in the acquiree at fair value or at theproportionate share of the acquiree\u2019s identifiable net assets. Acquisition-relatedcosts are expensed as incurred and included in general expenses.The Group determines that it has acquired a business when the acquired set ofactivities and assets include an input and a substantive process that togethersignificantly contribute to the ability to create outputs. The acquired process isconsidered substantive if it is critical to the ability to continue producing outputs,and the inputs acquired include an organised workforce with the necessary skills,knowledge, or experience to perform that process or it significantly contributes tothe ability to continue producing outputs and is considered unique or scarce orcannot be replaced without significant cost, effort, or delay in the ability to continueproducing outputs.When the Group acquires a business, it assesses the financial assets and liabilitiesassumed for appropriate classification and designation in accordance with thecontractual terms, economic circumstances and pertinent conditions as at theacquisition date.If the fair value of the net assets acquired is in excess of the aggregateconsideration transferred, the Group re-assesses whether it has correctly identifiedall of the assets acquired and all of the liabilities assumed and reviews theprocedures used to measure the amounts to be recognized at the acquisition date. Ifthe reassessment still results in an excess of the fair value of net assets acquiredover the aggregate consideration transferred, then the gain is recognized in profit orloss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-3": {
"value": "3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020222021Balance at 1 January425400Additions--Revaluation9025Balance at 31 December515425Investment property comprises a commercial property that is leased to a third party.The lease contains annual rents indexed to consumer prices. Subsequent renewalsare negotiated with the lessee. No contingent rents are charged. Further informationabout this lease is included in note 31.31 LeasesGroup as lesseeThe Group has lease contracts for various items of plant, machinery, vehicles andother equipment used in its operations. Leases of plant and machinery generallyhave lease terms between 3 and 25 years, while motor vehicles and other equipmentgenerally have lease terms between 3 and 5 years. The Group\u2019s obligations under itsleases are secured by the lessor\u2019s title to the leased assets. Generally, the Group isrestricted from assigning and subleasing the leased assets and some contractsrequire the Group to maintain certain financial ratios. There are several leasecontracts that include extension and termination options and variable leasepayments, which are further discussed below.The Group also has certain leases of machinery and equipment with lease terms of12 months or less and leases of office equipment with low value, for a total amountof EUR 3.6 million in 2022 (2021: EUR 4.1 million). The majority relates to short-termleases. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019recognition exemptions for these leases.As of September 2015, the Group entered into a lease agreement with HavenbedrijfRotterdam N.V. for the lease of two plots in the Rotterdam harbor. The lease of plotA started at 1 September 2015 and will end on 1 July 2041 (cancellable as per1 July 2031). The lease of plot B started at 1 July 2017 and will end on 1 July2041 (cancellable as per 1 July 2031). As of July 2019, the Group entered intoa lease agreement with Havenbedrijf Rotterdam N.V. for plot C. The lease for plotC started on 30th July 2019 and will end on 1 July 2041 (also cancellable as per1 July 2031).Right-of-use assetsAMOUNTS IN EUR '000Right-of-useCostBalance at 1 January 2022119,479Additions6,394Remeasurement3,670Disposals(43)Balance at 31 December 2022129,500Balance at 1 January 202161,633Acquired in business combination211Additions2,406Remeasurement55,268Disposals(39)Balance at 31 December 2021119,479Accumulated depreciationBalance at 1 January 2022(14,881)Depreciation(10,110)Disposals(43)Balance at 31 December 2022(25,034)Balance at 1 January 2021(9,731)Depreciation(5,189)Disposals39Balance at 31 December 2021(14,881)Carrying amountsAt 31 December 2022104,466At 31 December 2021104,598Lease liabilitiesAMOUNTS IN EUR '000Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Balance at 1 January 202154,764Acquired in business combination211Additions311Remeasurement55,268Lease terms(5,943)Financing costs1,071Balance at 31 December 2021105,683Carrying amountsAt 31 December 2022107,398At 31 December 2021105,683Of the total carrying value per year-end 2022 an amount of EUR 8.5 million isclassified current (2021: EUR 5.1 million).The additions in right-of-use assets include mainly logistical equipment which leasedfor two consequtive contracts with customers (EUR 5.1 million). Furthermore, initialdirect costs on operational lease contracts in the Marshalling segment are includedfor an amount of EUR 0.6 million (2021: EUR 2.1 million).The Group had total cash outflows for leases of EUR 8.6 million in 2022 (2021: EUR6.0 million). The Group also had non-cash additions to right-of-use assets and leaseliabilities of EUR 5.8 million in 2022 (2021: EUR 0.3 million).The Group has several lease contracts that include extension and terminationoptions. These options are negotiated by management to provide flexibility inmanaging the leased-asset portfolio and align with the Group\u2019s business needs.Management exercises significant judgement in determining whether theseextension and termination options are reasonably certain to be exercised.Reference is made to the section \u2018Management estimates and judgements\u2019 for thedetails on the estimate relating to the lease term.Group as a lessorThe Group leases out its investment property (see note 16), a Wind TurbineGenerator located at Maasvlakte 2 and some antenna locations for telecomproviders. The lease income from operational leases amounts for the year 2022 EUR1.6 million (2021: EUR 1.6 million) and does not include variable payments.Furthermore, as part of its contracts with customers in the Marshalling segment, theGroup leases out part of the leased plots in the Rotterdam harbor and some otherminor assets. These leases classify as operational sub-leases, and have terms ofless than two years. The lease income from these operational lease contractsamounts for the year 2022 EUR 9.1 million (2021: EUR 2.5 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020222021Less than 1 year3,1849,744Between 1 and 2 years-2,239More than 2 years--Total future minimum rental receivable3,18411,983The future rental receivable relates mainly to operating lease agreements withcustomers in the operating segment Marshalling.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-4": {
"value": "3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.Contract assets and liabilitiesRevenues from contracts with customers and direct costs are recognized in thestatement of profit or loss in proportion to the satisfaction of each performanceobligation. In the Wind segment and some projects in the Other segment thesatisfaction is assessed based on the actual hours incurred compared with theestimated hours needed to complete the full performance obligation. In addition,management estimates at each reporting date the total expected costs to beincurred for each individual performance obligation and adjustments are madewhere appropriate. Detailed explanations of the degree of judgment andassumptions used are included under the respective section in the significantaccounting policies related to revenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-175-5": {
"value": "3.2 Management estimates and judgementsThe preparation of the Group\u2019s consolidated financial statements requiresmanagement to make estimates and assumptions. To make these estimates andassumptions the Group uses factors such as experience and expectations aboutfuture events that are reasonably expected to occur given the information that iscurrently available. Furthermore, climate related matters are taken into account,however the Group concluded that those have no significant impact on theestimates and assumptions. The estimates and assumptions are reviewed on anongoing basis.Revisions of accounting estimates and assumptions, or differences betweenaccounting estimates and assumptions and the actual outcomes, may result inadjustments to the carrying amounts of assets and liabilities, which would berecognized prospectively.Contract assets and liabilitiesRevenues from contracts with customers and direct costs are recognized in thestatement of profit or loss in proportion to the satisfaction of each performanceobligation. In the Wind segment and some projects in the Other segment thesatisfaction is assessed based on the actual hours incurred compared with theestimated hours needed to complete the full performance obligation. In addition,management estimates at each reporting date the total expected costs to beincurred for each individual performance obligation and adjustments are madewhere appropriate. Detailed explanations of the degree of judgment andassumptions used are included under the respective section in the significantaccounting policies related to revenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. As of September 2015, the Group entered into a leaseagreement with Havenbedrijf Rotterdam N.V. for the lease of two plots in theRotterdam harbor. The lease of plot A started at 1 September 2015 and will end on1 July 2041 (cancellable as per 1 July 2031). The lease of plot B started at 1 July2017 and will end on 1 July 2041 (cancellable as per 1 July 2031). As of July 2019,the Group entered into a lease agreement with Havenbedrijf Rotterdam N.V. for plotC. The lease for plot C started on 30 July 2019 and will end on 1 July 2041 (alsocancellable as per 1 July 2031).Extension options or cancellation options are included in the lease term when thegroup has such an economic incentive that exercising the option is reasonablycertain. The group considers available evidence at the time of the assessment,including potential favourable terms upon extension, potential termination penalties,the relative costs associated with potential relocation or termination of the lease andthe extent of leasehold improvements undertaken. Additionally, the size and therelative importance of the leased premises as well as the availability of easilysubstitutable assets is taken into consideration when assessing whether the grouphas an economic incentive to extend a lease for which it holds an option to do so.The Group applies judgement in evaluating whether it is reasonably certain it will orwill not exercise the option to renew or terminate the lease. That is, it considers allrelevant factors that create an economic incentive for it to exercise either therenewal or the termination. After the commencement date, the Group reassessesthe lease term if there is a significant event or change in circumstances that iswithin its control and affects its ability to exercise or not to exercise the option torenew or to terminate (e.g., construction of significant leasehold improvements orsignificant customisation to the leased asset).During 2021, as a result of the progress of expansion plans, the Group concludedthat it is reasonably certain that the option to early terminate the lease contacts at1 July 2031 will not be exercised. Consequently the lease terms of the leasecontracts of the plots were extended to 30 June 2041 in the course of 2021.During 2022, more progress is made with respect to the expension plans, and afterreporting date the Final Investment Decision (FID) has been taken. For moreinformation, reference is made to note 35. Therefore, management concluded thatthere is no reason to adjust the lease term of the leases.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-239-4": {
"value": "Revenue from contracts with customersThe Group is primarily involved in the manufacturing of foundation piles for offshorewind farms and metal structures, parts of metal structures, pipes, pipe structures,and components for the offshore industry. Furthermore, the Group is providingMarshalling and logistics services to its clients. In addition, with the acquisition ofKCI The Engineers B.V. during 2021, the Group is also involved in the engineering ofsolutions for renewables market, the oil & gas market and other equipment. Revenuefrom contracts with customers is recognized when control of the goods or servicesis transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Grouphas generally concluded that it is the principal in its revenue arrangements, becauseit typically controls the (series of) goods or services before transferring them to thecustomer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsIdentify the contract(s) with a customerThe Group identifies a contract with a customer when all the criteria of IFRS 15 aremet. The price as agreed upon may vary in the beginning of the project. The initialcontract price is normally determined based on situations in the past and thecompany is working with its customers on the final design and development of theproject. The change in the contract price is a change within the existing contract andrelates mainly to adjustments before the start of the production. A combination ofcontracts is considered for every individual contract, although mostly not applicableas contract prices are determined on a standalone basis and no discounts are givenrelated to other contracts. Contract modifications are relatively limited.Under IFRS 15 cost to obtain a contract - when they are incremental - and if they areexpected to be recovered \u2014should be capitalized and then amortized consistentlywith the pattern of revenue for the related contract. However, the Group incurs costsof obtaining a contract, but these are not incremental costs (the costs would haveincurred if the contract had not been obtained) and are recognized as an expensewhen incurred.Identify the performance obligations in the contractThe goods of the Group include mainly monopiles, transition pieces, legs, piles andpilesleeves. Goods within a contract that are substantially the same and that havethe same pattern of transfer to the customer are considered as series of distinctgoods. These series and the other individual goods are identified as separateperformance obligations as the customer can benefit from the goods on its own orwith readily available resources and the goods are distinct within the context of thecontract. This results in an accounting treatment with a series of goods ona performance obligation for the aforementioned goods, as the series of goods aredesigned for a specific project and connected to each other without having theopportunity to adjust these easily. The aforementioned goods are separated asthese can be considered to be distinct. Storage of goods is not considereda performance obligation, as it is not a promise in the contract. When the customerrequires additional storage of goods (in addition to the agreed schedules forproduction and load-out), this is assessed in light of the guidance for identificationof performance obligations (at contract inception) or contract modifications (whenthe request comes during the execution of the contract). If applicable, the additionalstorage service is not considered a service in the Marshalling segment, as it doesnot qualify as a lease (the customers does not obtain right to control the use thestorage area) and no specific logistical handling services are provided.Determine the transaction priceThe transaction price is the price that the company expects to receive for thesatisfaction of the performance obligations taking into account among others:discounts, financing components and liquidated damages. Before including anyamount of variable consideration in the transaction price, the Group considerswhether the amount of variable consideration is constrained. In case the Groupdetermined that the estimates of variable consideration are constrained, thetransaction price is adjusted accordingly. The main variable consideration that canbe applicable to the contracts of the Group is related to steel prices (of which theimpact of changes is passed through to the customers of the Group) and liquidateddamages, which are performance penalties in the contract in case agreedmilestones are not met. Based on facts and circumstances in relation to therespective project, the Group assesses to what extend it is highly probable thata significant revenue reversal will not occur in future periods once the uncertaintyrelated to the variable consideration is resolved. Other forms of variableconsiderations are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.Allocate the transaction price to the performance obligations in the contractThe transaction price is separately agreed for the relevant performance obligation orare allocated to the relevant performance obligation in proportion to their stand-alone selling price which was the basis for the contract.Recognize revenue when (or as) the entity satisfies a performance obligationThe Group recognizes revenue when (or as) a performance obligation is satisfied,i.e., when control of the (series of) goods or services underlying the particularperformance obligation is transferred to the customer. The Group recognize revenueover time, since its performance creates or enhances an asset that the customercontrols as the asset is created, its performance does not create an asset with analternative use to the entity and the entity has an enforceable right to payment forperformance completed to date. The Group uses the input method to measureprogress over time, based on labour hours spent. The actual hours spent in relationto the total expected hours to the satisfaction of that performance obligation isconsidered a reliable measure to recognize revenue over time.Marshalling servicesDuring 2019 the Group started to provide marshalling and logistic services to itsclients. These services can comprise of (a combination of) renting out logistical andfacilities, and providing logistical handling services.Contracts with bundled sales of renting out space and logistical handling servicesare comprised of at least two performance obligations, because the renting andhandling services are both sold on a stand-alone basis and are distinct within thecontext of the contract. Accordingly, the Group allocates the transaction price basedon the relative stand-alone selling prices of the services. In the assessment of theapplicable performance obligations in contracts with customers in the Marshallingsegment it is considered whether the control of any goods or services is transferredto the Group, or the control remains at the customer.As renting out logistical space is considered a lease contract within the scope ofIFRS 16, the related accounting is performed in accordance with the policies asdescribed in the section \u201cLeases\u201d.The logistical handling services agreed in the contract can be distinct, or a series ofdistinct services that are substantially the same and that have the same pattern oftransfer to the customer. As a customer simultaneously receives and consumes thebenefits provided by an entity\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group transfers the control of theservice at a point in time. Therefore, revenue for logistical handling services isrecognized at the moment the service is provided to the customer.For some contracts the Group needs to incur costs in order to enable the Group tofulfil the performance obligations in the contract (initial direct costs). In accordancewith IFRS 15 and 16, in the accounting of those costs to fullfill a contract, any otherapplicable accounting standards are considered first. If other standards are notapplicable to contract fulfilment costs, the following criteria are applied forcapitalisation of these costs as contract costs in case of an IFRS 15 contract:The costs directly relate to a contract or to a specifically identifiable anticipatedcontract (e.g., costs relating to services to be provided under renewal of anexisting contract or costs of designing an asset to be transferred undera specific contract that has not yet been approved).1.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.2.The costs are expected to be recovered.3.In case the initial direct costs related to an operational lease contact for which theGroup acts as the (intermediate) lessor, the initial direct costs incurred in obtainingan operating lease are added to the carrying amount of the underlying asset andrecognized as an expense over the lease term on the same basis as the leaseincome.Contract balancesContract assetsContract assets represent the gross amount expected to be collected fromcustomers for contract work performed to date. The contract assets are measuredas costs incurred plus profits recognized to date less progress billings andrecognized losses. Contract assets are subject to impairment assessment. Refer toaccounting policies on impairment of financial assets.Contract liabilitiesA contract liability is recognized if a customer pays consideration, or the Group hasa right to an amount of consideration that is unconditional (i.e. a receivable), beforethe Group transfers the related goods or services. Contract liabilities are recognizedas revenue when the Group performs under the contract (i.e., transfers control of therelated goods or services to the customer).Furthermore, the Group provides warranty bonds for completed contracts. Theestimated bond costs for the duration of the warranty bonds are recorded as part ofthe contract liabilities, and are revised periodically.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-382-3": {
"value": "Trade receivablesA receivable is recognized if an amount of consideration that is unconditional is duefrom the customer (i.e., only the passage of time is required before payment of theconsideration is due). Refer to accounting policies of financial assets.Financial assetsIFRS 9 sets out requirements for recognizing and measuring financial assets,financial liabilities and some contracts to buy or sell non-financial items.Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured atamortized cost, fair value through other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognition depends on the financialasset\u2019s contractual cash flow characteristics and the Group\u2019s business model formanaging them. With the exception of trade receivables that do not containa significant financing component or for which the Group has applied the practicalexpedient of IFRS 15.63 associated with the determination of whether a significantfinancing component exists, the Group initially measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables that do not contain a significant financingcomponent or for which the Group has applied the practical expedient are measuredat the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortized cost or fairvalue through OCI, it needs to give rise to cash flows that are \u2018solely payments ofprincipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessmentis referred to as the SPPI test and is performed at an instrument level. The Group\u2019sbusiness model for managing financial assets refers to how it manages its financialassets in order to generate cash flows. The business model determines whethercash flows will result from collecting contractual cash flows, selling the financialassets, or both.Subsequent measurementFinancial assets at amortized cost are the most relevant to the Group. The Groupmeasures financial assets at amortized cost if both of the following conditions aremet:The financial asset is held within a business model with the objective to holdfinancial assets in order to collect contractual cash flows, and>The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amountoutstanding>Financial assets at amortized cost are subsequently measured using the effectiveinterest rate (EIR) method and are subject to impairment. Gains and losses arerecognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized cost includes trade receivables, contractassets and a loan to an associate.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>ImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-382-4": {
"value": "Trade receivablesA receivable is recognized if an amount of consideration that is unconditional is duefrom the customer (i.e., only the passage of time is required before payment of theconsideration is due). Refer to accounting policies of financial assets.Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash atbanks and in hand, which are subject to an insignificant risk of changes in value.Because of the short term nature of the instrument, the Group recognizes thecurrent account at its contractual par amount. Similar to trade receivables, thecurrent account involves one single cash flow which is the repayment of theprincipal. Therefore, the cash flows resulting from the receivables meet the SPPI testof payments of principal and interest despite the interest component being zero.The Group holds the current account in order to collect contractual cash flows. Thecurrent account is therefore classified as measured at amortized cost.Financial assetsIFRS 9 sets out requirements for recognizing and measuring financial assets,financial liabilities and some contracts to buy or sell non-financial items.Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured atamortized cost, fair value through other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognition depends on the financialasset\u2019s contractual cash flow characteristics and the Group\u2019s business model formanaging them. With the exception of trade receivables that do not containa significant financing component or for which the Group has applied the practicalexpedient of IFRS 15.63 associated with the determination of whether a significantfinancing component exists, the Group initially measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables that do not contain a significant financingcomponent or for which the Group has applied the practical expedient are measuredat the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortized cost or fairvalue through OCI, it needs to give rise to cash flows that are \u2018solely payments ofprincipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessmentis referred to as the SPPI test and is performed at an instrument level. The Group\u2019sbusiness model for managing financial assets refers to how it manages its financialassets in order to generate cash flows. The business model determines whethercash flows will result from collecting contractual cash flows, selling the financialassets, or both.Subsequent measurementFinancial assets at amortized cost are the most relevant to the Group. The Groupmeasures financial assets at amortized cost if both of the following conditions aremet:The financial asset is held within a business model with the objective to holdfinancial assets in order to collect contractual cash flows, and>The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amountoutstanding>Financial assets at amortized cost are subsequently measured using the effectiveinterest rate (EIR) method and are subject to impairment. Gains and losses arerecognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized cost includes trade receivables, contractassets and a loan to an associate.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>ImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-382-5": {
"value": "Trade receivablesA receivable is recognized if an amount of consideration that is unconditional is duefrom the customer (i.e., only the passage of time is required before payment of theconsideration is due). Refer to accounting policies of financial assets.Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash atbanks and in hand, which are subject to an insignificant risk of changes in value.Because of the short term nature of the instrument, the Group recognizes thecurrent account at its contractual par amount. Similar to trade receivables, thecurrent account involves one single cash flow which is the repayment of theprincipal. Therefore, the cash flows resulting from the receivables meet the SPPI testof payments of principal and interest despite the interest component being zero.The Group holds the current account in order to collect contractual cash flows. Thecurrent account is therefore classified as measured at amortized cost.Financial assetsIFRS 9 sets out requirements for recognizing and measuring financial assets,financial liabilities and some contracts to buy or sell non-financial items.Initial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured atamortized cost, fair value through other comprehensive income (OCI), and fair valuethrough profit or loss.The classification of financial assets at initial recognition depends on the financialasset\u2019s contractual cash flow characteristics and the Group\u2019s business model formanaging them. With the exception of trade receivables that do not containa significant financing component or for which the Group has applied the practicalexpedient of IFRS 15.63 associated with the determination of whether a significantfinancing component exists, the Group initially measures a financial asset at its fairvalue plus, in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables that do not contain a significant financingcomponent or for which the Group has applied the practical expedient are measuredat the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortized cost or fairvalue through OCI, it needs to give rise to cash flows that are \u2018solely payments ofprincipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessmentis referred to as the SPPI test and is performed at an instrument level. The Group\u2019sbusiness model for managing financial assets refers to how it manages its financialassets in order to generate cash flows. The business model determines whethercash flows will result from collecting contractual cash flows, selling the financialassets, or both.Subsequent measurementFinancial assets at amortized cost are the most relevant to the Group. The Groupmeasures financial assets at amortized cost if both of the following conditions aremet:The financial asset is held within a business model with the objective to holdfinancial assets in order to collect contractual cash flows, and>The contractual terms of the financial asset give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amountoutstanding>Financial assets at amortized cost are subsequently measured using the effectiveinterest rate (EIR) method and are subject to impairment. Gains and losses arerecognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized cost includes trade receivables, contractassets and a loan to an associate.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>ImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings, payables, or as derivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilities are recognized initially at fair value and, in the case of loans andborrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans andborrowings including bank overdrafts, and derivative financial instruments, if any.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in twocategories:Financial liabilities at fair value through profit or loss>Financial liabilities at amortized cost (loans and borrowings)>Financial liabilities at amortized cost (loans and borrowings) is the category mostrelevant to the Group. After initial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using the EIR method. Gains andlosses are recognized in profit or loss when the liabilities are derecognized as well asthrough the EIR amortization process. Amortized cost is calculated by taking intoaccount any discount or premium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included as finance costs in thestatement of profit or loss.DerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.Derivative financial instrumentsThe Group may use interest rate swaps and foreign currency contracts to hedge itsinterest-rate and foreign currency risk exposures arising from project and financingactivities. In accordance with its treasury policy, the Group does not hold derivativesfor trading purposes. Interest-rate swaps and foreign currency contracts aremeasured at fair value with any changes recognized immediately through profit andloss.The fair value of interest-rate swaps is calculated as the present value of theestimated future cash flows. The fair value of forward currency contracts isdetermined using the forward foreign exchange rates as at the closing date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-386-3": {
"value": "Government grantsGovernment grants are recognized where there is reasonable assurance that thegrant will be received and all attached conditions will be complied with. When thegrant relates to an expense item, it is recognized as income on a systematic basisover the periods that the related costs, for which it is intended to compensate, areexpensed. When the grant relates to an asset, it is recognized as income in equalamounts over the expected useful life of the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-393-3": {
"value": "Employee benefitsCash-settled stock compensation plans are initially measured at the fair value of theliability which is expensed over the 3-year vesting period as the employees renderservice. The liability is remeasured at each balance sheet date to its fair value, withany changes recognized immediately through profit and loss. The estimates withrespect to the number of units that are expected to vest (based on performanceconditions) and for which share price are revised at each balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-393-4": {
"value": "Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided.A liability is recognized for the amount expected to be paid if the Group hasa present legal or constructive obligation to pay this amount as a result of pastservice provided by the employee and the obligation can be estimated reliably. Wagetax deductions (WBSO) are recognized in profit or loss over the periods in which theGroup recognizes the related costs which the grants are intended to compensate.Post-employment benefit planThe Group has a defined benefit scheme for which premiums are payable to anindustry pension fund (Bedrijfstakpensioenfonds) that is separately managed: thePensioenfonds Metaal en Techniek (PMT). This pension scheme is administeredtogether with those of other legal entities. The pension obligation is based on theduration of the participation in the plan and their salary levels. The relatedobligations are covered by the periodical premiums to the industry pension fund. Theassociated businesses are not obliged to compensate any deficits in the pensionfunds, nor are they entitled to any surpluses. Furthermore, the structure of theadministration does not allow for providing the required information to the Group foraccounting for the pension scheme as a defined benefit scheme in accordance withIAS 19. As such, this pension scheme has been accounted for as a definedcontribution scheme in the financial statements.Obligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits is the amountof future benefit that employees have earned in return for their service in the currentand prior periods. That benefit is discounted to determine its present value.Remeasurements are recognized in profit or loss in the period in which they arise.Cash-settled stock compensation plans are initially measured at the fair value of theliability which is expensed over the 3-year vesting period as the employees renderservice. The liability is remeasured at each balance sheet date to its fair value, withany changes recognized immediately through profit and loss. The estimates withrespect to the number of units that are expected to vest (based on performanceconditions) and for which share price are revised at each balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-393-5": {
"value": "Employee benefitsShort-term employee benefitsShort-term employee benefits are expensed as the related service is provided.A liability is recognized for the amount expected to be paid if the Group hasa present legal or constructive obligation to pay this amount as a result of pastservice provided by the employee and the obligation can be estimated reliably. Wagetax deductions (WBSO) are recognized in profit or loss over the periods in which theGroup recognizes the related costs which the grants are intended to compensate.Post-employment benefit planThe Group has a defined benefit scheme for which premiums are payable to anindustry pension fund (Bedrijfstakpensioenfonds) that is separately managed: thePensioenfonds Metaal en Techniek (PMT). This pension scheme is administeredtogether with those of other legal entities. The pension obligation is based on theduration of the participation in the plan and their salary levels. The relatedobligations are covered by the periodical premiums to the industry pension fund. Theassociated businesses are not obliged to compensate any deficits in the pensionfunds, nor are they entitled to any surpluses. Furthermore, the structure of theadministration does not allow for providing the required information to the Group foraccounting for the pension scheme as a defined benefit scheme in accordance withIAS 19. As such, this pension scheme has been accounted for as a definedcontribution scheme in the financial statements.Obligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.Other long-term employee benefitsThe Group\u2019s net obligation in respect of long-term employee benefits is the amountof future benefit that employees have earned in return for their service in the currentand prior periods. That benefit is discounted to determine its present value.Remeasurements are recognized in profit or loss in the period in which they arise.Cash-settled stock compensation plans are initially measured at the fair value of theliability which is expensed over the 3-year vesting period as the employees renderservice. The liability is remeasured at each balance sheet date to its fair value, withany changes recognized immediately through profit and loss. The estimates withrespect to the number of units that are expected to vest (based on performanceconditions) and for which share price are revised at each balance sheet date.Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 yearsProperty, plant and equipmentDepreciationDepreciation is calculated using the cost of items of property, plant and equipmentless their estimated residual values using the straight-line method over theirestimated useful lifes, and is recognized in profit or loss. Land is not depreciated.Assets which are under construction are capitalised under property, plant orequipment whereby depreciation will start when the asset is available for use.The estimated useful lifes of property, plant and equipment for current andcomparative periods are as follows:>Buildings:6 \u2013 20 years>Plant and equipment:5 \u2013 20 years>Other fixed assets:5 \u2013 10 yearsDepreciation methods, useful lifes and residual values are reviewed at each reportingdate and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-428-4": {
"value": "Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-428-5": {
"value": "Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-428-6": {
"value": "Finance income and finance costsThe Group\u2019s finance income and finance costs include:interest income;>interest expense; and>the foreign currency gain or loss on financial assets and financial liabilities.>Interest income or expense is recognized using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-437-4": {
"value": "Foreign currency transactionsTransactions in foreign currencies are initially recorded by the Group\u2019s entities attheir respective functional currency spot rates at the date the transaction firstqualifies for recognition. Monetary assets and liabilities denominated in foreigncurrencies are translated at the functional currency spot rates of exchange at thereporting date. Differences arising on settlement or translation of monetary itemsare recognized in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreigncurrency are translated using the exchange rates at the dates of the initialtransactions. Non-monetary items measured at fair value in a foreign currency aretranslated using the exchange rates at the date when the fair value is determined.The gain or loss arising on translation of non-monetary items measured at fair valueis treated in line with the recognition of the gain or loss on the change in fair value ofthe item.On consolidation, the assets and liabilities of foreign operations are translated intoeuros at the rate of exchange prevailing at the reporting date and their statements ofprofit or loss are translated at exchange rates prevailing at the dates of thetransactions. The exchange differences arising on translation for consolidation arerecognized in other comprehensive income (OCI). On disposal of a foreign operation,the component of OCI relating to that particular foreign operation is realised in profitor loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-458-3": {
"value": "TaxesDeferred taxDeferred tax is provided using the liability method on temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting purposes andtheir tax bases, except for:deferred tax liabilities arising from the initial recognition of goodwill or assets orliabilities in a transaction that is not a business combination and, at the time ofthe transaction, affects neither accounting nor taxable profit or loss and;>temporary differences related to investments in subsidiaries, associates and jointarrangements to the extent that the Group is able to control the timing of thereversal of the temporary differences and it is probable that they will not reversein the foreseeable future.>Deferred tax assets are recognized for all deductible unused tax losses, tax creditsand unused deductible temporary differences to the extent that it is probable thatfuture taxable profits will be available against which they can be utilised. Deferredtax assets are reviewed at each reporting date and are reduced to the extent that itis no longer probable that the related tax benefit will be realised. Such reductions arereversed when the probability of future taxable profits improves.Unrecognized deferred tax assets are reassessed at each reporting date andrecognized to the extent that it has become probable that future taxable profits willbe available against which they can be utilised.Deferred tax assets and liabilities are measured at the tax rates that are expected toapply in the year when the asset is realised or the liability is settled, based on taxrates (and tax laws) that have been enacted or substantively enacted at thereporting date.Deferred tax relating to items recognized outside profit or loss is recognized outsideprofit or loss. Deferred tax items are recognized in correlation to the underlyingtransaction either in other comprehensive income (OCI) or directly in equity.The Group offsets deferred tax assets and deferred tax liabilities if and only if it hasa legally enforceable right to set off current tax assets and current tax liabilities andthe deferred tax assets and deferred tax liabilities relate to income taxes levied bythe same taxation authority on either the same taxable entity or different taxableentities which intend either to settle current tax liabilities and assets on a net basis,or to realise the assets and settle the liabilities simultaneously, in each future periodin which significant amounts of deferred tax liabilities or assets are expected to besettled or recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-458-4": {
"value": "TaxesCurrent taxCurrent tax comprises the expected tax payable or receivable on the taxable incomeor loss for the year and any adjustment to tax payable or receivable in respect ofprevious years. It is measured using tax rates enacted or substantively enacted atthe reporting date in the countries where the Group operates and generates taxableincome.Income tax expense comprises current and deferred tax. Income taxes arerecognized in profit or loss except to the extent that they relate to items recognizeddirectly in equity or in other comprehensive income. Management periodicallyevaluates positions taken in the tax returns with respect to situations in whichapplicable tax regulations are subject to interpretation and establishes provisionswhere appropriate.Deferred taxDeferred tax is provided using the liability method on temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting purposes andtheir tax bases, except for:deferred tax liabilities arising from the initial recognition of goodwill or assets orliabilities in a transaction that is not a business combination and, at the time ofthe transaction, affects neither accounting nor taxable profit or loss and;>temporary differences related to investments in subsidiaries, associates and jointarrangements to the extent that the Group is able to control the timing of thereversal of the temporary differences and it is probable that they will not reversein the foreseeable future.>Deferred tax assets are recognized for all deductible unused tax losses, tax creditsand unused deductible temporary differences to the extent that it is probable thatfuture taxable profits will be available against which they can be utilised. Deferredtax assets are reviewed at each reporting date and are reduced to the extent that itis no longer probable that the related tax benefit will be realised. Such reductions arereversed when the probability of future taxable profits improves.Unrecognized deferred tax assets are reassessed at each reporting date andrecognized to the extent that it has become probable that future taxable profits willbe available against which they can be utilised.Deferred tax assets and liabilities are measured at the tax rates that are expected toapply in the year when the asset is realised or the liability is settled, based on taxrates (and tax laws) that have been enacted or substantively enacted at thereporting date.Deferred tax relating to items recognized outside profit or loss is recognized outsideprofit or loss. Deferred tax items are recognized in correlation to the underlyingtransaction either in other comprehensive income (OCI) or directly in equity.The Group offsets deferred tax assets and deferred tax liabilities if and only if it hasa legally enforceable right to set off current tax assets and current tax liabilities andthe deferred tax assets and deferred tax liabilities relate to income taxes levied bythe same taxation authority on either the same taxable entity or different taxableentities which intend either to settle current tax liabilities and assets on a net basis,or to realise the assets and settle the liabilities simultaneously, in each future periodin which significant amounts of deferred tax liabilities or assets are expected to besettled or recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-508-3": {
"value": "Value added taxExpenses and assets are recognized net of the amount of value added tax, exceptwhen the value added tax incurred on a purchase of assets or services is notrecoverable from the taxation authority, in which case, the value added tax isrecognized as part of the cost of acquisition of the asset or as part of the expenseitem, as applicable.The net amount of value added tax recoverable from, or payable to, the taxationauthority is included as part of receivables or payables in the statement of financialposition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-517-3": {
"value": "Intangible assetsSoftwareSoftware is recognized at cost less accumulated amortization and accumulatedimpairment. Amortization is based on the estimated useful lifes of the assetsconcerned and assessed for impairment whenever there is an indication that theintangible asset may be impaired. Amortization methods, useful lifes and residualvalues are reviewed at each reporting date and adjusted if appropriate.Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-517-4": {
"value": "Intangible assetsSoftwareSoftware is recognized at cost less accumulated amortization and accumulatedimpairment. Amortization is based on the estimated useful lifes of the assetsconcerned and assessed for impairment whenever there is an indication that theintangible asset may be impaired. Amortization methods, useful lifes and residualvalues are reviewed at each reporting date and adjusted if appropriate.Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-524-6": {
"value": "Research and development costsResearch costs are expensed as incurred. Development expenditures on anindividual project are recognized as an intangible asset when the Group candemonstrate:The technical feasibility of completing the intangible asset so that the asset willbe available for use or sale>Its intention to complete and its ability and intention to use or sell the asset>How the asset will generate future economic benefits>The availability of resources to complete the asset>The ability to measure reliably the expenditure during development>Following initial recognition of the development expenditure as an asset, the asset iscarried at cost less any accumulated amortization and accumulated impairmentlosses. Amortization of the asset begins when development is complete, and theasset is available for use. It is amortized over the period of expected future benefit.Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.A summary of the policies applied to the Group\u2019s intangible assets is, as follows:>Software:3 years>Development costs:Determined per project, standardassumption 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-553-4": {
"value": "Property, plant and equipmentRecognition and measurementItems of property, plant and equipment are measured at cost less accumulateddepreciation and accumulated impairment losses, if any. Such cost includes the costof replacing part of the plant and equipment and borrowing costs for long-termconstruction projects if the recognition criteria are met. When significant parts ofplant and equipment are required to be replaced at intervals, the Group depreciatesthem separately based on their specific useful lifes. Likewise, when a majorrenovation or overhaul is performed, its cost is recognized in the carrying amount ofthe plant and equipment as a replacement if the recognition criteria are satisfied. Allother repair and maintenance costs are recognized in profit or loss as incurred.If significant parts of an item of property, plant and equipment have different usefullifes, they are accounted for as separate items (major components) of property,plant and equipment.Subsequent expenditureSubsequent expenditure is capitalised only when it is probable that the futureeconomic benefits associated with the expenditure will flow to the Group.DepreciationDepreciation is calculated using the cost of items of property, plant and equipmentless their estimated residual values using the straight-line method over theirestimated useful lifes, and is recognized in profit or loss. Land is not depreciated.Assets which are under construction are capitalised under property, plant orequipment whereby depreciation will start when the asset is available for use.The estimated useful lifes of property, plant and equipment for current andcomparative periods are as follows:>Buildings:6 \u2013 20 years>Plant and equipment:5 \u2013 20 years>Other fixed assets:5 \u2013 10 yearsDepreciation methods, useful lifes and residual values are reviewed at each reportingdate and adjusted if appropriate.DerecognitionAn item of property, plant and equipment and any significant part initially recognizedis derecognized upon disposal (i.e., at the date the recipient obtains control) or whenno future economic benefits are expected from its use or disposal. Any gain or lossarising on derecognition of the asset (calculated as the difference between the netdisposal proceeds and the carrying amount of the asset) is included in thestatement of profit or loss when the asset is derecognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-553-5": {
"value": "Property, plant and equipmentDepreciationDepreciation is calculated using the cost of items of property, plant and equipmentless their estimated residual values using the straight-line method over theirestimated useful lifes, and is recognized in profit or loss. Land is not depreciated.Assets which are under construction are capitalised under property, plant orequipment whereby depreciation will start when the asset is available for use.The estimated useful lifes of property, plant and equipment for current andcomparative periods are as follows:>Buildings:6 \u2013 20 years>Plant and equipment:5 \u2013 20 years>Other fixed assets:5 \u2013 10 yearsDepreciation methods, useful lifes and residual values are reviewed at each reportingdate and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-596-3": {
"value": "Investment propertyInvestment property is initially measured at cost. Subsequent to initial recognition,investment properties are stated at fair value, which reflects market conditions atthe reporting date. Gains or losses arising from changes in the fair values ofinvestment properties are included in profit or loss in the period in which they arise,including the corresponding tax effect.Investment properties are derecognized either when they have been disposed of (i.e.,at the date the recipient obtains control) or when they are permanently withdrawnfrom use and no future economic benefit is expected from their disposal. Any gainor loss on disposal of an investment property (calculated as the difference betweenthe net proceeds from disposal and the carrying amount of the item) is recognizedin profit or loss in the period of derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-608-3": {
"value": "LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease.That is, if the contract conveys the right to control the use of an identified asset fora period of time in exchange for consideration.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases,except for short-term leases and leases of low-value assets. The Group recognizeslease liabilities to make lease payments and right-of-use assets representing theright to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease(i.e., the date the underlying asset is available for use). Right-of-use assets aremeasured at cost, less any accumulated depreciation and impairment losses, andadjusted for any remeasurement of lease liabilities. The cost of right-of-use assetsincludes the amount of lease liabilities recognized, initial direct costs incurred, andlease payments made at or before the commencement date less any leaseincentives received. Right-of-use assets are depreciated on a straight-line basis overthe shorter of the lease term and the estimated useful lifes of the assets. For moreinformation related to the estimated useful life of the assets reference is made tonote 3.2.If ownership of the leased asset transfers to the Group at the end of the lease termor the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset.The right-of-use assets are also subject to impairment. Refer to the accountingpolicies in section \u201cImpairment of non-financial assets\u201d.Lease liabilitiesAt the commencement date of the lease, the Group recognizes lease liabilitiesmeasured at the present value of lease payments to be made over the lease term.The lease payments include fixed payments (including in-substance fixed payments)less any lease incentives receivable, variable lease payments that depend on anindex or a rate, and amounts expected to be paid under residual value guarantees.The lease payments also include the exercise price of a purchase option reasonablycertain to be exercised by the Group and payments of penalties for terminating thelease, if the lease term reflects the Group exercising the option to terminate. Variablelease payments that do not depend on an index or a rate are recognized asexpenses (unless they are incurred to produce inventories) in the period in which theevent or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incrementalborrowing rate at the lease commencement date because the interest rate implicit inthe lease is not readily determinable. After the commencement date, the amount oflease liabilities is increased to reflect the accretion of interest and reduced for thelease payments made. In addition, the carrying amount of lease liabilities isremeasured if there is a modification, a change in the lease term, a change in thelease payments (e.g., changes to future payments resulting from a change in anindex or rate used to determine such lease payments) or a change in theassessment of an option to purchase the underlying asset.The repayment of lease liabilities is separately shown in cash flow statement underfinancing activities. The interest part is shown as part of the interest paid. TheGroup\u2018s lease liabilities are separately shown in the balance sheet.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-termleases of machinery and equipment (i.e., those leases that have a lease term of12 months or less from the commencement date and do not contain a purchaseoption). It also applies the lease of low value assets recognition exemption to leasesof office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.Significant judgement in determining the lease term of contracts with renewal optionsThe Group determines the lease term as the non-cancellable term of the lease,together with any periods covered by an option to extend the lease if it is reasonablycertain to be exercised, or any periods covered by an option to terminate the lease, ifit is reasonably certain not to be exercised. The Group applies judgement inevaluating whether it is reasonably certain to exercise the option to terminate orextend the lease. That is, it considers all relevant factors that create an economicincentive for it to exercise the renewal. After the commencement date, the Groupreassesses the lease term if there is a significant event or change in circumstancesthat is within its control and affects its ability to exercise (or not to exercise) theoption to renew or to terminate (e.g., a change in business strategy).During 2022 no adjustments have been made to the estimations of the lease termswhich had a material impact.Group as a lessorLeases in which the Group does not transfer substantially all the risks and rewardsincidental to ownership of an asset are classified as operating leases. Rental incomearising is accounted for on a straight-line basis over the lease terms and is includedin operational lease income in the statement of profit or loss due to its operatingnature. Initial direct costs incurred in negotiating and arranging an operating leaseare added to the carrying amount of the leased asset and recognized over the leaseterm on the same basis as rental income. Rents are recognized as revenue in theperiod in which they are earned.Impairment of non-financial assetsEach reporting date, the Group assesses whether there is any indication that theGroup\u2019s assets have been impaired. If any indication exists, an estimate is made ofthe recoverable amount of the asset concerned. An impairment is only recognizedwhen the carrying amount of an asset or its cash-generating unit exceeds itsrecoverable amount. Any impairments are recognized in the statement of profit orloss under depreciation and impairment expenses.The recoverable amount of an asset or cash-generating unit is the higher of thevalue in use and the fair value less costs of disposal. The recoverable amount iscalculated for each asset individually, unless that asset does not generate any cashflows that are largely independent from those of other assets or groups of assets.The calculation of the value in use is based on a discounting of the estimated futurecash flows, using a discount rate that reflects the current market assessments ofthe time value of money and the specific risks associated with the asset. For thecalculation of fair value minus cost of disposal use is made of an appropriatevaluation model.A previously recognized impairment loss is only reversed if the assumptions used todetermine the asset\u2019s recoverable amount have changed since the most recentimpairment loss. The reversal is limited so that the carrying amount of the assetdoes not exceed its recoverable amount, nor exceed the carrying amount that wouldhave been determined, net of depreciation, had no impairment loss been recognizedfor the asset in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-687-3": {
"value": "Investments in joint venturesA joint venture is a type of joint arrangement whereby the parties that have jointcontrol of the arrangement have rights to the net assets of the joint venture. Jointcontrol is the contractually agreed sharing of control of an arrangement, whichexists only when decisions about the relevant activities require the unanimousconsent of the parties sharing control. The considerations made in determiningsignificant influence or joint control are similar to those necessary to determinecontrol over subsidiaries. The Group\u2019s investments in its joint ventures areaccounted for using the equity method. Under the equity method, the investment ina joint venture is initially recognized at cost. The carrying amount of the investmentis adjusted to recognize changes in the Group\u2019s share of net assets of the jointventures since the acquisition date.The statement of profit or loss reflects the Group\u2019s share of the results of operationsof the associate or joint venture. In addition, when there has been a changerecognized directly in the equity of the associate or joint venture, the Grouprecognizes its share of any changes, when applicable, in the statement of changes inequity. Unrealised gains and losses resulting from transactions between the Groupand the associate or joint venture are eliminated to the extent of the interest in theassociate or joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-687-4": {
"value": "Investments in joint venturesA joint venture is a type of joint arrangement whereby the parties that have jointcontrol of the arrangement have rights to the net assets of the joint venture. Jointcontrol is the contractually agreed sharing of control of an arrangement, whichexists only when decisions about the relevant activities require the unanimousconsent of the parties sharing control. The considerations made in determiningsignificant influence or joint control are similar to those necessary to determinecontrol over subsidiaries. The Group\u2019s investments in its joint ventures areaccounted for using the equity method. Under the equity method, the investment ina joint venture is initially recognized at cost. The carrying amount of the investmentis adjusted to recognize changes in the Group\u2019s share of net assets of the jointventures since the acquisition date.The statement of profit or loss reflects the Group\u2019s share of the results of operationsof the associate or joint venture. In addition, when there has been a changerecognized directly in the equity of the associate or joint venture, the Grouprecognizes its share of any changes, when applicable, in the statement of changes inequity. Unrealised gains and losses resulting from transactions between the Groupand the associate or joint venture are eliminated to the extent of the interest in theassociate or joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-712-3": {
"value": "InventoriesInventories are measured at the lower of cost and net realisable value. The cost ofinventories is based on the first-in first-out principle. Net realisable value is theestimated selling price in the ordinary course of business, less estimated costs ofcompletion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-717-5": {
"value": "Cash and cash equivalentsCash and cash equivalents in the statement of financial position comprise cash atbanks and in hand, which are subject to an insignificant risk of changes in value.Because of the short term nature of the instrument, the Group recognizes thecurrent account at its contractual par amount. Similar to trade receivables, thecurrent account involves one single cash flow which is the repayment of theprincipal. Therefore, the cash flows resulting from the receivables meet the SPPI testof payments of principal and interest despite the interest component being zero.The Group holds the current account in order to collect contractual cash flows. Thecurrent account is therefore classified as measured at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-727-6": {
"value": "Financial assetsImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.Impairment of non-financial assetsEach reporting date, the Group assesses whether there is any indication that theGroup\u2019s assets have been impaired. If any indication exists, an estimate is made ofthe recoverable amount of the asset concerned. An impairment is only recognizedwhen the carrying amount of an asset or its cash-generating unit exceeds itsrecoverable amount. Any impairments are recognized in the statement of profit orloss under depreciation and impairment expenses.The recoverable amount of an asset or cash-generating unit is the higher of thevalue in use and the fair value less costs of disposal. The recoverable amount iscalculated for each asset individually, unless that asset does not generate any cashflows that are largely independent from those of other assets or groups of assets.The calculation of the value in use is based on a discounting of the estimated futurecash flows, using a discount rate that reflects the current market assessments ofthe time value of money and the specific risks associated with the asset. For thecalculation of fair value minus cost of disposal use is made of an appropriatevaluation model.A previously recognized impairment loss is only reversed if the assumptions used todetermine the asset\u2019s recoverable amount have changed since the most recentimpairment loss. The reversal is limited so that the carrying amount of the assetdoes not exceed its recoverable amount, nor exceed the carrying amount that wouldhave been determined, net of depreciation, had no impairment loss been recognizedfor the asset in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-727-7": {
"value": "Financial assetsImpairmentThe Group recognizes an allowance for expected credit losses (ECLs) for all debtinstruments not held at fair value through profit or loss. ECLs are based on thedifference between the contractual cash flows due in accordance with the contractand all the cash flows that the Group expects to receive, discounted at anapproximation of the original effective interest rate.For trade receivables and contract assets, the Group applies a simplified approach incalculating ECLs, as these positions do not contain a significant financingcomponent. Therefore, the Group does not track changes in credit risk, but insteadrecognizes a loss allowance based on lifetime ECLs at each reporting date. TheGroup has established a provision matrix that is based on its historical credit lossexperience, adjusted for forward-looking factors such as macro economicinformation and the loss given default, specific to the debtors and the economicenvironment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-727-8": {
"value": "Financial assetsDerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a groupof similar financial assets) is derecognized (i.e., removed from the Group\u2019sconsolidated statement of financial position) when:the rights to receive cash flows from the asset have expired;>orthe Group has transferred its rights to receive cash flows from the asset or hasassumed an obligation to pay the received cash flows in full without materialdelay to a third party under a \u2018pass-through\u2019 arrangement and either (a) theGroup has transferred substantially all the risks and rewards of the asset, or (b)the Group has neither transferred nor retained substantially all the risks andrewards of the asset, but has transferred control of the asset.>Financial liabilitiesDerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-796-5": {
"value": "Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings, payables, or as derivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilities are recognized initially at fair value and, in the case of loans andborrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans andborrowings including bank overdrafts, and derivative financial instruments, if any.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in twocategories:Financial liabilities at fair value through profit or loss>Financial liabilities at amortized cost (loans and borrowings)>Financial liabilities at amortized cost (loans and borrowings) is the category mostrelevant to the Group. After initial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using the EIR method. Gains andlosses are recognized in profit or loss when the liabilities are derecognized as well asthrough the EIR amortization process. Amortized cost is calculated by taking intoaccount any discount or premium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included as finance costs in thestatement of profit or loss.DerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-796-6": {
"value": "Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings, payables, or as derivativesdesignated as hedging instruments in an effective hedge, as appropriate. All financialliabilities are recognized initially at fair value and, in the case of loans andborrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans andborrowings including bank overdrafts, and derivative financial instruments, if any.Subsequent measurementFor purposes of subsequent measurement, financial liabilities are classified in twocategories:Financial liabilities at fair value through profit or loss>Financial liabilities at amortized cost (loans and borrowings)>Financial liabilities at amortized cost (loans and borrowings) is the category mostrelevant to the Group. After initial recognition, interest-bearing loans and borrowingsare subsequently measured at amortized cost using the EIR method. Gains andlosses are recognized in profit or loss when the liabilities are derecognized as well asthrough the EIR amortization process. Amortized cost is calculated by taking intoaccount any discount or premium on acquisition and fees or costs that are anintegral part of the EIR. The EIR amortization is included as finance costs in thestatement of profit or loss.DerecognitionA financial liability is derecognized when the obligation under the liability isdischarged or cancelled or expires. When an existing financial liability is replaced byanother from the same lender on substantially different terms, or the terms of anexisting liability are substantially modified, such an exchange or modification istreated as the derecognition of the original liability and the recognition of a newliability. The difference in the respective carrying amounts is recognized in thestatement of profit or loss.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-796-7": {
"value": "Financial liabilitiesInitial recognition and measurementIn case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-830-8": {
"value": "Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported inthe consolidated statement of financial position if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle ona net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-835-4": {
"value": "Derivative financial instrumentsThe Group may use interest rate swaps and foreign currency contracts to hedge itsinterest-rate and foreign currency risk exposures arising from project and financingactivities. In accordance with its treasury policy, the Group does not hold derivativesfor trading purposes. Interest-rate swaps and foreign currency contracts aremeasured at fair value with any changes recognized immediately through profit andloss.The fair value of interest-rate swaps is calculated as the present value of theestimated future cash flows. The fair value of forward currency contracts isdetermined using the forward foreign exchange rates as at the closing date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-835-5": {
"value": "Derivative financial instrumentsThe Group may use interest rate swaps and foreign currency contracts to hedge itsinterest-rate and foreign currency risk exposures arising from project and financingactivities. In accordance with its treasury policy, the Group does not hold derivativesfor trading purposes. Interest-rate swaps and foreign currency contracts aremeasured at fair value with any changes recognized immediately through profit andloss.The fair value of interest-rate swaps is calculated as the present value of theestimated future cash flows. The fair value of forward currency contracts isdetermined using the forward foreign exchange rates as at the closing date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-845-3": {
"value": "Fair value measurementFair value is the price that would be received to sell an asset or paid to transfera liability in an orderly transaction between market participants at the measurementdate. The Group uses valuation techniques that are appropriate in the circumstancesand for which sufficient data are available to measure fair value, maximising the useof relevant observable inputs and minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financialstatements are categorised within the fair value hierarchy, described as follows,based on the lowest level input that is significant to the fair value measurement asa whole:Level 1: quoted prices (unadjusted) in active markets for identical assets orliabilities.>Level 2: Valuation techniques for which the lowest level input that is significantto the fair value measurement is directly or indirectly observable>Level 3: Valuation techniques for which the lowest level input that is significantto the fair value measurement is unobservable.>For assets and liabilities that are recognized in the financial statements at fair valueon a recurring basis, the Group determines whether transfers have occurredbetween levels in the hierarchy by re-assessing categorisation (based on the lowestlevel input that is significant to the fair value measurement as a whole) at the end ofeach reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-872-3": {
"value": "Share capitalCash dividend and non-cash distribution to the shareholderThe Company recognizes a liability to make cash or non-cash distributions to theshareholders when the distribution is authorised and the distribution is no longer atthe discretion of the Company. As per the corporate laws in the Netherlands,a distribution is authorised when it is approved by the shareholders. A correspondingamount is recognized directly in equity.Non-cash distributions are measured at the fair value of the assets to be distributedwith fair value remeasurement recognized directly in equity. Upon distribution ofnon-cash assets, any difference between the carrying amount of the liability and thecarrying amount of the assets distributed is recognized in the statement of profit orloss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-884-3": {
"value": "ProvisionsProvisions are recognized when the Group has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow of resourcesembodying economic benefits will be required to settle the obligation and a reliableestimate can be made of the amount of the obligation. When the Group expectssome or all of a provision to be reimbursed, for example, under an insurancecontract, the reimbursement is recognized as a separate asset, but only when thereimbursement is virtually certain. The expense relating to a provision is presented inthe statement of profit or loss net of any reimbursement.If the effect of the time value of money is material, provisions are discounted usinga current pre-tax rate that reflects, when appropriate, the risks specific to the liability.When discounting is used, the increase in the provision due to the passage of time isrecognized as a finance cost.Onerous contractsIf the Group has a contract that is onerous, the present obligation under the contractis recognized and measured as a provision. However, before a separate provision foran onerous contract is established, the Group recognizes any impairment loss thathas occurred on assets dedicated to that contract. An onerous contract is a contractunder which the unavoidable costs (i.e., the costs that the Group cannot avoidbecause it has the contract) of meeting the obligations under the contract exceedthe economic benefits expected to be received under it. The unavoidable costsunder a contract reflect the least net cost of exiting from the contract, which is thelower of the cost of fulfilling it and any compensation or penalties arising fromfailure to fulfil it. The cost of fulfilling a contract comprises the costs that relatedirectly to the contract (i.e., both incremental costs and an allocation of costsdirectly related to contract activities).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-910-5": {
"value": "Impairment of non-financial assetsEach reporting date, the Group assesses whether there is any indication that theGroup\u2019s assets have been impaired. If any indication exists, an estimate is made ofthe recoverable amount of the asset concerned. An impairment is only recognizedwhen the carrying amount of an asset or its cash-generating unit exceeds itsrecoverable amount. Any impairments are recognized in the statement of profit orloss under depreciation and impairment expenses.The recoverable amount of an asset or cash-generating unit is the higher of thevalue in use and the fair value less costs of disposal. The recoverable amount iscalculated for each asset individually, unless that asset does not generate any cashflows that are largely independent from those of other assets or groups of assets.The calculation of the value in use is based on a discounting of the estimated futurecash flows, using a discount rate that reflects the current market assessments ofthe time value of money and the specific risks associated with the asset. For thecalculation of fair value minus cost of disposal use is made of an appropriatevaluation model.A previously recognized impairment loss is only reversed if the assumptions used todetermine the asset\u2019s recoverable amount have changed since the most recentimpairment loss. The reversal is limited so that the carrying amount of the assetdoes not exceed its recoverable amount, nor exceed the carrying amount that wouldhave been determined, net of depreciation, had no impairment loss been recognizedfor the asset in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-932-2": {
"value": "4 Changes in accounting policies and disclosuresNew and amended standards and interpretationsThe Group applied for the first-time certain standards and amendments, which areeffective for annual periods beginning on or after 1 January 2022. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet effective.Amendments to IAS 16 Property, plant and equipment \u2013 Proceeds beforeintended use, effective 1 January 2022The amendments prohibits entities deducting from the cost of an item of property,plant and equipment, any proceeds from selling items produced while bringing thatasset to the location and condition necessary for it to be capable of operating in themanner intended by management. Instead, an entity recognizes the proceeds fromselling such items, and the costs of producing those items, in profit or loss.Companies are required to apply the amendment to annual reporting periodsbeginning on or after 1 January 2022. The amendment must be appliedretrospectively but only to items of property, plant and equipment that are broughtto the location and condition necessary for them to be capable of operating in themanner intended by management on or after the beginning of the earliest periodpresented in the financial statements in which the entity first applies theamendments.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 37 Provisions, contingent liabilities and contingentassets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January2022The amendments specify which costs an entity needs to include when assessingwhether a contract is onerous or loss-making. The amendments apply a \u201cdirectlyrelated cost approach\u201d. The costs that relate directly to a contract to provide goodsor services include both incremental costs (e.g., the costs of direct labour andmaterials) and an allocation of costs (e.g., depreciation of equipment used to fulfilthe contract as well as costs of contract management and supervision) directlyrelated to contract activities. General and administrative costs do not relate directlyto a contract and are excluded unless they are explicitly chargeable to thecounterparty under the contract.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IFRS 3 Business combinations \u2013 References to theconceptual framework, effective 1 January 2022The amendments replaced the reference to an old version of the IASB\u2019s ConceptualFramework (the 1989 Framework) with a reference to the current version issued inMarch 2018 (the Conceptual Framework). The amendments further added anexception to the recognition principle in IFRS 3. That is, for liabilities and contingentliabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separatelyan acquirer would apply IAS 37 or IFRIC 21, respectively, instead of the ConceptualFramework, to identify the obligations it has assumed in a business combination.The amendment further added an explicit statement in the standard that an acquirercannot recognize contingent assets acquired in a business combination.These amendments had no impact on the consolidated financial statements of theGroup.Annual Improvements Cycle - 2018-2020, effective 1 January 2022The IASB issued the 2018-2020 cycle improvements to its standards andinterpretations. These improvements include:IFRS 9 Financial instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognitionof financial liabilities.The amendment clarifies the fees that an entity includes when assessingwhether the terms of a new or modified financial liability are substantiallydifferent from the terms of the original financial liability. These fees include onlythose paid or received between the borrower and the lender, including fees paidor received by either the borrower or lender on the other\u2019s behalf. An entityapplies the amendment to financial liabilities that are modified or exchanged onor after the beginning of the annual reporting period in which the entity firstapplies the amendment. An entity applies the amendments for annual reportingperiods beginning on or after 1 January 2022. An entity shall apply theamendments to financial liabilities that are modified or exchanged on or after thebeginning of the annual reporting period in which the entity first applies theamendment. Early application is permitted.These amendments had no impact on the Group\u2019s consolidated financialstatements.>Illustrative Examples accompanying IFRS 16 Leases.The amendment removes the illustration of payments from the lessor relating toleasehold improvements in Illustrative Example 13 accompanying IFRS 16. Thisremoves potential confusion regarding the treatment of lease incentives whenapplying IFRS 16. These amendments had no impact on the consolidatedfinancial statements of the Group.>5 Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yeteffective, up to the date of issuance of the Group\u2019s financial statements aredisclosed below. The Group intends to adopt these new and amended standardsand interpretations, if applicable, when they become effective.The amendments marked with an (*) have not been endorsed by the EU per the dateof these financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2013 Classificationof Liabilities as Current or Non-current (the 2020 amendments and2022 amendments)*The amendments clarify the criteria for determining whether to classify a liability ascurrent or non-current. The amendments clarify:Right to defer settlement - the amendments provide clarification that if anentity\u2019s right to defer settlement of a liability is subject to the entity complyingwith future covenants, the entity has a right to defer settlement of the liabilityeven if it does not comply with those covenants at the end of the reportingperiod.>Expected deferrals - the amendments clarify that classification of a liability isunaffected by the likelihood that the entity will exercise its right to defersettlement of the liability for at least twelve months after the reporting period.>Settlement by way of own equity instruments - the amendments clarify thatthere is an exception to the requirement that settlement of liabilities by way ofown equity instruments impacts the classification of liabilities.>Disclosures - the amendments require additional disclosures by an entity thatclassifies liabilities arising from loan arrangements as non-current when it hasa right to defer settlement of those liabilities that are subject to the entitycomplying with future covenants within twelve months.>Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.Since the Group\u2019s current practice is in line with the amendments, the Group doesnot expect any effect on its consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements and IFRSPractice Statement 2: Disclosure of Accounting policies, effective 1 January2023The amendments provide guidance on the application of materiality judgements toaccounting policy disclosures. The amendments to IAS 1 replace the requirement todisclose \u2018significant\u2019 accounting policies with a requirement to disclose \u2018material\u2019accounting policies.Guidance and illustrative examples are added in the Practice Statement to assist inthe application of the materiality concept when making judgements aboutaccounting policy disclosures.The amendments to IAS 1 will be effective for annual periods starting on or after1 January 2023 with earlier application permitted. The group is currently assessingthe impact of these amendments on the Group\u2019s consolidated financial statements.Amendments to IAS 8 Accounting policies, Changes in AccountingEstimates and Errors: Definition of Accounting Estimates, effective1 January 2023The amendments introduce a new definition of accounting estimates. Accountingestimates are defined as \u201cmonetary amounts in financial statements that aresubject to measurement uncertainty\u201d.The amendments clarify what changes in accounting estimates are and how thesediffer from changes in accounting policies and corrections of errors. Also, theyclarify how entities use measurement techniques and inputs to develop accountingestimates.The amendments become effective for annual reporting periods beginning on orafter 1 January 2023, with earlier application permitted. The group is currentlyassessing the impact of these amendments on the Group\u2019s consolidated financialstatements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets andLiabilities arising from a Single Transaction, effective 1 January 2023The Amendments narrow the scope of the initial recognition exception under IAS12 Income Taxes, so that it no longer applies to transactions that give rise to equaltaxable and deductible temporary differences.The Amendments also clarify that where payments that settle a liability aredeductible for tax purposes, it is a matter of judgement (having considered theapplicable tax law) whether such deductions are attributable for tax purposes to theliability recognized in the financial statements (and interest expense) or to therelated asset component (and interest expense). This judgement is important indetermining whether any temporary differences exist on initial recognition of theasset and liability.The Amendments apply to annual reporting periods beginning on or after 1 January2023, with earlier application permitted. The amendments apply prospectively totransactions that occur on or after the beginning of the earliest comparative periodpresented.The group is currently assessing the impact of these amendments on the Group\u2019sconsolidated financial statements.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024*The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognize any amount ofthe gain or loss that relates to the right of use retained. The amendment does notprescribe specific measurement requirements for lease liabilities arising froma leaseback. The initial measurement of the lease liability arising from a leasebackmay result in a seller-lessee determining \u2018lease payments\u2019 that are different from thegeneral definition of lease payments in Appendix A of IFRS 16. The seller-lessee willneed to develop and apply an accounting policy that results in information that isrelevant and reliable in accordance with IAS 8 Accounting Policies, Changes inAccounting Estimates and Errors.Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.The Group currently has had no sale and leaseback transactions since theimplementation date of IFRS 16. In case these will occur in future periods, theseamendments will be taken into account.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-932-3": {
"value": "4 Changes in accounting policies and disclosuresNew and amended standards and interpretationsThe Group applied for the first-time certain standards and amendments, which areeffective for annual periods beginning on or after 1 January 2022. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet effective.Amendments to IAS 16 Property, plant and equipment \u2013 Proceeds beforeintended use, effective 1 January 2022The amendments prohibits entities deducting from the cost of an item of property,plant and equipment, any proceeds from selling items produced while bringing thatasset to the location and condition necessary for it to be capable of operating in themanner intended by management. Instead, an entity recognizes the proceeds fromselling such items, and the costs of producing those items, in profit or loss.Companies are required to apply the amendment to annual reporting periodsbeginning on or after 1 January 2022. The amendment must be appliedretrospectively but only to items of property, plant and equipment that are broughtto the location and condition necessary for them to be capable of operating in themanner intended by management on or after the beginning of the earliest periodpresented in the financial statements in which the entity first applies theamendments.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 37 Provisions, contingent liabilities and contingentassets \u2013 onerous contracts\u2014cost of fulfilling a contract, effective 1 January2022The amendments specify which costs an entity needs to include when assessingwhether a contract is onerous or loss-making. The amendments apply a \u201cdirectlyrelated cost approach\u201d. The costs that relate directly to a contract to provide goodsor services include both incremental costs (e.g., the costs of direct labour andmaterials) and an allocation of costs (e.g., depreciation of equipment used to fulfilthe contract as well as costs of contract management and supervision) directlyrelated to contract activities. General and administrative costs do not relate directlyto a contract and are excluded unless they are explicitly chargeable to thecounterparty under the contract.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IFRS 3 Business combinations \u2013 References to theconceptual framework, effective 1 January 2022The amendments replaced the reference to an old version of the IASB\u2019s ConceptualFramework (the 1989 Framework) with a reference to the current version issued inMarch 2018 (the Conceptual Framework). The amendments further added anexception to the recognition principle in IFRS 3. That is, for liabilities and contingentliabilities that would be within the scope of IAS 37 or IFRIC 21, if incurred separatelyan acquirer would apply IAS 37 or IFRIC 21, respectively, instead of the ConceptualFramework, to identify the obligations it has assumed in a business combination.The amendment further added an explicit statement in the standard that an acquirercannot recognize contingent assets acquired in a business combination.These amendments had no impact on the consolidated financial statements of theGroup.Annual Improvements Cycle - 2018-2020, effective 1 January 2022The IASB issued the 2018-2020 cycle improvements to its standards andinterpretations. These improvements include:IFRS 9 Financial instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognitionof financial liabilities.The amendment clarifies the fees that an entity includes when assessingwhether the terms of a new or modified financial liability are substantiallydifferent from the terms of the original financial liability. These fees include onlythose paid or received between the borrower and the lender, including fees paidor received by either the borrower or lender on the other\u2019s behalf. An entityapplies the amendment to financial liabilities that are modified or exchanged onor after the beginning of the annual reporting period in which the entity firstapplies the amendment. An entity applies the amendments for annual reportingperiods beginning on or after 1 January 2022. An entity shall apply theamendments to financial liabilities that are modified or exchanged on or after thebeginning of the annual reporting period in which the entity first applies theamendment. Early application is permitted.These amendments had no impact on the Group\u2019s consolidated financialstatements.>Illustrative Examples accompanying IFRS 16 Leases.The amendment removes the illustration of payments from the lessor relating toleasehold improvements in Illustrative Example 13 accompanying IFRS 16. Thisremoves potential confusion regarding the treatment of lease incentives whenapplying IFRS 16. These amendments had no impact on the consolidatedfinancial statements of the Group.>5 Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yeteffective, up to the date of issuance of the Group\u2019s financial statements aredisclosed below. The Group intends to adopt these new and amended standardsand interpretations, if applicable, when they become effective.The amendments marked with an (*) have not been endorsed by the EU per the dateof these financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2013 Classificationof Liabilities as Current or Non-current (the 2020 amendments and2022 amendments)*The amendments clarify the criteria for determining whether to classify a liability ascurrent or non-current. The amendments clarify:Right to defer settlement - the amendments provide clarification that if anentity\u2019s right to defer settlement of a liability is subject to the entity complyingwith future covenants, the entity has a right to defer settlement of the liabilityeven if it does not comply with those covenants at the end of the reportingperiod.>Expected deferrals - the amendments clarify that classification of a liability isunaffected by the likelihood that the entity will exercise its right to defersettlement of the liability for at least twelve months after the reporting period.>Settlement by way of own equity instruments - the amendments clarify thatthere is an exception to the requirement that settlement of liabilities by way ofown equity instruments impacts the classification of liabilities.>Disclosures - the amendments require additional disclosures by an entity thatclassifies liabilities arising from loan arrangements as non-current when it hasa right to defer settlement of those liabilities that are subject to the entitycomplying with future covenants within twelve months.>Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.Since the Group\u2019s current practice is in line with the amendments, the Group doesnot expect any effect on its consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements and IFRSPractice Statement 2: Disclosure of Accounting policies, effective 1 January2023The amendments provide guidance on the application of materiality judgements toaccounting policy disclosures. The amendments to IAS 1 replace the requirement todisclose \u2018significant\u2019 accounting policies with a requirement to disclose \u2018material\u2019accounting policies.Guidance and illustrative examples are added in the Practice Statement to assist inthe application of the materiality concept when making judgements aboutaccounting policy disclosures.The amendments to IAS 1 will be effective for annual periods starting on or after1 January 2023 with earlier application permitted. The group is currently assessingthe impact of these amendments on the Group\u2019s consolidated financial statements.Amendments to IAS 8 Accounting policies, Changes in AccountingEstimates and Errors: Definition of Accounting Estimates, effective1 January 2023The amendments introduce a new definition of accounting estimates. Accountingestimates are defined as \u201cmonetary amounts in financial statements that aresubject to measurement uncertainty\u201d.The amendments clarify what changes in accounting estimates are and how thesediffer from changes in accounting policies and corrections of errors. Also, theyclarify how entities use measurement techniques and inputs to develop accountingestimates.The amendments become effective for annual reporting periods beginning on orafter 1 January 2023, with earlier application permitted. The group is currentlyassessing the impact of these amendments on the Group\u2019s consolidated financialstatements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets andLiabilities arising from a Single Transaction, effective 1 January 2023The Amendments narrow the scope of the initial recognition exception under IAS12 Income Taxes, so that it no longer applies to transactions that give rise to equaltaxable and deductible temporary differences.The Amendments also clarify that where payments that settle a liability aredeductible for tax purposes, it is a matter of judgement (having considered theapplicable tax law) whether such deductions are attributable for tax purposes to theliability recognized in the financial statements (and interest expense) or to therelated asset component (and interest expense). This judgement is important indetermining whether any temporary differences exist on initial recognition of theasset and liability.The Amendments apply to annual reporting periods beginning on or after 1 January2023, with earlier application permitted. The amendments apply prospectively totransactions that occur on or after the beginning of the earliest comparative periodpresented.The group is currently assessing the impact of these amendments on the Group\u2019sconsolidated financial statements.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024*The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognize any amount ofthe gain or loss that relates to the right of use retained. The amendment does notprescribe specific measurement requirements for lease liabilities arising froma leaseback. The initial measurement of the lease liability arising from a leasebackmay result in a seller-lessee determining \u2018lease payments\u2019 that are different from thegeneral definition of lease payments in Appendix A of IFRS 16. The seller-lessee willneed to develop and apply an accounting policy that results in information that isrelevant and reliable in accordance with IAS 8 Accounting Policies, Changes inAccounting Estimates and Errors.Companies are required to apply the amendments for annual periods beginning onor after 1 January 2024. The amendments must be applied retrospectively inaccordance with IAS 8 Accounting Policies, Changes in Accounting Estimates andErrors.The Group currently has had no sale and leaseback transactions since theimplementation date of IFRS 16. In case these will occur in future periods, theseamendments will be taken into account.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-2": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095The depreciation and amortization expenses includes an amount of EUR 3.8 million(2021: EUR 1.6 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 1.6 million, 2021: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 2.2 million, 2021: nihil) in the Marshallingsegment (under IFRS 16).7 Personnel expensesAMOUNTS IN EUR '00020222021Wages and salaries25,65824,627Hired staff and temporary workers22,87517,330Compensation/grants received(823)(460)Social security contributions3,2773,094Pension expenses3,3933,266Other employee benefit expenses4,4344,189Total personnel expenses58,81452,046The compensation/grants received mainly relate to wage tax grants received inrelation to research and development activities.Pension expensesObligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.The pension fund coverage ratio of the PMT industry fund at 31 December2022 amounted to 106,8% (2021: 105,1%). The 2022 pension premium hasremained at a level similar to the 2021 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2021: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR4.0 million in 2023, of which approximately EUR 3.7 million to PMT industry fund.8 Selling expensesAMOUNTS IN EUR '00020222021Travel and representation266149Promotional and advertising costs218263Tender expenses7731Other selling expenses67189Total selling expenses6286329 General expensesAMOUNTS IN EUR '00020222021Consultancy fees6,4403,316Insurances2,1482,036Software, license fees2,3521,582Office expenses659472Other general expenses7061,065Total general expenses12,3058,471The general expenses have increased in 2022 as compared to 2021, mainly due toconsultancy fees related to the expansion plans (reference is made to note 35 formore information regarding these plans) and investments in cloud softwaresolutions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-3": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095The depreciation and amortization expenses includes an amount of EUR 3.8 million(2021: EUR 1.6 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 1.6 million, 2021: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 2.2 million, 2021: nihil) in the Marshallingsegment (under IFRS 16).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-4": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095Revenue from contracts with customers in the Wind segment in 2022 hasdecreased as compared to 2021, mainly due to the fact that in 2021 the revenuefrom contracts with customers included revenue related to the performanceobligations fulfilled by the Group\u2019s subcontractor for the production of secondarysteel. During 2022 these performance obligations were not in the scope of thecontracts with customers of the Group.Geographical informationThe Wind, Marshalling and Other segments are managed centrally. No segmentassets or liabilities are applicable as the manufacturing facilities and sales officesoperate solely from the Netherlands.The geographic information below analyses the Group\u2019s revenue by the country ofdomicile of contract partners, the European Union (EU) and other countries outsidethe EU. In presenting the following information, segment revenue has been based onthe geographical location of contract partners.The Group did not adjust the promised amount of consideration for the effects ofa significant financing component, as at contract inception the period between whenthe entity transfers a promised (series of) goods or service to a customer and whenthe customer pays for that (series of) goods or service will be one year or less.Payment terms within the Group\u2019s contracts are normally in line with projectmilestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020222021The Netherlands156,074270,701United Kingdom198,353143,252Norway12,483547France7902,320Japan603,308Rest of the European Union (EU)5,9332,413Rest of the world851-Total revenue374,543422,541Transaction price allocated to the remaining performanceobligationsThe revenue from contracts with customers expected to be recognized in the futurerelated to performance obligations that are unsatisfied (or partly unsatisfied) at thereporting date, are expected to be approximately EUR 610 million (of whichapproximately EUR 139 million will be satisfied more than one year after reportingdate) (2021: EUR 504 million of which approximately EUR 156 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable considerations (such as fluctuationsin steel prices, liquidated damages and other variable considerations under existingcontracts).Major customersRevenues from three customers of the Group\u2019s Wind segment representedapproximately EUR 320 million (2021: three customers representing EUR403 million) of the Group\u2019s total revenues. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer alsoapproximately EUR 123 million, the third customer approximately EUR 74 million. In2021 the largest customer represented a revenue of approximately EUR 154 million,the second customer approximately EUR 140 million and the third customerapproximately EUR 106 million.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020222021Contract assets18,31512,944Contract liabilities(32,458)(37,713)Net contract assets and liabilities(14,143)(24,769)Expenses incurred including realized profit todate1,223,926831,510Invoiced terms(1,238,069)(856,279)Net contract assets and liabilities(14,143)(24,769)Management periodically reviews the valuation of contract assets and liabilitiesbased on project agreements, project results to date and estimates of projectexpenses to be incurred. Each period end management assesses the status of theprojects and takes into consideration all aspects in order to finalize the projects inline with contractual agreements and relating contingencies, such as potentialupward or downward adjustment in the projected estimates, and accounts for themaccordingly. Due to changes in estimates, fluctuations in the anticipated projectresult can occur over the contract term.The contract assets concern all projects in progress for which the incurredexpenses, including realized profit and project losses to date (if any), exceed theterms invoiced to customers. The impairment costs due to expected credit loss(IFRS 9) are not material.Contract liabilities concern the balances of all projects in progress for which theinvoiced terms exceed expenses incurred plus recorded profit minus project losses,if any. In addition, the estimated bond costs for completed contracts which areexpected to be incurred within 12 months after balance sheet date are recorded aspart of the contract liabilities, which amount to EUR 0.4 million at 31 December2022 (2021: EUR 0.7 million). The revenues recognized in the reporting period thatwas included in the contract liability balance at the beginning of the period amountsEUR 37.0 million (2021: EUR 13.3 million). Revenue recognized in the reportingperiod from performance obligations satisfied (or partially satisfied) in previousperiods amounts to EUR 8.1 million (2021: EUR 4.4 million).The classification of a project as contract asset or liability can vary over time,depending on the timing of significant (progress) payments by customers andmaterial purchases of the Group.Both the contract assets and liabilities predominantly have durations shorter than12 months and are therefore considered to be current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-5": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095Revenue from contracts with customers in the Wind segment in 2022 hasdecreased as compared to 2021, mainly due to the fact that in 2021 the revenuefrom contracts with customers included revenue related to the performanceobligations fulfilled by the Group\u2019s subcontractor for the production of secondarysteel. During 2022 these performance obligations were not in the scope of thecontracts with customers of the Group.Geographical informationThe Wind, Marshalling and Other segments are managed centrally. No segmentassets or liabilities are applicable as the manufacturing facilities and sales officesoperate solely from the Netherlands.The geographic information below analyses the Group\u2019s revenue by the country ofdomicile of contract partners, the European Union (EU) and other countries outsidethe EU. In presenting the following information, segment revenue has been based onthe geographical location of contract partners.The Group did not adjust the promised amount of consideration for the effects ofa significant financing component, as at contract inception the period between whenthe entity transfers a promised (series of) goods or service to a customer and whenthe customer pays for that (series of) goods or service will be one year or less.Payment terms within the Group\u2019s contracts are normally in line with projectmilestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020222021The Netherlands156,074270,701United Kingdom198,353143,252Norway12,483547France7902,320Japan603,308Rest of the European Union (EU)5,9332,413Rest of the world851-Total revenue374,543422,541Transaction price allocated to the remaining performanceobligationsThe revenue from contracts with customers expected to be recognized in the futurerelated to performance obligations that are unsatisfied (or partly unsatisfied) at thereporting date, are expected to be approximately EUR 610 million (of whichapproximately EUR 139 million will be satisfied more than one year after reportingdate) (2021: EUR 504 million of which approximately EUR 156 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable considerations (such as fluctuationsin steel prices, liquidated damages and other variable considerations under existingcontracts).Major customersRevenues from three customers of the Group\u2019s Wind segment representedapproximately EUR 320 million (2021: three customers representing EUR403 million) of the Group\u2019s total revenues. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer alsoapproximately EUR 123 million, the third customer approximately EUR 74 million. In2021 the largest customer represented a revenue of approximately EUR 154 million,the second customer approximately EUR 140 million and the third customerapproximately EUR 106 million.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020222021Contract assets18,31512,944Contract liabilities(32,458)(37,713)Net contract assets and liabilities(14,143)(24,769)Expenses incurred including realized profit todate1,223,926831,510Invoiced terms(1,238,069)(856,279)Net contract assets and liabilities(14,143)(24,769)Management periodically reviews the valuation of contract assets and liabilitiesbased on project agreements, project results to date and estimates of projectexpenses to be incurred. Each period end management assesses the status of theprojects and takes into consideration all aspects in order to finalize the projects inline with contractual agreements and relating contingencies, such as potentialupward or downward adjustment in the projected estimates, and accounts for themaccordingly. Due to changes in estimates, fluctuations in the anticipated projectresult can occur over the contract term.The contract assets concern all projects in progress for which the incurredexpenses, including realized profit and project losses to date (if any), exceed theterms invoiced to customers. The impairment costs due to expected credit loss(IFRS 9) are not material.Contract liabilities concern the balances of all projects in progress for which theinvoiced terms exceed expenses incurred plus recorded profit minus project losses,if any. In addition, the estimated bond costs for completed contracts which areexpected to be incurred within 12 months after balance sheet date are recorded aspart of the contract liabilities, which amount to EUR 0.4 million at 31 December2022 (2021: EUR 0.7 million). The revenues recognized in the reporting period thatwas included in the contract liability balance at the beginning of the period amountsEUR 37.0 million (2021: EUR 13.3 million). Revenue recognized in the reportingperiod from performance obligations satisfied (or partially satisfied) in previousperiods amounts to EUR 8.1 million (2021: EUR 4.4 million).The classification of a project as contract asset or liability can vary over time,depending on the timing of significant (progress) payments by customers andmaterial purchases of the Group.Both the contract assets and liabilities predominantly have durations shorter than12 months and are therefore considered to be current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-6": {
"value": "6 Operating segmentsFor management purposes, the Group is organised into divisions based on itsproducts and services and has three operating segments:Wind, which produces and delivers monopiles, transition pieces or otherfoundation components for the off-shore wind industry;>Marshalling, which includes renting-out of logistical area and facilities and thedelivery of logistical services to customers, mainly in the off-shore wind industry>Other, which includes mainly engineering services, production of offshore steelstructures and operational lease income for the windmill on the Group\u2019s site inRotterdam.>These divisions offer different products and services, and require differenttechnology and target different markets.Information related to each operating segment is set out below.Segment contribution constitutes the difference between revenue from contractswith customers and cost of sales. Cost of sales includes the costs of raw materials,subcontracted work and other external charges as well as logistic and other projectrelated expenses. The gross profit is determined by segment contribution subtractedby costs relating to direct personnel expenses and production and generalmanufacturing expenses.All accounts below gross profit are not allocated to individual segments as these aremanaged on an overall group basis. Costs of sales like raw materials, subcontractedwork and other charges and logistic and other project related expenses depend onunderlying contracts with customers. Gross profit is used to measure performancebecause management believes that this information is the most relevant inevaluating the results of the respective segments relative to other entities thatoperate in the same industries. Total assets, which are located in the Netherlands,are not allocated to individual segments as these are managed on an overall groupbasis.Information about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095The depreciation and amortization expenses includes an amount of EUR 3.8 million(2021: EUR 1.6 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 1.6 million, 2021: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 2.2 million, 2021: nihil) in the Marshallingsegment (under IFRS 16).Revenue from contracts with customers in the Wind segment in 2022 hasdecreased as compared to 2021, mainly due to the fact that in 2021 the revenuefrom contracts with customers included revenue related to the performanceobligations fulfilled by the Group\u2019s subcontractor for the production of secondarysteel. During 2022 these performance obligations were not in the scope of thecontracts with customers of the Group.Geographical informationThe Wind, Marshalling and Other segments are managed centrally. No segmentassets or liabilities are applicable as the manufacturing facilities and sales officesoperate solely from the Netherlands.The geographic information below analyses the Group\u2019s revenue by the country ofdomicile of contract partners, the European Union (EU) and other countries outsidethe EU. In presenting the following information, segment revenue has been based onthe geographical location of contract partners.The Group did not adjust the promised amount of consideration for the effects ofa significant financing component, as at contract inception the period between whenthe entity transfers a promised (series of) goods or service to a customer and whenthe customer pays for that (series of) goods or service will be one year or less.Payment terms within the Group\u2019s contracts are normally in line with projectmilestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020222021The Netherlands156,074270,701United Kingdom198,353143,252Norway12,483547France7902,320Japan603,308Rest of the European Union (EU)5,9332,413Rest of the world851-Total revenue374,543422,541Transaction price allocated to the remaining performanceobligationsThe revenue from contracts with customers expected to be recognized in the futurerelated to performance obligations that are unsatisfied (or partly unsatisfied) at thereporting date, are expected to be approximately EUR 610 million (of whichapproximately EUR 139 million will be satisfied more than one year after reportingdate) (2021: EUR 504 million of which approximately EUR 156 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable considerations (such as fluctuationsin steel prices, liquidated damages and other variable considerations under existingcontracts).Major customersRevenues from three customers of the Group\u2019s Wind segment representedapproximately EUR 320 million (2021: three customers representing EUR403 million) of the Group\u2019s total revenues. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer alsoapproximately EUR 123 million, the third customer approximately EUR 74 million. In2021 the largest customer represented a revenue of approximately EUR 154 million,the second customer approximately EUR 140 million and the third customerapproximately EUR 106 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-7": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020222021WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers352,8633,4227,606363,891411,0553,3444,097418,496- Operational lease income-9,0841,56810,652-2,4551,5904,045Total revenue352,86312,5069,174374,543411,0555,7995,687422,541- Raw materials(191,494)(46)(134)(191,674)(160,165)(76)(70)(160,311)- Subcontracted work and other external charges(36,104)(30)(427)(36,561)(125,958)(100)(32)(126,090)- Logistic and other project related expenses(14,097)(1,368)(332)(15,797)(18,180)(3,515)(215)(21,910)Segment contribution111,16811,0628,281130,511106,7522,1085,370114,230- Direct personnel expenses(32,329)(13)(5,268)(37,610)(28,526)(57)(3,630)(32,213)- Production and general manufacturing expenses(17,307)0(174)(17,481)(11,228)0(10)(11,238)Gross profit61,53211,0492,83975,42066,9982,0511,73070,779Indirect personnel expenses(21,204)(20,208)Depreciation and amortization(24,226)(21,712)Facilities, housing and maintenance(4,947)(4,127)Selling expenses(628)(632)General expenses(12,305)(8,096)Finance costs and impairment losses(2,013)(2,336)Other income901,345Share of profit / (loss) of joint ventures182Total profit before tax10,18815,095The depreciation and amortization expenses includes an amount of EUR 3.8 million(2021: EUR 1.6 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 1.6 million, 2021: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 2.2 million, 2021: nihil) in the Marshallingsegment (under IFRS 16).7 Personnel expensesAMOUNTS IN EUR '00020222021Wages and salaries25,65824,627Hired staff and temporary workers22,87517,330Compensation/grants received(823)(460)Social security contributions3,2773,094Pension expenses3,3933,266Other employee benefit expenses4,4344,189Total personnel expenses58,81452,046The compensation/grants received mainly relate to wage tax grants received inrelation to research and development activities.Pension expensesObligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.The pension fund coverage ratio of the PMT industry fund at 31 December2022 amounted to 106,8% (2021: 105,1%). The 2022 pension premium hasremained at a level similar to the 2021 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2021: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR4.0 million in 2023, of which approximately EUR 3.7 million to PMT industry fund.8 Selling expensesAMOUNTS IN EUR '00020222021Travel and representation266149Promotional and advertising costs218263Tender expenses7731Other selling expenses67189Total selling expenses6286329 General expensesAMOUNTS IN EUR '00020222021Consultancy fees6,4403,316Insurances2,1482,036Software, license fees2,3521,582Office expenses659472Other general expenses7061,065Total general expenses12,3058,471The general expenses have increased in 2022 as compared to 2021, mainly due toconsultancy fees related to the expansion plans (reference is made to note 35 formore information regarding these plans) and investments in cloud softwaresolutions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1125-9": {
"value": "6 Operating segmentsFor management purposes, the Group is organised into divisions based on itsproducts and services and has three operating segments:Wind, which produces and delivers monopiles, transition pieces or otherfoundation components for the off-shore wind industry;>Marshalling, which includes renting-out of logistical area and facilities and thedelivery of logistical services to customers, mainly in the off-shore wind industry>Other, which includes mainly engineering services, production of offshore steelstructures and operational lease income for the windmill on the Group\u2019s site inRotterdam.>These divisions offer different products and services, and require differenttechnology and target different markets.Information related to each operating segment is set out below.Segment contribution constitutes the difference between revenue from contractswith customers and cost of sales. Cost of sales includes the costs of raw materials,subcontracted work and other external charges as well as logistic and other projectrelated expenses. The gross profit is determined by segment contribution subtractedby costs relating to direct personnel expenses and production and generalmanufacturing expenses.All accounts below gross profit are not allocated to individual segments as these aremanaged on an overall group basis. Costs of sales like raw materials, subcontractedwork and other charges and logistic and other project related expenses depend onunderlying contracts with customers. Gross profit is used to measure performancebecause management believes that this information is the most relevant inevaluating the results of the respective segments relative to other entities thatoperate in the same industries. Total assets, which are located in the Netherlands,are not allocated to individual segments as these are managed on an overall groupbasis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1360-4": {
"value": "7 Personnel expensesNumber of employeesThe average number of employees employed by the Group in 2022 amounts to365 FTE (2021: 358 FTE), which includes 43 FTE for KCI (2021: 42 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20222021Production and distribution170167Innovation and maintenance3234Logistic services2723Planning and engineering5651Quality and safety1011Sales1314Management55Purchasing and warehousing1415Administrative910Other2928Total number of employees365358",
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"value": "7 Personnel expensesAMOUNTS IN EUR '00020222021Wages and salaries25,65824,627Hired staff and temporary workers22,87517,330Compensation/grants received(823)(460)Social security contributions3,2773,094Pension expenses3,3933,266Other employee benefit expenses4,4344,189Total personnel expenses58,81452,046The compensation/grants received mainly relate to wage tax grants received inrelation to research and development activities.Pension expensesObligations for contributions to the industry pension fund are expensed as therelated service is provided. Prepaid contributions are recognized as an asset to theextent that a cash refund or a reduction in future payments is available.The pension fund coverage ratio of the PMT industry fund at 31 December2022 amounted to 106,8% (2021: 105,1%). The 2022 pension premium hasremained at a level similar to the 2021 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2021: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR4.0 million in 2023, of which approximately EUR 3.7 million to PMT industry fund.Number of employeesThe average number of employees employed by the Group in 2022 amounts to365 FTE (2021: 358 FTE), which includes 43 FTE for KCI (2021: 42 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20222021Production and distribution170167Innovation and maintenance3234Logistic services2723Planning and engineering5651Quality and safety1011Sales1314Management55Purchasing and warehousing1415Administrative910Other2928Total number of employees36535826 Employee benefitsAMOUNTS IN EUR '00020222021Jubilee provision375436Accrual for employee bonuses9111,007Accrual for employee vacation daysoutstanding1,325987Personnel expenses payable1,167446Total employee benefits liabilities3,7782,876Non-current468416Current3,3102,460Total employee benefits liabilities3,7782,876The movement in the jubilee provision can be specified as follows:AMOUNTS IN EUR '00020222021Balance at 1 January436339Additions-162Used(20)(65)Released(41)-Balance at 31 December375436",
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"pp-value-1461-4": {
"value": "9 General expensesAMOUNTS IN EUR '00020222021Consultancy fees6,4403,316Insurances2,1482,036Software, license fees2,3521,582Office expenses659472Other general expenses7061,065Total general expenses12,3058,471The general expenses have increased in 2022 as compared to 2021, mainly due toconsultancy fees related to the expansion plans (reference is made to note 35 formore information regarding these plans) and investments in cloud softwaresolutions.",
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"pp-value-1489-2": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020222021Interest on loans and borrowings99221Borrowing cost finance facility245328Interest expense on lease liabilities9431,071Other finance costs723732Finance costs2,0102,352",
"dimensions": {
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"pp-value-1489-3": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020222021Interest on loans and borrowings99221Borrowing cost finance facility245328Interest expense on lease liabilities9431,071Other finance costs723732Finance costs2,0102,352",
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"value": "10 Net finance costsAMOUNTS IN EUR '00020222021Interest on loans and borrowings99221Borrowing cost finance facility245328Interest expense on lease liabilities9431,071Other finance costs723732Finance costs2,0102,35220 Trade receivablesAll trade and other receivables are expected to mature within 12 months. Tradereceivables are non-interest bearing and are generally based on payment terms of30 to 60 days. Based on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.At year end EUR nihil of the total open balance refers to related parties (2021: EURnihil million).Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000021 Cash and cash equivalentsAMOUNTS IN EUR '00020222021Cash-7Bank balances89,83273,194Cash and cash equivalents89,83273,201The balance of the cash and cash equivalents are freely accessible and available tothe Group and no restrictions apply.24 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683The prepaid transaction costs of the revolving credit facility are presented as part ofprepayments and are recognized as expense on a straight-line basis over theduration of the facilities.Reference is made to note 31 for further information on the lease liabilities, and therelated increase.Information about the Group\u2019s exposure to interest rate, foreign currency andliquidity risk is included in note 25. From the above movements the amortizationfinancing costs are non-cash.Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>25 Financial instrumentsFinancial risk managementThe Group has exposure to the following risks arising from financial instruments:credit risk;>liquidity risk;>market risk.>Credit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Contract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.Cash and cash equivalentsThe Group held cash and cash equivalents of EUR 89.8 million at 31 December2022 (2021: EUR 73.2 million). The cash and cash equivalents are held with bankand financial institution counterparties, which are at least rated A- based on ratingagency ratings.Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting theobligations associated with its financial liabilities that are settled by delivering cashor another financial asset. The Group\u2019s approach to managing liquidity is to ensure,as far as possible, that it will have sufficient liquidity to meet its liabilities when theyare due, under the normal course of business, and within the covenants as agreedwith the banks and financial institutions.The Group aims to maintain the minimal level of its cash and cash equivalents at anamount in excess of expected cash outflows on financial liabilities (other than tradepayables) over the next 60 days. The Group also monitors the level of expected cashinflows on trade and other receivables together with expected cash outflows ontrade and other payables.Exposure to liquidity riskThe following are the remaining contractual maturities of financial liabilities at thereporting date. The amounts are gross and undiscounted:AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2022Non-derivative financial liabilitiesLease liabilities107,398118,6562,3817,0627,78024,81576,618Trade payables92,33392,33392,333----Total non-derivative financial liabilities199,731210,98994,7147,0627,78024,81576,618AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2021Non-derivative financial liabilitiesLease liabilities105,683115,1481,5644,4856,01411,92091,165Trade payables62,08262,08262,082----Total non-derivative financial liabilities167,765177,23063,6464,4856,01411,92091,165As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.Market riskMarket risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market prices. Market riskcomprises three types of risk: interest rate risk, currency risk and other price risk,such as commodity risk. Financial instruments affected by market risk include loansand borrowings, deposits, debt and equity investments and derivative financialinstruments. The objective of market risk management is to manage and controlmarket risk exposures within acceptable parameters, while optimising the return.As per year-end 2022, the Group uses no derivatives to manage market risks (2021:none). All such, potential transactions would be carried out within treasury policyguidelines.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market interest rates. The Group\u2019sexposure to the risk of changes in market interest rates relates primarily to theGroup\u2019s long-term debt obligations with floating interest rates. Given the fact that asat 31 December 2022 and 31 December 2021 no debt obligations are outstanding,no interest rate risk is applicable to the Group.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of anexposure will fluctuate because of changes in foreign exchange rates. The Group isexposed to currency risk to the extent that there is a mismatch between thecurrencies in which sales, purchases and borrowings are denominated and therespective functional currencies of Group companies. The functional currency ofGroup companies is the Euro. The currency in which transactions are primarilydenominated is also the Euro. The currency risk is limited since the Group almostfully conducts its sales, purchases and borrowings in its functional currency and ifapplicable, closes hedge contracts at the time of entering into contracts in foreigncurrencies.Commodity price riskThe Group is affected by the price volatility of mainly steel and utilities. The riskrelated to steel is fully transferred to the customers of the Group, no risk remains forthe Group. With respect to utilities the Group fixes the purchase price for part of thefuture usage of gas and electricity to partly cover future volatility.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"pp-value-1510-2": {
"value": "11 Share of profit of joint venturesFor the year 2022 the result of the Group from joint ventures was EUR 1 thousandpositive (2021: EUR 82 thousand positive). The amount consists of EUR22 thousand positive related to SBR Engineering GmbH (2021: EUR 11 thousandpositive) and EUR 21 thousand negative from Smulders Sif Steel Foundations B.V.(2021: EUR 71 thousand positive) (see note 17).17 Investment in joint venturesThe Group has a 50% interest in SBR Engineering GmbH, a joint venture consistingof engineering capacity of experienced workforce. The Group\u2019s interest in SBREngineering GmbH is accounted for using the equity method in the consolidatedfinancial statements. As per year-end 2022 the Group\u2019s interest in the joint ventureamounts EUR 66 thousand (2021: EUR 44 thousand).The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venturefocused on project management in the offshore wind industry. The Group\u2019s interestin Smulders Sif Steel Foundations B.V. is accounted for using the equity method inthe consolidated financial statements. As per year-end 2022 the Group\u2019s interest inthe joint venture amounts EUR 10 thousand (2021: EUR 71 thousand).AMOUNTS IN EUR '00020222021Balance at 1 January11533Additions--Result for the year182Dividends paid(40)-Balance at 31 December7611533 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 192 thousand (2021: EUR 180 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2021: EUR 3.2 million).",
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"pp-value-1510-3": {
"value": "11 Share of profit of joint venturesFor the year 2022 the result of the Group from joint ventures was EUR 1 thousandpositive (2021: EUR 82 thousand positive). The amount consists of EUR22 thousand positive related to SBR Engineering GmbH (2021: EUR 11 thousandpositive) and EUR 21 thousand negative from Smulders Sif Steel Foundations B.V.(2021: EUR 71 thousand positive) (see note 17).17 Investment in joint venturesThe Group has a 50% interest in SBR Engineering GmbH, a joint venture consistingof engineering capacity of experienced workforce. The Group\u2019s interest in SBREngineering GmbH is accounted for using the equity method in the consolidatedfinancial statements. As per year-end 2022 the Group\u2019s interest in the joint ventureamounts EUR 66 thousand (2021: EUR 44 thousand).The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venturefocused on project management in the offshore wind industry. The Group\u2019s interestin Smulders Sif Steel Foundations B.V. is accounted for using the equity method inthe consolidated financial statements. As per year-end 2022 the Group\u2019s interest inthe joint venture amounts EUR 10 thousand (2021: EUR 71 thousand).AMOUNTS IN EUR '00020222021Balance at 1 January11533Additions--Result for the year182Dividends paid(40)-Balance at 31 December7611523 Partly-owned subsidiariesThe Group holds 60% interest in Twinpark Sif B.V., an entity involved in thedevelopment and manufacturing of a windmill. The summarised financialinformation of these subsidiaries is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020222021Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(153)(123)Finance costs(10)(41)Profit before tax958957Income tax(205)(215)Profit after tax753742Attributable to non-controlling interests301297Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020222021Property, plant and equipment6,1076,467Trade receivables14487Cash and cash equivalents5,2643,561Trade and other payables(8,257)(8,139)Interest-bearing loans and borrowings(325)(325)Total equity2,8032,051Attributable to:Equity holders of parent1,6821,229Non-controlling interest1,122821Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020222021Operating1,7141,304Investing--Financing(10)(21)Net increase in cash and cash equivalents1,7041,28330 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Sif Japan K.K.1Tokyo95Twinpark Sif B.V. 2Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.3Schiedam1001 \u2013 Sif Japan K.K. is liquidated per 26 August 20222 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.3 \u2013 Acquired per 15 March 2021.No further changes are applicable in investments in subsidiaries.33 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 192 thousand (2021: EUR 180 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2021: EUR 3.2 million).",
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"pp-value-1510-4": {
"value": "11 Share of profit of joint venturesFor the year 2022 the result of the Group from joint ventures was EUR 1 thousandpositive (2021: EUR 82 thousand positive). The amount consists of EUR22 thousand positive related to SBR Engineering GmbH (2021: EUR 11 thousandpositive) and EUR 21 thousand negative from Smulders Sif Steel Foundations B.V.(2021: EUR 71 thousand positive) (see note 17).17 Investment in joint venturesThe Group has a 50% interest in SBR Engineering GmbH, a joint venture consistingof engineering capacity of experienced workforce. The Group\u2019s interest in SBREngineering GmbH is accounted for using the equity method in the consolidatedfinancial statements. As per year-end 2022 the Group\u2019s interest in the joint ventureamounts EUR 66 thousand (2021: EUR 44 thousand).The Group has a 50% interest in Smulders Sif Steel Foundations B.V., a joint venturefocused on project management in the offshore wind industry. The Group\u2019s interestin Smulders Sif Steel Foundations B.V. is accounted for using the equity method inthe consolidated financial statements. As per year-end 2022 the Group\u2019s interest inthe joint venture amounts EUR 10 thousand (2021: EUR 71 thousand).AMOUNTS IN EUR '00020222021Balance at 1 January11533Additions--Result for the year182Dividends paid(40)-Balance at 31 December7611533 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 192 thousand (2021: EUR 180 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2021: EUR 3.2 million).",
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"pp-value-1518-2": {
"value": "12 Income tax expenseIncome tax recognized in profit or lossAMOUNTS IN EUR '00020222021Current year income tax charge1,4343,158Movement in deferred tax balances1,436(94)Prior year adjustment(200)144Tax expense recognized in statement ofprofit or loss2,6703,208The prior year adjustments relate mainly to adjustments in the tax base of intangibleassets and other liabilities, which is confirmed by the latest finanlized income taxreturn.The Group believes that its accruals for tax liabilities are adequate for all open taxyears based on its assessment of many factors, including interpretations of tax lawand prior experience.Movement in deferred tax balancesAMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2022Intangible fixed assets(25)-(3)(28)Property, plant and equipment(75)-(3)(78)Right of use assets and lease liabilities797-116913Investment property3-(23)(20)Contract assets--(941)(941)Accounts receivable2-13Employee benefits46-(15)31Other liabilities--(568)(568)Tax assets (liabilities) after netting748-(1,436)(688)AMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2021Intangible fixed assets--(25)(25)Property, plant and equipment(77)-2(75)Right of use assets and lease liabilities41030582797Investment property10-(7)3Accounts receivable6-(4)2Employee benefits--4646Tax assets (liabilities) after netting34930594748Unrecognized deferred tax assets and liabilitiesAt 31 December 2022 and 31 December 2021, the Group has recognized all deferredtax assets applicable to the Group.Reconciliation of effective tax rate%20222021Tax using the Company\u2019s domestic tax rate25.124.6Adjustment in tax rates due to correctionsprior year1.51.0Reduction in tax rates due to tax incentives(1.5)(3.6)Gain on bargain purchase-(1.0)Participation Exemption-(0.1)Non tax deductible expenses1.10.4Effective tax rate26.221.3The reductions in tax rates due to tax incentives mentioned in above table relates toan expected gain from the application of the innovation box. The gain on bargainpurchase in 2021 relates to the gain resulting from the acquisition of KCI TheEngineers B.V.32 Off-balance sheet commitmentsFiscal unityFor corporate income tax purposes, the Company is the parent of a fiscal unity thatcontains the Dutch wholly-owned group companies. The Company is thereforejointly and severally liable for the corporate income tax liabilities of the tax unity. KCIThe Engineers B.V. has joined this fiscal unity as from 1 September 2021.",
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"pp-value-1544-3": {
"value": "Movement in deferred tax balancesAMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2022Intangible fixed assets(25)-(3)(28)Property, plant and equipment(75)-(3)(78)Right of use assets and lease liabilities797-116913Investment property3-(23)(20)Contract assets--(941)(941)Accounts receivable2-13Employee benefits46-(15)31Other liabilities--(568)(568)Tax assets (liabilities) after netting748-(1,436)(688)AMOUNTS IN EUR '000Net balance at1 JanuaryReclass fromcurrent taxRecognized inprofit or lossNet balance at31 December2021Intangible fixed assets--(25)(25)Property, plant and equipment(77)-2(75)Right of use assets and lease liabilities41030582797Investment property10-(7)3Accounts receivable6-(4)2Employee benefits--4646Tax assets (liabilities) after netting34930594748Unrecognized deferred tax assets and liabilitiesAt 31 December 2022 and 31 December 2021, the Group has recognized all deferredtax assets applicable to the Group.",
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"value": "13 Earnings per shareBasic and diluted earnings per shareThe calculation of basic and diluted earnings per share has been based on the profitattributable to the ordinary shareholders of the company and the weighted-averagenumber of ordinary shares outstanding.Weighted-average number of ordinary shares20222021Issued ordinary shares at 1 January25,501,35625,501,356Issued ordinary shares at 31 December25,501,35625,501,356Weighted average number of ordinaryshares at 31 December25,501,35625,501,356The issued share capital of the Company amounted to EUR 5,1 million, consisting of25,501,356 shares with a nominal value of EUR 0.20 (20 eurocents per share).",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "13 Earnings per shareBasic and diluted earnings per shareThe calculation of basic and diluted earnings per share has been based on the profitattributable to the ordinary shareholders of the company and the weighted-averagenumber of ordinary shares outstanding.",
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},
"pp-value-1700-2": {
"value": "14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Balance at 1 January 20212,042-2,042Additions-100100Disposals---Balance at 31 December 20212,0421002,142Accumulated depreciationBalance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Balance at 1 January 2021(777)-(777)Depreciation(888)-(888)Disposals---Balance at 31 December 2021(1,665)-(1,665)Carrying amountsAt 31 December 2022-860860At 31 December 2021377100477",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1700-3": {
"value": "14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Balance at 1 January 20212,042-2,042Additions-100100Disposals---Balance at 31 December 20212,0421002,142Accumulated depreciationBalance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Balance at 1 January 2021(777)-(777)Depreciation(888)-(888)Disposals---Balance at 31 December 2021(1,665)-(1,665)Carrying amountsAt 31 December 2022-860860At 31 December 2021377100477",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1783-2": {
"value": "15 Property, plant and equipmentAt 31 December 2022 and 2021 all directly owned property, plant and equipmentwas collateralized as part of the financing agreements in place (see note 24).24 Loans and borrowingsThe supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1783-3": {
"value": "15 Property, plant and equipmentReconciliation of the carrying amountAMOUNTS IN EUR '000Land andbuildingsPlant andequipmentOther fixedassetsTotalCostBalance at 1 January 2022136,061108,9463,506248,513Additions3,45818,46761722,542Disposals----Balance at 31 December 2022139,519127,4134,123271,055Balance at 1 January 2021131,330101,1693,107235,606Additions4,7317,77720112,709Acquired in business combination--198198Disposals----Balance at 31 December 2021136,061108,9463,506248,513Accumulated depreciationBalance at 1 January 2022(61,333)(76,862)(2,706)(140,901)Depreciation(4,505)(8,945)(289)(13,739)Disposals----Balance at 31 December 2022(65,838)(85,807)(2,995)(154,640)Balance at 1 January 2021(54,781)(68,129)(2,356)(125,266)Depreciation(6,552)(8,733)(350)(15,635)Disposals----Balance at 31 December 2021(61,333)(76,862)(2,706)(140,901)Carrying amountsAt 31 December 202273,68141,6061,128116,415At 31 December 202174,72832,084800107,612At 31 December 2022, the total property, plant and equipment include an amount ofEUR 20.4 million (2021: EUR 7.5 million), devided over land and buildings EUR2.8 million (2021: EUR 4.7 million), plant and equipment EUR 17.6 million (2021:EUR 2.8 million) and other fixed assets EUR 70 thousand (2021: EUR 23 thousand).At 31 December 2022 and 2021 all directly owned property, plant and equipmentwas collateralized as part of the financing agreements in place (see note 24).24 Loans and borrowingsThe supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1899-3": {
"value": "16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020222021Balance at 1 January425400Additions--Revaluation9025Balance at 31 December515425Investment property comprises a commercial property that is leased to a third party.The lease contains annual rents indexed to consumer prices. Subsequent renewalsare negotiated with the lessee. No contingent rents are charged. Further informationabout this lease is included in note 31.Fair value as of 31 December 2022 is estimated at EUR 515 thousand (2021: EUR425 thousand), based on the estimated increase in property value, combined withthe initial valuation made by external, independent property valuators, havingappropriate recognized professional qualifications and recent experience in thelocation and category of the property. The fair value measurement has beencategorised as a Level 3 fair value based on the inputs to the valuation techniqueused.31 LeasesGroup as a lessorThe Group leases out its investment property (see note 16), a Wind TurbineGenerator located at Maasvlakte 2 and some antenna locations for telecomproviders. The lease income from operational leases amounts for the year 2022 EUR1.6 million (2021: EUR 1.6 million) and does not include variable payments.Furthermore, as part of its contracts with customers in the Marshalling segment, theGroup leases out part of the leased plots in the Rotterdam harbor and some otherminor assets. These leases classify as operational sub-leases, and have terms ofless than two years. The lease income from these operational lease contractsamounts for the year 2022 EUR 9.1 million (2021: EUR 2.5 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020222021Less than 1 year3,1849,744Between 1 and 2 years-2,239More than 2 years--Total future minimum rental receivable3,18411,983The future rental receivable relates mainly to operating lease agreements withcustomers in the operating segment Marshalling.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1899-4": {
"value": "16 Investment propertyFair value as of 31 December 2022 is estimated at EUR 515 thousand (2021: EUR425 thousand), based on the estimated increase in property value, combined withthe initial valuation made by external, independent property valuators, havingappropriate recognized professional qualifications and recent experience in thelocation and category of the property. The fair value measurement has beencategorised as a Level 3 fair value based on the inputs to the valuation techniqueused.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1960-2": {
"value": "18 InventoriesAMOUNTS IN EUR '00020222021Raw materials and consumables427612Total inventories427612During 2022 and 2021 no inventories were written down to the lower of netrealisable value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2026-3": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000025 Financial instrumentsFinancial risk managementCredit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Contract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2026-4": {
"value": "20 Trade receivablesAll trade and other receivables are expected to mature within 12 months. Tradereceivables are non-interest bearing and are generally based on payment terms of30 to 60 days. Based on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.At year end EUR nihil of the total open balance refers to related parties (2021: EURnihil million).Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000025 Financial instrumentsCredit riskContract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2026-5": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000025 Financial instrumentsFinancial risk managementCredit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Contract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.Cash and cash equivalentsThe Group held cash and cash equivalents of EUR 89.8 million at 31 December2022 (2021: EUR 73.2 million). The cash and cash equivalents are held with bankand financial institution counterparties, which are at least rated A- based on ratingagency ratings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2026-6": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2022 an impairment of EUR 1.3 million deemed necessary forunrecoverable receivables (2021: EUR 1.3 million). In addition, an amount of EUR12 thousand for impairment costs due to expected credit loss (IFRS 9) has beenreported (2021: EUR 9 thousand). The movements related to expected credit lossover the period are considered to be immaterial.Credit and market risks, and impairment lossesInformation about the Group\u2019s exposure to credit and market risks, and impairmentlosses for trade and other receivables, excluding contract assets in progress, isincluded in note 25.As at 31 December, the ageing (without the impaired trade receivables) analysis andprovision matrix of trade receivables is as follows:AMOUNTS IN EUR '000TotalNotpast due<30 dayspast due30 \u2013 60 dayspast due61 \u2013 90 dayspast due91 \u2013 120 dayspast due> 120 dayspast due31 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,55539904330448Expected credit loss(12)(12)0000031 December 2021Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default17,93617,16139645-668Expected credit loss(9)(9)0000024 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>25 Financial instrumentsFinancial risk managementThe Group has exposure to the following risks arising from financial instruments:credit risk;>liquidity risk;>market risk.>Credit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Contract assets and Trade and other receivablesThe Group\u2019s exposure to credit risk is mainly influenced by the individual customercharacteristics. Given the fact that the Group has a limited number of customers,the Group assesses that the main concentration of credit risk is on individualcounter party. In addition, management considers general factors that may influencethe credit risk of its customer base, including the default risk of the industry and thecountries in which customers operate.The Group has established a credit policy under which each new customer isanalysed individually for creditworthiness before the Group\u2019s standard payment anddelivery terms and conditions are offered. Management believes that the unimpairedamounts that are past due by more than 30 days are still collectible in full, based onhistoric payment behaviour and extensive analysis of customer credit risk, includingunderlying customers\u2019 credit ratings if they are available. Only an impairment forcontract assets and trade and other receivables based on expected credit loss hasbeen accounted for in accordance with IFRS 9.For further information related to the collectability of trade receivables, reference ismade to note 20.Cash and cash equivalentsThe Group held cash and cash equivalents of EUR 89.8 million at 31 December2022 (2021: EUR 73.2 million). The cash and cash equivalents are held with bankand financial institution counterparties, which are at least rated A- based on ratingagency ratings.Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting theobligations associated with its financial liabilities that are settled by delivering cashor another financial asset. The Group\u2019s approach to managing liquidity is to ensure,as far as possible, that it will have sufficient liquidity to meet its liabilities when theyare due, under the normal course of business, and within the covenants as agreedwith the banks and financial institutions.The Group aims to maintain the minimal level of its cash and cash equivalents at anamount in excess of expected cash outflows on financial liabilities (other than tradepayables) over the next 60 days. The Group also monitors the level of expected cashinflows on trade and other receivables together with expected cash outflows ontrade and other payables.Exposure to liquidity riskThe following are the remaining contractual maturities of financial liabilities at thereporting date. The amounts are gross and undiscounted:AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2022Non-derivative financial liabilitiesLease liabilities107,398118,6562,3817,0627,78024,81576,618Trade payables92,33392,33392,333----Total non-derivative financial liabilities199,731210,98994,7147,0627,78024,81576,618AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2021Non-derivative financial liabilitiesLease liabilities105,683115,1481,5644,4856,01411,92091,165Trade payables62,08262,08262,082----Total non-derivative financial liabilities167,765177,23063,6464,4856,01411,92091,165As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.Market riskMarket risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market prices. Market riskcomprises three types of risk: interest rate risk, currency risk and other price risk,such as commodity risk. Financial instruments affected by market risk include loansand borrowings, deposits, debt and equity investments and derivative financialinstruments. The objective of market risk management is to manage and controlmarket risk exposures within acceptable parameters, while optimising the return.As per year-end 2022, the Group uses no derivatives to manage market risks (2021:none). All such, potential transactions would be carried out within treasury policyguidelines.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market interest rates. The Group\u2019sexposure to the risk of changes in market interest rates relates primarily to theGroup\u2019s long-term debt obligations with floating interest rates. Given the fact that asat 31 December 2022 and 31 December 2021 no debt obligations are outstanding,no interest rate risk is applicable to the Group.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of anexposure will fluctuate because of changes in foreign exchange rates. The Group isexposed to currency risk to the extent that there is a mismatch between thecurrencies in which sales, purchases and borrowings are denominated and therespective functional currencies of Group companies. The functional currency ofGroup companies is the Euro. The currency in which transactions are primarilydenominated is also the Euro. The currency risk is limited since the Group almostfully conducts its sales, purchases and borrowings in its functional currency and ifapplicable, closes hedge contracts at the time of entering into contracts in foreigncurrencies.Commodity price riskThe Group is affected by the price volatility of mainly steel and utilities. The riskrelated to steel is fully transferred to the customers of the Group, no risk remains forthe Group. With respect to utilities the Group fixes the purchase price for part of thefuture usage of gas and electricity to partly cover future volatility.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2108-3": {
"value": "21 Cash and cash equivalentsThe balance of the cash and cash equivalents are freely accessible and available tothe Group and no restrictions apply.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2108-4": {
"value": "21 Cash and cash equivalentsAMOUNTS IN EUR '00020222021Cash-7Bank balances89,83273,194Cash and cash equivalents89,83273,201The balance of the cash and cash equivalents are freely accessible and available tothe Group and no restrictions apply.25 Financial instrumentsFinancial risk managementCredit riskCredit risk is the risk that a counterparty will not meet its obligations undera financial instrument or customer contract, leading to a financial loss. The Group isexposed to credit risk from its operating activities (primarily trade receivables) andfrom its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments.The carrying amount of financial assets represents the maximum credit exposure.Cash and cash equivalentsThe Group held cash and cash equivalents of EUR 89.8 million at 31 December2022 (2021: EUR 73.2 million). The cash and cash equivalents are held with bankand financial institution counterparties, which are at least rated A- based on ratingagency ratings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2125-2": {
"value": "22 Capital and reservesShare capitalOn 14 January 2016, the authorised capital of the Group was increased to EUR25 million, consisting of 125,000,000 shares with a nominal value of EUR0.20 (20 eurocents) per share. The issued shares were converted into25,501,356 shares, each having a nominal value of EUR 0.20 (20 eurocents pershare). All ordinary shares rank equally with regard to the Company\u2019s residualassets. No changes have occured during 2022.Additional paid-in capitalThe additional paid-in capital results from contributions in kind by the shareholder inrelation to the issuance of loans as the transaction costs related to the issuance ofadditional loans were not passed on by the shareholder.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2125-3": {
"value": "22 Capital and reservesShare capitalOn 14 January 2016, the authorised capital of the Group was increased to EUR25 million, consisting of 125,000,000 shares with a nominal value of EUR0.20 (20 eurocents) per share. The issued shares were converted into25,501,356 shares, each having a nominal value of EUR 0.20 (20 eurocents pershare). All ordinary shares rank equally with regard to the Company\u2019s residualassets. No changes have occured during 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2139-2": {
"value": "DividendsThe following dividends were declared and settled by the Company during the year:The Group\u2019s dividend policy is a payout of dividend in line with Sif\u2019s medium to long-term financial performance and targets, with the aim of increasing dividends-per-share over time. For 2023 no dividend pay-out will be proposed (to be approved bythe shareholders).2022 2021Number of ordinary shares dividend eligible 25,501,356 25,501,356Rounded dividend per ordinary share (\u20ac) 0.19 0.12Dividends declared and settled during theyear (\u20ac '000) 4,851 3,060",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s6_notes__6__5": {
"value": "0.19",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
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},
"s6_notes__7__5": {
"value": "0.12",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
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},
"pp-value-2145-3": {
"value": "23 Partly-owned subsidiariesThe Group holds 60% interest in Twinpark Sif B.V., an entity involved in thedevelopment and manufacturing of a windmill. The summarised financialinformation of these subsidiaries is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020222021Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(153)(123)Finance costs(10)(41)Profit before tax958957Income tax(205)(215)Profit after tax753742Attributable to non-controlling interests301297Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020222021Property, plant and equipment6,1076,467Trade receivables14487Cash and cash equivalents5,2643,561Trade and other payables(8,257)(8,139)Interest-bearing loans and borrowings(325)(325)Total equity2,8032,051Attributable to:Equity holders of parent1,6821,229Non-controlling interest1,122821Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020222021Operating1,7141,304Investing--Financing(10)(21)Net increase in cash and cash equivalents1,7041,283",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2145-4": {
"value": "23 Partly-owned subsidiariesThe Group holds 60% interest in Twinpark Sif B.V., an entity involved in thedevelopment and manufacturing of a windmill. The summarised financialinformation of these subsidiaries is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020222021Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(153)(123)Finance costs(10)(41)Profit before tax958957Income tax(205)(215)Profit after tax753742Attributable to non-controlling interests301297Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020222021Property, plant and equipment6,1076,467Trade receivables14487Cash and cash equivalents5,2643,561Trade and other payables(8,257)(8,139)Interest-bearing loans and borrowings(325)(325)Total equity2,8032,051Attributable to:Equity holders of parent1,6821,229Non-controlling interest1,122821Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020222021Operating1,7141,304Investing--Financing(10)(21)Net increase in cash and cash equivalents1,7041,28330 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Sif Japan K.K.1Tokyo95Twinpark Sif B.V. 2Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.3Schiedam1001 \u2013 Sif Japan K.K. is liquidated per 26 August 20222 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.3 \u2013 Acquired per 15 March 2021.No further changes are applicable in investments in subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2229-6": {
"value": "24 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683The prepaid transaction costs of the revolving credit facility are presented as part ofprepayments and are recognized as expense on a straight-line basis over theduration of the facilities.Reference is made to note 31 for further information on the lease liabilities, and therelated increase.Information about the Group\u2019s exposure to interest rate, foreign currency andliquidity risk is included in note 25. From the above movements the amortizationfinancing costs are non-cash.Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>25 Financial instrumentsFinancial risk managementLiquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting theobligations associated with its financial liabilities that are settled by delivering cashor another financial asset. The Group\u2019s approach to managing liquidity is to ensure,as far as possible, that it will have sufficient liquidity to meet its liabilities when theyare due, under the normal course of business, and within the covenants as agreedwith the banks and financial institutions.The Group aims to maintain the minimal level of its cash and cash equivalents at anamount in excess of expected cash outflows on financial liabilities (other than tradepayables) over the next 60 days. The Group also monitors the level of expected cashinflows on trade and other receivables together with expected cash outflows ontrade and other payables.Exposure to liquidity riskThe following are the remaining contractual maturities of financial liabilities at thereporting date. The amounts are gross and undiscounted:AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2022Non-derivative financial liabilitiesLease liabilities107,398118,6562,3817,0627,78024,81576,618Trade payables92,33392,33392,333----Total non-derivative financial liabilities199,731210,98994,7147,0627,78024,81576,618AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2021Non-derivative financial liabilitiesLease liabilities105,683115,1481,5644,4856,01411,92091,165Trade payables62,08262,08262,082----Total non-derivative financial liabilities167,765177,23063,6464,4856,01411,92091,165As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.Market riskMarket risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market prices. Market riskcomprises three types of risk: interest rate risk, currency risk and other price risk,such as commodity risk. Financial instruments affected by market risk include loansand borrowings, deposits, debt and equity investments and derivative financialinstruments. The objective of market risk management is to manage and controlmarket risk exposures within acceptable parameters, while optimising the return.As per year-end 2022, the Group uses no derivatives to manage market risks (2021:none). All such, potential transactions would be carried out within treasury policyguidelines.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market interest rates. The Group\u2019sexposure to the risk of changes in market interest rates relates primarily to theGroup\u2019s long-term debt obligations with floating interest rates. Given the fact that asat 31 December 2022 and 31 December 2021 no debt obligations are outstanding,no interest rate risk is applicable to the Group.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of anexposure will fluctuate because of changes in foreign exchange rates. The Group isexposed to currency risk to the extent that there is a mismatch between thecurrencies in which sales, purchases and borrowings are denominated and therespective functional currencies of Group companies. The functional currency ofGroup companies is the Euro. The currency in which transactions are primarilydenominated is also the Euro. The currency risk is limited since the Group almostfully conducts its sales, purchases and borrowings in its functional currency and ifapplicable, closes hedge contracts at the time of entering into contracts in foreigncurrencies.31 LeasesGroup as lesseeThe Group has lease contracts for various items of plant, machinery, vehicles andother equipment used in its operations. Leases of plant and machinery generallyhave lease terms between 3 and 25 years, while motor vehicles and other equipmentgenerally have lease terms between 3 and 5 years. The Group\u2019s obligations under itsleases are secured by the lessor\u2019s title to the leased assets. Generally, the Group isrestricted from assigning and subleasing the leased assets and some contractsrequire the Group to maintain certain financial ratios. There are several leasecontracts that include extension and termination options and variable leasepayments, which are further discussed below.The Group also has certain leases of machinery and equipment with lease terms of12 months or less and leases of office equipment with low value, for a total amountof EUR 3.6 million in 2022 (2021: EUR 4.1 million). The majority relates to short-termleases. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019recognition exemptions for these leases.As of September 2015, the Group entered into a lease agreement with HavenbedrijfRotterdam N.V. for the lease of two plots in the Rotterdam harbor. The lease of plotA started at 1 September 2015 and will end on 1 July 2041 (cancellable as per1 July 2031). The lease of plot B started at 1 July 2017 and will end on 1 July2041 (cancellable as per 1 July 2031). As of July 2019, the Group entered intoa lease agreement with Havenbedrijf Rotterdam N.V. for plot C. The lease for plotC started on 30th July 2019 and will end on 1 July 2041 (also cancellable as per1 July 2031).Lease liabilitiesAMOUNTS IN EUR '000Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Balance at 1 January 202154,764Acquired in business combination211Additions311Remeasurement55,268Lease terms(5,943)Financing costs1,071Balance at 31 December 2021105,683Carrying amountsAt 31 December 2022107,398At 31 December 2021105,683Of the total carrying value per year-end 2022 an amount of EUR 8.5 million isclassified current (2021: EUR 5.1 million).35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2229-7": {
"value": "24 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>25 Financial instrumentsFinancial risk managementLiquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting theobligations associated with its financial liabilities that are settled by delivering cashor another financial asset. The Group\u2019s approach to managing liquidity is to ensure,as far as possible, that it will have sufficient liquidity to meet its liabilities when theyare due, under the normal course of business, and within the covenants as agreedwith the banks and financial institutions.The Group aims to maintain the minimal level of its cash and cash equivalents at anamount in excess of expected cash outflows on financial liabilities (other than tradepayables) over the next 60 days. The Group also monitors the level of expected cashinflows on trade and other receivables together with expected cash outflows ontrade and other payables.Exposure to liquidity riskThe following are the remaining contractual maturities of financial liabilities at thereporting date. The amounts are gross and undiscounted:AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2022Non-derivative financial liabilitiesLease liabilities107,398118,6562,3817,0627,78024,81576,618Trade payables92,33392,33392,333----Total non-derivative financial liabilities199,731210,98994,7147,0627,78024,81576,618AMOUNTS IN EUR '000Carrying amountTotal nominalamount3 monthsor less3-12 months1 - 2 years2 - 5 yearsMore than5 years31 December 2021Non-derivative financial liabilitiesLease liabilities105,683115,1481,5644,4856,01411,92091,165Trade payables62,08262,08262,082----Total non-derivative financial liabilities167,765177,23063,6464,4856,01411,92091,165As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-2229-8": {
"value": "24 Loans and borrowingsThe company has the following financing arrangements:AMOUNTS IN EUR '00020222021Lease liabilities - non-current99,006100,573Lease liabilities - current8,3925,110Total Loan and borrowings107,398105,683Loan covenantsAs per year-end the Group has one revolving credit facility which has to be repaid infull on 31 March 2024. The interest as per 31 December 2022 is based on EURIBORplus a supplement that depends on the leverage per quarter.The following financial ratios have to be met:Solvency shall not be less than 35% in respect of any relevant period within thefacility period; and>a leverage ratio (the ratio of total debt on the last day of the relevant period toEBITDA in respect to that relevant period) which shall not exceed 2.50x.>The application of IFRS 16 in 2019, had no impact on the existing and new loancovenants, for which IFRS 16 is contractually not taken into consideration.At year-end 2022 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2023.Reference is made to note 35 for more information in relation to the refinancing ofthe credit facility as part of the expansion plans.Terms and repayment scheduleAs per 22 February 2019, the Group refinanced its 90 million revolving credit facilityinto a EUR 100 million revolving credit facility. The EUR 100 million revolving creditfacility is funded on Euribor + supplement and will expire on 31 March 2024. As peryear-end 2022 an amount of EUR nihil is outstanding (2021: EUR nihil).The terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2022Carrying amount2022Fair value2021Carrying amount2021Revolving Credit FacilityEUREuribor +supplement2024----Total interest-bearing loans andborrowings----The supplement to the Euribor interest rate of the revolving credit facility depends onthe leverage ratio as defined in the loan agreement and ranges between 150 and225 bps. The revolving credit facilities are collateralized by the following items:Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Credit balances;>Receivables from hedging activities;>Receivables from insurance contracts;>Shares in Sif Netherlands B.V. and Sif Property B.V. by Sif Holding N.V.;>Non-current assets.>29 Capital managementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s abilityto continue as a going concern in order to provide returns for shareholders andbenefits for other stakeholders as well as to maintain an optimal capital structure tocontinue to be able to qualify for large commercial tenders while optimizing theoverall cost of capital. In order to maintain or adjust the capital structure, the Groupmay adjust the amount of dividends paid to shareholders, return capital toshareholders, issue new shares or sell assets to reduce debt.The Group aims for a financing structure that ensures continuing operations andminimises cost of capital. For this, flexibility and access to the financial markets areimportant conditions. The Group monitors its financing structure using a solvencyratio. Solvency is calculated as total equity divided by total assets (excluding theimpact of IFRS 16). At year-end 2022, the solvency ratio was 42.1% (2021: 47.7%).In addition, the loan covenants are closely monitored to ensure that these remainwithin agreed thresholds. The current loan covenants include the solvency andleverage ratio for which reference is made to note 24.35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
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"pp-value-2325-10": {
"value": "25 Financial instrumentsMarket riskMarket risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market prices. Market riskcomprises three types of risk: interest rate risk, currency risk and other price risk,such as commodity risk. Financial instruments affected by market risk include loansand borrowings, deposits, debt and equity investments and derivative financialinstruments. The objective of market risk management is to manage and controlmarket risk exposures within acceptable parameters, while optimising the return.As per year-end 2022, the Group uses no derivatives to manage market risks (2021:none). All such, potential transactions would be carried out within treasury policyguidelines.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financialinstrument will fluctuate because of changes in market interest rates. The Group\u2019sexposure to the risk of changes in market interest rates relates primarily to theGroup\u2019s long-term debt obligations with floating interest rates. Given the fact that asat 31 December 2022 and 31 December 2021 no debt obligations are outstanding,no interest rate risk is applicable to the Group.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of anexposure will fluctuate because of changes in foreign exchange rates. The Group isexposed to currency risk to the extent that there is a mismatch between thecurrencies in which sales, purchases and borrowings are denominated and therespective functional currencies of Group companies. The functional currency ofGroup companies is the Euro. The currency in which transactions are primarilydenominated is also the Euro. The currency risk is limited since the Group almostfully conducts its sales, purchases and borrowings in its functional currency and ifapplicable, closes hedge contracts at the time of entering into contracts in foreigncurrencies.Commodity price riskThe Group is affected by the price volatility of mainly steel and utilities. The riskrelated to steel is fully transferred to the customers of the Group, no risk remains forthe Group. With respect to utilities the Group fixes the purchase price for part of thefuture usage of gas and electricity to partly cover future volatility.",
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"pp-value-2545-2": {
"value": "27 Share based paymentsThe Company has a share based compensation plan (Performance Share Unit(PSU)) for members of the Executive Board as part of their remuneration. Under thisplan executive management are entitled to receive a cash payment equal to thevalue of the number of PSUs that have vested. The PSUs are paid out after thecompletion of a three-year vesting period, contingent on the approval from theSupervisory Board.At 31 December 2022 the outstanding liability with regard to the PSU plan was\u20ac 0.2 million (2021: \u20ac 0.2 million). During 2022 a number of 12.177 PSUs are vestedand exercised (2021: 3.100), no PSUs are forfeited (2021: 10.872) and 26.734 PSUsare awarded (2021: 10.337). At 31 December 2022 a number of 43.852 PSUs areoutstanding (2021: 29.295 PSUs), which vest on average 20 months after reportingdate (2021: 20 months).",
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2560-2": {
"value": "28 Other current and non-current liablitiesThe Group\u2019s current liabilities mainly consist of operational expenses to be paid.The non-current part mainly consist of the non-current part of the premiums to bepaid for bank guarantees (EUR 0.7 million, 2021: EUR 1.3 million).The other current liabilities include mainly liabilities for invoices to be received (EUR7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2560-3": {
"value": "28 Other current and non-current liablitiesThe non-current part mainly consist of the non-current part of the premiums to bepaid for bank guarantees (EUR 0.7 million, 2021: EUR 1.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2560-4": {
"value": "28 Other current and non-current liablitiesThe Group\u2019s current liabilities mainly consist of operational expenses to be paid.The other current liabilities include mainly liabilities for invoices to be received (EUR7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2560-5": {
"value": "28 Other current and non-current liablitiesThe Group\u2019s current liabilities mainly consist of operational expenses to be paid.The non-current part mainly consist of the non-current part of the premiums to bepaid for bank guarantees (EUR 0.7 million, 2021: EUR 1.3 million).The other current liabilities include mainly liabilities for invoices to be received (EUR7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2586-4": {
"value": "30 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Sif Japan K.K.1Tokyo95Twinpark Sif B.V. 2Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.3Schiedam1001 \u2013 Sif Japan K.K. is liquidated per 26 August 20222 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.3 \u2013 Acquired per 15 March 2021.No further changes are applicable in investments in subsidiaries.33 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 192 thousand (2021: EUR 180 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2021: EUR 3.2 million).Transactions with companies with which Supervisory Boardmembers are involved as a shareholderDuring the year there are no transactions with companies with which SupervisoryBoard members are involved as a shareholder.Transactions with key management personnelThe members of the Supervisory Board and the Executive Board are considered keymanagement personnel.The number of shares purchased by directors as per year-end can be specified asfollows:20222021G.G.P.M. van Beers16,50016,500Balance at 31 December16,50016,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20222021A. Goed\u00e9e170,00070,000P.J. Gerretse245,00045,792C.A.J. van den Bosch245,00045,639P.E. Visser345,00045,000P.E. Wit445,00045,000250,000251,431Member of the supervisory board as of 14 January 2016.1.Member of the supervisory board as of 12 February 2016.2.Member of the supervisory board on an ad interim basis as of 1 November 2017.3.Member of the supervisory board as of 3 May 2018.4.COMPENSATION OF THE CURRENT EXECUTIVE BOARD MEMBERSG.G.P.M. van BeersB.J. Meijer **L.A.M. Verweij *AMOUNTS IN EUR202220212022202120222021Base salary398,879382,398235,980138,730-104,821Employer\u00b4s pension contributions24,45822,70620,60412,428-24,491Pension compensation33,74234,23016,6499,768-17,150Annual bonus (accrual)149,619224,33069,91759,273-49,688LTIP (accrual)118,114139,71427,8397,234-51,724Termination fee-----143,559Other benefits (car lease, travel expenses and relocationexpenses)50,46345,08240,47123,718-14,028Social security and other payments9,88110,0049,8815,800-3,851Total remuneration785,156858,464421,341256,951-409,312Paid annual bonus in the year, earned over the previous year201,906192,11759,273--117,431Paid vested LTIP85,026----51,724Total actual paid variable remuneration286,932192,11759,273--169,155* Chief Financial Officer of the Group until 12 May 2021** Chief Financial Officer of the Group as of 12 May 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2775-3": {
"value": "32 Off-balance sheet commitmentsCommitments for the purchase of property, plant and equipmentand raw materialsAt 31 December 2022, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 6.4 million (2021: EUR 1.1 million), which includesEUR 3.3 million related to the expansion plans of the production facilities. Thecommitments for raw materials amounts to EUR 152.4 million (2021: EUR287.9 million) and commitments for subcontracting amounts to EUR 6.5 million(2021: EUR 16.8 million).Guarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202231 December 2021AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General130,00080,091130,000127,929Co\u00f6peratieve Rabobank U.A.General40,00011,25540,00011,255ING Bank N.V.General40,00033,19040,00033,623ABN AMRO Bank N.V.General40,00027,53240,00027,589Co\u00f6peratieve Rabobank U.A.Project--3,6043,604ING Bank N.V.Project--3,6043,604Total250,000152,068257,208207,604The Group is jointly and severally liable for all amounts to which Euler Hermes, TokioMarine, Co\u00f6peratieve Rabobank U.A., ING Bank N.V. and ABN Amro Bank N.V. havea right to claim in relation to the above mentioned guarantees. The formershareholder is also jointly and severally liable for all amounts of the pendingguarantees which have been provided before 12 May 2016.Fiscal unityFor corporate income tax purposes, the Company is the parent of a fiscal unity thatcontains the Dutch wholly-owned group companies. The Company is thereforejointly and severally liable for the corporate income tax liabilities of the tax unity. KCIThe Engineers B.V. has joined this fiscal unity as from 1 September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2775-4": {
"value": "32 Off-balance sheet commitmentsCommitments for the purchase of property, plant and equipmentand raw materialsAt 31 December 2022, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 6.4 million (2021: EUR 1.1 million), which includesEUR 3.3 million related to the expansion plans of the production facilities. Thecommitments for raw materials amounts to EUR 152.4 million (2021: EUR287.9 million) and commitments for subcontracting amounts to EUR 6.5 million(2021: EUR 16.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2775-5": {
"value": "32 Off-balance sheet commitmentsGuarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202231 December 2021AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General130,00080,091130,000127,929Co\u00f6peratieve Rabobank U.A.General40,00011,25540,00011,255ING Bank N.V.General40,00033,19040,00033,623ABN AMRO Bank N.V.General40,00027,53240,00027,589Co\u00f6peratieve Rabobank U.A.Project--3,6043,604ING Bank N.V.Project--3,6043,604Total250,000152,068257,208207,604The Group is jointly and severally liable for all amounts to which Euler Hermes, TokioMarine, Co\u00f6peratieve Rabobank U.A., ING Bank N.V. and ABN Amro Bank N.V. havea right to claim in relation to the above mentioned guarantees. The formershareholder is also jointly and severally liable for all amounts of the pendingguarantees which have been provided before 12 May 2016.Fiscal unityFor corporate income tax purposes, the Company is the parent of a fiscal unity thatcontains the Dutch wholly-owned group companies. The Company is thereforejointly and severally liable for the corporate income tax liabilities of the tax unity. KCIThe Engineers B.V. has joined this fiscal unity as from 1 September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2775-6": {
"value": "32 Off-balance sheet commitmentsGuarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202231 December 2021AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General130,00080,091130,000127,929Co\u00f6peratieve Rabobank U.A.General40,00011,25540,00011,255ING Bank N.V.General40,00033,19040,00033,623ABN AMRO Bank N.V.General40,00027,53240,00027,589Co\u00f6peratieve Rabobank U.A.Project--3,6043,604ING Bank N.V.Project--3,6043,604Total250,000152,068257,208207,604The Group is jointly and severally liable for all amounts to which Euler Hermes, TokioMarine, Co\u00f6peratieve Rabobank U.A., ING Bank N.V. and ABN Amro Bank N.V. havea right to claim in relation to the above mentioned guarantees. The formershareholder is also jointly and severally liable for all amounts of the pendingguarantees which have been provided before 12 May 2016.Fiscal unityFor corporate income tax purposes, the Company is the parent of a fiscal unity thatcontains the Dutch wholly-owned group companies. The Company is thereforejointly and severally liable for the corporate income tax liabilities of the tax unity. KCIThe Engineers B.V. has joined this fiscal unity as from 1 September 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2847-6": {
"value": "33 Related partiesTransactions with companies with which Supervisory Boardmembers are involved as a shareholderDuring the year there are no transactions with companies with which SupervisoryBoard members are involved as a shareholder.Transactions with key management personnelThe members of the Supervisory Board and the Executive Board are considered keymanagement personnel.The number of shares purchased by directors as per year-end can be specified asfollows:20222021G.G.P.M. van Beers16,50016,500Balance at 31 December16,50016,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20222021A. Goed\u00e9e170,00070,000P.J. Gerretse245,00045,792C.A.J. van den Bosch245,00045,639P.E. Visser345,00045,000P.E. Wit445,00045,000250,000251,431Member of the supervisory board as of 14 January 2016.1.Member of the supervisory board as of 12 February 2016.2.Member of the supervisory board on an ad interim basis as of 1 November 2017.3.Member of the supervisory board as of 3 May 2018.4.COMPENSATION OF THE CURRENT EXECUTIVE BOARD MEMBERSG.G.P.M. van BeersB.J. Meijer **L.A.M. Verweij *AMOUNTS IN EUR202220212022202120222021Base salary398,879382,398235,980138,730-104,821Employer\u00b4s pension contributions24,45822,70620,60412,428-24,491Pension compensation33,74234,23016,6499,768-17,150Annual bonus (accrual)149,619224,33069,91759,273-49,688LTIP (accrual)118,114139,71427,8397,234-51,724Termination fee-----143,559Other benefits (car lease, travel expenses and relocationexpenses)50,46345,08240,47123,718-14,028Social security and other payments9,88110,0049,8815,800-3,851Total remuneration785,156858,464421,341256,951-409,312Paid annual bonus in the year, earned over the previous year201,906192,11759,273--117,431Paid vested LTIP85,026----51,724Total actual paid variable remuneration286,932192,11759,273--169,155* Chief Financial Officer of the Group until 12 May 2021** Chief Financial Officer of the Group as of 12 May 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3005-2": {
"value": "34 Service fees paid to external auditorsThe total service fees of external auditors for financial years 2022 and 2021, whichconsist of services related to the respective reporting periods, can be specified asfollows:Ernst & Young AccountantsLLPOtherAMOUNTS IN EUR \u20190002022202120222021Audit of financialstatements360302--Other assuranceservices457398Total40537598",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3036-10": {
"value": "35 Events after the reporting periodOn 13 February 2023 Sif Holding N.V. took a Final Investment Decision to constructa new monopile foundation manufacturing plant in Rotterdam, the Netherlands.Construction will start in April 2023 and will require \u20ac328 million capital expenditure(in property, plant and equipment and right-of-use assets) over the period2023 - 2024. The upgraded manufacturing plant will increase the total combinedcapacity of Sif to 500 kilotons a year and upgrade Sif\u2019s capabilities to manufacturethe equivalent of 200 XXXL, 11 meter diameter, 2,500 tons reference monopilefoundations per annum.Two launching customers together have committed to 348 kilotons of production(booked or in exclusive negotiation). A long-term capacity reservation frameworkagreement with Equinor is in place while a second long-term capacity reservationframework agreement is currently being negotiated, which signifies strongcommitment from both our customers and the market.Fully committed and robust funding of the expansion plan is in place. Theinvestment will be funded through a combination of advanced factory paymentsfrom launching customers, issuance of preferred equity to a launching customer,fully underwritten issuance of common equity, leases and term loans with theremainder being funded through cash and cash equivalents:\u20ac100 million of advanced factory payments from launching customers;>\u20ac50 million commitment from Equinor to an investment in newly createdconvertible cumulative preference shares, with a conversion option from 1 July2028 onwards;>\u20ac50 million of common equity, to be issued through a rights offering, fullyunderwritten by the Cornerstone Shareholder for a price of EUR 11.50 per share;>\u20ac40 million lease facility provided by Rabobank; and>\u20ac81 million term-loans with a duration of 6 years, with \u20ac64.8 million provided byInvest-NL and \u20ac16.2 provided by a consortium of banks,>\u20ac50 million Revolving Credit Facility and a \u20ac350 million guarantee facility froma consortium of banks.>",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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}
}