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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 December2023, were authorised for issue in accordance with a resolution of the ExecutiveBoard on 18 March 2024.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.Manufacturing facility expansionAs per 13 Febuary 2023, the Executive Board of the Group has taken the FinalInvestment Decision (\u2018FID\u2019) for the manufacturing facility expansion (hereafter\u2018expansion\u2019). The Group is financing the expansion, which is estimated to amount toapproximately EUR 328 million (including appropriate contingencies), througha combination of equity and debt, as well as advance factory payment by twolaunching customers, with the remainder being funded through cash and cashequivalents:>EUR 100 million of advance factory payments from Launching Customers;>EUR 50 million of newly issued cumulative preference shares;>EUR 50 million raised through a rights offering;>EUR 81 million Term-loans, as part of a EUR 481 million finance facility which inaddition includes a guarantee facility of EUR 350 million and revolving creditfacility of EUR 50 million; and>EUR 40 million lease facility;>EUR 7 million cash and cash equivalents.(together, the \u2018Funding Package\u2019).The effective date of the finance facility is 5 June 2023 and has a term of 6 years.The interest rate consists of EURIBOR (3 months) + margin, which is 2% for theterm loans and for the revolving facility depended on the level of net leverage. As per31 December 2023, the advance factory payments that have been received by theGroup are classified in the balance sheet as non-current contract liability for EUR69.5 million and other capital reserve for EUR 30.5 million. The other capital reserverelates to the advance factory payment related to cancelled Empire Wind 2 project,which contract is on 29 December 2023 terminated by launching customer EmpireOffshore Wind LLC. Based on the specific contractual agreements, the AFP relatedto this contract (EUR 30.5 million) is converted into a perpetual bond. The total cashreceipt of the advance factory payments is part of the changes in net workingcapital in the operating cash flow in the cash flow statement, the conversion of theadvance factory payment to perpetual bond is a non-cash transaction. Thecumulative preference shares are issued and the rights offering has been completed.One drawdown of the term-loans amounting to EUR 20,25 million has been madeand the lease facility will only be used during 2024.2.1 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 ongoing war in Ukraine and geopolitical tensions in other parts ofthe world continue to bring uncertainties and implications on global economyimpacting various industries and sectors. The effects are wide ranging, includingamongst others, inflation, volatile energy prices, pressure on supply chains, andfluctuating interest rates in most parts of the world. Mainly the high inflation andinterest rates have resulted in cancelations of projects in the USA and UK, whichalso resulted in the cancelation of the Empire Wind 2 order for the Group.Furthermore, the development in relation to regulations about nitrogen deposition inthe Netherlands have an effect on the execution of business operations.We continue to monitor the developments and assess the implications on ourbusiness operations and we concluded that the impact on the performance of thebusiness is not material for the 2023 financial period. In addition, the assessmentdid not result in any impairment or other material changes in the valuation of otherassets and liabilities. Due to the unpredictable nature of this risk, we are activelymonitoring the economic developments as the severity of the impact on ourcustomers and our own business operations remain uncertain for the future.However, the outlook remains positive: the orderbook is well filled with 2024 fullybooked and large orders being booked or under exclusive negotiations for 2025 and2026 and the financing arrangements are renewed until June 2029. The recentcancelations are expected to have limited impact on the Group because of a solidorder book and the recent cancelations are considered a temporary hick-up in theoffshore wind market, with mid- to longterm demand outlook continuing to bestrong. Due to the solid financing arrangements related to the expansion plans,a significant cash buffer has been created by the end of 2023, which is expected tobe sufficient to fund the expected negative net cash flow during 2024 as a result ofthe finalisation of the expansion plans. In addition, the usage of the revolving creditfacility of EUR 50 million is currently not foreseen, and is therefore an additionalbuffer for operational setbacks.The Group assessed where climate related matters could have a significant impacton the going concern situation. As a consequence of emission-reduction legislationthe demand for offshore wind energy is increasing and therewith increases thedemand for the products of the Group. Therefore, management assesses that thecurrent climate related matters have a positive impact on the future volume ofprojects in the offshore wind market, and therefore lower the risk in relation to goingconcern of the Group.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 statements3 Material 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 2023. 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:1.Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);2.Exposure, or rights, to variable returns from its involvement with the investee;3.The ability to use its power over the investee to affect its returns.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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. Furthermore, the Group entered into a lease agreement withHavenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbor.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).3.3 Summary of material 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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration 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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.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 the Group\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group considers the control of theservice to be transferred at a point in time. Therefore, revenue for logistical handlingservices is recognized 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:1.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).2.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.3.The costs are expected to be recovered.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.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.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.Share-based compensationEmployees of the Group receive remuneration in the form of share-based payments,whereby employees render services in exchange for equity instruments (equity-settled transactions) and/or share appreciation rights which are settled in cash(cash-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions is determined by the fair value at the datewhen the grant is made using an appropriate valuation model (further details aregiven in note 27).That cost is recognised in employee benefits expense, together with a correspondingincrease in equity (share premium), over the period in which the service and, whereapplicable, the performance conditions are fulfilled (the vesting period). Thecumulative expense recognised for equity-settled transactions at each reporting dateuntil the vesting date reflects the extent to which the vesting period has expired andthe Group\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss for a period representsthe movement in cumulative expense recognised as at the beginning and end of thatperiod.Service and non-market performance conditions are not taken into account whendetermining the grant date fair value of awards, but the likelihood of the conditionsbeing met is assessed as part of the Group\u2019s best estimate of the number of equityinstruments that will ultimately vest. Market performance conditions are reflectedwithin the grant date fair value. Any other conditions attached to an award, butwithout an associated service requirement, are considered to be non-vestingconditions. Non-vesting conditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless there are also service and/orperformance conditions.No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awardsinclude a market or non-vesting condition, the transactions are treated as vestedirrespective of whether the market or non-vesting condition is satisfied, provided thatall other performance and/or service conditions are satisfied.When the terms of an equity-settled award are modified, the minimum expenserecognised is the grant date fair value of the unmodified award, provided the originalvesting terms of the award are met. An additional expense, measured as at the dateof modification, is recognised for any modification that increases the total fair valueof the share-based payment transaction, or is otherwise beneficial to the employee.Where an award is cancelled by the entity or by the counterparty, any remainingelement of the fair value of the award is expensed immediately through profit orloss.The dilutive effect of outstanding options is reflected as additional share dilution inthe computation of diluted earnings per share (further details are given in Note 13).Cash-settled transactionsA liability is recognised for the fair value of cash-settled transactions. The fair valueis measured initially and at each reporting date up to and including the settlementdate, with changes in fair value recognised in employee benefits expense. The fairvalue is expensed over the period until the vesting date with recognition ofa corresponding liability. The fair value is determined using a binomial model(further details are given in note 27). The approach used to account for vestingconditions when measuring equity-settled transactions also applies to cash-settledtransactions.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.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.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 assetsResearch 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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.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.Borrowing costs directly attributable to the acquisition, construction or production ofan asset that necessarily takes a substantial period of time to get ready for itsintended use or sale are capitalised as part of the cost of the asset. All otherborrowing costs are expensed in the period in which they occur. Borrowing costsconsist of interest and other costs that an entity incurs in connection with theborrowing of funds. Interest expense arising from customer contracts witha significant financing component are capitalized as borrowing costs if they aredirectly attributable to the acquisition, construction or production of a qualifyingasset.When significant parts of plant and equipment are required to be replaced atintervals, the Group depreciates them separately based on their specific useful lifes.Likewise, when a major renovation or overhaul is performed, its cost is recognized inthe carrying amount of the plant and equipment as a replacement if the recognitioncriteria are satisfied. All other repair and maintenance costs are recognized in profitor 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 equipmentusing the straight-line method over their estimated useful lifes, and is recognized inprofit 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 and useful lifes are reviewed at each reporting date andadjusted 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 2023 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 amountoutstandingFinancial 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;or>the 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 and payables. 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 material financial liabilities include trade and other payables and loansand borrowings including bank overdrafts.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFinancial 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.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.Cumulative preference shares and perpetual bondCumulative preference shares and the perpetual bond are classified as eithera financial liability or equity components based on the terms of the contract.A financial liability is any liability that is:>a contractual obligation to deliver cash or another financial asset to anotherentity, or to exchange financial assets or financial liabilities with another entityunder conditions that are potentially unfavourable to the entity; or>a contract that will or may be settled in the entity\u2019s own equity instruments andis a non\u2013derivative for which the entity is or may be obliged to deliver a variablenumber of the entity\u2019s own equity instruments, or a derivative that will or may besettled other than by the exchange of a fixed amount of cash or another financialasset for a fixed number of the entity\u2019s own equity instruments.The cumulative preference shares and perpetual bond have been classified asequity, because there is no mandatory redemption and distributions to the holders ofthe respective instrument are at the discretion of Sif.The cash received is classified as other capital reserve in equity, the transactioncosts (net of tax) are accounted for as a deduction from equity. The Group haschosen to recognise the charge as a reduction of share premium.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.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 2023. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet 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 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.These amendments had no impact on the consolidated financial statements of theGroup.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 echniques and inputs to develop accountingestimates.These amendments had no impact on the consolidated financial statements of theGroup.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 prospectively to transactions that occur on or after thebeginning of the earliest comparative period presented.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model RulesThe Amendments introduce:>A mandatory temporary exception to the accounting for deferred taxes arisingfrom the jurisdictional implementation of the Pillar Two model rules; and>Disclosure requirements for affected entities to help users of the financialstatements better understand an entity\u2019s exposure to Pillar Two income taxesarising from that legislation, particularly before its effective date.The Group has adopted these amendments, however they are not yet applicable forthe current reporting year as the Group's consolidated revenue is currently below thethreshold of \u20ac750 million.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 7 Statement of Cash Flows and IFRS 7 FinancialInstruments: Disclosures(*)The amendments require an entity to provide information about the impact ofsupplier finance arrangements on liabilities and cash flows, including:>Terms and conditions>As at the beginning and end of the reporting period:>The carrying amounts of supplier finance arrangement financial liabilities and thelie items in which those liabilities are presented>The carrying amounts of financial liabilities and the line items, for which thefinance providers have already settled the corresponding trade payable>The range of payment due dates for financial liabilities owed to the financeproviders and for comparable trade payables that are not part of thosearrangements>The type and effect of non-cash changes in the carrying amounts of supplierfinance arrangement financial liabilities, which prevent the carrying amounts ofthe financial liabilities from being comparable.The amendments require an entity to aggregate information about its supplierfinance arrangements, however, the entity must disaggregate information aboutunusual or unique terms and conditions of individual arrangements when they aredissimilar. Furthermore the amendments require that explanatory information aboutpayment due dates, when those payment due date ranges are wide, to bedisaggregated.The amendments will be effective for annual reporting periods beginning on or after1 January 2024. Early adoption is permitted but will need to be disclosed.The Group is currently assessing the impact the amendments will have on currentpractice.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognise 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.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate:Lack of Exchangeability, effective 1 January 2025The amendments specify how an entity should assess whether a currency isexchangeable and how it should determine a spot exchange rate whenexchangeability is lacking. The amendments also require disclosure of informationthat enables users of financial statements to understand the impact of a currencynot being exchangeable.The amendments apply to annual reporting periods beginning on or after 1 January2025 and can be applied earlier, in which case, an entity is required to disclose thatfact. However, an entity cannot restate comparative informationThe Group is currently assessing the impact the amendments will have on currentpractice.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 and production of offshoresteel structures, and limited amounts for licensing fees and operational leaseincome for the windmill on the Group\u2019s site in Rotterdam.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 '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188The depreciation and amortization expenses includes an amount of EUR 1.3 million(2022: EUR 3.8 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 0.8 million, 2022: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 0.5 million, 2022: EUR 2.2 million) in theMarshalling segment (under IFRS 16).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 adjust the promised amount of consideration for the effects ofa significant financing component for the contracts with the launching customersfor the expansion project, as at contract inception the period between when theentity transfers a promised (series of) goods or service to a customer and when thecustomer pays for that (series of) goods or service will be more than one year. Theimpact on the promised amount of consideration is expected to be approximatelyEUR 4 million. Payment terms within the Group\u2019s contracts are normally in line withproject milestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020232022The Netherlands15,311156,074United Kingdom277,294198,353Norway8,16912,483France47,127790Germany89,2813,106United States of America8,550-Belgium4,818884Rest of the European Union (EU)1,8591,943Rest of the world1,890910Total revenue454,299374,543Transaction 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 821 million (of whichapproximately EUR 418 million will be satisfied more than one year after reportingdate) (2022: EUR 610 million of which approximately EUR 139 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable consideration (such as fluctuationsin steel prices, liquidated damages and other types of variable consideration underexisting contracts).Major customersRevenues from four customers of the Group\u2019s Wind segment representedapproximately EUR 400 million (2022: three customers representing EUR320 million) of the Group\u2019s total revenues. In 2023 the largest customer representeda revenue of approximately EUR 202 million, the second customer approximatelyEUR 89 million, the third customer approximately EUR 62 million and the fourthcustomer approximately EUR 47 million. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer approximatelyEUR 123 million and the third customer approximately EUR 74 million.7 Personnel expensesAMOUNTS IN EUR '00020232022Wages and salaries28,22525,658Hired staff and temporary workers32,70422,875Compensation/grants received(534)(823)Social security contributions3,8333,277Pension expenses3,6733,393Other employee benefit expenses5,1384,434Total personnel expenses73,03958,814The 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 December2023 amounted to 105.5% (2022: 106.8%). The 2023 pension premium hasremained at a level similar to the 2022 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2022: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR3.8 million in 2024, of which approximately EUR 3.6 million to PMT industry fund.Number of employeesThe average number of employees employed by the Group in 2023 amounts to386 FTE (2022: 365 FTE), which includes 39 FTE for KCI (2022: 43 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20232022Production and distribution179170Innovation and maintenance3232Logistic services2827Planning and engineering5556Quality and safety1310Sales1813Management45Purchasing and warehousing1614Administrative99Other3329Total number of employees3863658 Selling expensesAMOUNTS IN EUR '00020232022Travel and representation398266Promotional and advertising costs285218Tender expenses20077Other selling expenses967Total selling expenses8926289 General expensesAMOUNTS IN EUR '00020232022Consultancy fees6,6416,440Insurances2,4512,148Software, license fees2,3342,352Office expenses929659Other general expenses363706Total general expenses12,71812,30510 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,01011 Share of profit of joint venturesFor the year 2023 the result of the Group from joint ventures was EUR 13 thousandpositive (2022: EUR 1 thousand positive). The amount consists of EUR 13 thousandpositive related to SBR Engineering GmbH (2022: EUR 22 thousand positive) andEUR nihil from Smulders Sif Steel Foundations B.V. (2022: EUR 21 thousandnegative) (see note 17).12 Income tax expenseIncome tax recognized in profit or lossAMOUNTS IN EUR '00020232022Current tax (expense)/benefit:Current year(533)1,245Prior year adjustments1,541(11)Income tax expense1,0081,234Deferred tax (expense)/benefit:Tax losses(5,180)-Originating from temporary differences andtheir reversal9,2711,649Prior year adjustment(1,806)(189)Change due to tax rate change(859)(24)Deferred tax expense1,4261,436Total tax (expense)/benefit recognized instatement of profit or loss2,4342,670The prior year adjustments in 2023 relate mainly to adjustments in the tax base oftangible assets and an increased benefit from tax incentives, which is confirmed bythe latest finalized income tax return.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 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2023Intangible fixed assets(28)(467)-(495)Property, plant and equipment(78)(7,314)-(7,392)Right of use assets and lease liabilities91328-941Investment property(20)(1)-(21)Contract assets(941)1,061-120Accounts receivable39-12Employee benefits3168-99Other liabilities(568)10-(558)Withholding tax--300300Losses available for offsetting against future taxable income-5,180-5,180Tax assets (liabilities) after netting(688)(1,426)300(1,814)AMOUNTS IN EUR '000Net balance at1 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2022Intangible fixed assets(25)(3)-(28)Property, plant and equipment(75)(3)-(78)Right of use assets and lease liabilities797116-913Investment property3(23)-(20)Contract assets-(941)-(941)Accounts receivable21-3Employee benefits46(15)-31Other liabilities-(568)-(568)Tax assets (liabilities) after netting748(1,436)-(688)The (net) deferred tax liability related to property, plant and equipment is related tothe voluntary depreciation facility of the Dutch tax authorities, which allowsa maximum of 50% fiscal depreciation over the expenditures in 2023 related tocertain qualifying equipment under construction. Applying this facility, the Group hasaccounted for a fiscal depreciation amounting to EUR 42.6 million in 2023 (deferredtax liability of EUR 10.0 million). In addition, as a result of the limit of fiscaldepreciation of buildings until the tax value (\u2018WOZ waarde\u2019), the tax base of thebuildings exceeds the commercial value by EUR 11.3 million, which results ina deferred tax asset of EUR 3.4 million.Due to the voluntary depreciation facility, the taxable result of 2023 is negative, forwhich a deferred tax asset is recorded amounting to EUR 5.1 million. These lossesare available indefinitely for offsetting against future taxable income.Unrecognized deferred tax assets and liabilitiesAt 31 December 2023 and 31 December 2022, the Group has recognized all deferredtax assets applicable to the Group.Reconciliation of effective tax rate%20232022Tax using the Company\u2019s domestic tax rate25.825.1Adjustment in tax rates due to correctionsprior year(2.0)1.5Reduction in tax rates due to tax incentives-(1.5)Revaluation of deferred tax balances(6.3)-Participation Exemption--Non tax deductible expenses0.31.1Effective tax rate17.826.2The reductions in tax rates due to tax incentives mentioned in above table relates toan expected gain from the application of the innovation box. Due to the fact that theGroup reports a taxable loss for the year 2023, no innovation box gain is applicable.The revaluation of deferred tax balances is the result of the application the lower taxrate which is applicable to the future reversals of temporary differences as a resultof the innovation box.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 Group (adjusted for the undeclareddividend on the cumulative preference shares) and the weighted-average number ofordinary shares outstanding.20232022Profit attributable to equity holders of SifHolding N.V.10,8637,217Undeclared returns to preferenceshareholders(1,884)-Profit attributable to ordinary equity holdersof Sif Holding N.V.8,9797,217Issued ordinary shares at 1 January25,501,35625,501,356Issued shares in rights offering4,387,256-Issued ordinary shares at 31 December29,888,61225,501,356Effects of issued ordinary shares in 2023(including the retrospective adjustments)2,286,077286,024Weighted average number of ordinaryshares at 31 December (numerator forearnings per share calculation)27,787,43325,787,380Earnings per share, including effects rightsissue0.320.28Reference is made to note 22 for more information related to the equity raisethrough rights offering. This rights offering included a bonus element (reflecting thedifference between the subscription price and the theoretical ex-rights price pershare) increasing the number of ordinary shares outstanding to be used incalculating basic and diluted earnings per share for the period before the equityraise. Accordingly, the table above presents the numerators and a reconciliation ofthe weighted average common shares outstanding for the purposes of basic anddiluted earnings per share for the year ended 31 December 2023 and asretrospectively adjusted for the above mentioned bonus elements for the year ended31 December 2022.The issuance of the convertable cumulative preference shares could have an impacton the weighted average number of (diluted) ordinary shares. However, theirconversion to ordinary shares would not decrease earnings per share or increaseloss per share and as such they have not been treated as dilutive.14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20232,0428602,902Additions-1,0551,055Disposals---Balance at 31 December 20232,0421,9153,957Balance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Accumulated depreciationBalance at 1 January 2023(2,042)-(2,042)Depreciation---Disposals---Balance at 31 December 2023(2,042)-(2,042)Balance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Carrying amountsAt 31 December 2023-1,9151,915At 31 December 2022-86086015 Property, plant and equipmentReconciliation of the carrying amountAMOUNTS IN EUR '000Land andbuildingsPlant andequipmentOther fixedassetsAssets underconstructionTotalCostBalance at 1 January 2023136,758109,8384,05220,407271,055Additions---179,321179,321Transfers311,587419(12,009)-Disposals-----Balance at 31 December 2023136,761121,4254,471187,719450,376Balance at 1 January 2022131,363106,1593,4837,508248,513Additions---22,54222,542Transfers5,3943,683566(9,644)-Disposals-----Balance at 31 December 2022136,758109,8424,04920,407271,055Accumulated depreciationBalance at 1 January 2023(65,838)(85,807)(2,995)-(154,640)Depreciation(4,504)(7,273)(355)-(12,132)Disposals-----Balance at 31 December 2023(70,342)(93,080)(3,350)-(166,772)Balance 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)Carrying amountsAt 31 December 202366,41928,3451,121187,719283,604At 31 December 202270,92024,0351,05420,407116,415At 31 December 2023 and 2022 all directly owned property, plant and equipmentwas collateralized as part of the financing agreements in place (see note 24).Capitalised borrowing costsThe Group started the construction of the manufacturing facility expansion during2023. This project is expected to be completed at the end of 2024. The carryingamount of the expansion at 31 December 2023 was EUR 183.8 million (2022: EUR13.1 million). Reference is made to note 2 for a description of the funding package.The amount of borrowing costs capitalised during the year ended 31 December2023 was EUR 1.0 million (2022: Nil). The weighed average rate used to determinethe amount of borrowing costs eligible for capitalisation was 2.5%, which is theweighted average EIR of the borrowings and advance factory payments receivedduring 2023.16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020232022Balance at 1 January515425Additions--Revaluation590Balance at 31 December520515Investment 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 2023 is estimated at EUR 520 thousand (2022: EUR515 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 2023 the Group\u2019s interest in the joint ventureamounts EUR 79 thousand (2022: EUR 66 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 (2022: EUR 10 thousand).AMOUNTS IN EUR '00020232022Balance at 1 January76115Additions--Result for the year131Dividends paid-(40)Balance at 31 December897618 InventoriesAMOUNTS IN EUR '00020232022Raw materials and consumables517427Total inventories517427During 2023 and 2022 no inventories were written down to the lower of netrealisable value.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020232022Contract assets28,71218,315Contract liabilities - current(37,725)(32,458)Contract liabilities - non-current(71,768)-Net contract assets and liabilities(80,781)(14,143)Expenses incurred including realized profit todate1,677,0961,223,926Invoiced terms(1,757,877)(1,238,069)Net contract assets and liabilities(80,781)(14,143)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. The non-current contract liabilities comprise mainly of the Advance FactoryPayments (\u201cAFPs\u201d) received from launching customers. This AFP is part of thefunding package for the expansion plans, and will be settled in a future constructioncontract. The contract liability is classified non-current, as the related performanceobligation is expected to be satisfied after more than one year after reporting date.There is a significant financing component included in the contract, considering thelength of time between the customers\u2019 payment and the satisfaction of the relatedperformance obligation. As such, the transaction price for the contract is discounted,using the interest rate that would be reflected in a separate financing transactionbetween the Group and the customer at contract inception. As per 31 December2023, the impact on the non-currenct contract liabilities amounts to EUR 1.0 million.As noted in note 2, the original cash receipt related to the AFP of the Empire Wind2 contract (EUR 30.5 million) is converted into a perpetual bond. Reference is madeto note 22 for more information related to the perpetual bond.In addition, the estimated bond costs for completed contracts which are expected tobe incurred within 12 months after balance sheet date are recorded as part of thecontract liabilities, which amount to EUR 0.3 million at 31 December2023 (31 December 2022: EUR 0.4 million). The revenues recognized in thereporting period that was included in the contract liability balance at the beginning ofthe period amounts EUR 32.1 million (2022: EUR 37.0 million). Revenue recognizedin the reporting period from performance obligations satisfied (or partially satisfied)in previous periods amounts to EUR 30.0 million (2022: EUR 8.1 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.Except for the AFP and part of the contract liability related to the licensing contractwhich are considered to be non-current, both the contract assets and liabilities havedurations shorter than 12 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 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered to be immaterial.At year end EUR nil of the total open balance refers to related parties (2022: EURnil).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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00021 Cash and cash equivalentsAMOUNTS IN EUR '00020232022Bank balances131,38989,832Cash and cash equivalents131,38989,832The 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). On 7 July 2023, the issued share capital was increased by EUR 0.9 million.This was done by the issue of 4,387,256 ordinary shares with a nominal value ofEUR 0.20, of which 33,366 to the Management Team of the Group. Reference ismade to note 13 for the reconciliation of the number of shares outstanding.All ordinary shares rank equally with regard to the Company\u2019s residual assets.Share InvestmentsIn June 2023, the Company invited the members of the Management Team andselected employees (\u201cParticipants\u201d) to invest in the Company\u2019s shares at the timeof the Rights Issue. The number of shares was determined by dividinga Participant\u2019s investment amount with the purchase price per share of EUR 11.50.The members of the Executive Board purchased Ordinary Shares by either (i)participating in the Rights Issue Offering through exercising Rights purchased onEuronext Amsterdam and/or (ii) purchases of Ordinary Shares.Members of the Management Team and other key employees of the Companypurchased 33,366 new Ordinary Shares in total that were issued separately underthe authorisation that was granted to the Executive Board by the General Meeting on12 May 2023. The shares acquired by the Participants are subject to a four-yearlock-up period as from the issuance date, which is automatically lifted upontermination of employment.The fair value of these equity-settled awards is equal to the grant date fair marketvalue of the shares acquired less the price paid by the Participants. Since thepurchase price per Company Share of EUR 11.50 represented a discount of 18.4% tothe closing price of the Company\u2019s Ordinary Shares, the share investments resultedin an accounting fair value of EUR 87 thousand. This grant date fair value has beenrecognised as an expense in 2023, with a corresponding entry in share premium.Share premiumThe during 2023 newly issued 4,387,256 ordinary shares were issued at a shareprice of EUR 11,50, which results in an addition in share premium amounting to EUR49.6 million.Furthermore, the (net of tax) incremental transaction cost related to the issuedordinary shares (EUR 960 thousand) and cumulative preference shares (EUR51 thousand) are accounted for as a deduction from share premium. The total taxeffect of these transaction costs amounts to EUR 351 thousand.Other capital reservesCumulative preference sharesAs part of the funding package for the financing of the expansion plans, the Groupentered into a placement agreement with Equinor Renewables B.V. and Equinor NewEnergy AS for the issue of 50,000 Preference Shares to Equinor Renewables B.V.against payment of a subscription price of EUR 1 thousand per Preference Share(EUR 50 million in gross proceeds).The holder of Preference Shares will be entitled to receive, out of funds legallyavailable for distribution, with first priority over Ordinary Shares, cumulativedividends at a fixed annual coupon rate of 5% until 30 June 2025, which rate will beannually increased as of 1 July 2025 as follows:>an increase of 0.5% per annum as of 1 July 2025;>an increase of 0.75% per annum as of 1 July 2026; and>an increase of 0.75% per annum as of 1 July 2027.>an increase of 1.0% per annum as of 1 July 2028.The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.The Executive Board has the discretion any given year to pay out the couponamount. As per 31 December 2023, the cumulative undeclared amount of dividendsamount to EUR 1.9 million. The Preference Shares will rank ahead of the OrdinaryShares on the liquidation of the Company.Furthermore, at the option of the Group, the Preference Shares may be redeemed, inwhole or in part, at a price equal to the initial stated amount, plus any accrued butunpaid dividends as of the date of such redemption. This option shall only beexercisable by the Company from 1 January 2025.From 1 July 2028, the holder of the Preference Shares has the right to convert thePreference Shares to Ordinary Shares by resolution of the Executive Board that hasbeen approved by the Supervisory Board. The conversion will be in respect of theinitial stated amount and any accrued but unpaid dividends, at a fixed conversionratio calculated as the subscription price paid for the Preference Share, plus anydividend which accrued thereon but remains unpaid, divided by a conversion price ofEUR 12 per Ordinary Share.Perpetual bondAs disclosed in note 19, one of the launching customers (Empire Offshore WindLLC) has terminated a construction contract with the Group. Based on the specificcontractual agreements, the AFP related to this contract (EUR 30.5 million) isconverted into a perpetual bond as per 29 December 2023. The bond has thefollowing terms:>There is no fixed redemption date;>The bond will bear interest on its principle amount of EURIBOR + 5% margin, asfrom 1 January 2026, subject to an annual increase by 0.75% beginning on1 July 2027 and each anniversary thereof;>The Group may, at its discretion, elect to defer all or part of any payment of all orpart of any interest. Any deferred interest shall itself bear interest at a rate equalto 2% plus the applicable margin;>The Group will have an obligation to pay interest in certain specifically agreedevents, the occurrance of the events is always controlled by the Group.The Group has an unconditional right to avoid delivering cash or another financialinstrument in relation to the perpetual bond, resulting in the classification as anequity instrument.DividendsThe following dividends were declared and settled by the Company during the year:2023 2022Number of ordinary shares dividend eligible 29,888,612 25,501,356Rounded dividend per ordinary share (\u20ac) 0.00 0.19Dividends declared and settled during theyear (\u20ac '000) - 4,851The 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. However, currently, the Group does not pay any dividend in respectof its share capital due to a contractual obligation under the financing facilityagreement. Pursuant to the financing facility agreement, the Group shall not declare,make or pay any dividend or other distributions in respect of its share capital if (i)a default under the Facility Agreement is continuing or would occur as a result of themaking of such payment; (ii) the Manufacturing Expansion is not yet completed; and(iii) certain criteria in relation to the leverage financial covenant in the financingfacility agreement are not yet satisfied.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 this subsidiary is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020232022Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(103)(153)Finance costs169(10)Profit before tax1,187958Income tax(292)(205)Profit after tax895753Attributable to non-controlling interests357301Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020232022Property, plant and equipment5,7486,107Trade receivables51114Cash and cash equivalents6,3045,264Trade and other payables(8,541)(8,257)Interest-bearing loans and borrowings(325)(325)Total equity3,6972,803Attributable to:Equity holders of parent2,2191,682Non-controlling interest1,4791,122Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020232022Operating8711,714Investing--Financing169(10)Net increase in cash and cash equivalents1,0401,70424 Loans and borrowingsThe company has the following loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398As part of the financing plan of the factory expansion, the Group has refinanced itsexisting financing facility into a term-loan facility amounting to EUR 81 million anda revolving credit facility amounting to EUR 50 million. As per 31 December2023 EUR 20.25 million has been drawn from the term-loan facility and the revolvingcredit facility has been unused.The prepaid transaction costs of the term-loan facility and the revolving creditfacility are respectively included in the amortized cost of the term-loans andpresented as part of prepayments. In case of a drawdown from the revolving creditfacility the prepaid transaction costs are included in the the amortized cost of theoutstanding balance. Both are recognized as expense over the duration of thefacilities. The refinancing is treated as the derecognition of the original facility andrecognition of the new facility, as new lenders are added and the terms of the facilityare substantially modified.The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Reference is made to note 31 for further information on the lease liabilities, and therelated movements.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 covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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 131.4 million at 31 December2023 (2022: EUR 89.8 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 2023Non-derivative financial liabilitiesTerm loans19,92620,250----20,250Lease liabilities111,890120,2432,5227,4129,83027,07573,404Trade payables87,32487,32487,324----Other current financial liabilities21,42321,42321,423----Total non-derivative financial liabilities240,563249,240111,2697,4129,83027,07593,654AMOUNTS 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----Other current financial liabilities17,15617,15617,156----Total non-derivative financial liabilities216,887228,145111,8707,0627,78024,81576,618As 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 2023, the Group uses no derivatives to manage market risks (2022: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. The interest rateprofile of the Group\u2019s interest-bearing financial instruments as reported tomanagement of the Group is as follows:AMOUNTS IN EUR '00020232022Variable rate instrumentsTerm loans19,926-19,926-The Group has performed a cash flow sensitivity analysis for variable rateinstruments. A reasonable possible change of 50 basis points in interest rates at thereporting date would have increased (decreased) profit or loss before tax by theamounts shown below. A sensitivity analyses on equity has not been prepared sincethe impact on equity will be equal to the increase (decrease) on the sensitivityanalysis of profit or loss before tax (excluding tax effect).This analysis assumes thatall other variables remain constant.AMOUNTS IN EUR '00050 basis pointsincrease50 basis pointsdecrease31 December 2023Variable rate instruments16(16)Net impact--31 December 2022Variable rate instruments--Net impact--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 '00020232022Jubilee provision393375Accrual for employee bonuses1,488911Accrual for employee vacation daysoutstanding1,2561,325Personnel expenses payable1,6191,167Total employee benefits liabilities4,7563,778Non-current727468Current4,0293,310Total employee benefits liabilities4,7563,778The movement in the jubilee provision can be specified as follows:AMOUNTS IN EUR '00020232022Balance at 1 January375436Additions52-Used(34)(20)Released-(41)Balance at 31 December39337527 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 the members of the Management Team are entitled to receive a cash paymentequal to the value of the number of PSUs that have vested. The PSUs are paid outafter the completion of a three-year vesting period, contingent on the approval fromthe Supervisory Board.At 31 December 2023 the outstanding liability with regard to the PSU plan was EUR0.3 million (2022: EUR 0.2 million). During 2023 a number of 11.533 PSUs arevested and exercised (2022: 12.177), 2.840 PSUs are forfeited (2022: 0) and22.264 PSUs are awarded (2022: 26.734). At 31 December 2023 a number of51.743 PSUs are outstanding (2022: 43.852 PSUs), which vest on average19 months after reporting date (2022: 20 months).Spot Bonus AwardsIn 2023, the Company has granted conditional Spot-Bonus Awards to the membersof the Executive Board, the members of the Management Team and other keyemployees of the Group, related to the manufacturing facility expansion. A Spot-Bonus Award consists of two separate conditional cash bonus amounts, which aresubject to service conditions that have to be met for the Award to vest. If a valuecap is included in the award agreement, each actual Spot-Bonus payment at thevesting date is subject to a value cap of two times the respective Spot-Bonus valueat the award date.The grant date for the first tranche is the award date (16 June 2023), as the grant isunconditional. The grant of the second tranche is subject to the finalisation andapproval of the vesting performance conditions, which is expected in the course of2024. The vesting date of the first tranche is the third anniversary of the grant date,subject to continued employment and holding shares in the Company for at leastthe investment amount at the vesting date. The vesting date of the second trancheis three years after the date that the manufacturing facility is fully operational.The total Spot-Bonus Award values granted in 2023 amount to EUR 0.7 million forthe members of the Executive Board and EUR 0.9 million for other participants (EUR1.6 million in total). The Award value for the second tranche will be determinedbased on the annual base salaries as applicable at the grant date.An adjustment factor will be applied to the actual Spot-Bonus Award value at therelevant vesting date based on the Total Shareholder Return performance of theCompany Share during the period between the relevant vesting commencementdate and the relevant vesting date (the \u201cTSR modifier\u201d). Total Shareholder Returnmeans the development of the share price during the relevant period wherebydividends are considered reinvested at the relevant dividend payment date. Ifdividend would be paid during this period, this would also be included in thisadjustment factor.Due to the TSR modifier, the value development for a Spot-Bonus Award is equal tothe return a shareholder would realize on a Share of the Group during the relevantperiod. As a result, the Spot-Bonus Awards are accounted for as cash-settled share-based payment awards.As of each reporting date, the fair value of a Spot-Bonus Award is determined basedon the share price development between the vesting commencement date and the(estimated) vesting date. Based on the Total Shareholder Return performancebetween the Award date and 31 December 2023, the total estimated fair value of theSpot-Bonus Awards amounts to EUR 1.1 million. Of the recognized fair value, EUR0.2 million has been recognised as an expense and a liability in 2023, in accordancewith the relevant vesting period for the first tranche.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 premiums to be paid for bank guaranteesafter 12 months (EUR 0.3 million, 2022: EUR 0.7 million).The other current liabilities include mainly liabilities for invoices to be received (EUR14.6 million, 2022: EUR 7.1 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. At year-end 2023, the solvency ratio was 43.8 % (2022: 40.3%).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.Roermond100Twinpark Sif B.V. 1Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.Schiedam100Sif Decom B.V.2Roermond1001 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.2 \u2013 Sif Decom B.V. has been incorporated on 17 October 2023.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 1.7 million in 2023 (2022: EUR 3.6 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 2023129,500Additions7,873Remeasurement6,768Disposals(2,610)Balance at 31 December 2023141,531Balance at 1 January 2022119,479Additions6,394Remeasurement3,670Disposals(43)Balance at 31 December 2022129,500Accumulated depreciationBalance at 1 January 2023(25,034)Depreciation(10,765)Disposals2,610Balance at 31 December 2023(33,189)Balance at 1 January 2022(14,881)Depreciation(10,110)Disposals(43)Balance at 31 December 2022(25,034)Carrying amountsAt 31 December 2023108,342At 31 December 2022104,466Lease liabilitiesAMOUNTS IN EUR '000Balance at 1 January 2023107,398Additions7,873Remeasurement6,768Lease terms(11,086)Financing costs937Balance at 31 December 2023111,890Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Carrying amountsAt 31 December 2023111,890At 31 December 2022107,398Of the total carrying value per year-end 2023 an amount of EUR 9.0 million isclassified current (2022: EUR 8.5 million).The additions in right-of-use assets include mainly leased logistical equipment (EUR3.2 million).The Group had total cash outflows for leases of EUR 10.8 million in 2023 (2022:EUR 8.6 million). The Group also had non-cash additions to right-of-use assets andlease liabilities of EUR 7.9 million in 2023 (2022: EUR 5.8 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 2023 EUR1.5 million (2022: 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 2023 EUR 4.7 million (2022: EUR 9.1 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020232022Less than 1 year7473,184Between 1 and 2 years--More than 2 years--Total future minimum rental receivable7473,184The 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 2023, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 152.8 million (2022: EUR 6.4 million), whichincludes EUR 150.6 million related to the expansion plans of the production facilities.The commitments for raw materials amounts to EUR 136.5 million (2022: EUR152.4 million) and commitments for subcontracting amounts to EUR 2.9 million(2022: EUR 6.5 million).Guarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202331 December 2022AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General150,00095,357130,00080,091Co\u00f6peratieve Rabobank U.A.General50,00039,59640,00011,255ING Bank N.V.General50,00033,10740,00033,190ABN AMRO Bank N.V.General50,00028,92040,00027,532DNBGeneral50,00026,970--Total350,000223,950250,000152,068With an effective date of 5 June 2023, the existing finance facility of the Group hasbeen refinanced (and expanded) for the purpose of the financing of the expansionplans. The guarantee facility included in the revolving facility commitment has beenexpanded from EUR 250 million to EUR 350 million.The Group is jointly and severally liable for all amounts to which Euler Hermes S.A.,Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieveRabobank U.A. and DNB (UK) Limited have a right to claim in relation to the abovementioned guarantees.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.33 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 259 thousand (2022: EUR 192 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2022: EUR nihil).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:20232022G.G.P.M. van Beers38,99916,500B.J. Meijer11,814-Balance at 31 December50,81316,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20232022A. Goed\u00e9e125,57770,000P.J. Gerretse260,62545,000C.A.J. van den Bosch216,87545,000P.E. Visser345,00045,000P.E. Wit445,00045,000A. Heckman528,515-A. Vos614,178-235,770250,0001. Member of the supervisory board until 12 May 2023.2. Member of the supervisory board as of 12 February 2016.3. Member of the supervisory board on an ad interim basis as of 1 November 2017.4. Member of the supervisory board as of 3 May 2018.5. Member of the supervisory board as of 12 May 2023.6. Member of the supervisory board as of 8 September 2023.Compensation of the current executive board membersG.G.P.M. van BeersB.J. MeijerAMOUNTS IN EUR2023202220232022Base salary432,555398,879261,938235,980Employer\u00b4s pensioncontributions27,84724,45823,62620,604Pension compensation35,69633,74218,09516,649Annual bonus(expenses)163,932149,61994,92269,917Non-recurring bonus(expenses)46,758-28,073-LTIP, including spotbonus (expenses)120,96463,56464,82020,689Other benefits (carlease, travel expensesand relocationexpenses)51,85350,46342,95540,471Social security andother payments11,1689,88111,1689,881Total remuneration890,773730,606545,596414,191Paid annual bonus inthe year, earned overthe previous year149,619201,90669,91759,273Paid vested LTIP85,50785,026--Total actual paidvariable remuneration235,126286,93269,91759,27334 Service fees paid to external auditorsThe total service fees of external auditors for financial years 2023 and 2022, whichconsist of services related to the respective reporting periods, can be specified asfollows:Ernst & Young AccountantsLLPOtherAMOUNTS IN EUR \u20190002023202220232022Audit of financialstatements484360--Other assuranceservices1634549Total6474054935 Events after the reporting periodIn January 2024, the Nature Permit for the manufacturing expansion has becomeirrevocable. This fulfilled the last condition precedent for tranche B of the CoveredTerm Facility of the bank consortium, which subsequently refinanced the CoveredBridge Facility of InvestNL (amounting to EUR 64.8 million) on 29 February 2024.In addition, on 14 March 2024 the second drawing of EUR 20.25 million of the Termloans has been performed.",
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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 December2023, were authorised for issue in accordance with a resolution of the ExecutiveBoard on 18 March 2024.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": "Mijnheerkensweg 33, Roermond",
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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.",
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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). 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.Manufacturing facility expansionAs per 13 Febuary 2023, the Executive Board of the Group has taken the FinalInvestment Decision (\u2018FID\u2019) for the manufacturing facility expansion (hereafter\u2018expansion\u2019). The Group is financing the expansion, which is estimated to amount toapproximately EUR 328 million (including appropriate contingencies), througha combination of equity and debt, as well as advance factory payment by twolaunching customers, with the remainder being funded through cash and cashequivalents:>EUR 100 million of advance factory payments from Launching Customers;>EUR 50 million of newly issued cumulative preference shares;>EUR 50 million raised through a rights offering;>EUR 81 million Term-loans, as part of a EUR 481 million finance facility which inaddition includes a guarantee facility of EUR 350 million and revolving creditfacility of EUR 50 million; and>EUR 40 million lease facility;>EUR 7 million cash and cash equivalents.(together, the \u2018Funding Package\u2019).The effective date of the finance facility is 5 June 2023 and has a term of 6 years.The interest rate consists of EURIBOR (3 months) + margin, which is 2% for theterm loans and for the revolving facility depended on the level of net leverage. As per31 December 2023, the advance factory payments that have been received by theGroup are classified in the balance sheet as non-current contract liability for EUR69.5 million and other capital reserve for EUR 30.5 million. The other capital reserverelates to the advance factory payment related to cancelled Empire Wind 2 project,which contract is on 29 December 2023 terminated by launching customer EmpireOffshore Wind LLC. Based on the specific contractual agreements, the AFP relatedto this contract (EUR 30.5 million) is converted into a perpetual bond. The total cashreceipt of the advance factory payments is part of the changes in net workingcapital in the operating cash flow in the cash flow statement, the conversion of theadvance factory payment to perpetual bond is a non-cash transaction. Thecumulative preference shares are issued and the rights offering has been completed.One drawdown of the term-loans amounting to EUR 20,25 million has been madeand the lease facility will only be used during 2024.2.1 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 ongoing war in Ukraine and geopolitical tensions in other parts ofthe world continue to bring uncertainties and implications on global economyimpacting various industries and sectors. The effects are wide ranging, includingamongst others, inflation, volatile energy prices, pressure on supply chains, andfluctuating interest rates in most parts of the world. Mainly the high inflation andinterest rates have resulted in cancelations of projects in the USA and UK, whichalso resulted in the cancelation of the Empire Wind 2 order for the Group.Furthermore, the development in relation to regulations about nitrogen deposition inthe Netherlands have an effect on the execution of business operations.We continue to monitor the developments and assess the implications on ourbusiness operations and we concluded that the impact on the performance of thebusiness is not material for the 2023 financial period. In addition, the assessmentdid not result in any impairment or other material changes in the valuation of otherassets and liabilities. Due to the unpredictable nature of this risk, we are activelymonitoring the economic developments as the severity of the impact on ourcustomers and our own business operations remain uncertain for the future.However, the outlook remains positive: the orderbook is well filled with 2024 fullybooked and large orders being booked or under exclusive negotiations for 2025 and2026 and the financing arrangements are renewed until June 2029. The recentcancelations are expected to have limited impact on the Group because of a solidorder book and the recent cancelations are considered a temporary hick-up in theoffshore wind market, with mid- to longterm demand outlook continuing to bestrong. Due to the solid financing arrangements related to the expansion plans,a significant cash buffer has been created by the end of 2023, which is expected tobe sufficient to fund the expected negative net cash flow during 2024 as a result ofthe finalisation of the expansion plans. In addition, the usage of the revolving creditfacility of EUR 50 million is currently not foreseen, and is therefore an additionalbuffer for operational setbacks.The Group assessed where climate related matters could have a significant impacton the going concern situation. As a consequence of emission-reduction legislationthe demand for offshore wind energy is increasing and therewith increases thedemand for the products of the Group. Therefore, management assesses that thecurrent climate related matters have a positive impact on the future volume ofprojects in the offshore wind market, and therefore lower the risk in relation to goingconcern of the Group.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 ongoing war in Ukraine and geopolitical tensions in other parts ofthe world continue to bring uncertainties and implications on global economyimpacting various industries and sectors. The effects are wide ranging, includingamongst others, inflation, volatile energy prices, pressure on supply chains, andfluctuating interest rates in most parts of the world. Mainly the high inflation andinterest rates have resulted in cancelations of projects in the USA and UK, whichalso resulted in the cancelation of the Empire Wind 2 order for the Group.Furthermore, the development in relation to regulations about nitrogen deposition inthe Netherlands have an effect on the execution of business operations.We continue to monitor the developments and assess the implications on ourbusiness operations and we concluded that the impact on the performance of thebusiness is not material for the 2023 financial period. In addition, the assessmentdid not result in any impairment or other material changes in the valuation of otherassets and liabilities. Due to the unpredictable nature of this risk, we are activelymonitoring the economic developments as the severity of the impact on ourcustomers and our own business operations remain uncertain for the future.However, the outlook remains positive: the orderbook is well filled with 2024 fullybooked and large orders being booked or under exclusive negotiations for 2025 and2026 and the financing arrangements are renewed until June 2029. The recentcancelations are expected to have limited impact on the Group because of a solidorder book and the recent cancelations are considered a temporary hick-up in theoffshore wind market, with mid- to longterm demand outlook continuing to bestrong. Due to the solid financing arrangements related to the expansion plans,a significant cash buffer has been created by the end of 2023, which is expected tobe sufficient to fund the expected negative net cash flow during 2024 as a result ofthe finalisation of the expansion plans. In addition, the usage of the revolving creditfacility of EUR 50 million is currently not foreseen, and is therefore an additionalbuffer for operational setbacks.The Group assessed where climate related matters could have a significant impacton the going concern situation. As a consequence of emission-reduction legislationthe demand for offshore wind energy is increasing and therewith increases thedemand for the products of the Group. Therefore, management assesses that thecurrent climate related matters have a positive impact on the future volume ofprojects in the offshore wind market, and therefore lower the risk in relation to goingconcern of the Group.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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-29-5": {
"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": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-136-2": {
"value": "3 Material accounting policies3.1 Basis of consolidationSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2023. 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:1.Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);2.Exposure, or rights, to variable returns from its involvement with the investee;3.The ability to use its power over the investee to affect its returns.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-136-3": {
"value": "3 Material 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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. Furthermore, the Group entered into a lease agreement withHavenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbor.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).3.3 Summary of material 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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration 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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.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 the Group\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group considers the control of theservice to be transferred at a point in time. Therefore, revenue for logistical handlingservices is recognized 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:1.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).2.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.3.The costs are expected to be recovered.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.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.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 2023 no adjustments have been made to the estimations of the lease termswhich had a material impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-136-4": {
"value": "3 Material 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 2023. 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:1.Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);2.Exposure, or rights, to variable returns from its involvement with the investee;3.The ability to use its power over the investee to affect its returns.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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.LeasesThe Group rents warehouse/factory equipment and several housing units in order tocarry out its activities. Furthermore, the Group entered into a lease agreement withHavenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbor.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).3.3 Summary of material 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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration 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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.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 the Group\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group considers the control of theservice to be transferred at a point in time. Therefore, revenue for logistical handlingservices is recognized 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:1.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).2.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.3.The costs are expected to be recovered.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.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.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.Share-based compensationEmployees of the Group receive remuneration in the form of share-based payments,whereby employees render services in exchange for equity instruments (equity-settled transactions) and/or share appreciation rights which are settled in cash(cash-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions is determined by the fair value at the datewhen the grant is made using an appropriate valuation model (further details aregiven in note 27).That cost is recognised in employee benefits expense, together with a correspondingincrease in equity (share premium), over the period in which the service and, whereapplicable, the performance conditions are fulfilled (the vesting period). Thecumulative expense recognised for equity-settled transactions at each reporting dateuntil the vesting date reflects the extent to which the vesting period has expired andthe Group\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss for a period representsthe movement in cumulative expense recognised as at the beginning and end of thatperiod.Service and non-market performance conditions are not taken into account whendetermining the grant date fair value of awards, but the likelihood of the conditionsbeing met is assessed as part of the Group\u2019s best estimate of the number of equityinstruments that will ultimately vest. Market performance conditions are reflectedwithin the grant date fair value. Any other conditions attached to an award, butwithout an associated service requirement, are considered to be non-vestingconditions. Non-vesting conditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless there are also service and/orperformance conditions.No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awardsinclude a market or non-vesting condition, the transactions are treated as vestedirrespective of whether the market or non-vesting condition is satisfied, provided thatall other performance and/or service conditions are satisfied.When the terms of an equity-settled award are modified, the minimum expenserecognised is the grant date fair value of the unmodified award, provided the originalvesting terms of the award are met. An additional expense, measured as at the dateof modification, is recognised for any modification that increases the total fair valueof the share-based payment transaction, or is otherwise beneficial to the employee.Where an award is cancelled by the entity or by the counterparty, any remainingelement of the fair value of the award is expensed immediately through profit orloss.The dilutive effect of outstanding options is reflected as additional share dilution inthe computation of diluted earnings per share (further details are given in Note 13).Cash-settled transactionsA liability is recognised for the fair value of cash-settled transactions. The fair valueis measured initially and at each reporting date up to and including the settlementdate, with changes in fair value recognised in employee benefits expense. The fairvalue is expensed over the period until the vesting date with recognition ofa corresponding liability. The fair value is determined using a binomial model(further details are given in note 27). The approach used to account for vestingconditions when measuring equity-settled transactions also applies to cash-settledtransactions.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.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.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 assetsResearch 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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.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.Borrowing costs directly attributable to the acquisition, construction or production ofan asset that necessarily takes a substantial period of time to get ready for itsintended use or sale are capitalised as part of the cost of the asset. All otherborrowing costs are expensed in the period in which they occur. Borrowing costsconsist of interest and other costs that an entity incurs in connection with theborrowing of funds. Interest expense arising from customer contracts witha significant financing component are capitalized as borrowing costs if they aredirectly attributable to the acquisition, construction or production of a qualifyingasset.When significant parts of plant and equipment are required to be replaced atintervals, the Group depreciates them separately based on their specific useful lifes.Likewise, when a major renovation or overhaul is performed, its cost is recognized inthe carrying amount of the plant and equipment as a replacement if the recognitioncriteria are satisfied. All other repair and maintenance costs are recognized in profitor 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 equipmentusing the straight-line method over their estimated useful lifes, and is recognized inprofit 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 and useful lifes are reviewed at each reporting date andadjusted 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 2023 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 amountoutstandingFinancial 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;or>the 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 and payables. 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 material financial liabilities include trade and other payables and loansand borrowings including bank overdrafts.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFinancial 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.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.Cumulative preference shares and perpetual bondCumulative preference shares and the perpetual bond are classified as eithera financial liability or equity components based on the terms of the contract.A financial liability is any liability that is:>a contractual obligation to deliver cash or another financial asset to anotherentity, or to exchange financial assets or financial liabilities with another entityunder conditions that are potentially unfavourable to the entity; or>a contract that will or may be settled in the entity\u2019s own equity instruments andis a non\u2013derivative for which the entity is or may be obliged to deliver a variablenumber of the entity\u2019s own equity instruments, or a derivative that will or may besettled other than by the exchange of a fixed amount of cash or another financialasset for a fixed number of the entity\u2019s own equity instruments.The cumulative preference shares and perpetual bond have been classified asequity, because there is no mandatory redemption and distributions to the holders ofthe respective instrument are at the discretion of Sif.The cash received is classified as other capital reserve in equity, the transactioncosts (net of tax) are accounted for as a deduction from equity. The Group haschosen to recognise the charge as a reduction of share premium.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.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.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 and production of offshoresteel structures, and limited amounts for licensing fees and operational leaseincome for the windmill on the Group\u2019s site in Rotterdam.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 Group (adjusted for the undeclareddividend on the cumulative preference shares) and the weighted-average number ofordinary shares outstanding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-136-5": {
"value": "3 Material accounting policiesSubsidiariesThe consolidated financial statements comprise the financial statements of theGroup and its subsidiaries as at 31 December 2023. 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:1.Power over the investee (i.e., existing rights that give it the current ability todirect the relevant activities of the investee);2.Exposure, or rights, to variable returns from its involvement with the investee;3.The ability to use its power over the investee to affect its returns.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.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-136-6": {
"value": "3 Material 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-169-4": {
"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.",
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-204-3": {
"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. Furthermore, the Group entered into a lease agreement withHavenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbor.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).16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020232022Balance at 1 January515425Additions--Revaluation590Balance at 31 December520515Investment 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 1.7 million in 2023 (2022: EUR 3.6 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 2023129,500Additions7,873Remeasurement6,768Disposals(2,610)Balance at 31 December 2023141,531Balance at 1 January 2022119,479Additions6,394Remeasurement3,670Disposals(43)Balance at 31 December 2022129,500Accumulated depreciationBalance at 1 January 2023(25,034)Depreciation(10,765)Disposals2,610Balance at 31 December 2023(33,189)Balance at 1 January 2022(14,881)Depreciation(10,110)Disposals(43)Balance at 31 December 2022(25,034)Carrying amountsAt 31 December 2023108,342At 31 December 2022104,466Lease liabilitiesAMOUNTS IN EUR '000Balance at 1 January 2023107,398Additions7,873Remeasurement6,768Lease terms(11,086)Financing costs937Balance at 31 December 2023111,890Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Carrying amountsAt 31 December 2023111,890At 31 December 2022107,398Of the total carrying value per year-end 2023 an amount of EUR 9.0 million isclassified current (2022: EUR 8.5 million).The additions in right-of-use assets include mainly leased logistical equipment (EUR3.2 million).The Group had total cash outflows for leases of EUR 10.8 million in 2023 (2022:EUR 8.6 million). The Group also had non-cash additions to right-of-use assets andlease liabilities of EUR 7.9 million in 2023 (2022: EUR 5.8 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 2023 EUR1.5 million (2022: 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 2023 EUR 4.7 million (2022: EUR 9.1 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020232022Less than 1 year7473,184Between 1 and 2 years--More than 2 years--Total future minimum rental receivable7473,184The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-204-4": {
"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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.3.3 Summary of material 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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsDetermine 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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-204-5": {
"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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.3.3 Summary of material 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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.The Group applied the following judgements that significantly affect thedetermination of the amount and timing of revenue from contracts with customers:Construction contractsDetermine 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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration are relatively limited, as the Group provides no volume rebates, norights of returns, no performance bonuses, no refunds nor credits.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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-204-7": {
"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. Furthermore, the Group entered into a lease agreement withHavenbedrijf Rotterdam N.V. for the lease of three plots in the Rotterdam harbor.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).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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-204-8": {
"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 offshore steel structure projects in the Othersegment the satisfaction is assessed based on the actual hours incurred comparedwith the estimated hours needed to complete the full performance obligation. Inaddition, management estimates at each reporting date the total expected costs tobe incurred, the variable considerations and any claims/litigations for each individualperformance obligation and adjustments are made where appropriate. Furthermore,judgement is applied in relation to licensing contracts, which concerns theidentification of performance obligations and the relative stand-alone selling pricesbased on which the transaction price is allocated to the identified performanceobligations.Detailed explanations of the degree of judgment and assumptions used are includedunder the respective section in the significant accounting policies related torevenues from contracts with customers.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. In addition, 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.Furthermore, during 2023 the Group started licensing its technology and trademarksto customers.Revenue from contracts with customers is recognized when control of the goods orservices is transferred to the customer at an amount that reflects the considerationto which the Group expects to be entitled in exchange for those goods or services.The Group has generally concluded that it is the principal in its revenuearrangements, because it typically controls the (series of) goods or services beforetransferring them to the customer.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), liquidateddamages (which are performance penalties in the contract in case agreedmilestones are not met) and cancelation fees. Based on facts and circumstances inrelation to the respective project, the Group assesses to what extend it is highlyprobable that a significant revenue reversal will not occur in future periods once theuncertainty related to the variable consideration is resolved. Other forms of variableconsideration 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.Termination of contractsIn case of a termination of a contract with a customer, based on the specificcontractual agreements the financial consequences are determined.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 the Group\u2019s performance and the throughput time of anindividual performance obligation is limited, the Group considers the control of theservice to be transferred at a point in time. Therefore, revenue for logistical handlingservices is recognized 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:1.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).2.The costs generate or enhance resources of the entity that will be used insatisfying (or in continuing to satisfy) performance obligations in the future.3.The costs are expected to be recovered.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.Other revenueIn addition to revenue from construction contracts and marshalling contracts, theGroup has limited revenue from engineering services, operational lease of thewindmill on the Group\u2019s site in Rotterdam and the licensing of the Group\u2019stechnology and trademarks.The revenue for engineering services is recognised in line with the accountingpolicies for construction contracts. The operational lease of the windmill isconsidered a lease contract within the scope of IFRS 16, the related accounting isperformed in accordance with the policies as described in the section \u201cLeases\u201d. Thelicensing revenue is generated through licensing of the Group\u2019s technology andtrademarks to customers, to enable them to produce and sell offshore windproducts in line with the Group\u2019s quality standards. The technology license isgranted as \u2018right to use\u2019 license while the license of the Group\u2019s trademark isgranted as \u2018right to access\u2019. Revenue from \u2018right to access\u2019 licenses is recognizedover the (estimated) period during which the Group is obliged to provide access tothe customers. License revenue for \u2018right to use\u2019 licenses is recognized at themoment the control passes to the customer, except for the usage-based royalties,which are recognized when the usage has taken place based on royalties the Groupis entitled to for the period.Bundeled goods and servicesWhen products and services are offered as a bundle under one agreement or undera series of agreements that are commercially linked, the (estimated) totaltransaction price of the agreement is allocated to each of the identified \u2018distinct\u2019performance obligation based on the relative stand-alone selling price of eachelement. Depending on their nature, the revenue from each of the \u2018distinct\u2019performance obligations is recognized based on the applicable revenue recognitionpolicy as described above.The relative stand-alone selling price of each element in a bundled arrangement isbased on the available stand-alone selling price or is estimated using methodsallowed under IFRS, such as the cost plus reasonable margin method, residualmethod or a combination thereof. In making such estimates, management makesuse of judgment and assumptions to arrive at an outcome that best reflectsa transaction\u2019s substance.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-440-3": {
"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 amountoutstandingFinancial 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;or>the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-440-4": {
"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 amountoutstandingFinancial 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;or>the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-440-5": {
"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 amountoutstandingFinancial 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;or>the 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 and payables. 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 material financial liabilities include trade and other payables and loansand borrowings including bank overdrafts.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFinancial 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.Cumulative preference shares and perpetual bondCumulative preference shares and the perpetual bond are classified as eithera financial liability or equity components based on the terms of the contract.A financial liability is any liability that is:>a contractual obligation to deliver cash or another financial asset to anotherentity, or to exchange financial assets or financial liabilities with another entityunder conditions that are potentially unfavourable to the entity; or>a contract that will or may be settled in the entity\u2019s own equity instruments andis a non\u2013derivative for which the entity is or may be obliged to deliver a variablenumber of the entity\u2019s own equity instruments, or a derivative that will or may besettled other than by the exchange of a fixed amount of cash or another financialasset for a fixed number of the entity\u2019s own equity instruments.The cumulative preference shares and perpetual bond have been classified asequity, because there is no mandatory redemption and distributions to the holders ofthe respective instrument are at the discretion of Sif.The cash received is classified as other capital reserve in equity, the transactioncosts (net of tax) are accounted for as a deduction from equity. The Group haschosen to recognise the charge as a reduction of share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-444-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-451-3": {
"value": "Employee benefitsShare-based compensationEmployees of the Group receive remuneration in the form of share-based payments,whereby employees render services in exchange for equity instruments (equity-settled transactions) and/or share appreciation rights which are settled in cash(cash-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions is determined by the fair value at the datewhen the grant is made using an appropriate valuation model (further details aregiven in note 27).That cost is recognised in employee benefits expense, together with a correspondingincrease in equity (share premium), over the period in which the service and, whereapplicable, the performance conditions are fulfilled (the vesting period). Thecumulative expense recognised for equity-settled transactions at each reporting dateuntil the vesting date reflects the extent to which the vesting period has expired andthe Group\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss for a period representsthe movement in cumulative expense recognised as at the beginning and end of thatperiod.Service and non-market performance conditions are not taken into account whendetermining the grant date fair value of awards, but the likelihood of the conditionsbeing met is assessed as part of the Group\u2019s best estimate of the number of equityinstruments that will ultimately vest. Market performance conditions are reflectedwithin the grant date fair value. Any other conditions attached to an award, butwithout an associated service requirement, are considered to be non-vestingconditions. Non-vesting conditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless there are also service and/orperformance conditions.No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awardsinclude a market or non-vesting condition, the transactions are treated as vestedirrespective of whether the market or non-vesting condition is satisfied, provided thatall other performance and/or service conditions are satisfied.When the terms of an equity-settled award are modified, the minimum expenserecognised is the grant date fair value of the unmodified award, provided the originalvesting terms of the award are met. An additional expense, measured as at the dateof modification, is recognised for any modification that increases the total fair valueof the share-based payment transaction, or is otherwise beneficial to the employee.Where an award is cancelled by the entity or by the counterparty, any remainingelement of the fair value of the award is expensed immediately through profit orloss.The dilutive effect of outstanding options is reflected as additional share dilution inthe computation of diluted earnings per share (further details are given in Note 13).Cash-settled transactionsA liability is recognised for the fair value of cash-settled transactions. The fair valueis measured initially and at each reporting date up to and including the settlementdate, with changes in fair value recognised in employee benefits expense. The fairvalue is expensed over the period until the vesting date with recognition ofa corresponding liability. The fair value is determined using a binomial model(further details are given in note 27). The approach used to account for vestingconditions when measuring equity-settled transactions also applies to cash-settledtransactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-451-4": {
"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.Share-based compensationEmployees of the Group receive remuneration in the form of share-based payments,whereby employees render services in exchange for equity instruments (equity-settled transactions) and/or share appreciation rights which are settled in cash(cash-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions is determined by the fair value at the datewhen the grant is made using an appropriate valuation model (further details aregiven in note 27).That cost is recognised in employee benefits expense, together with a correspondingincrease in equity (share premium), over the period in which the service and, whereapplicable, the performance conditions are fulfilled (the vesting period). Thecumulative expense recognised for equity-settled transactions at each reporting dateuntil the vesting date reflects the extent to which the vesting period has expired andthe Group\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss for a period representsthe movement in cumulative expense recognised as at the beginning and end of thatperiod.Service and non-market performance conditions are not taken into account whendetermining the grant date fair value of awards, but the likelihood of the conditionsbeing met is assessed as part of the Group\u2019s best estimate of the number of equityinstruments that will ultimately vest. Market performance conditions are reflectedwithin the grant date fair value. Any other conditions attached to an award, butwithout an associated service requirement, are considered to be non-vestingconditions. Non-vesting conditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless there are also service and/orperformance conditions.No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awardsinclude a market or non-vesting condition, the transactions are treated as vestedirrespective of whether the market or non-vesting condition is satisfied, provided thatall other performance and/or service conditions are satisfied.When the terms of an equity-settled award are modified, the minimum expenserecognised is the grant date fair value of the unmodified award, provided the originalvesting terms of the award are met. An additional expense, measured as at the dateof modification, is recognised for any modification that increases the total fair valueof the share-based payment transaction, or is otherwise beneficial to the employee.Where an award is cancelled by the entity or by the counterparty, any remainingelement of the fair value of the award is expensed immediately through profit orloss.The dilutive effect of outstanding options is reflected as additional share dilution inthe computation of diluted earnings per share (further details are given in Note 13).Cash-settled transactionsA liability is recognised for the fair value of cash-settled transactions. The fair valueis measured initially and at each reporting date up to and including the settlementdate, with changes in fair value recognised in employee benefits expense. The fairvalue is expensed over the period until the vesting date with recognition ofa corresponding liability. The fair value is determined using a binomial model(further details are given in note 27). The approach used to account for vestingconditions when measuring equity-settled transactions also applies to cash-settledtransactions.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-451-5": {
"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.Share-based compensationEmployees of the Group receive remuneration in the form of share-based payments,whereby employees render services in exchange for equity instruments (equity-settled transactions) and/or share appreciation rights which are settled in cash(cash-settled transactions).Equity-settled transactionsThe cost of equity-settled transactions is determined by the fair value at the datewhen the grant is made using an appropriate valuation model (further details aregiven in note 27).That cost is recognised in employee benefits expense, together with a correspondingincrease in equity (share premium), over the period in which the service and, whereapplicable, the performance conditions are fulfilled (the vesting period). Thecumulative expense recognised for equity-settled transactions at each reporting dateuntil the vesting date reflects the extent to which the vesting period has expired andthe Group\u2019s best estimate of the number of equity instruments that will ultimatelyvest. The expense or credit in the statement of profit or loss for a period representsthe movement in cumulative expense recognised as at the beginning and end of thatperiod.Service and non-market performance conditions are not taken into account whendetermining the grant date fair value of awards, but the likelihood of the conditionsbeing met is assessed as part of the Group\u2019s best estimate of the number of equityinstruments that will ultimately vest. Market performance conditions are reflectedwithin the grant date fair value. Any other conditions attached to an award, butwithout an associated service requirement, are considered to be non-vestingconditions. Non-vesting conditions are reflected in the fair value of an award andlead to an immediate expensing of an award unless there are also service and/orperformance conditions.No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awardsinclude a market or non-vesting condition, the transactions are treated as vestedirrespective of whether the market or non-vesting condition is satisfied, provided thatall other performance and/or service conditions are satisfied.When the terms of an equity-settled award are modified, the minimum expenserecognised is the grant date fair value of the unmodified award, provided the originalvesting terms of the award are met. An additional expense, measured as at the dateof modification, is recognised for any modification that increases the total fair valueof the share-based payment transaction, or is otherwise beneficial to the employee.Where an award is cancelled by the entity or by the counterparty, any remainingelement of the fair value of the award is expensed immediately through profit orloss.The dilutive effect of outstanding options is reflected as additional share dilution inthe computation of diluted earnings per share (further details are given in Note 13).Cash-settled transactionsA liability is recognised for the fair value of cash-settled transactions. The fair valueis measured initially and at each reporting date up to and including the settlementdate, with changes in fair value recognised in employee benefits expense. The fairvalue is expensed over the period until the vesting date with recognition ofa corresponding liability. The fair value is determined using a binomial model(further details are given in note 27). The approach used to account for vestingconditions when measuring equity-settled transactions also applies to cash-settledtransactions.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.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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.Property, plant and equipmentDepreciationDepreciation is calculated using the cost of items of property, plant and equipmentusing the straight-line method over their estimated useful lifes, and is recognized inprofit 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 and useful lifes are reviewed at each reporting date andadjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-526-5": {
"value": "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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-531-4": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-531-5": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-531-6": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-540-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-540-4": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-590-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-599-3": {
"value": "Intangible assetsResearch 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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-599-4": {
"value": "Intangible assetsResearch 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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-600-6": {
"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 developmentFollowing 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,which is determined per project (with a standard assumption of 5 years).Amortization is recorded in depreciation and amortization costs. During the period ofdevelopment, the asset is tested for impairment annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-622-4": {
"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.Borrowing costs directly attributable to the acquisition, construction or production ofan asset that necessarily takes a substantial period of time to get ready for itsintended use or sale are capitalised as part of the cost of the asset. All otherborrowing costs are expensed in the period in which they occur. Borrowing costsconsist of interest and other costs that an entity incurs in connection with theborrowing of funds. Interest expense arising from customer contracts witha significant financing component are capitalized as borrowing costs if they aredirectly attributable to the acquisition, construction or production of a qualifyingasset.When significant parts of plant and equipment are required to be replaced atintervals, the Group depreciates them separately based on their specific useful lifes.Likewise, when a major renovation or overhaul is performed, its cost is recognized inthe carrying amount of the plant and equipment as a replacement if the recognitioncriteria are satisfied. All other repair and maintenance costs are recognized in profitor 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 equipmentusing the straight-line method over their estimated useful lifes, and is recognized inprofit 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 and useful lifes are reviewed at each reporting date andadjusted 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-622-5": {
"value": "Property, plant and equipmentDepreciationDepreciation is calculated using the cost of items of property, plant and equipmentusing the straight-line method over their estimated useful lifes, and is recognized inprofit 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 and useful lifes are reviewed at each reporting date andadjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-622-6": {
"value": "Property, plant and equipmentRecognition and measurementBorrowing costs directly attributable to the acquisition, construction or production ofan asset that necessarily takes a substantial period of time to get ready for itsintended use or sale are capitalised as part of the cost of the asset. All otherborrowing costs are expensed in the period in which they occur. Borrowing costsconsist of interest and other costs that an entity incurs in connection with theborrowing of funds. Interest expense arising from customer contracts witha significant financing component are capitalized as borrowing costs if they aredirectly attributable to the acquisition, construction or production of a qualifyingasset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-675-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-766-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-766-4": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-785-3": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-791-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-796-5": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-806-6": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-806-7": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-806-8": {
"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;or>the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-875-5": {
"value": "Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fairvalue through profit or loss, loans and borrowings and payables. 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 material financial liabilities include trade and other payables and loansand borrowings including bank overdrafts.In case a financial liability does not meet the initial recognition criteria, the financialliability is disclosed as contingent liability.Subsequent measurementFinancial 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.Cumulative preference shares and perpetual bondCumulative preference shares and the perpetual bond are classified as eithera financial liability or equity components based on the terms of the contract.A financial liability is any liability that is:>a contractual obligation to deliver cash or another financial asset to anotherentity, or to exchange financial assets or financial liabilities with another entityunder conditions that are potentially unfavourable to the entity; or>a contract that will or may be settled in the entity\u2019s own equity instruments andis a non\u2013derivative for which the entity is or may be obliged to deliver a variablenumber of the entity\u2019s own equity instruments, or a derivative that will or may besettled other than by the exchange of a fixed amount of cash or another financialasset for a fixed number of the entity\u2019s own equity instruments.The cumulative preference shares and perpetual bond have been classified asequity, because there is no mandatory redemption and distributions to the holders ofthe respective instrument are at the discretion of Sif.The cash received is classified as other capital reserve in equity, the transactioncosts (net of tax) are accounted for as a deduction from equity. The Group haschosen to recognise the charge as a reduction of share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-875-6": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-902-7": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-907-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-934-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-979-5": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1001-2": {
"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 2023. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet 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 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.These amendments had no impact on the consolidated financial statements of theGroup.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 echniques and inputs to develop accountingestimates.These amendments had no impact on the consolidated financial statements of theGroup.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 prospectively to transactions that occur on or after thebeginning of the earliest comparative period presented.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model RulesThe Amendments introduce:>A mandatory temporary exception to the accounting for deferred taxes arisingfrom the jurisdictional implementation of the Pillar Two model rules; and>Disclosure requirements for affected entities to help users of the financialstatements better understand an entity\u2019s exposure to Pillar Two income taxesarising from that legislation, particularly before its effective date.The Group has adopted these amendments, however they are not yet applicable forthe current reporting year as the Group's consolidated revenue is currently below thethreshold of \u20ac750 million.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 7 Statement of Cash Flows and IFRS 7 FinancialInstruments: Disclosures(*)The amendments require an entity to provide information about the impact ofsupplier finance arrangements on liabilities and cash flows, including:>Terms and conditions>As at the beginning and end of the reporting period:>The carrying amounts of supplier finance arrangement financial liabilities and thelie items in which those liabilities are presented>The carrying amounts of financial liabilities and the line items, for which thefinance providers have already settled the corresponding trade payable>The range of payment due dates for financial liabilities owed to the financeproviders and for comparable trade payables that are not part of thosearrangements>The type and effect of non-cash changes in the carrying amounts of supplierfinance arrangement financial liabilities, which prevent the carrying amounts ofthe financial liabilities from being comparable.The amendments require an entity to aggregate information about its supplierfinance arrangements, however, the entity must disaggregate information aboutunusual or unique terms and conditions of individual arrangements when they aredissimilar. Furthermore the amendments require that explanatory information aboutpayment due dates, when those payment due date ranges are wide, to bedisaggregated.The amendments will be effective for annual reporting periods beginning on or after1 January 2024. Early adoption is permitted but will need to be disclosed.The Group is currently assessing the impact the amendments will have on currentpractice.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognise 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.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate:Lack of Exchangeability, effective 1 January 2025The amendments specify how an entity should assess whether a currency isexchangeable and how it should determine a spot exchange rate whenexchangeability is lacking. The amendments also require disclosure of informationthat enables users of financial statements to understand the impact of a currencynot being exchangeable.The amendments apply to annual reporting periods beginning on or after 1 January2025 and can be applied earlier, in which case, an entity is required to disclose thatfact. However, an entity cannot restate comparative informationThe Group is currently assessing the impact the amendments will have on currentpractice.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1001-3": {
"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 2023. The Group hasnot early adopted any other standard, interpretation or amendment that has beenissued but is not yet 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 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.These amendments had no impact on the consolidated financial statements of theGroup.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 echniques and inputs to develop accountingestimates.These amendments had no impact on the consolidated financial statements of theGroup.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 prospectively to transactions that occur on or after thebeginning of the earliest comparative period presented.These amendments had no impact on the consolidated financial statements of theGroup.Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model RulesThe Amendments introduce:>A mandatory temporary exception to the accounting for deferred taxes arisingfrom the jurisdictional implementation of the Pillar Two model rules; and>Disclosure requirements for affected entities to help users of the financialstatements better understand an entity\u2019s exposure to Pillar Two income taxesarising from that legislation, particularly before its effective date.The Group has adopted these amendments, however they are not yet applicable forthe current reporting year as the Group's consolidated revenue is currently below thethreshold of \u20ac750 million.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 7 Statement of Cash Flows and IFRS 7 FinancialInstruments: Disclosures(*)The amendments require an entity to provide information about the impact ofsupplier finance arrangements on liabilities and cash flows, including:>Terms and conditions>As at the beginning and end of the reporting period:>The carrying amounts of supplier finance arrangement financial liabilities and thelie items in which those liabilities are presented>The carrying amounts of financial liabilities and the line items, for which thefinance providers have already settled the corresponding trade payable>The range of payment due dates for financial liabilities owed to the financeproviders and for comparable trade payables that are not part of thosearrangements>The type and effect of non-cash changes in the carrying amounts of supplierfinance arrangement financial liabilities, which prevent the carrying amounts ofthe financial liabilities from being comparable.The amendments require an entity to aggregate information about its supplierfinance arrangements, however, the entity must disaggregate information aboutunusual or unique terms and conditions of individual arrangements when they aredissimilar. Furthermore the amendments require that explanatory information aboutpayment due dates, when those payment due date ranges are wide, to bedisaggregated.The amendments will be effective for annual reporting periods beginning on or after1 January 2024. Early adoption is permitted but will need to be disclosed.The Group is currently assessing the impact the amendments will have on currentpractice.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback,effective 1 January 2024The amendments specify how a seller-lessee measures the lease liability arising ina sale and leaseback transaction in a way that it does not recognise 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.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate:Lack of Exchangeability, effective 1 January 2025The amendments specify how an entity should assess whether a currency isexchangeable and how it should determine a spot exchange rate whenexchangeability is lacking. The amendments also require disclosure of informationthat enables users of financial statements to understand the impact of a currencynot being exchangeable.The amendments apply to annual reporting periods beginning on or after 1 January2025 and can be applied earlier, in which case, an entity is required to disclose thatfact. However, an entity cannot restate comparative informationThe Group is currently assessing the impact the amendments will have on currentpractice.",
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},
"pp-value-1162-2": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188The depreciation and amortization expenses includes an amount of EUR 1.3 million(2022: EUR 3.8 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 0.8 million, 2022: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 0.5 million, 2022: EUR 2.2 million) in theMarshalling segment (under IFRS 16).7 Personnel expensesAMOUNTS IN EUR '00020232022Wages and salaries28,22525,658Hired staff and temporary workers32,70422,875Compensation/grants received(534)(823)Social security contributions3,8333,277Pension expenses3,6733,393Other employee benefit expenses5,1384,434Total personnel expenses73,03958,814The 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 December2023 amounted to 105.5% (2022: 106.8%). The 2023 pension premium hasremained at a level similar to the 2022 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2022: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR3.8 million in 2024, of which approximately EUR 3.6 million to PMT industry fund.8 Selling expensesAMOUNTS IN EUR '00020232022Travel and representation398266Promotional and advertising costs285218Tender expenses20077Other selling expenses967Total selling expenses8926289 General expensesAMOUNTS IN EUR '00020232022Consultancy fees6,6416,440Insurances2,4512,148Software, license fees2,3342,352Office expenses929659Other general expenses363706Total general expenses12,71812,305",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-1162-3": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188The depreciation and amortization expenses includes an amount of EUR 1.3 million(2022: EUR 3.8 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 0.8 million, 2022: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 0.5 million, 2022: EUR 2.2 million) in theMarshalling segment (under IFRS 16).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-4": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188Geographical 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 adjust the promised amount of consideration for the effects ofa significant financing component for the contracts with the launching customersfor the expansion project, as at contract inception the period between when theentity transfers a promised (series of) goods or service to a customer and when thecustomer pays for that (series of) goods or service will be more than one year. Theimpact on the promised amount of consideration is expected to be approximatelyEUR 4 million. Payment terms within the Group\u2019s contracts are normally in line withproject milestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020232022The Netherlands15,311156,074United Kingdom277,294198,353Norway8,16912,483France47,127790Germany89,2813,106United States of America8,550-Belgium4,818884Rest of the European Union (EU)1,8591,943Rest of the world1,890910Total revenue454,299374,543Transaction 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 821 million (of whichapproximately EUR 418 million will be satisfied more than one year after reportingdate) (2022: EUR 610 million of which approximately EUR 139 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable consideration (such as fluctuationsin steel prices, liquidated damages and other types of variable consideration underexisting contracts).Major customersRevenues from four customers of the Group\u2019s Wind segment representedapproximately EUR 400 million (2022: three customers representing EUR320 million) of the Group\u2019s total revenues. In 2023 the largest customer representeda revenue of approximately EUR 202 million, the second customer approximatelyEUR 89 million, the third customer approximately EUR 62 million and the fourthcustomer approximately EUR 47 million. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer approximatelyEUR 123 million and the third customer approximately EUR 74 million.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020232022Contract assets28,71218,315Contract liabilities - current(37,725)(32,458)Contract liabilities - non-current(71,768)-Net contract assets and liabilities(80,781)(14,143)Expenses incurred including realized profit todate1,677,0961,223,926Invoiced terms(1,757,877)(1,238,069)Net contract assets and liabilities(80,781)(14,143)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. The non-current contract liabilities comprise mainly of the Advance FactoryPayments (\u201cAFPs\u201d) received from launching customers. This AFP is part of thefunding package for the expansion plans, and will be settled in a future constructioncontract. The contract liability is classified non-current, as the related performanceobligation is expected to be satisfied after more than one year after reporting date.There is a significant financing component included in the contract, considering thelength of time between the customers\u2019 payment and the satisfaction of the relatedperformance obligation. As such, the transaction price for the contract is discounted,using the interest rate that would be reflected in a separate financing transactionbetween the Group and the customer at contract inception. As per 31 December2023, the impact on the non-currenct contract liabilities amounts to EUR 1.0 million.As noted in note 2, the original cash receipt related to the AFP of the Empire Wind2 contract (EUR 30.5 million) is converted into a perpetual bond. Reference is madeto note 22 for more information related to the perpetual bond.In addition, the estimated bond costs for completed contracts which are expected tobe incurred within 12 months after balance sheet date are recorded as part of thecontract liabilities, which amount to EUR 0.3 million at 31 December2023 (31 December 2022: EUR 0.4 million). The revenues recognized in thereporting period that was included in the contract liability balance at the beginning ofthe period amounts EUR 32.1 million (2022: EUR 37.0 million). Revenue recognizedin the reporting period from performance obligations satisfied (or partially satisfied)in previous periods amounts to EUR 30.0 million (2022: EUR 8.1 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.Except for the AFP and part of the contract liability related to the licensing contractwhich are considered to be non-current, both the contract assets and liabilities havedurations shorter than 12 months and are therefore considered to be current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
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"entity": "scheme:724500J0BPD5CLHCK040",
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},
"pp-value-1162-5": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188Geographical 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 adjust the promised amount of consideration for the effects ofa significant financing component for the contracts with the launching customersfor the expansion project, as at contract inception the period between when theentity transfers a promised (series of) goods or service to a customer and when thecustomer pays for that (series of) goods or service will be more than one year. Theimpact on the promised amount of consideration is expected to be approximatelyEUR 4 million. Payment terms within the Group\u2019s contracts are normally in line withproject milestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020232022The Netherlands15,311156,074United Kingdom277,294198,353Norway8,16912,483France47,127790Germany89,2813,106United States of America8,550-Belgium4,818884Rest of the European Union (EU)1,8591,943Rest of the world1,890910Total revenue454,299374,543Transaction 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 821 million (of whichapproximately EUR 418 million will be satisfied more than one year after reportingdate) (2022: EUR 610 million of which approximately EUR 139 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable consideration (such as fluctuationsin steel prices, liquidated damages and other types of variable consideration underexisting contracts).Major customersRevenues from four customers of the Group\u2019s Wind segment representedapproximately EUR 400 million (2022: three customers representing EUR320 million) of the Group\u2019s total revenues. In 2023 the largest customer representeda revenue of approximately EUR 202 million, the second customer approximatelyEUR 89 million, the third customer approximately EUR 62 million and the fourthcustomer approximately EUR 47 million. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer approximatelyEUR 123 million and the third customer approximately EUR 74 million.19 Contract assets and liabilitiesAMOUNTS IN EUR '00020232022Contract assets28,71218,315Contract liabilities - current(37,725)(32,458)Contract liabilities - non-current(71,768)-Net contract assets and liabilities(80,781)(14,143)Expenses incurred including realized profit todate1,677,0961,223,926Invoiced terms(1,757,877)(1,238,069)Net contract assets and liabilities(80,781)(14,143)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. The non-current contract liabilities comprise mainly of the Advance FactoryPayments (\u201cAFPs\u201d) received from launching customers. This AFP is part of thefunding package for the expansion plans, and will be settled in a future constructioncontract. The contract liability is classified non-current, as the related performanceobligation is expected to be satisfied after more than one year after reporting date.There is a significant financing component included in the contract, considering thelength of time between the customers\u2019 payment and the satisfaction of the relatedperformance obligation. As such, the transaction price for the contract is discounted,using the interest rate that would be reflected in a separate financing transactionbetween the Group and the customer at contract inception. As per 31 December2023, the impact on the non-currenct contract liabilities amounts to EUR 1.0 million.As noted in note 2, the original cash receipt related to the AFP of the Empire Wind2 contract (EUR 30.5 million) is converted into a perpetual bond. Reference is madeto note 22 for more information related to the perpetual bond.In addition, the estimated bond costs for completed contracts which are expected tobe incurred within 12 months after balance sheet date are recorded as part of thecontract liabilities, which amount to EUR 0.3 million at 31 December2023 (31 December 2022: EUR 0.4 million). The revenues recognized in thereporting period that was included in the contract liability balance at the beginning ofthe period amounts EUR 32.1 million (2022: EUR 37.0 million). Revenue recognizedin the reporting period from performance obligations satisfied (or partially satisfied)in previous periods amounts to EUR 30.0 million (2022: EUR 8.1 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.Except for the AFP and part of the contract liability related to the licensing contractwhich are considered to be non-current, both the contract assets and liabilities havedurations shorter than 12 months and are therefore considered to be current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-6": {
"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 and production of offshoresteel structures, and limited amounts for licensing fees and operational leaseincome for the windmill on the Group\u2019s site in Rotterdam.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 '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188The depreciation and amortization expenses includes an amount of EUR 1.3 million(2022: EUR 3.8 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 0.8 million, 2022: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 0.5 million, 2022: EUR 2.2 million) in theMarshalling segment (under IFRS 16).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 adjust the promised amount of consideration for the effects ofa significant financing component for the contracts with the launching customersfor the expansion project, as at contract inception the period between when theentity transfers a promised (series of) goods or service to a customer and when thecustomer pays for that (series of) goods or service will be more than one year. Theimpact on the promised amount of consideration is expected to be approximatelyEUR 4 million. Payment terms within the Group\u2019s contracts are normally in line withproject milestones, which are usually similar to the satisfaction over time of theperformance obligations.AMOUNTS IN EUR '00020232022The Netherlands15,311156,074United Kingdom277,294198,353Norway8,16912,483France47,127790Germany89,2813,106United States of America8,550-Belgium4,818884Rest of the European Union (EU)1,8591,943Rest of the world1,890910Total revenue454,299374,543Transaction 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 821 million (of whichapproximately EUR 418 million will be satisfied more than one year after reportingdate) (2022: EUR 610 million of which approximately EUR 139 million will besatisfied after more than one year). This is the best estimate at reporting date, thetransaction price could be impacted by variable consideration (such as fluctuationsin steel prices, liquidated damages and other types of variable consideration underexisting contracts).Major customersRevenues from four customers of the Group\u2019s Wind segment representedapproximately EUR 400 million (2022: three customers representing EUR320 million) of the Group\u2019s total revenues. In 2023 the largest customer representeda revenue of approximately EUR 202 million, the second customer approximatelyEUR 89 million, the third customer approximately EUR 62 million and the fourthcustomer approximately EUR 47 million. In 2022 the largest customer representeda revenue of approximately EUR 123 million, the second customer approximatelyEUR 123 million and the third customer approximately EUR 74 million.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1162-7": {
"value": "6 Operating segmentsInformation about operating segmentsAMOUNTS IN EUR '00020232022WindMarshallingOtherTotalWindMarshallingOtherTotal- Revenue from contracts with customers428,5803,27516,217448,072352,8633,4227,606363,891- Operational lease income-4,7331,4946,227-9,0841,56810,652Total revenue428,5808,00817,711454,299352,86312,5069,174374,543- Raw materials(251,120)(1)(1,251)(252,372)(191,494)(46)(134)(191,674)- Subcontracted work and other external charges(30,145)0(558)(30,703)(36,104)(30)(427)(36,561)- Logistic and other project related expenses(19,697)(1,515)(1,023)(22,235)(14,097)(1,368)(332)(15,797)Segment contribution127,6186,49214,879148,989111,16811,0628,281130,511- Direct personnel expenses(39,263)(1)(7,702)(46,966)(32,329)(13)(5,268)(37,610)- Production and general manufacturing expenses(19,523)0(560)(20,083)(17,307)0(174)(17,481)Gross profit68,8326,4916,61781,94061,53211,0492,83975,420Indirect personnel expenses(26,073)(21,204)Depreciation and amortization(22,897)(24,226)Facilities, housing and maintenance(5,456)(4,947)Selling expenses(892)(628)General expenses(12,718)(12,305)Finance costs and impairment losses(268)(2,013)Other income590Share of profit / (loss) of joint ventures131Total profit before tax13,65410,188The depreciation and amortization expenses includes an amount of EUR 1.3 million(2022: EUR 3.8 million), which is related to the capitalised ground lease expenses forthe logistical area (EUR 0.8 million, 2022: EUR 1.6 million) and initial direct costs foran operational lease contract (EUR 0.5 million, 2022: EUR 2.2 million) in theMarshalling segment (under IFRS 16).7 Personnel expensesAMOUNTS IN EUR '00020232022Wages and salaries28,22525,658Hired staff and temporary workers32,70422,875Compensation/grants received(534)(823)Social security contributions3,8333,277Pension expenses3,6733,393Other employee benefit expenses5,1384,434Total personnel expenses73,03958,814The 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 December2023 amounted to 105.5% (2022: 106.8%). The 2023 pension premium hasremained at a level similar to the 2022 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2022: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR3.8 million in 2024, of which approximately EUR 3.6 million to PMT industry fund.8 Selling expensesAMOUNTS IN EUR '00020232022Travel and representation398266Promotional and advertising costs285218Tender expenses20077Other selling expenses967Total selling expenses8926289 General expensesAMOUNTS IN EUR '00020232022Consultancy fees6,6416,440Insurances2,4512,148Software, license fees2,3342,352Office expenses929659Other general expenses363706Total general expenses12,71812,305",
"dimensions": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-9": {
"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 and production of offshoresteel structures, and limited amounts for licensing fees and operational leaseincome for the windmill on the Group\u2019s site in Rotterdam.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": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1399-4": {
"value": "7 Personnel expensesNumber of employeesThe average number of employees employed by the Group in 2023 amounts to386 FTE (2022: 365 FTE), which includes 39 FTE for KCI (2022: 43 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20232022Production and distribution179170Innovation and maintenance3232Logistic services2827Planning and engineering5556Quality and safety1310Sales1813Management45Purchasing and warehousing1614Administrative99Other3329Total number of employees386365",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1399-5": {
"value": "7 Personnel expensesAMOUNTS IN EUR '00020232022Wages and salaries28,22525,658Hired staff and temporary workers32,70422,875Compensation/grants received(534)(823)Social security contributions3,8333,277Pension expenses3,6733,393Other employee benefit expenses5,1384,434Total personnel expenses73,03958,814The 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 December2023 amounted to 105.5% (2022: 106.8%). The 2023 pension premium hasremained at a level similar to the 2022 premiums. The Group\u2019s participation in theindustry pension fund is less than 0.05 % (2022: less than 0.05%) based on numberof active participants in the plan.The Group expects to incur costs for pension contributions of approximately EUR3.8 million in 2024, of which approximately EUR 3.6 million to PMT industry fund.Number of employeesThe average number of employees employed by the Group in 2023 amounts to386 FTE (2022: 365 FTE), which includes 39 FTE for KCI (2022: 43 FTE). The tablebelow provides an overview of the average number of FTE split per functional area.All employees are based in the Netherlands.20232022Production and distribution179170Innovation and maintenance3232Logistic services2827Planning and engineering5556Quality and safety1310Sales1813Management45Purchasing and warehousing1614Administrative99Other3329Total number of employees38636526 Employee benefitsAMOUNTS IN EUR '00020232022Jubilee provision393375Accrual for employee bonuses1,488911Accrual for employee vacation daysoutstanding1,2561,325Personnel expenses payable1,6191,167Total employee benefits liabilities4,7563,778Non-current727468Current4,0293,310Total employee benefits liabilities4,7563,778The movement in the jubilee provision can be specified as follows:AMOUNTS IN EUR '00020232022Balance at 1 January375436Additions52-Used(34)(20)Released-(41)Balance at 31 December393375",
"dimensions": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1500-4": {
"value": "9 General expensesAMOUNTS IN EUR '00020232022Consultancy fees6,6416,440Insurances2,4512,148Software, license fees2,3342,352Office expenses929659Other general expenses363706Total general expenses12,71812,305",
"dimensions": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1524-2": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1524-3": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
"dimensions": {
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"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1524-4": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,01020 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 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered to be immaterial.At year end EUR nil of the total open balance refers to related parties (2022: EURnil).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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00021 Cash and cash equivalentsAMOUNTS IN EUR '00020232022Bank balances131,38989,832Cash and cash equivalents131,38989,832The 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 loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398As part of the financing plan of the factory expansion, the Group has refinanced itsexisting financing facility into a term-loan facility amounting to EUR 81 million anda revolving credit facility amounting to EUR 50 million. As per 31 December2023 EUR 20.25 million has been drawn from the term-loan facility and the revolvingcredit facility has been unused.The prepaid transaction costs of the term-loan facility and the revolving creditfacility are respectively included in the amortized cost of the term-loans andpresented as part of prepayments. In case of a drawdown from the revolving creditfacility the prepaid transaction costs are included in the the amortized cost of theoutstanding balance. Both are recognized as expense over the duration of thefacilities. The refinancing is treated as the derecognition of the original facility andrecognition of the new facility, as new lenders are added and the terms of the facilityare substantially modified.The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Reference is made to note 31 for further information on the lease liabilities, and therelated movements.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 covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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 131.4 million at 31 December2023 (2022: EUR 89.8 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 2023Non-derivative financial liabilitiesTerm loans19,92620,250----20,250Lease liabilities111,890120,2432,5227,4129,83027,07573,404Trade payables87,32487,32487,324----Other current financial liabilities21,42321,42321,423----Total non-derivative financial liabilities240,563249,240111,2697,4129,83027,07593,654AMOUNTS 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----Other current financial liabilities17,15617,15617,156----Total non-derivative financial liabilities216,887228,145111,8707,0627,78024,81576,618As 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 2023, the Group uses no derivatives to manage market risks (2022: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. The interest rateprofile of the Group\u2019s interest-bearing financial instruments as reported tomanagement of the Group is as follows:AMOUNTS IN EUR '00020232022Variable rate instrumentsTerm loans19,926-19,926-The Group has performed a cash flow sensitivity analysis for variable rateinstruments. A reasonable possible change of 50 basis points in interest rates at thereporting date would have increased (decreased) profit or loss before tax by theamounts shown below. A sensitivity analyses on equity has not been prepared sincethe impact on equity will be equal to the increase (decrease) on the sensitivityanalysis of profit or loss before tax (excluding tax effect).This analysis assumes thatall other variables remain constant.AMOUNTS IN EUR '00050 basis pointsincrease50 basis pointsdecrease31 December 2023Variable rate instruments16(16)Net impact--31 December 2022Variable rate instruments--Net impact--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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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1524-5": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
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"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1524-6": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1524-7": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1524-8": {
"value": "10 Net finance costsAMOUNTS IN EUR '00020232022Interest on bank balances and on currentaccount(3,053)-Finance income(3,053)-Interest on loans and borrowings10199Borrowing cost finance facility921245Interest expense on lease liabilities937943Other finance costs1,328723Finance costs3,2872,010Net finance result recognized in profit orloss2342,010",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1556-2": {
"value": "11 Share of profit of joint venturesFor the year 2023 the result of the Group from joint ventures was EUR 13 thousandpositive (2022: EUR 1 thousand positive). The amount consists of EUR 13 thousandpositive related to SBR Engineering GmbH (2022: EUR 22 thousand positive) andEUR nihil from Smulders Sif Steel Foundations B.V. (2022: EUR 21 thousandnegative) (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 2023 the Group\u2019s interest in the joint ventureamounts EUR 79 thousand (2022: EUR 66 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 (2022: EUR 10 thousand).AMOUNTS IN EUR '00020232022Balance at 1 January76115Additions--Result for the year131Dividends paid-(40)Balance at 31 December897633 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 259 thousand (2022: EUR 192 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2022: EUR nihil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1556-3": {
"value": "11 Share of profit of joint venturesFor the year 2023 the result of the Group from joint ventures was EUR 13 thousandpositive (2022: EUR 1 thousand positive). The amount consists of EUR 13 thousandpositive related to SBR Engineering GmbH (2022: EUR 22 thousand positive) andEUR nihil from Smulders Sif Steel Foundations B.V. (2022: EUR 21 thousandnegative) (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 2023 the Group\u2019s interest in the joint ventureamounts EUR 79 thousand (2022: EUR 66 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 (2022: EUR 10 thousand).AMOUNTS IN EUR '00020232022Balance at 1 January76115Additions--Result for the year131Dividends paid-(40)Balance at 31 December897623 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 this subsidiary is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020232022Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(103)(153)Finance costs169(10)Profit before tax1,187958Income tax(292)(205)Profit after tax895753Attributable to non-controlling interests357301Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020232022Property, plant and equipment5,7486,107Trade receivables51114Cash and cash equivalents6,3045,264Trade and other payables(8,541)(8,257)Interest-bearing loans and borrowings(325)(325)Total equity3,6972,803Attributable to:Equity holders of parent2,2191,682Non-controlling interest1,4791,122Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020232022Operating8711,714Investing--Financing169(10)Net increase in cash and cash equivalents1,0401,70430 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Twinpark Sif B.V. 1Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.Schiedam100Sif Decom B.V.2Roermond1001 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.2 \u2013 Sif Decom B.V. has been incorporated on 17 October 2023.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 259 thousand (2022: EUR 192 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2022: EUR nihil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-1556-4": {
"value": "11 Share of profit of joint venturesFor the year 2023 the result of the Group from joint ventures was EUR 13 thousandpositive (2022: EUR 1 thousand positive). The amount consists of EUR 13 thousandpositive related to SBR Engineering GmbH (2022: EUR 22 thousand positive) andEUR nihil from Smulders Sif Steel Foundations B.V. (2022: EUR 21 thousandnegative) (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 2023 the Group\u2019s interest in the joint ventureamounts EUR 79 thousand (2022: EUR 66 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 (2022: EUR 10 thousand).AMOUNTS IN EUR '00020232022Balance at 1 January76115Additions--Result for the year131Dividends paid-(40)Balance at 31 December897633 Related partiesTransactions with joint venturesDuring the year, the Group received invoices for work performed by SBR EngineeringGmbH for a total amount of EUR 259 thousand (2022: EUR 192 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2022: EUR nihil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1564-2": {
"value": "12 Income tax expenseIncome tax recognized in profit or lossAMOUNTS IN EUR '00020232022Current tax (expense)/benefit:Current year(533)1,245Prior year adjustments1,541(11)Income tax expense1,0081,234Deferred tax (expense)/benefit:Tax losses(5,180)-Originating from temporary differences andtheir reversal9,2711,649Prior year adjustment(1,806)(189)Change due to tax rate change(859)(24)Deferred tax expense1,4261,436Total tax (expense)/benefit recognized instatement of profit or loss2,4342,670The prior year adjustments in 2023 relate mainly to adjustments in the tax base oftangible assets and an increased benefit from tax incentives, which is confirmed bythe latest finalized income tax return.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 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2023Intangible fixed assets(28)(467)-(495)Property, plant and equipment(78)(7,314)-(7,392)Right of use assets and lease liabilities91328-941Investment property(20)(1)-(21)Contract assets(941)1,061-120Accounts receivable39-12Employee benefits3168-99Other liabilities(568)10-(558)Withholding tax--300300Losses available for offsetting against future taxable income-5,180-5,180Tax assets (liabilities) after netting(688)(1,426)300(1,814)AMOUNTS IN EUR '000Net balance at1 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2022Intangible fixed assets(25)(3)-(28)Property, plant and equipment(75)(3)-(78)Right of use assets and lease liabilities797116-913Investment property3(23)-(20)Contract assets-(941)-(941)Accounts receivable21-3Employee benefits46(15)-31Other liabilities-(568)-(568)Tax assets (liabilities) after netting748(1,436)-(688)The (net) deferred tax liability related to property, plant and equipment is related tothe voluntary depreciation facility of the Dutch tax authorities, which allowsa maximum of 50% fiscal depreciation over the expenditures in 2023 related tocertain qualifying equipment under construction. Applying this facility, the Group hasaccounted for a fiscal depreciation amounting to EUR 42.6 million in 2023 (deferredtax liability of EUR 10.0 million). In addition, as a result of the limit of fiscaldepreciation of buildings until the tax value (\u2018WOZ waarde\u2019), the tax base of thebuildings exceeds the commercial value by EUR 11.3 million, which results ina deferred tax asset of EUR 3.4 million.Due to the voluntary depreciation facility, the taxable result of 2023 is negative, forwhich a deferred tax asset is recorded amounting to EUR 5.1 million. These lossesare available indefinitely for offsetting against future taxable income.Unrecognized deferred tax assets and liabilitiesAt 31 December 2023 and 31 December 2022, the Group has recognized all deferredtax assets applicable to the Group.Reconciliation of effective tax rate%20232022Tax using the Company\u2019s domestic tax rate25.825.1Adjustment in tax rates due to correctionsprior year(2.0)1.5Reduction in tax rates due to tax incentives-(1.5)Revaluation of deferred tax balances(6.3)-Participation Exemption--Non tax deductible expenses0.31.1Effective tax rate17.826.2The reductions in tax rates due to tax incentives mentioned in above table relates toan expected gain from the application of the innovation box. Due to the fact that theGroup reports a taxable loss for the year 2023, no innovation box gain is applicable.The revaluation of deferred tax balances is the result of the application the lower taxrate which is applicable to the future reversals of temporary differences as a resultof the innovation box.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1564-3": {
"value": "12 Income tax expenseMovement in deferred tax balancesAMOUNTS IN EUR '000Net balance at1 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2023Intangible fixed assets(28)(467)-(495)Property, plant and equipment(78)(7,314)-(7,392)Right of use assets and lease liabilities91328-941Investment property(20)(1)-(21)Contract assets(941)1,061-120Accounts receivable39-12Employee benefits3168-99Other liabilities(568)10-(558)Withholding tax--300300Losses available for offsetting against future taxable income-5,180-5,180Tax assets (liabilities) after netting(688)(1,426)300(1,814)AMOUNTS IN EUR '000Net balance at1 JanuaryRecognized inprofit or lossReclassifiedNet balance at31 December2022Intangible fixed assets(25)(3)-(28)Property, plant and equipment(75)(3)-(78)Right of use assets and lease liabilities797116-913Investment property3(23)-(20)Contract assets-(941)-(941)Accounts receivable21-3Employee benefits46(15)-31Other liabilities-(568)-(568)Tax assets (liabilities) after netting748(1,436)-(688)The (net) deferred tax liability related to property, plant and equipment is related tothe voluntary depreciation facility of the Dutch tax authorities, which allowsa maximum of 50% fiscal depreciation over the expenditures in 2023 related tocertain qualifying equipment under construction. Applying this facility, the Group hasaccounted for a fiscal depreciation amounting to EUR 42.6 million in 2023 (deferredtax liability of EUR 10.0 million). In addition, as a result of the limit of fiscaldepreciation of buildings until the tax value (\u2018WOZ waarde\u2019), the tax base of thebuildings exceeds the commercial value by EUR 11.3 million, which results ina deferred tax asset of EUR 3.4 million.Due to the voluntary depreciation facility, the taxable result of 2023 is negative, forwhich a deferred tax asset is recorded amounting to EUR 5.1 million. These lossesare available indefinitely for offsetting against future taxable income.Unrecognized deferred tax assets and liabilitiesAt 31 December 2023 and 31 December 2022, the Group has recognized all deferredtax assets applicable to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1774-2": {
"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 Group (adjusted for the undeclareddividend on the cumulative preference shares) and the weighted-average number ofordinary shares outstanding.20232022Profit attributable to equity holders of SifHolding N.V.10,8637,217Undeclared returns to preferenceshareholders(1,884)-Profit attributable to ordinary equity holdersof Sif Holding N.V.8,9797,217Issued ordinary shares at 1 January25,501,35625,501,356Issued shares in rights offering4,387,256-Issued ordinary shares at 31 December29,888,61225,501,356Effects of issued ordinary shares in 2023(including the retrospective adjustments)2,286,077286,024Weighted average number of ordinaryshares at 31 December (numerator forearnings per share calculation)27,787,43325,787,380Earnings per share, including effects rightsissue0.320.28Reference is made to note 22 for more information related to the equity raisethrough rights offering. This rights offering included a bonus element (reflecting thedifference between the subscription price and the theoretical ex-rights price pershare) increasing the number of ordinary shares outstanding to be used incalculating basic and diluted earnings per share for the period before the equityraise. Accordingly, the table above presents the numerators and a reconciliation ofthe weighted average common shares outstanding for the purposes of basic anddiluted earnings per share for the year ended 31 December 2023 and asretrospectively adjusted for the above mentioned bonus elements for the year ended31 December 2022.The issuance of the convertable cumulative preference shares could have an impacton the weighted average number of (diluted) ordinary shares. However, theirconversion to ordinary shares would not decrease earnings per share or increaseloss per share and as such they have not been treated as dilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1774-3": {
"value": "13 Earnings per share20232022Profit attributable to equity holders of SifHolding N.V.10,8637,217Undeclared returns to preferenceshareholders(1,884)-Profit attributable to ordinary equity holdersof Sif Holding N.V.8,9797,217Issued ordinary shares at 1 January25,501,35625,501,356Issued shares in rights offering4,387,256-Issued ordinary shares at 31 December29,888,61225,501,356Effects of issued ordinary shares in 2023(including the retrospective adjustments)2,286,077286,024Weighted average number of ordinaryshares at 31 December (numerator forearnings per share calculation)27,787,43325,787,380Earnings per share, including effects rightsissue0.320.2822 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). On 7 July 2023, the issued share capital was increased by EUR 0.9 million.This was done by the issue of 4,387,256 ordinary shares with a nominal value ofEUR 0.20, of which 33,366 to the Management Team of the Group. Reference ismade to note 13 for the reconciliation of the number of shares outstanding.All ordinary shares rank equally with regard to the Company\u2019s residual assets.Share InvestmentsIn June 2023, the Company invited the members of the Management Team andselected employees (\u201cParticipants\u201d) to invest in the Company\u2019s shares at the timeof the Rights Issue. The number of shares was determined by dividinga Participant\u2019s investment amount with the purchase price per share of EUR 11.50.The members of the Executive Board purchased Ordinary Shares by either (i)participating in the Rights Issue Offering through exercising Rights purchased onEuronext Amsterdam and/or (ii) purchases of Ordinary Shares.Members of the Management Team and other key employees of the Companypurchased 33,366 new Ordinary Shares in total that were issued separately underthe authorisation that was granted to the Executive Board by the General Meeting on12 May 2023. The shares acquired by the Participants are subject to a four-yearlock-up period as from the issuance date, which is automatically lifted upontermination of employment.The fair value of these equity-settled awards is equal to the grant date fair marketvalue of the shares acquired less the price paid by the Participants. Since thepurchase price per Company Share of EUR 11.50 represented a discount of 18.4% tothe closing price of the Company\u2019s Ordinary Shares, the share investments resultedin an accounting fair value of EUR 87 thousand. This grant date fair value has beenrecognised as an expense in 2023, with a corresponding entry in share premium.Share premiumThe during 2023 newly issued 4,387,256 ordinary shares were issued at a shareprice of EUR 11,50, which results in an addition in share premium amounting to EUR49.6 million.Furthermore, the (net of tax) incremental transaction cost related to the issuedordinary shares (EUR 960 thousand) and cumulative preference shares (EUR51 thousand) are accounted for as a deduction from share premium. The total taxeffect of these transaction costs amounts to EUR 351 thousand.Other capital reservesCumulative preference sharesAs part of the funding package for the financing of the expansion plans, the Groupentered into a placement agreement with Equinor Renewables B.V. and Equinor NewEnergy AS for the issue of 50,000 Preference Shares to Equinor Renewables B.V.against payment of a subscription price of EUR 1 thousand per Preference Share(EUR 50 million in gross proceeds).The holder of Preference Shares will be entitled to receive, out of funds legallyavailable for distribution, with first priority over Ordinary Shares, cumulativedividends at a fixed annual coupon rate of 5% until 30 June 2025, which rate will beannually increased as of 1 July 2025 as follows:>an increase of 0.5% per annum as of 1 July 2025;>an increase of 0.75% per annum as of 1 July 2026; and>an increase of 0.75% per annum as of 1 July 2027.>an increase of 1.0% per annum as of 1 July 2028.The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.The Executive Board has the discretion any given year to pay out the couponamount. As per 31 December 2023, the cumulative undeclared amount of dividendsamount to EUR 1.9 million. The Preference Shares will rank ahead of the OrdinaryShares on the liquidation of the Company.Furthermore, at the option of the Group, the Preference Shares may be redeemed, inwhole or in part, at a price equal to the initial stated amount, plus any accrued butunpaid dividends as of the date of such redemption. This option shall only beexercisable by the Company from 1 January 2025.From 1 July 2028, the holder of the Preference Shares has the right to convert thePreference Shares to Ordinary Shares by resolution of the Executive Board that hasbeen approved by the Supervisory Board. The conversion will be in respect of theinitial stated amount and any accrued but unpaid dividends, at a fixed conversionratio calculated as the subscription price paid for the Preference Share, plus anydividend which accrued thereon but remains unpaid, divided by a conversion price ofEUR 12 per Ordinary Share.Perpetual bondAs disclosed in note 19, one of the launching customers (Empire Offshore WindLLC) has terminated a construction contract with the Group. Based on the specificcontractual agreements, the AFP related to this contract (EUR 30.5 million) isconverted into a perpetual bond as per 29 December 2023. The bond has thefollowing terms:>There is no fixed redemption date;>The bond will bear interest on its principle amount of EURIBOR + 5% margin, asfrom 1 January 2026, subject to an annual increase by 0.75% beginning on1 July 2027 and each anniversary thereof;>The Group may, at its discretion, elect to defer all or part of any payment of all orpart of any interest. Any deferred interest shall itself bear interest at a rate equalto 2% plus the applicable margin;>The Group will have an obligation to pay interest in certain specifically agreedevents, the occurrance of the events is always controlled by the Group.The Group has an unconditional right to avoid delivering cash or another financialinstrument in relation to the perpetual bond, resulting in the classification as anequity instrument.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1774-5": {
"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 Group (adjusted for the undeclareddividend on the cumulative preference shares) and the weighted-average number ofordinary shares outstanding.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1833-2": {
"value": "14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20232,0428602,902Additions-1,0551,055Disposals---Balance at 31 December 20232,0421,9153,957Balance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Accumulated depreciationBalance at 1 January 2023(2,042)-(2,042)Depreciation---Disposals---Balance at 31 December 2023(2,042)-(2,042)Balance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Carrying amountsAt 31 December 2023-1,9151,915At 31 December 2022-860860",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1833-3": {
"value": "14 Intangible assetsReconciliation of the carrying amountAMOUNTS IN EUR '000SoftwareCapitalised R&DTotalCostBalance at 1 January 20232,0428602,902Additions-1,0551,055Disposals---Balance at 31 December 20232,0421,9153,957Balance at 1 January 20222,0421002,142Additions-760760Disposals---Balance at 31 December 20222,0428602,902Accumulated depreciationBalance at 1 January 2023(2,042)-(2,042)Depreciation---Disposals---Balance at 31 December 2023(2,042)-(2,042)Balance at 1 January 2022(1,665)-(1,665)Depreciation(377)-(377)Disposals---Balance at 31 December 2022(2,042)-(2,042)Carrying amountsAt 31 December 2023-1,9151,915At 31 December 2022-860860",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1916-2": {
"value": "15 Property, plant and equipmentAt 31 December 2023 and 2022 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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1916-3": {
"value": "15 Property, plant and equipmentReconciliation of the carrying amountAMOUNTS IN EUR '000Land andbuildingsPlant andequipmentOther fixedassetsAssets underconstructionTotalCostBalance at 1 January 2023136,758109,8384,05220,407271,055Additions---179,321179,321Transfers311,587419(12,009)-Disposals-----Balance at 31 December 2023136,761121,4254,471187,719450,376Balance at 1 January 2022131,363106,1593,4837,508248,513Additions---22,54222,542Transfers5,3943,683566(9,644)-Disposals-----Balance at 31 December 2022136,758109,8424,04920,407271,055Accumulated depreciationBalance at 1 January 2023(65,838)(85,807)(2,995)-(154,640)Depreciation(4,504)(7,273)(355)-(12,132)Disposals-----Balance at 31 December 2023(70,342)(93,080)(3,350)-(166,772)Balance 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)Carrying amountsAt 31 December 202366,41928,3451,121187,719283,604At 31 December 202270,92024,0351,05420,407116,415At 31 December 2023 and 2022 all directly owned property, plant and equipmentwas collateralized as part of the financing agreements in place (see note 24).Capitalised borrowing costsThe Group started the construction of the manufacturing facility expansion during2023. This project is expected to be completed at the end of 2024. The carryingamount of the expansion at 31 December 2023 was EUR 183.8 million (2022: EUR13.1 million). Reference is made to note 2 for a description of the funding package.The amount of borrowing costs capitalised during the year ended 31 December2023 was EUR 1.0 million (2022: Nil). The weighed average rate used to determinethe amount of borrowing costs eligible for capitalisation was 2.5%, which is theweighted average EIR of the borrowings and advance factory payments receivedduring 2023.24 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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2055-3": {
"value": "Capitalised borrowing costsThe Group started the construction of the manufacturing facility expansion during2023. This project is expected to be completed at the end of 2024. The carryingamount of the expansion at 31 December 2023 was EUR 183.8 million (2022: EUR13.1 million). Reference is made to note 2 for a description of the funding package.The amount of borrowing costs capitalised during the year ended 31 December2023 was EUR 1.0 million (2022: Nil). The weighed average rate used to determinethe amount of borrowing costs eligible for capitalisation was 2.5%, which is theweighted average EIR of the borrowings and advance factory payments receivedduring 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2065-3": {
"value": "16 Investment propertyReconciliation of the carrying amountAMOUNTS IN EUR '00020232022Balance at 1 January515425Additions--Revaluation590Balance at 31 December520515Investment 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 2023 is estimated at EUR 520 thousand (2022: EUR515 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 2023 EUR1.5 million (2022: 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 2023 EUR 4.7 million (2022: EUR 9.1 million).Future minimum rental receivableAt 31 December, the future minimum rental receivables under non-cancellable leasesare as follows:AMOUNTS IN EUR '00020232022Less than 1 year7473,184Between 1 and 2 years--More than 2 years--Total future minimum rental receivable7473,184The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2065-4": {
"value": "16 Investment propertyFair value as of 31 December 2023 is estimated at EUR 520 thousand (2022: EUR515 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2126-2": {
"value": "18 InventoriesAMOUNTS IN EUR '00020232022Raw materials and consumables517427Total inventories517427During 2023 and 2022 no inventories were written down to the lower of netrealisable value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2140-4": {
"value": "19 Contract assets and liabilitiesAMOUNTS IN EUR '00020232022Contract assets28,71218,315Contract liabilities - current(37,725)(32,458)Contract liabilities - non-current(71,768)-Net contract assets and liabilities(80,781)(14,143)Expenses incurred including realized profit todate1,677,0961,223,926Invoiced terms(1,757,877)(1,238,069)Net contract assets and liabilities(80,781)(14,143)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.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. The non-current contract liabilities comprise mainly of the Advance FactoryPayments (\u201cAFPs\u201d) received from launching customers. This AFP is part of thefunding package for the expansion plans, and will be settled in a future constructioncontract. The contract liability is classified non-current, as the related performanceobligation is expected to be satisfied after more than one year after reporting date.There is a significant financing component included in the contract, considering thelength of time between the customers\u2019 payment and the satisfaction of the relatedperformance obligation. As such, the transaction price for the contract is discounted,using the interest rate that would be reflected in a separate financing transactionbetween the Group and the customer at contract inception. As per 31 December2023, the impact on the non-currenct contract liabilities amounts to EUR 1.0 million.As noted in note 2, the original cash receipt related to the AFP of the Empire Wind2 contract (EUR 30.5 million) is converted into a perpetual bond. Reference is madeto note 22 for more information related to the perpetual bond.In addition, the estimated bond costs for completed contracts which are expected tobe incurred within 12 months after balance sheet date are recorded as part of thecontract liabilities, which amount to EUR 0.3 million at 31 December2023 (31 December 2022: EUR 0.4 million). The revenues recognized in thereporting period that was included in the contract liability balance at the beginning ofthe period amounts EUR 32.1 million (2022: EUR 37.0 million). Revenue recognizedin the reporting period from performance obligations satisfied (or partially satisfied)in previous periods amounts to EUR 30.0 million (2022: EUR 8.1 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.Except for the AFP and part of the contract liability related to the licensing contractwhich are considered to be non-current, both the contract assets and liabilities havedurations shorter than 12 months and are therefore considered to be current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2210-3": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered 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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00025 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2210-4": {
"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 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered to be immaterial.At year end EUR nil of the total open balance refers to related parties (2022: EURnil).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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00025 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2210-5": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered 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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00025 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 131.4 million at 31 December2023 (2022: EUR 89.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2210-6": {
"value": "20 Trade receivablesBased on an individual impairment analysis of trade receivables, at31 December 2023 no impairment deemed necessary for unrecoverable receivables(2022: EUR 1.3 million). In addition, an amount of EUR 46 thousand for impairmentcosts due to expected credit loss (IFRS 9) has been reported (2022: EUR12 thousand). The movements related to expected credit loss over the period areconsidered 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 2023Expected credit loss rate0.20%0.20%0.20%0.20%0.20%Estimated total gross carrying amount at default23,37622,0461,047-114-169Expected credit loss(46)(43)(2)-0-031 December 2022Expected credit loss rate0.05%0.05%0.05%0.05%0.05%0.05%Estimated total gross carrying amount at default22,47521,555399-4330448Expected credit loss(12)(12)0-00024 Loans and borrowingsThe company has the following loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Loan covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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 131.4 million at 31 December2023 (2022: EUR 89.8 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 2023Non-derivative financial liabilitiesTerm loans19,92620,250----20,250Lease liabilities111,890120,2432,5227,4129,83027,07573,404Trade payables87,32487,32487,324----Other current financial liabilities21,42321,42321,423----Total non-derivative financial liabilities240,563249,240111,2697,4129,83027,07593,654AMOUNTS 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----Other current financial liabilities17,15617,15617,156----Total non-derivative financial liabilities216,887228,145111,8707,0627,78024,81576,618As 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 2023, the Group uses no derivatives to manage market risks (2022: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. The interest rateprofile of the Group\u2019s interest-bearing financial instruments as reported tomanagement of the Group is as follows:AMOUNTS IN EUR '00020232022Variable rate instrumentsTerm loans19,926-19,926-The Group has performed a cash flow sensitivity analysis for variable rateinstruments. A reasonable possible change of 50 basis points in interest rates at thereporting date would have increased (decreased) profit or loss before tax by theamounts shown below. A sensitivity analyses on equity has not been prepared sincethe impact on equity will be equal to the increase (decrease) on the sensitivityanalysis of profit or loss before tax (excluding tax effect).This analysis assumes thatall other variables remain constant.AMOUNTS IN EUR '00050 basis pointsincrease50 basis pointsdecrease31 December 2023Variable rate instruments16(16)Net impact--31 December 2022Variable rate instruments--Net impact--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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2291-3": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2291-4": {
"value": "21 Cash and cash equivalentsAMOUNTS IN EUR '00020232022Bank balances131,38989,832Cash and cash equivalents131,38989,832The balance of the cash and cash equivalents are freely accessible and available tothe Group and no restrictions apply.25 Financial instrumentsFinancial risk managementCredit riskCash and cash equivalentsThe Group held cash and cash equivalents of EUR 131.4 million at 31 December2023 (2022: EUR 89.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2305-3": {
"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). On 7 July 2023, the issued share capital was increased by EUR 0.9 million.This was done by the issue of 4,387,256 ordinary shares with a nominal value ofEUR 0.20, of which 33,366 to the Management Team of the Group. Reference ismade to note 13 for the reconciliation of the number of shares outstanding.All ordinary shares rank equally with regard to the Company\u2019s residual assets.Share InvestmentsIn June 2023, the Company invited the members of the Management Team andselected employees (\u201cParticipants\u201d) to invest in the Company\u2019s shares at the timeof the Rights Issue. The number of shares was determined by dividinga Participant\u2019s investment amount with the purchase price per share of EUR 11.50.The members of the Executive Board purchased Ordinary Shares by either (i)participating in the Rights Issue Offering through exercising Rights purchased onEuronext Amsterdam and/or (ii) purchases of Ordinary Shares.Members of the Management Team and other key employees of the Companypurchased 33,366 new Ordinary Shares in total that were issued separately underthe authorisation that was granted to the Executive Board by the General Meeting on12 May 2023. The shares acquired by the Participants are subject to a four-yearlock-up period as from the issuance date, which is automatically lifted upontermination of employment.The fair value of these equity-settled awards is equal to the grant date fair marketvalue of the shares acquired less the price paid by the Participants. Since thepurchase price per Company Share of EUR 11.50 represented a discount of 18.4% tothe closing price of the Company\u2019s Ordinary Shares, the share investments resultedin an accounting fair value of EUR 87 thousand. This grant date fair value has beenrecognised as an expense in 2023, with a corresponding entry in share premium.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2346-3": {
"value": "Other capital reservesCumulative preference sharesAs part of the funding package for the financing of the expansion plans, the Groupentered into a placement agreement with Equinor Renewables B.V. and Equinor NewEnergy AS for the issue of 50,000 Preference Shares to Equinor Renewables B.V.against payment of a subscription price of EUR 1 thousand per Preference Share(EUR 50 million in gross proceeds).The holder of Preference Shares will be entitled to receive, out of funds legallyavailable for distribution, with first priority over Ordinary Shares, cumulativedividends at a fixed annual coupon rate of 5% until 30 June 2025, which rate will beannually increased as of 1 July 2025 as follows:>an increase of 0.5% per annum as of 1 July 2025;>an increase of 0.75% per annum as of 1 July 2026; and>an increase of 0.75% per annum as of 1 July 2027.>an increase of 1.0% per annum as of 1 July 2028.The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.The Executive Board has the discretion any given year to pay out the couponamount. As per 31 December 2023, the cumulative undeclared amount of dividendsamount to EUR 1.9 million. The Preference Shares will rank ahead of the OrdinaryShares on the liquidation of the Company.Furthermore, at the option of the Group, the Preference Shares may be redeemed, inwhole or in part, at a price equal to the initial stated amount, plus any accrued butunpaid dividends as of the date of such redemption. This option shall only beexercisable by the Company from 1 January 2025.From 1 July 2028, the holder of the Preference Shares has the right to convert thePreference Shares to Ordinary Shares by resolution of the Executive Board that hasbeen approved by the Supervisory Board. The conversion will be in respect of theinitial stated amount and any accrued but unpaid dividends, at a fixed conversionratio calculated as the subscription price paid for the Preference Share, plus anydividend which accrued thereon but remains unpaid, divided by a conversion price ofEUR 12 per Ordinary Share.DividendsThe following dividends were declared and settled by the Company during the year:2023 2022Number of ordinary shares dividend eligible 29,888,612 25,501,356Rounded dividend per ordinary share (\u20ac) 0.00 0.19Dividends declared and settled during theyear (\u20ac '000) - 4,851The 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. However, currently, the Group does not pay any dividend in respectof its share capital due to a contractual obligation under the financing facilityagreement. Pursuant to the financing facility agreement, the Group shall not declare,make or pay any dividend or other distributions in respect of its share capital if (i)a default under the Facility Agreement is continuing or would occur as a result of themaking of such payment; (ii) the Manufacturing Expansion is not yet completed; and(iii) certain criteria in relation to the leverage financial covenant in the financingfacility agreement are not yet satisfied.",
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"pp-value-2346-4": {
"value": "Other capital reservesCumulative preference sharesAs part of the funding package for the financing of the expansion plans, the Groupentered into a placement agreement with Equinor Renewables B.V. and Equinor NewEnergy AS for the issue of 50,000 Preference Shares to Equinor Renewables B.V.against payment of a subscription price of EUR 1 thousand per Preference Share(EUR 50 million in gross proceeds).The holder of Preference Shares will be entitled to receive, out of funds legallyavailable for distribution, with first priority over Ordinary Shares, cumulativedividends at a fixed annual coupon rate of 5% until 30 June 2025, which rate will beannually increased as of 1 July 2025 as follows:>an increase of 0.5% per annum as of 1 July 2025;>an increase of 0.75% per annum as of 1 July 2026; and>an increase of 0.75% per annum as of 1 July 2027.>an increase of 1.0% per annum as of 1 July 2028.The maximum fixed annual coupon rate as of 1 July 2028 will therefore be 8%.The Executive Board has the discretion any given year to pay out the couponamount. As per 31 December 2023, the cumulative undeclared amount of dividendsamount to EUR 1.9 million. The Preference Shares will rank ahead of the OrdinaryShares on the liquidation of the Company.Furthermore, at the option of the Group, the Preference Shares may be redeemed, inwhole or in part, at a price equal to the initial stated amount, plus any accrued butunpaid dividends as of the date of such redemption. This option shall only beexercisable by the Company from 1 January 2025.From 1 July 2028, the holder of the Preference Shares has the right to convert thePreference Shares to Ordinary Shares by resolution of the Executive Board that hasbeen approved by the Supervisory Board. The conversion will be in respect of theinitial stated amount and any accrued but unpaid dividends, at a fixed conversionratio calculated as the subscription price paid for the Preference Share, plus anydividend which accrued thereon but remains unpaid, divided by a conversion price ofEUR 12 per Ordinary Share.Perpetual bondAs disclosed in note 19, one of the launching customers (Empire Offshore WindLLC) has terminated a construction contract with the Group. Based on the specificcontractual agreements, the AFP related to this contract (EUR 30.5 million) isconverted into a perpetual bond as per 29 December 2023. The bond has thefollowing terms:>There is no fixed redemption date;>The bond will bear interest on its principle amount of EURIBOR + 5% margin, asfrom 1 January 2026, subject to an annual increase by 0.75% beginning on1 July 2027 and each anniversary thereof;>The Group may, at its discretion, elect to defer all or part of any payment of all orpart of any interest. Any deferred interest shall itself bear interest at a rate equalto 2% plus the applicable margin;>The Group will have an obligation to pay interest in certain specifically agreedevents, the occurrance of the events is always controlled by the Group.The Group has an unconditional right to avoid delivering cash or another financialinstrument in relation to the perpetual bond, resulting in the classification as anequity instrument.",
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"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 this subsidiary is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020232022Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(103)(153)Finance costs169(10)Profit before tax1,187958Income tax(292)(205)Profit after tax895753Attributable to non-controlling interests357301Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020232022Property, plant and equipment5,7486,107Trade receivables51114Cash and cash equivalents6,3045,264Trade and other payables(8,541)(8,257)Interest-bearing loans and borrowings(325)(325)Total equity3,6972,803Attributable to:Equity holders of parent2,2191,682Non-controlling interest1,4791,122Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020232022Operating8711,714Investing--Financing169(10)Net increase in cash and cash equivalents1,0401,704",
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"pp-value-2416-4": {
"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 this subsidiary is provided below. This information is based onamounts before intercompany eliminations.Summarised statement of profit or loss:AMOUNTS IN EUR '00020232022Operating lease income1,4801,480Depreciation and amortization(359)(359)Other operating expenses(103)(153)Finance costs169(10)Profit before tax1,187958Income tax(292)(205)Profit after tax895753Attributable to non-controlling interests357301Dividends paid to non-controlling interests--Summarised statement of financial position as at 31 December:AMOUNTS IN EUR '00020232022Property, plant and equipment5,7486,107Trade receivables51114Cash and cash equivalents6,3045,264Trade and other payables(8,541)(8,257)Interest-bearing loans and borrowings(325)(325)Total equity3,6972,803Attributable to:Equity holders of parent2,2191,682Non-controlling interest1,4791,122Summarised cash flow information for year ended 31 December:AMOUNTS IN EUR '00020232022Operating8711,714Investing--Financing169(10)Net increase in cash and cash equivalents1,0401,70430 List of subsidiariesIncluded in the consolidated financial statements are the following subsidiaries:NameLocationShare in issued capital %Sif Property B.V.Roermond100Sif Netherlands B.V.Roermond100Twinpark Sif B.V. 1Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.Schiedam100Sif Decom B.V.2Roermond1001 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.2 \u2013 Sif Decom B.V. has been incorporated on 17 October 2023.No further changes are applicable in investments in subsidiaries.",
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"pp-value-2499-6": {
"value": "24 Loans and borrowingsThe company has the following loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398As part of the financing plan of the factory expansion, the Group has refinanced itsexisting financing facility into a term-loan facility amounting to EUR 81 million anda revolving credit facility amounting to EUR 50 million. As per 31 December2023 EUR 20.25 million has been drawn from the term-loan facility and the revolvingcredit facility has been unused.The prepaid transaction costs of the term-loan facility and the revolving creditfacility are respectively included in the amortized cost of the term-loans andpresented as part of prepayments. In case of a drawdown from the revolving creditfacility the prepaid transaction costs are included in the the amortized cost of theoutstanding balance. Both are recognized as expense over the duration of thefacilities. The refinancing is treated as the derecognition of the original facility andrecognition of the new facility, as new lenders are added and the terms of the facilityare substantially modified.The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Reference is made to note 31 for further information on the lease liabilities, and therelated movements.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 covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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 2023Non-derivative financial liabilitiesTerm loans19,92620,250----20,250Lease liabilities111,890120,2432,5227,4129,83027,07573,404Trade payables87,32487,32487,324----Other current financial liabilities21,42321,42321,423----Total non-derivative financial liabilities240,563249,240111,2697,4129,83027,07593,654AMOUNTS 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----Other current financial liabilities17,15617,15617,156----Total non-derivative financial liabilities216,887228,145111,8707,0627,78024,81576,618As 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 2023, the Group uses no derivatives to manage market risks (2022: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. The interest rateprofile of the Group\u2019s interest-bearing financial instruments as reported tomanagement of the Group is as follows:AMOUNTS IN EUR '00020232022Variable rate instrumentsTerm loans19,926-19,926-The Group has performed a cash flow sensitivity analysis for variable rateinstruments. A reasonable possible change of 50 basis points in interest rates at thereporting date would have increased (decreased) profit or loss before tax by theamounts shown below. A sensitivity analyses on equity has not been prepared sincethe impact on equity will be equal to the increase (decrease) on the sensitivityanalysis of profit or loss before tax (excluding tax effect).This analysis assumes thatall other variables remain constant.AMOUNTS IN EUR '00050 basis pointsincrease50 basis pointsdecrease31 December 2023Variable rate instruments16(16)Net impact--31 December 2022Variable rate instruments--Net impact--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 1.7 million in 2023 (2022: EUR 3.6 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 2023107,398Additions7,873Remeasurement6,768Lease terms(11,086)Financing costs937Balance at 31 December 2023111,890Balance at 1 January 2022105,683Additions5,789Remeasurement3,670Lease terms(8,687)Financing costs943Balance at 31 December 2022107,398Carrying amountsAt 31 December 2023111,890At 31 December 2022107,398Of the total carrying value per year-end 2023 an amount of EUR 9.0 million isclassified current (2022: EUR 8.5 million).",
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"pp-value-2499-7": {
"value": "24 Loans and borrowingsThe company has the following loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Loan covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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 2023Non-derivative financial liabilitiesTerm loans19,92620,250----20,250Lease liabilities111,890120,2432,5227,4129,83027,07573,404Trade payables87,32487,32487,324----Other current financial liabilities21,42321,42321,423----Total non-derivative financial liabilities240,563249,240111,2697,4129,83027,07593,654AMOUNTS 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----Other current financial liabilities17,15617,15617,156----Total non-derivative financial liabilities216,887228,145111,8707,0627,78024,81576,618As disclosed in note 24, within the finance facility the Group has a revolving creditfacility that contains loan covenants.",
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"pp-value-2499-8": {
"value": "24 Loans and borrowingsThe company has the following loans and borrowings:AMOUNTS IN EUR '00020232022Loans and borrowings - non-current19,926-Lease liabilities - non-current102,87599,006Lease liabilities - current9,0158,392Total Loan and borrowings131,816107,398The movement in loans and borrowings can be specified as follows:AMOUNTS IN EUR '00020232022Nominal value at 1 January--Financing costs--Net value of loans and borrowings at 1January--Movements nominal value:Drawdown of term loans20,250-Movements in financing costs:Additions prepaid transaction costs(492)-Amortization prepaid transaction costs168-Nominal value at 31 December20,250-Financing costs(324)-Net value of loans and borrowings at 31December19,926-Loan covenantsThe term-loan facilities, revolving facilities and lease facility (not drawn yet in 2023)are subject to covenant requirements. The following financial ratios have to be met:SolvencyNet leverageQuarter ended:31 December 202330%3.50All quarter-ends during202425%4.0031 March 202530%3.5030 June 202535%3.5030 September 202535%3.0031 December 2025 andfurther35%2.50Reference is made to section \u201cDefinition and Explanation of use of non-IFRSfinancial measures\u201d of the Annual Report for the definition of the ratios.At year-end 2023 the Group met the applicable covenants, and the Group expects tomeet the covenants during 2024.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 scheduleThe terms and conditions of outstanding loans are as follows:AMOUNTS IN EUR '000Cur-rencyNominal interest rate (%)Year ofmaturityFair value2023Carrying amount2023Fair value2022Carrying amount2022Term loansEUREuribor + 2%202919,92619,926--Total interest-bearing loans andborrowings19,92619,926--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 185 and335 bps. The revolving credit facilities are collateralized by the following items:>Current assets (inventory and contract assets net position);>Trade receivables;>Intercompany receivables;>Cash and cash equivalent 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. At year-end 2023, the solvency ratio was 43.8 % (2022: 40.3%).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.",
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},
"pp-value-2652-10": {
"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 2023, the Group uses no derivatives to manage market risks (2022: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. The interest rateprofile of the Group\u2019s interest-bearing financial instruments as reported tomanagement of the Group is as follows:AMOUNTS IN EUR '00020232022Variable rate instrumentsTerm loans19,926-19,926-The Group has performed a cash flow sensitivity analysis for variable rateinstruments. A reasonable possible change of 50 basis points in interest rates at thereporting date would have increased (decreased) profit or loss before tax by theamounts shown below. A sensitivity analyses on equity has not been prepared sincethe impact on equity will be equal to the increase (decrease) on the sensitivityanalysis of profit or loss before tax (excluding tax effect).This analysis assumes thatall other variables remain constant.AMOUNTS IN EUR '00050 basis pointsincrease50 basis pointsdecrease31 December 2023Variable rate instruments16(16)Net impact--31 December 2022Variable rate instruments--Net impact--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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2881-3": {
"value": "26 Employee benefitsAMOUNTS IN EUR '00020232022Jubilee provision393375Accrual for employee bonuses1,488911Accrual for employee vacation daysoutstanding1,2561,325Personnel expenses payable1,6191,167Total employee benefits liabilities4,7563,778Non-current727468Current4,0293,310Total employee benefits liabilities4,7563,778The movement in the jubilee provision can be specified as follows:AMOUNTS IN EUR '00020232022Balance at 1 January375436Additions52-Used(34)(20)Released-(41)Balance at 31 December393375",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2931-2": {
"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 the members of the Management Team are entitled to receive a cash paymentequal to the value of the number of PSUs that have vested. The PSUs are paid outafter the completion of a three-year vesting period, contingent on the approval fromthe Supervisory Board.At 31 December 2023 the outstanding liability with regard to the PSU plan was EUR0.3 million (2022: EUR 0.2 million). During 2023 a number of 11.533 PSUs arevested and exercised (2022: 12.177), 2.840 PSUs are forfeited (2022: 0) and22.264 PSUs are awarded (2022: 26.734). At 31 December 2023 a number of51.743 PSUs are outstanding (2022: 43.852 PSUs), which vest on average19 months after reporting date (2022: 20 months).Spot Bonus AwardsIn 2023, the Company has granted conditional Spot-Bonus Awards to the membersof the Executive Board, the members of the Management Team and other keyemployees of the Group, related to the manufacturing facility expansion. A Spot-Bonus Award consists of two separate conditional cash bonus amounts, which aresubject to service conditions that have to be met for the Award to vest. If a valuecap is included in the award agreement, each actual Spot-Bonus payment at thevesting date is subject to a value cap of two times the respective Spot-Bonus valueat the award date.The grant date for the first tranche is the award date (16 June 2023), as the grant isunconditional. The grant of the second tranche is subject to the finalisation andapproval of the vesting performance conditions, which is expected in the course of2024. The vesting date of the first tranche is the third anniversary of the grant date,subject to continued employment and holding shares in the Company for at leastthe investment amount at the vesting date. The vesting date of the second trancheis three years after the date that the manufacturing facility is fully operational.The total Spot-Bonus Award values granted in 2023 amount to EUR 0.7 million forthe members of the Executive Board and EUR 0.9 million for other participants (EUR1.6 million in total). The Award value for the second tranche will be determinedbased on the annual base salaries as applicable at the grant date.An adjustment factor will be applied to the actual Spot-Bonus Award value at therelevant vesting date based on the Total Shareholder Return performance of theCompany Share during the period between the relevant vesting commencementdate and the relevant vesting date (the \u201cTSR modifier\u201d). Total Shareholder Returnmeans the development of the share price during the relevant period wherebydividends are considered reinvested at the relevant dividend payment date. Ifdividend would be paid during this period, this would also be included in thisadjustment factor.Due to the TSR modifier, the value development for a Spot-Bonus Award is equal tothe return a shareholder would realize on a Share of the Group during the relevantperiod. As a result, the Spot-Bonus Awards are accounted for as cash-settled share-based payment awards.As of each reporting date, the fair value of a Spot-Bonus Award is determined basedon the share price development between the vesting commencement date and the(estimated) vesting date. Based on the Total Shareholder Return performancebetween the Award date and 31 December 2023, the total estimated fair value of theSpot-Bonus Awards amounts to EUR 1.1 million. Of the recognized fair value, EUR0.2 million has been recognised as an expense and a liability in 2023, in accordancewith the relevant vesting period for the first tranche.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2985-2": {
"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 premiums to be paid for bank guaranteesafter 12 months (EUR 0.3 million, 2022: EUR 0.7 million).The other current liabilities include mainly liabilities for invoices to be received (EUR14.6 million, 2022: EUR 7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2985-3": {
"value": "28 Other current and non-current liablitiesThe non-current part mainly consist of the premiums to be paid for bank guaranteesafter 12 months (EUR 0.3 million, 2022: EUR 0.7 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2985-4": {
"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 (EUR14.6 million, 2022: EUR 7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2985-5": {
"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 premiums to be paid for bank guaranteesafter 12 months (EUR 0.3 million, 2022: EUR 0.7 million).The other current liabilities include mainly liabilities for invoices to be received (EUR14.6 million, 2022: EUR 7.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3010-4": {
"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.Roermond100Twinpark Sif B.V. 1Roermond59,4Zonnepanelen MaasvlakteB.V.Rotterdam100KCI The Engineers B.V.Schiedam100Sif Decom B.V.2Roermond1001 - Legally the Group holds 59,4% of the shares, but 60% in result appropriation.2 \u2013 Sif Decom B.V. has been incorporated on 17 October 2023.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 259 thousand (2022: EUR 192 thousand).Furthermore the Group sent no invoices to Smulders Sif Steel Foundations B.V. forproject related work performed (2022: EUR nihil).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:20232022G.G.P.M. van Beers38,99916,500B.J. Meijer11,814-Balance at 31 December50,81316,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20232022A. Goed\u00e9e125,57770,000P.J. Gerretse260,62545,000C.A.J. van den Bosch216,87545,000P.E. Visser345,00045,000P.E. Wit445,00045,000A. Heckman528,515-A. Vos614,178-235,770250,0001. Member of the supervisory board until 12 May 2023.2. Member of the supervisory board as of 12 February 2016.3. Member of the supervisory board on an ad interim basis as of 1 November 2017.4. Member of the supervisory board as of 3 May 2018.5. Member of the supervisory board as of 12 May 2023.6. Member of the supervisory board as of 8 September 2023.Compensation of the current executive board membersG.G.P.M. van BeersB.J. MeijerAMOUNTS IN EUR2023202220232022Base salary432,555398,879261,938235,980Employer\u00b4s pensioncontributions27,84724,45823,62620,604Pension compensation35,69633,74218,09516,649Annual bonus(expenses)163,932149,61994,92269,917Non-recurring bonus(expenses)46,758-28,073-LTIP, including spotbonus (expenses)120,96463,56464,82020,689Other benefits (carlease, travel expensesand relocationexpenses)51,85350,46342,95540,471Social security andother payments11,1689,88111,1689,881Total remuneration890,773730,606545,596414,191Paid annual bonus inthe year, earned overthe previous year149,619201,90669,91759,273Paid vested LTIP85,50785,026--Total actual paidvariable remuneration235,126286,93269,91759,273",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3190-3": {
"value": "32 Off-balance sheet commitmentsCommitments for the purchase of property, plant and equipmentand raw materialsAt 31 December 2023, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 152.8 million (2022: EUR 6.4 million), whichincludes EUR 150.6 million related to the expansion plans of the production facilities.The commitments for raw materials amounts to EUR 136.5 million (2022: EUR152.4 million) and commitments for subcontracting amounts to EUR 2.9 million(2022: EUR 6.5 million).Guarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202331 December 2022AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General150,00095,357130,00080,091Co\u00f6peratieve Rabobank U.A.General50,00039,59640,00011,255ING Bank N.V.General50,00033,10740,00033,190ABN AMRO Bank N.V.General50,00028,92040,00027,532DNBGeneral50,00026,970--Total350,000223,950250,000152,068With an effective date of 5 June 2023, the existing finance facility of the Group hasbeen refinanced (and expanded) for the purpose of the financing of the expansionplans. The guarantee facility included in the revolving facility commitment has beenexpanded from EUR 250 million to EUR 350 million.The Group is jointly and severally liable for all amounts to which Euler Hermes S.A.,Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieveRabobank U.A. and DNB (UK) Limited have a right to claim in relation to the abovementioned guarantees.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3190-4": {
"value": "32 Off-balance sheet commitmentsCommitments for the purchase of property, plant and equipmentand raw materialsAt 31 December 2023, the Group\u2019s commitments for the purchase of property, plantand equipment amounts to EUR 152.8 million (2022: EUR 6.4 million), whichincludes EUR 150.6 million related to the expansion plans of the production facilities.The commitments for raw materials amounts to EUR 136.5 million (2022: EUR152.4 million) and commitments for subcontracting amounts to EUR 2.9 million(2022: EUR 6.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3190-5": {
"value": "32 Off-balance sheet commitmentsGuarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202331 December 2022AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General150,00095,357130,00080,091Co\u00f6peratieve Rabobank U.A.General50,00039,59640,00011,255ING Bank N.V.General50,00033,10740,00033,190ABN AMRO Bank N.V.General50,00028,92040,00027,532DNBGeneral50,00026,970--Total350,000223,950250,000152,068With an effective date of 5 June 2023, the existing finance facility of the Group hasbeen refinanced (and expanded) for the purpose of the financing of the expansionplans. The guarantee facility included in the revolving facility commitment has beenexpanded from EUR 250 million to EUR 350 million.The Group is jointly and severally liable for all amounts to which Euler Hermes S.A.,Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieveRabobank U.A. and DNB (UK) Limited have a right to claim in relation to the abovementioned guarantees.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3190-6": {
"value": "32 Off-balance sheet commitmentsGuarantee facilitiesAt 31 December guarantee facilities of the Group can be specified as follows:Type31 December 202331 December 2022AMOUNTS IN EUR '000Total facilityUsedTotal facilityUsedEuler Hermes S.A. / Tokio Marine Europe S.A.General150,00095,357130,00080,091Co\u00f6peratieve Rabobank U.A.General50,00039,59640,00011,255ING Bank N.V.General50,00033,10740,00033,190ABN AMRO Bank N.V.General50,00028,92040,00027,532DNBGeneral50,00026,970--Total350,000223,950250,000152,068With an effective date of 5 June 2023, the existing finance facility of the Group hasbeen refinanced (and expanded) for the purpose of the financing of the expansionplans. The guarantee facility included in the revolving facility commitment has beenexpanded from EUR 250 million to EUR 350 million.The Group is jointly and severally liable for all amounts to which Euler Hermes S.A.,Tokio Marine Europe S.A., ING Bank N.V., ABN Amro Bank N.V., Co\u00f6peratieveRabobank U.A. and DNB (UK) Limited have a right to claim in relation to the abovementioned guarantees.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3258-6": {
"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:20232022G.G.P.M. van Beers38,99916,500B.J. Meijer11,814-Balance at 31 December50,81316,500The remuneration (including expenses) of the Supervisory Board members can bespecified as follows:AMOUNTS IN EUR20232022A. Goed\u00e9e125,57770,000P.J. Gerretse260,62545,000C.A.J. van den Bosch216,87545,000P.E. Visser345,00045,000P.E. Wit445,00045,000A. Heckman528,515-A. Vos614,178-235,770250,0001. Member of the supervisory board until 12 May 2023.2. Member of the supervisory board as of 12 February 2016.3. Member of the supervisory board on an ad interim basis as of 1 November 2017.4. Member of the supervisory board as of 3 May 2018.5. Member of the supervisory board as of 12 May 2023.6. Member of the supervisory board as of 8 September 2023.Compensation of the current executive board membersG.G.P.M. van BeersB.J. MeijerAMOUNTS IN EUR2023202220232022Base salary432,555398,879261,938235,980Employer\u00b4s pensioncontributions27,84724,45823,62620,604Pension compensation35,69633,74218,09516,649Annual bonus(expenses)163,932149,61994,92269,917Non-recurring bonus(expenses)46,758-28,073-LTIP, including spotbonus (expenses)120,96463,56464,82020,689Other benefits (carlease, travel expensesand relocationexpenses)51,85350,46342,95540,471Social security andother payments11,1689,88111,1689,881Total remuneration890,773730,606545,596414,191Paid annual bonus inthe year, earned overthe previous year149,619201,90669,91759,273Paid vested LTIP85,50785,026--Total actual paidvariable remuneration235,126286,93269,91759,273",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3406-2": {
"value": "34 Service fees paid to external auditorsThe total service fees of external auditors for financial years 2023 and 2022, whichconsist of services related to the respective reporting periods, can be specified asfollows:Ernst & Young AccountantsLLPOtherAMOUNTS IN EUR \u20190002023202220232022Audit of financialstatements484360--Other assuranceservices1634549Total64740549",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3437-2": {
"value": "35 Events after the reporting periodIn January 2024, the Nature Permit for the manufacturing expansion has becomeirrevocable. This fulfilled the last condition precedent for tranche B of the CoveredTerm Facility of the bank consortium, which subsequently refinanced the CoveredBridge Facility of InvestNL (amounting to EUR 64.8 million) on 29 February 2024.In addition, on 14 March 2024 the second drawing of EUR 20.25 million of the Termloans has been performed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:724500J0BPD5CLHCK040",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}