Standard | Title | Effective date1) | Effects on RHI Magnesita Consolidated Financial Statements |
Amendments of standards | \u00a0 | \u00a0 | |
IFRS 3 | Amendments to IFRS 3 Business Combinations (Update of an outdated reference to the Conceptual Framework in IFRS 3 without significantly changing the requirements in the standard) | 01.01.2022 | No material impact |
IAS 16 | Amendments to IAS 16 Property Plant and Equipment (Proceeds received from selling items produced while the entity is preparing the asset for its intended use, is prohibited from deducting against the cost of an item of PP&E. Instead, such proceeds are to be recognised in profit or loss) | 01.01.2022 | No material impact |
IAS 37 | Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Onerous Contracts \u2014 Cost of Fulfilling a Contract. It clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts) | 01.01.2022 | No material impact |
Annual Improvements 2018-2020 | Annual Improvements to IFRS Standards 2018\u20132020 (IFRS 1, IFRS 9, IFRS 16 and IAS 41) | 01.01.2022 | No material impact |
Standard | Title | Effective date1) | Impact |
New standards | \u00a0 | \u00a0 | |
Amendments of standards | \u00a0 | \u00a0 | |
IFRS 17 | Amendments to IFRS 17 Insurance contracts (Require a current measurement model where estimates are remeasured in each reporting period. Also allows a choice recognising changes in discount rates) | 01.01.2023 | No material impact |
IAS 12 | Amendments to IAS 12 Income Taxes (Require to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences) | 01.01.2023 | No material impact |
IAS 1 | Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 (Disclosure of material rather than significant accounting policies) | 01.01.2023 | No material impact |
IAS 8 | Amendments to IAS 8 Accounting policies (Changes in Accounting Estimates and Errors clarifies how to distinguish changes in accounting policies from changes in accounting estimates) | 01.01.2023 | No material impact |
Standard | Title | Effective date1) | Impact |
New standards | \u00a0 | \u00a0 | |
Amendments of standards | \u00a0 | \u00a0 | |
IAS 1 | Amendments to IAS 1 Presentation of Financial Statements (Classification of Liabilities as Current or Non-current, depending on the rights that exist at the end of the reporting period) | 01.01.2023 | No material impact |
IFRS 16 | Amendments to IFRS 16 Leases (Lease Liability in a Sale and Leaseback) | 01.01.2024 | No material impact |
Significant judgements: Control over Horn & Co Minerals Recovery and S\u00d6RMA\u015e During the year, the Group acquired 51.0% and 86,8% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and S\u00d6RMA\u015e, respectively. Judgement is required in assessing the level of control or influence over another entity in which the Group holds an interest. The Group considered its respective rights and power to control in terms of the purchase agreements and judged that the Group controls both entities and consolidated these from the date of control. The Group exercises control over Mireco and S\u00d6RMA\u015e as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. This is achieved through the Group\u2019s voting rights and management representation. |
Significant judgements: Recognition of non-controlling interest of Mireco The acquisition of Mireco includes a call and written put option for the Group to acquire the outstanding shares based on an EBITDA to net debt earnings multiple. The Group has judged, based on the terms and pricing of the call and written put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred and a non-controlling interest was recognised on acquisition. The financial liability arising from the call and written put option has been recognised against the carrying value of the non-controlling interest and equity in accordance with the Group\u2019s policy. |
Significant estimates Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations. Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record it in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. The Group does not expect changes in these fair value estimates to have a significant impact on the recognised assets and liabilities over the remaining measurement period. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 15 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Mineral Rights Management have assessed that given the few or no viable alternatives for the Group\u2019s refractory products, which are extracted from the Group\u2019s mines and used in the construction and automotive industries together with their continued use in the transition to a green economy, no indicators of impairment have arisen and as a consequence the useful lives remain unchanged. |
\u00a0 | \u00a0 |
Real estate, land and buildings | 8 to 50 years |
Technical equipment, machinery | 8 to 50 years |
Other plant, furniture and fixtures | 3 to 35 years |
Significant estimates Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the balance sheet date. |
Significant estimates: Goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used in the impairment testing for goodwill. Key input assumptions include discount rates used to discount cash flows and the perpetual growth rate of the associated CGU. The effect of a 10% adverse change in the estimated discount rate or an adverse change of 50% in the perpetual growth rate would not result in an impairment of goodwill. For further details on goodwill impairment, refer to Note (17). |
Significant judgements Management reviewed CGUs for indicators of impairment. These indicators included both external factors affecting the CGUs, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of assets, major breakdowns or decisions to divest from certain businesses. Based on the impairment indicator review, no impairment indicators were identified at any of the CGU, which did not have goodwill allocated to it. Additionally, management has assessed the useful lives of assets and these continue to be appropriate due to the limited refractory and other product alternatives available and as the steel and industrial sectors in which the Group operates, continue to play a significant part in the transition towards sustainable output and the transition to a green economy. |
Significant Judgement: Trade payables subject to supply chain finance arrangements Management have judged that trade payables subject to supply chain finance arrangements do not modify the terms of the original invoice and as such the affected invoices continue to be recognised as such. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forwards Due to the reduction of free CO2 emission certificates and the expected increase in CO2 market prices, the Group hedges the associated price risk by use of physical delivery forward purchases for own use. The Group also enters into fixed price and quantity forward gas and power contracts to secure supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus avoid volatility in the Statement of Profit of Loss. The own use exemption requires that purchases of these forward contracts will be utilised. The Group settles the forwards through physical delivery and does not intend to sell any (unexpected) surplus of either gas, power or CO2 emission certificates for speculative purposes. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. |
Significant estimate: Pension plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and update when a valuation is performed by third party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax treatments and recognition of deferred tax assets Management makes judgements in relation to the recognition of current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant estimates: Recognition of deferred tax assets Income tax expense is based on the tax laws applicable in the individual countries. Due to their complexity, the tax items presented may be subject to different interpretations by local finance authorities. When determining the amount of the deferred tax assets to be recognised, mainly relating to tax-losses, an estimate is required of future taxable income which is influenced by factors such as prices, gross profit margins and interest rates. A 10% change in the future taxable profit from the assumption made on the reporting date within the planning period defined for the accounting and measurement of deferred taxes would not result in a significant change in the carrying amount of deferred tax assets on recognised tax losses, over a 12-month period from the date of these Consolidated Financial Statements. |
Significant Judgement: Revenue recognition For customer contracts in the Steel segment with variable payment arrangements where the transaction price depends on the customer\u2019s production performance, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation being the performance of a management refractory service, exists. |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2022 | 31.12.2021 | 2022 | 2021 |
Brazilian Real | BRL | 5.63 | 6.30 | 5.47 | 6.38 |
Canadian Dollar | CAD | 1.45 | 1.44 | 1.37 | 1.49 |
Chinese Renminbi Yuan | CNY | 7.42 | 7.20 | 7.09 | 7.68 |
Indian Rupee | INR | 88.26 | 83.89 | 82.50 | 87.76 |
US Dollar | USD | 1.07 | 1.13 | 1.06 | 1.19 |
2022 in \u20ac million | Steel | Industrial | Group 2022 |
Revenue | 2,371.4 | 945.8 | 3,317.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 521.0 | 242.4 | 763.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 343.6 |
Net finance costs | \u00a0 | \u00a0 | (73.1) |
Profit before income tax | \u00a0 | \u00a0 | 270.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (101.2) | (43.3) | (144.5) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2022 | 2,231.9 | 911.3 | 3,143.2 |
Investments in joint ventures and associates 31.12.2022 | \u00a0 | \u00a0 | 5.7 |
Reconciliation to total assets | \u00a0 | \u00a0 | 926.0 |
\u00a0 | \u00a0 | \u00a0 | 4,074.9 |
Additions to property, plant and equipment and intangible assets | 128.6 | 68.8 | 197.4 |
2021 in \u20ac million | Steel | Industrial | Group 2021 |
Revenue | 1,822.9 | 728.5 | 2,551.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 393.7 | 189.8 | 583.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 213.8 |
Net finance costs | \u00a0 | \u00a0 | (24.9) |
Result from joint ventures and associates | \u00a0 | \u00a0 | 100.2 |
Profit before income tax | \u00a0 | \u00a0 | 289.1 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (93.1) | (38.0) | (131.1) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2021 | 2,146.3 | 724.2 | 2,870.5 |
Investments in joint ventures and associates 31.12.2021 | \u00a0 | \u00a0 | 5.7 |
Reconciliation to total assets | \u00a0 | \u00a0 | 1,037.9 |
\u00a0 | \u00a0 | \u00a0 | 3,914.1 |
Additions to property, plant and equipment and intangible assets | 196.0 | 83.5 | 279.5 |
in \u20ac million | Steel | Industrial | Group 2022 |
Shaped products | 1,100.4 | 692.6 | 1,793.0 |
Unshaped products | 449.3 | 192.1 | 641.4 |
Management refractory services | 755.7 | 0.2 | 755.9 |
Other | 66.0 | 60.9 | 126.9 |
Revenue1) | 2,371.4 | 945.8 | 3,317.2 |
in \u20ac million | Steel | Industrial | Group 2021 |
Shaped products | 842.7 | 518.9 | 1,361.6 |
Unshaped products | 338.2 | 146.0 | 484.2 |
Management refractory services | 575.0 | 0.0 | 575.0 |
Other | 67.0 | 63.6 | 130.6 |
Revenue1) | 1,822.9 | 728.5 | 2,551.4 |
in \u20ac million | 2022 | 2021 |
Netherlands | 11.2 | 8.2 |
USA | 586.5 | 416.8 |
India | 344.0 | 255.4 |
Brazil | 367.8 | 252.0 |
PR China | 221.6 | 201.2 |
Other countries | 1,786.1 | 1,417.8 |
Revenue | 3,317.2 | 2,551.4 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Brazil | 464.8 | 396.5 |
Austria | 352.9 | 331.4 |
USA | 234.1 | 229.3 |
PR China | 171.4 | 161.8 |
Other countries | 434.0 | 367.7 |
Goodwill, intangible assets and property, plant and equipment | 1,657.2 | 1,486.7 |
in \u20ac million | 2022 | 2021 |
Restructuring income/(expenses) | 6.8 | (58.8) |
in \u20ac million | 2022 | 2021 |
Net amortisation of Oberhausen provision | 2.0 | 7.5 |
Result from deconsolidation incl. recycling of OCI components to P&L | 0.0 | 6.8 |
Income from the disposal of non-current assets | 0.5 | 6.2 |
Miscellaneous income | 2.3 | 8.6 |
Other income | 4.8 | 29.1 |
in \u20ac million | 2022 | 2021 |
Expenses for strategic projects | (10.1) | (4.7) |
Losses from the disposal of non-current assets | (1.7) | (2.6) |
Miscellaneous expenses | (11.2) | (7.2) |
Other expenses | (23.0) | (14.5) |
in \u20ac million | 2022 | 2021 |
Changes in inventories, own work capitalised | 64.3 | 259.0 |
Cost of materials | (1,365.0) | (1,205.1) |
Energy Costs | (285.7) | (187.2) |
Personnel costs | (627.8) | (547.6) |
Depreciation and amortisation charges | (144.5) | (131.1) |
Write-down expenses | 0.0 | (41.3) |
Other income | 27.1 | 41.2 |
Freight expenses | (285.3) | (222.4) |
Other expenses | (356.8) | (303.1) |
Total cost of sales, selling and marketing, administrative and restructuring expenses | (2,973.7) | (2,337.6) |
in \u20ac million | 2022 | 2021 |
Wages and salaries | (478.5) | (415.2) |
Pension and other post employment benefits | \u00a0 | \u00a0 |
Defined benefit plans | (4.8) | (5.6) |
Defined contribution plans | (11.4) | (6.2) |
Other expenses termination benefits | (5.2) | (7.8) |
Social security contribution | (99.2) | (86.6) |
Fringe benefits | (28.7) | (26.2) |
Personnel expenses (without interest expenses) | (627.8) | (547.6) |
\u00a0 | 2022 | 2021 |
Salaried employees | 6,391 | 5,720 |
Waged workers | 7,119 | 6,564 |
Number of employees on annual average | 13,510 | 12,284 |
in \u20ac million | 2022 | 2021 |
Foreign exchange losses | (10.0) | (2.0) |
Foreign exchange (losses)/gains from related derivative financial instruments | (13.3) | 4.8 |
Net (losses)/gains on foreign exchange effects and related derivatives | (23.3) | 2.8 |
in \u20ac million | 2022 | 2021 |
Net interest expense relating to personnel provisions | (5.7) | (4.6) |
Unwinding of discount of provisions and payables | (8.5) | (5.6) |
Interest expense on non-controlling interest liabilities | (5.3) | (5.2) |
Interest expense on lease liabilities | (1.3) | (1.1) |
Income from the revaluation of NCI put options | 4.7 | 1.1 |
Other interest and similar expenses1) | (14.6) | (5.8) |
Other net financial expenses | (30.7) | (21.2) |
in \u20ac million | 2022 | 2021 |
Current tax expense | (52.7) | (43.2) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | (11.9) | (12.2) |
tax loss carryforwards | (39.1) | 16.0 |
\u00a0 | (51.0) | 3.8 |
Income tax | (103.7) | (39.4) |
in \u20ac million | 2022 | 2021 |
Profit before income tax | 270.5 | 289.1 |
Income tax expense calculated at 25% (2021: 25%) | 67.6 | 72.3 |
Different foreign tax rates | 5.9 | 5.1 |
Expenses not deductible for tax purposes, non-creditable taxes | 21.4 | 17.6 |
Non-taxable income and tax benefits | (25.7) | (17.4) |
Tax losses and temporary differences of the financial year not recognised | 2.3 | 7.8 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | 0.0 | (4.0) |
Recognition of previously unrecognised loss carryforwards and temporary differences | (3.1) | (37.9) |
Change in write down of deferred tax assets | 3.0 | 1.4 |
Deferred tax expense due to tax rate changes | 2.7 | (0.2) |
Deferred tax assets derecognised | 23.6 | 0.0 |
Deferred income tax relating to prior periods | 5.2 | 2.6 |
Deferred income tax relating to foreign currency translation on non-monetary items | 2.8 | 0.2 |
Current income tax relating to prior periods | (2.3) | (8.4) |
Other | 0.3 | 0.3 |
Recognised tax expense | 103.7 | 39.4 |
Effective tax rate (in %) | 38.4% | 13.6% |
\u00a0 | 31.12.2022 | 2022 | 31.12.2021 | 2021 | ||
in \u20ac million | Deferred tax assets | Deferred tax liabilities | (Expense)/Income | Deferred tax assets | Deferred tax liabilities | (Expense)/Income |
Property, plant and equipment, intangible assets | 25.1 | 113.3 | (6.1) | 41.3 | 109.6 | 17.0 |
Inventories | 20.8 | 9.0 | 6.3 | 16.3 | 11.0 | (12.5) |
Trade receivables, other assets | 11.0 | 21.1 | (17.2) | 25.0 | 5.2 | (0.8) |
Pensions and other personnel provisions | 41.9 | 0.3 | (4.6) | 61.7 | 0.2 | (3.2) |
Other provisions | 27.4 | 0.6 | 0.2 | 25.5 | 0.3 | (1.4) |
Trade payables, other liabilities | 22.2 | 6.7 | 9.5 | 20.4 | 12.2 | (11.3) |
Tax loss carried forward | 68.8 | 0.0 | (39.1) | 102.3 | 0.0 | 16.0 |
Offsetting | (89.0) | (89.0) | 0.0 | (90.1) | (90.1) | 0.0 |
Deferred taxes | 128.2 | 62.0 | (51.0) | 202.4 | 48.4 | 3.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Year of expiry | \u00a0 | \u00a0 |
2022 | 0.4 | 0.4 |
2023 | 0.2 | 9.3 |
2024 | 7.4 | 7.6 |
2025 | 1.8 | 1.9 |
2026 | 2.1 | 2.4 |
2027 | 11.9 | 0.2 |
2028 or later | 0.8 | 0.3 |
Not subject to expiration | 91.9 | 96.6 |
Total unrecognised tax losses | 116.5 | 118.7 |
\u00a0 | 2022 | 2021 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 155.7 | 243.1 |
Weighted average number of shares for basic EPS | 47,000,708 | 47,629,647 |
Effects of dilution from share options | 793,302 | 519,546 |
Weighted average number of shares for dilutive EPS | 47,794,010 | 48,149,193 |
Earnings per share basic (in \u20ac) | 3.31 | 5.10 |
Earnings per share diluted (in \u20ac) | 3.26 | 5.05 |
in \u20ac million | 2022 | 2021 |
Carrying amount at beginning of the year | 114.4 | 110.8 |
Newly acquired businesses | 20.6 | 0.0 |
Currency translation | 1.9 | 3.6 |
Carrying amount at year-end | 136.9 | 114.4 |
\u00a0 | 2022 | 2021 | ||||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Steel Division - Linings | 10.8% | 0.9% | 107.2 | 8.4% | 0.9% | 83.5 |
Steel Division - Flow Control | 11.1% | 0.9% | 28.5 | 8.7% | 0.9% | 29.6 |
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Total |
Cost at 31.12.2021 | 139.3 | 99.2 | 70.9 | 145.4 | 454.8 |
Currency translation | 12.6 | 4.4 | 0.1 | 1.0 | 18.1 |
Additions | 0.0 | 0.0 | 8.7 | 7.2 | 15.9 |
Additions initial consolidation | 0.0 | 28.5 | 0.0 | 0.0 | 28.5 |
Retirements and disposals | 0.0 | 0.0 | (0.8) | (0.7) | (1.5) |
Reclassifications | 0.0 | 0.0 | (0.4) | 3.9 | 3.5 |
Cost at 31.12.2022 | 151.9 | 132.1 | 78.5 | 156.8 | 519.3 |
Accumulated amortisation 31.12.2021 | 11.1 | 35.3 | 44.8 | 81.0 | 172.2 |
Currency translation | 0.9 | 0.7 | 0.0 | 0.3 | 1.9 |
Amortisation charges | 2.5 | 9.4 | 4.0 | 13.0 | 28.9 |
Retirements and disposals | 0.0 | 0.0 | 0.0 | (0.7) | (0.7) |
Reclassifications | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 |
Accumulated amortisation 31.12.2022 | 14.5 | 45.4 | 48.8 | 94.0 | 202.7 |
Carrying amounts at 31.12.2022 | 137.4 | 86.7 | 29.7 | 62.8 | 316.6 |
2021 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Total |
Cost at 31.12.2020 | 133.1 | 95.1 | 62.0 | 121.3 | 411.5 |
Currency translation | 6.2 | 4.2 | 0.2 | 4.9 | 15.5 |
Additions | 0.0 | 0.0 | 8.8 | 9.9 | 18.7 |
Retirements and disposals | 0.0 | (0.1) | (0.1) | (4.1) | (4.3) |
Reclassifications | 0.0 | 0.0 | 0.0 | 13.4 | 13.4 |
Cost at 31.12.2021 | 139.3 | 99.2 | 70.9 | 145.4 | 454.8 |
Accumulated amortisation 31.12.2020 | 8.5 | 27.9 | 40.7 | 68.7 | 145.8 |
Currency translation | 0.5 | 1.6 | 0.2 | 2.3 | 4.6 |
Amortisation charges | 2.1 | 5.8 | 4.0 | 10.5 | 22.4 |
Impairment charges | 0.0 | 0.0 | 0.0 | 3.7 | 3.7 |
Retirements and disposals | 0.0 | 0.0 | (0.1) | (3.8) | (3.9) |
Reclassifications | 0.0 | 0.0 | 0.0 | (0.4) | (0.4) |
Accumulated amortisation 31.12.2021 | 11.1 | 35.3 | 44.8 | 81.0 | 172.2 |
Carrying amounts at 31.12.2021 | 128.2 | 63.9 | 26.1 | 64.4 | 282.6 |
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction1) | Right-of-use assets | Total |
Cost at 31.12.2021 | 670.3 | 1,143.6 | 379.4 | 209.7 | 87.1 | 2,490.1 |
Currency translation | 11.0 | 13.2 | 4.9 | 11.2 | 2.6 | 42.9 |
Additions 2) | 8.2 | 14.9 | 15.1 | 122.6 | 20.7 | 181.5 |
Additions initial consolidation | 6.0 | 2.9 | 0.6 | 0.3 | 7.0 | 16.8 |
Retirements and disposals | (10.8) | (85.0) | (34.5) | (0.5) | (5.0) | (135.8) |
Reclassifications | 27.5 | 53.5 | 27.2 | (111.7) | 0.0 | (3.5) |
Cost at 31.12.2022 | 712.2 | 1,143.1 | 392.7 | 231.6 | 112.4 | 2,592.0 |
Accumulated depreciation 31.12.2021 | 311.5 | 793.4 | 260.3 | 1.5 | 33.7 | 1,400.4 |
Currency translation | 0.3 | 5.7 | 1.1 | 0.1 | 1.2 | 8.4 |
Depreciation charges | 15.1 | 54.1 | 26.2 | 0.0 | 20.2 | 115.6 |
Reversal of impairment charges | (1.5) | (3.0) | (0.9) | (0.3) | (0.3) | (6.0) |
Retirements and disposals | (8.0) | (82.7) | (34.2) | 0.0 | (4.8) | (129.7) |
Reclassifications | 0.0 | 0.0 | (0.4) | 0.0 | 0.0 | (0.4) |
Accumulated depreciation 31.12.2022 | 317.4 | 767.5 | 252.1 | 1.3 | 50.0 | 1,388.3 |
Carrying amounts at 31.12.2022 | 394.8 | 375.6 | 140.6 | 230.3 | 62.4 | 1,203.7 |
2021 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction1) | Right-of-use assets | Total |
Cost at 31.12.2020 | 598.6 | 1,039.4 | 330.9 | 164.9 | 76.8 | 2,210.6 |
Currency translation | 18.5 | 32.7 | 8.3 | 4.0 | 2.5 | 66.0 |
Additions | 25.3 | 47.5 | 17.9 | 156.8 | 13.4 | 260.9 |
Retirements and disposals | (4.1) | (18.5) | (5.4) | 0.0 | (5.6) | (33.6) |
Reclassifications | 32.0 | 42.5 | 27.7 | (116.0) | 0.0 | (13.8) |
Cost at 31.12.2021 | 670.3 | 1,143.6 | 379.4 | 209.7 | 87.1 | 2,490.1 |
Accumulated depreciation 31.12.2020 | 277.1 | 720.5 | 230.9 | 1.1 | 22.4 | 1,252.0 |
Currency translation | 4.8 | 19.2 | 5.8 | 0.0 | 0.7 | 30.5 |
Depreciation charges | 12.8 | 56.3 | 23.4 | 0.0 | 16.0 | 108.5 |
Impairment charges | 18.3 | 14.6 | 4.3 | 0.4 | 0.0 | 37.6 |
Retirements and disposals | (1.2) | (16.7) | (4.9) | 0.0 | (5.4) | (28.2) |
Reclassifications | (0.3) | (0.5) | 0.8 | 0.0 | 0.0 | 0.0 |
Accumulated depreciation 31.12.2021 | 311.5 | 793.4 | 260.3 | 1.5 | 33.7 | 1,400.4 |
Carrying amounts at 31.12.2021 | 358.8 | 350.2 | 119.1 | 208.2 | 53.4 | 1,089.7 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2021 | 47.8 | 31.9 | 7.4 | 87.1 |
Currency translation | 1.0 | 1.5 | 0.1 | 2.6 |
Additions | 16.7 | 1.2 | 2.8 | 20.7 |
Additions initial consolidation | 5.1 | 0.1 | 1.8 | 7.0 |
Retirements and disposals | (1.8) | (1.7) | (1.5) | (5.0) |
Cost at 31.12.2022 | 68.8 | 33.0 | 10.6 | 112.4 |
Accumulated depreciation 31.12.2021 | 15.4 | 14.4 | 3.9 | 33.7 |
Currency translation | 0.4 | 0.6 | 0.2 | 1.2 |
Depreciation charges | 11.2 | 6.1 | 2.9 | 20.2 |
Reversal of impairment charges | 0.0 | (0.2) | (0.1) | (0.3) |
Retirements and disposals | (1.7) | (1.7) | (1.4) | (4.8) |
Accumulated depreciation 31.12.2022 | 25.3 | 19.2 | 5.5 | 50.0 |
Carrying amounts at 31.12.2022 | 43.5 | 13.8 | 5.1 | 62.4 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2020 | 40.4 | 30.7 | 5.7 | 76.8 |
Currency translation | 1.0 | 1.3 | 0.2 | 2.5 |
Additions | 8.7 | 1.6 | 3.1 | 13.4 |
Retirements and disposals | (2.3) | (1.7) | (1.6) | (5.6) |
Cost at 31.12.2021 | 47.8 | 31.9 | 7.4 | 87.1 |
Accumulated depreciation 31.12.2020 | 9.3 | 9.8 | 3.3 | 22.4 |
Currency translation | 0.2 | 0.4 | 0.1 | 0.7 |
Depreciation charges | 8.2 | 5.8 | 2.0 | 16.0 |
Retirements and disposals | (2.3) | (1.6) | (1.5) | (5.4) |
Accumulated depreciation 31.12.2021 | 15.4 | 14.4 | 3.9 | 33.7 |
Carrying amounts at 31.12.2021 | 32.4 | 17.5 | 3.5 | 53.4 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Tax receivables | 18.7 | 27.1 |
Other non-current assets | 21.3 | 14.1 |
Other non-current assets | 40.0 | 41.2 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Raw materials and supplies | 303.3 | 300.2 |
Work in progress | 206.7 | 151.5 |
Finished products and goods | 526.3 | 512.4 |
Prepayments made | 12.8 | 12.4 |
Inventories | 1,049.1 | 976.5 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Trade receivables | 433.4 | 403.7 |
Contract assets | 3.5 | 3.6 |
Other tax receivables | 106.4 | 113.7 |
Dividend receivables | 0.0 | 8.7 |
Prepaid expenses | 5.9 | 3.9 |
Other current receivables | 29.7 | 34.6 |
Trade and other current receivables | 578.9 | 568.2 |
thereof financial assets | 433.9 | 414.4 |
thereof non-financial assets | 145.0 | 153.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Cash at banks and in hand | 471.8 | 565.4 |
Money market funds | 48.9 | 15.4 |
Cash and cash equivalents | 520.7 | 580.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Non-current assets | 50.4 | 51.1 |
Current assets | 168.3 | 153.9 |
Non-current liabilities | (2.5) | (2.8) |
Current liabilities | (71.7) | (80.9) |
Net assets before intragroup eliminations | 144.5 | 121.3 |
Intragroup eliminations | 0.1 | (0.5) |
Net assets | 144.6 | 120.8 |
Percentage of non-controlling interests | 29.8% | 29.8% |
Carrying amount of non-controlling interests | 43.1 | 36.0 |
in \u20ac million | 2022 | 2021 |
Revenue | 294.6 | 167.4 |
Operating expenses, net finance costs and income tax | (257.4) | (146.9) |
Profit after income tax before intragroup eliminations | 37.2 | 20.5 |
Intragroup eliminations | 0.6 | 1.2 |
Profit after income tax | 37.8 | 21.7 |
thereof attributable to non-controlling interests of RHIM India | 11.3 | 6.6 |
in \u20ac million | 2022 | 2021 |
Profit after income tax | 37.8 | 21.7 |
Other comprehensive (expense)/income | (8.2) | 8.0 |
Total comprehensive income | 29.6 | 29.7 |
thereof attributable to non-controlling interests of RHIM India | 8.8 | 8.7 |
in \u20ac million | 2022 | 2021 |
Net cash flow from operating activities | 21.5 | (1.4) |
Net cash flow from investing activities | (6.9) | (5.2) |
Net cash flow from financing activities | (6.4) | (3.6) |
Total cash flow | 8.2 | (10.2) |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2022 | current | non-current |
Syndicated & Term Loan | 942.4 | 130.7 | 811.7 |
Bonded loans (\"Schuldscheindarlehen\") | 585.0 | 0.0 | 585.0 |
Other credit lines and other loans | 84.6 | 84.6 | 0.0 |
Total liabilities to financial institutions | 1,612.0 | 215.3 | 1,396.7 |
Other financial liabilities | 9.0 | 0.1 | 8.9 |
Capitalised transaction costs | (1.0) | (0.3) | (0.7) |
Borrowings | 1,620.0 | 215.1 | 1,404.9 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2021 | current | non-current |
Syndicated & Term Loan | 791.5 | 58.3 | 733.2 |
Bonded loans (\"Schuldscheindarlehen\") | 650.0 | 65.0 | 585.0 |
Other credit lines and other loans | 88.2 | 88.2 | 0.0 |
Total liabilities to financial institutions | 1,529.7 | 211.5 | 1,318.2 |
Other financial liabilities | 7.4 | 3.2 | 4.2 |
Capitalised transaction costs | (2.4) | (1.0) | (1.4) |
Borrowings | 1,534.7 | 213.7 | 1,321.0 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2022 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2021 Carrying amount in \u20ac million |
2023 | EURIBOR + margin | EUR | 372.3 | 2022 | EURIBOR + margin | EUR | 403.3 |
\u00a0 | Variable rate + margin | EUR | 34.0 | \u00a0 | 1.87% | EUR | 65.0 |
\u00a0 | Various - Variable rate | Var. | 27.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | 0.25% | EUR | 115.0 | \u00a0 | Variable rate + margin | EUR | 34.0 |
2024 | 3.10% | EUR | 35.0 | \u00a0 | Various - Variable rate | Var. | 12.5 |
2025 | 0.59% | EUR | 177.0 | 2023 | 0.79% | EUR | 374.7 |
2027 | 2.72% | EUR | 751.8 | \u00a0 | 4.09%\u00a0 | USD | 176.8 |
2028 | 0.92% | EUR | 86.5 | 2024 | 3.10% | EUR | 35.0 |
2029 | 1.52% | EUR | 8.0 | 2025 | 0.59% | EUR | 177.0 |
2031 | 1.28% | EUR | 5.0 | 2027 | 1.00% | EUR | 152.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2028 | 0.92% | EUR | 86.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2029 | 1.52% | EUR | 8.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.28% | EUR | 5.0 |
\u00a0 | \u00a0 | \u00a0 | 1,612.0 | \u00a0 | \u00a0 | \u00a0 | 1,529.8 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 |
Interest rate swaps | 0.0 | 0.0 | 0.0 | 0.0 | 9.6 | 9.6 |
Commodity swaps | 0.9 | 0.2 | 1.1 | 0.0 | 0.0 | 0.0 |
Derivatives in open orders | 9.5 | 0.0 | 9.5 | 0.1 | 0.0 | 0.1 |
Derivative financial liabilities | 11.0 | 0.2 | 11.2 | 0.1 | 9.6 | 9.7 |
Lease liabilities | 17.5 | 46.4 | 63.9 | 16.1 | 39.4 | 55.5 |
Fixed-term or puttable non-controlling interests | 21.6 | 46.2 | 67.8 | 3.0 | 57.0 | 60.0 |
Other financial liabilities | 50.1 | 92.8 | 142.9 | 19.2 | 106.0 | 125.2 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 |
in \u20ac million | \u00a0 | \u00a0 | \u00a0 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 49.00% | 8.4 | 0.0 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 21.3 | 23.5 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 26.4 | 23.5 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 11.7 | 13.0 |
Other financial liabilities | \u00a0 | 67.8 | 60.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of pension obligations | 395.5 | 495.0 |
Fair value of plan assets | (186.6) | (255.5) |
Deficit of funded plans | 208.9 | 239.5 |
Asset ceiling | 3.8 | 28.6 |
Net liability from pension obligations | 212.7 | 268.1 |
Overfunded pension plans | 2.0 | 0.9 |
Other pension plans | 214.7 | 269.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Active beneficiaries | 64.2 | 88.4 |
Vested terminated beneficiaries | 43.4 | 68.4 |
Retirees | 287.9 | 338.2 |
Present value of pension obligations | 395.5 | 495.0 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.8% | 0.9% |
Brazil | 10.5% | 8.4% |
United Kingdom | 4.8% | 1.8% |
USA | 5.0% | 2.8% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 4.5% | 3.3% |
Germany | 2.5% | 2.5% |
Brazil | 4.3% | 3.0% |
United Kingdom | 3.3% | 3.5% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
in \u20ac million | 2022 | 2021 |
Net liability from pension obligations at beginning of year | 268.1 | 303.6 |
Currency translation | 4.5 | 2.5 |
Pension cost | 8.8 | 8.5 |
Remeasurement (gains)/losses | (48.1) | (26.0) |
Benefits paid | (17.3) | (17.6) |
Employers' contributions to external funds | (3.3) | (2.9) |
Net liability from pension obligations at year-end | 212.7 | 268.1 |
in \u20ac million | 2022 | 2021 |
Present value of pension obligations at beginning of year | 495.0 | 523.3 |
Currency translation | 11.7 | 15.4 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0.0 | (3.7) |
from changes in financial assumptions | (107.5) | (24.1) |
due to experience adjustments | 13.5 | 6.0 |
Benefits paid | (33.0) | (34.4) |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Present value of pension obligations at year-end | 395.5 | 495.0 |
in \u20ac million | 2022 | 2021 |
Fair value of plan assets at beginning of year | 255.5 | 240.2 |
Currency translation | 6.2 | 14.5 |
Interest income | 6.8 | 5.1 |
Administrative costs (paid from plan assets) | (0.4) | (0.2) |
(Loss)/Income on plan assets less interest income | (69.7) | 10.4 |
Benefits paid | (15.7) | (16.8) |
Employers' contributions to external funds | 3.3 | 2.9 |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Fair value of plan assets at year-end | 186.6 | 255.5 |
in \u20ac million | 2022 | 2021 |
Asset ceiling at beginning of year | 28.6 | 20.4 |
Currency translation | (0.9) | 1.6 |
Interest expense | 0.0 | 0.4 |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Asset ceiling at year-end | 3.8 | 28.6 |
in \u20ac million | 2022 | 2021 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Interest income | (6.8) | (5.1) |
Interest expense from asset ceiling | 0.0 | 0.4 |
Administrative costs (paid from plan assets) | 0.4 | 0.2 |
Pension expense recognised in profit or loss | 8.8 | 8.6 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 143.6 | 170.0 |
Remeasurement gains on present value of pension obligations | (94.0) | (21.8) |
Losses/(gains) on plan assets less interest income | 69.7 | (10.4) |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Reclassification to other reserves | 0.0 | (0.4) |
Accumulated remeasurement losses at year-end | 95.4 | 143.6 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 0.0 | 82.1 | 82.1 | 0.0 | 43.8 | 43.8 |
Equity instruments | 34.4 | 0.0 | 34.4 | 48.8 | 0.0 | 48.8 |
Debt instruments | 22.0 | 2.5 | 24.5 | 97.0 | 3.3 | 100.3 |
Cash and cash equivalents | 11.8 | 0.7 | 12.5 | 11.2 | 0.1 | 11.3 |
Other assets | 32.0 | 1.1 | 33.1 | 49.9 | 1.4 | 51.3 |
Fair value of plan assets | 100.2 | 86.4 | 186.6 | 206.9 | 48.6 | 255.5 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Change of assumption in percentage points or years | Pension plans | Termination benefits | Pension plans | Termination benefits |
Present value of the obligations | \u00a0 | 395.5 | 31.5 | 495.0 | 44.1 |
Interest rate | +0.25 | (9.7) | (1.4) | (14.8) | (1.4) |
\u00a0 | (0.25) | 10.1 | 0.5 | 15.6 | 1.5 |
Salary increase | +0.25 | 0.3 | 0.5 | 0.7 | 1.4 |
\u00a0 | (0.25) | (0.3) | (1.4) | (0.7) | (1.4) |
Pension increase | +0.25 | 8.0 | - | 11.3 | - |
\u00a0 | (0.25) | (7.4) | - | (10.9) | - |
Life expectancy | +1 year | 9.1 | - | 19.8 | - |
\u00a0 | (1) year | (8.1) | - | (20.6) | - |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Termination benefits | 31.5 | 44.1 |
Service anniversary bonuses | 17.9 | 21.4 |
Semi-retirements | 2.3 | 3.2 |
Other personnel provisions | 51.7 | 68.7 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | 3.8% | 0.9% |
Future salary increase | 3.9% | 3.5% |
in \u20ac million | 2022 | 2021 |
Provisions for termination benefits at beginning of year | 44.1 | 46.4 |
Currency translation | 0.1 | 0.0 |
Additions initial consolidation | 0.4 | 0.0 |
Current service cost | 1.0 | 1.2 |
Interest cost | 0.5 | 0.4 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in financial assumptions | (11.0) | (1.8) |
from changes in demographic assumptions | 0.0 | 1.9 |
due to experience adjustments | 1.1 | 0.5 |
Benefits paid | (4.7) | (4.8) |
Loss / (Gain) on settlement | 0.0 | 0.3 |
Provisions for termination benefits at year-end | 31.5 | 44.1 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 27.7 | 27.6 |
Remeasurement (gains)/losses | (9.9) | 0.6 |
Reclassification to other reserves | 0.0 | (0.5) |
Accumulated remeasurement losses at year-end | 17.8 | 27.7 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of semi-retirement obligations | 5.8 | 7.6 |
Fair value of plan assets | (3.4) | (4.4) |
Provisions for semi-retirement obligations | 2.4 | 3.2 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2021 | 53.9 | 7.1 | 19.5 | 33.5 | 4.6 | 118.6 |
Currency translation | 5.8 | 0.9 | 0.5 | 0.0 | (0.1) | 7.1 |
Reversals | (2.6) | (2.4) | (0.4) | (10.5) | 0.0 | (15.9) |
Additions | 9.4 | 5.8 | 4.3 | 3.5 | 1.4 | 24.4 |
Additions interest | 6.0 | 1.0 | 1.4 | 0.0 | 0.1 | 8.5 |
Use | (10.2) | (5.2) | (2.5) | (14.2) | (1.7) | (33.8) |
Reclassifications | 0.0 | 1.2 | 0.4 | (0.3) | (0.1) | 1.2 |
31.12.2022 | 62.3 | 8.4 | 23.2 | 12.0 | 4.2 | 110.1 |
non-current | 49.9 | 8.4 | 21.7 | 0.0 | 0.0 | 80.0 |
current | 12.4 | 0.0 | 1.5 | 12.0 | 4.2 | 30.1 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Trade payables | 506.5 | 649.2 |
Contract liabilities | 61.8 | 57.9 |
Liabilities to employees | 97.2 | 80.9 |
Taxes other than income tax | 35.0 | 29.3 |
Capital expenditure payable | 43.1 | 24.3 |
Payables from commissions | 7.7 | 7.3 |
Other current liabilities | 29.0 | 34.3 |
Trade payables and other current liabilities | 780.3 | 883.2 |
thereof financial liabilities | 566.4 | 692.9 |
thereof non-financial liabilities | 213.9 | 190.3 |
in \u20ac million | \u00a0 | 2022 | 2021 |
Profit after income tax | \u00a0 | 166.8 | 249.7 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 103.7 | 39.4 |
depreciation | \u00a0 | 115.6 | 108.7 |
amortisation | \u00a0 | 28.9 | 22.4 |
(write-up)/write-down of property, plant and equipment and intangible assets | \u00a0 | (6.0) | 41.3 |
income from the reversal of investment subsidies | \u00a0 | (0.7) | (0.9) |
impairment losses/loss from sale/(write-ups) on securities | \u00a0 | 1.5 | (0.2) |
losses/(gains) from the disposal of property, plant and equipment | \u00a0 | 2.4 | (6.3) |
losses/(gains) from the disposal of subsidiaries | \u00a0 | 1.1 | (5.2) |
net interest expense and derivatives | \u00a0 | 47.3 | 24.4 |
result from joint ventures and associates | \u00a0 | (0.2) | (100.2) |
other non-cash changes | \u00a0 | 26.1 | (12.7) |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | (30.0) | (474.3) |
trade receivables | \u00a0 | (12.5) | (132.6) |
contract assets | \u00a0 | 0.0 | (1.6) |
trade payables | \u00a0 | (156.8) | 314.8 |
contract liabilities | \u00a0 | 4.5 | 10.7 |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 25.7 | (56.9) |
provisions | \u00a0 | (49.4) | (49.0) |
other liabilities | \u00a0 | 19.5 | (24.8) |
Cash generated from/(used in) operations | \u00a0 | 287.5 | (53.3) |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2021 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2022 |
Borrowings1) | (1,539.1) | (52.5) | (19.4) | (1.3) | 0.0 | (12.0) | 0.0 | (1,624.3) |
Lease liabilities | (55.5) | 20.6 | (1.3) | 0.0 | 0.0 | (7.0) | (20.7) | (63.9) |
Cash and cash equivalents | 580.8 | (49.8) | (10.3) | 0.0 | 0.0 | 0.0 | 0.0 | 520.7 |
Net debt | (1,013.8) | (81.7) | (31.0) | (1.3) | 0.0 | (19.0) | (20.7) | (1,167.5) |
Liabilities to fixed-term or puttable non-controlling interests | (60.0) | 2.1 | 1.6 | (0.6) | 0.0 | (10.9) | 0.0 | (67.8) |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2020 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Additions | Reclassifications | Additions and modifications of leases (IFRS 16) | 31.12.2021 |
Borrowings1) | (1,114.5) | (408.9) | (15.3) | (0.4) | 0.0 | 0.0 | 0.0 | (1,539.1) |
Lease liabilities | (56.8) | 16.3 | (1.6) | 0.0 | 0.0 | 0.0 | (13.4) | (55.5) |
Cash and cash equivalents | 589.2 | (23.0) | 14.6 | 0.0 | 0.0 | 0.0 | 0.0 | 580.8 |
Net debt | (582.1) | (415.6) | (2.3) | (0.4) | 0.0 | 0.0 | (13.4) | (1,013.8) |
Liabilities to fixed-term or puttable non-controlling interests | (38.8) | 1.3 | (3.7) | (4.2) | (23.4) | 8.8 | 0.0 | (60.0) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Other non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 9.0 | 9.0 | 13.2 | 13.2 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Interest derivatives designated as cash flow hedges | - | 2 | 42.4 | 42.4 | 0.0 | 0.0 |
Other non-current financial assets | AC | - | 3.2 | \u00a0 | 0.9 | - |
Trade and other current receivables | AC | - | 433.9 | \u00a0 | 414.4 | - |
Other current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives | FVPL | 2 | 1.1 | 1.1 | 2.5 | 2.5 |
Other current financial receivables | AC | - | 0.2 | \u00a0 | 0.4 | - |
Cash and cash equivalents3) | AC | - | 520.7 | \u00a0 | 580.8 | - |
Financial assets | \u00a0 | \u00a0 | 1,011.0 | \u00a0 | 1,012.7 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,612.0 | 1,578.1 | 1,529.7 | 1,547.1 |
Other financial liabilities | AC | 2 | 8.0 | \u00a0 | 5.0 | - |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | AC | 2 | 63.9 | \u00a0 | 55.5 | - |
Derivatives | FVPL | 2 | 9.5 | 9.5 | 0.1 | 0.1 |
Interest derivatives designated as cash flow hedges | - | 2 | 0.0 | \u00a0 | 9.6 | 9.6 |
Forward exchange contracts | FVPL | 2 | 0.6 | 0.6 | 0.0 | 0.0 |
Commodity swaps designated as cash flow hedges | - | 2 | 1.1 | 1.1 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests2) | AC | 2/3 | 67.8 | 67.8 | 60.0 | 60.0 |
Trade payables and other current liabilities | AC | - | 566.4 | \u00a0 | 692.9 | - |
Financial liabilities | \u00a0 | \u00a0 | 2,329.3 | \u00a0 | 2,352.8 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 10.6 | \u00a0 | 16.2 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 958.0 | \u00a0 | 996.5 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,318.1 | \u00a0 | 2,343.1 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 10.1 | \u00a0 | 0.1 | \u00a0 |
Level 1: | Prices quoted in active markets for identical financial instruments. |
Level 2: | Measurement techniques in which all important data used are based on observable market data. |
Level 3: | Measurement techniques in which at least one significant parameter is based on non-observable market data. |
in \u20ac million | 2022 | 2021 |
Net loss from financial assets and liabilities measured at fair value through profit or loss | (14.6) | 7.2 |
Net loss from financial assets and liabilities measured at amortised cost | 4.6 | 0.5 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Interests in subsidiaries not consolidated | 3.0 | 0.6 |
Marketable securities and shares | 9.5 | 13.7 |
Interest rate swaps | 42.4 | 0.0 |
Other non-current financial receivables | 0.2 | 0.3 |
Other non-current financial assets | 55.1 | 14.6 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Derivatives in open orders | 1.0 | 2.4 |
Forward exchange contracts | 0.1 | 0.1 |
Current portion of non-current loans | 0.2 | 0.4 |
Other current financial assets | 1.3 | 2.9 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2022 | 42.4 | Other non-current financial assets | 59.1 | USD 0.0 million EUR 709.2million |
2021 | (9.6) | Other non-current financial liabilities | 8.7 | USD 200 million EUR 369.2 million |
in \u20ac million | Cash flow hedge reserve within Other comprehensive income | Balance net of deferred tax |
2022 | 42.4 | 32.7 |
2021 | (9.6) | (7.2) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
EUR | USD | EUR | 25.0 | 0.1 |
USD | INR | USD | 8.5 | 0.0 |
INR | EUR | INR | 4,000.0 | (0.6) |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2021 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
USD | BRL | BRL | 80.0 | 0.1 |
EUR | USD | USD | 0.0 | 0.0 |
Forward exchange contracts | \u00a0 | \u00a0 | 0.1 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Steel | 284.6 | 300.4 |
Industrial | 148.8 | 103.3 |
Trade receivables | 433.4 | 403.7 |
Credit insurance and letters of credit | (214.5) | (206.2) |
Net credit exposure | 218.9 | 197.5 |
in \u20ac million | 2022 | 2021 | ||
\u00a0 | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 23.2 | 0.6 | 30.0 | 0.6 |
Currency translation | 0.8 | - | 0.3 | - |
Addition | 7.3 | 0.3 | 3.5 | - |
Use | (1.3) | - | (5.2) | - |
Reversal | (0.6) | - | (5.4) | - |
Accumulated valuation allowance at year-end | 29.4 | 0.9 | 23.2 | 0.6 |
in \u20ac million | Trade receivables - days past due | |||
31.12.2022 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0,02-0,34% | 0,07-0,81% | 0,31-49,48% | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | (1.0) |
in \u20ac million | Trade receivables - days past due | |||
31.12.2021 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0.03-0.37% | 0.06-0.86% | 0.25-50.55% | \u00a0 |
Gross carrying amount invoiced | 351.9 | 26.3 | 7.2 | 385.4 |
Lifetime expected credit loss | (0.4) | (0.1) | (0.5) | (1.0) |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 469.0 | 481.4 | 118.5 | 274.3 | 88.6 |
variable interest | 1,143.1 | 1,284.7 | 132.9 | 1129.1 | 22.7 |
Other financial liabilities | 8.0 | 8.1 | (0.2) | 8.3 | 0.0 |
Lease liabilities | 63.9 | 70.2 | 18.5 | 33.6 | 18.1 |
Liabilities to fixed-term or puttable non-controlling interests | 67.8 | 182.8 | 21.6 | 15.7 | 145.5 |
Trade payables and other current liabilities | 506.5 | 506.5 | 506.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,258.3 | 2,533.7 | 797.8 | 1461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 534.0 | 551.4 | 69.9 | 337.3 | 144.2 |
variable interest | 995.7 | 1,022.9 | 154.3 | 706.7 | 161.9 |
Other financial liabilities | 5.0 | 5.4 | 2.3 | 3.0 | 0.1 |
Lease liabilities | 55.5 | 59.9 | 16.9 | 29.7 | 13.3 |
Liabilities to fixed-term or puttable non-controlling interests | 60.0 | 197.9 | 3.0 | 20.0 | 174.9 |
Trade payables and other current liabilities | 692.9 | 688.5 | 688.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,343.1 | 2,526.0 | 934.9 | 1096.7 | 494.4 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 42.4 | 42.4 | 0.0 | 40.6 | 1.8 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives in open orders | 9.5 | 9.5 | 9.5 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 1.1 | 0.9 | 0.2 | 0.0 |
Forward exchange contracts | 0.6 | 0.6 | 0.6 | 0.0 | 0.0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 2.4 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 9.6 | 12.5 | 7.5 | 4.9 | 0.1 |
Derivatives in open orders | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 813.3 | 69.5 | 11.2 | 5.2 | 60.3 | 959.5 |
Financial liabilities, provisions | (664.5) | (100.7) | (15.4) | (0.4) | (28.7) | (809.7) |
Net foreign currency position | 148.8 | (31.2) | (4.2) | 4.8 | 31.6 | 149.8 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 654.7 | 56.0 | 14.5 | 30.3 | 68.4 | 823.9 |
Financial liabilities, provisions | (622.9) | (72.8) | (14.2) | (0.4) | (17.6) | (727.9) |
Net foreign currency position | 31.8 | (16.8) | 0.3 | 29.9 | 50.8 | 96.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (12.9) | (12.9) | 15.8 | 15.8 |
Euro | 1.3 | 5.9 | (1.6) | (7.2) |
Indian Rupee | (0.4) | (0.4) | 0.5 | 0.5 |
Other currencies | (2.5) | (2.5) | 3.0 | 3.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | Gain/(loss) | Equity | Gain/(loss) | Equity |
US Dollar | (19.1) | (8.6) | 23.3 | 10.6 |
Euro | 1.8 | 6.3 | (2.1) | (7.7) |
Indian Rupee | (2.7) | (2.7) | 3.3 | 3.3 |
Other currencies | (4.0) | (4.0) | 4.8 | 4.8 |
in \u20ac million | Carrying amount | Statement of Financial Position | Recognised in Other Comprehensive Income | Nominal amount |
July 2022 | 196.9 | Non-current borrowings | (20.1) | USD 200 million |
2021 | 176.8 | Non-current borrowings | (14.1) | USD 200 million |
\u00a0 | 31.12.2022 | 31.12.2021 |
Net debt (in \u20ac million)1) | 1,167.5 | 1,013.8 |
Net gearing ratio (in %) | 111.3% | 123.3% |
Net debt to Adjusted EBITDA | 2.34x | 2.61x |
in \u20ac million | 31.12.2022 | 31.12.2021 |
EBIT | 343.6 | 213.8 |
Amortisation | 28.9 | 22.4 |
Restructuring and write-down expenses | (6.8) | 58.8 |
Other operating income and expenses | 18.2 | (14.6) |
Adjusted EBITA | 383.9 | 280.4 |
Depreciation | 115.6 | 108.7 |
Adjusted EBITDA | 499.5 | 389.1 |
\u00a0 | \u00a0 | \u00a0 |
Total debt | 1,624.3 | 1,539.1 |
Lease liabilities | 63.9 | 55.5 |
Less: Cash and cash equivalents | 520.7 | 580.8 |
Net debt | 1,167.5 | 1,013.8 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,103.6 | 958.3 |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA | 2.34x | 2.61x |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA excluding IFRS 16 lease liabilities | 2.21x | 2.46x |
in \u20ac million | 2022 | 2021 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1.1) | (1.0) |
Other audit fees, in respect of subsidiaries to PwC network firms | (1.8) | (1.6) |
Total audit fees | (2.9) | (2.6) |
Other non-audit services - Interim review1) | (0.2) | (0.2) |
Total fees | (3.1) | (2.8) |
in \u20ac million | preliminary fair values |
Property plant and equipment | 13.2 |
Intangible assets: Customer relationships | 12.1 |
Other non-current financial assets | 2.3 |
Inventories | 5.3 |
Trade and other receivables | 1.4 |
Cash and cash equivalents | 0.2 |
Total assets acquired | 34.5 |
Trade and other liabilities | 2.7 |
Other employee obligations | 0.8 |
Income Taxes payable | 0.3 |
Other liabilities | 0.1 |
Current Borrowings | 4.3 |
Right of use liabilities | 7.0 |
Deferred tax liabilities | 3.9 |
Non-current borrowings | 2.8 |
Total liabilities assumed | 21.9 |
Net identifiable assets acquired | 12.6 |
Less: Non-controlling interests | (6.1) |
Goodwill | 6.8 |
Consideration paid | 13.3 |
\u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Statement of Cash Flows | 13.1 |
in \u20ac million | preliminary fair values |
Property plant and equipment | 3.6 |
Intangible assets: Customer relationships | 10.5 |
Intangible assets: Order backlogs | 5.9 |
Inventories | 14.1 |
Trade and other receivables | 14.7 |
Cash and cash equivalents | 1.5 |
Total assets acquired | 50.3 |
Trade and other liabilities | 2.9 |
Other employee obligations | 0.4 |
Income Taxes payable | 0.7 |
Current Borrowings | 4.9 |
Deferred tax liabilities | 3.8 |
Total liabilities assumed | 12.7 |
Net identifiable assets acquired | 37.6 |
Less: Non-controlling interests | (5.0) |
Goodwill | 13.8 |
Consideration paid | 46.4 |
\u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Statement of Cash Flows | 44.9 |
\u00a0 | Joint ventures | Associates | ||
in \u20ac million | 2022 | 2021 | 2022 | 2021 |
Revenue from the sale of goods and services | 0.7 | 1.0 | 0.0 | 0.0 |
Purchase of raw materials | 4.0 | 5.0 | 0.0 | 14.4 |
Interest income | 0.0 | 0.1 | 0.7 | 0.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | 0.0 | 0.0 | 0.0 | 0.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 0.5 | 0.0 | 0.0 | 1.3 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Dividends received | 0.0 | 6.8 | 0.0 | 0.0 |
in \u20ac million | 2022 | 2021 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Salaries and short-term incentive schemes | 6.6 | 5.5 |
Share based remuneration | 4.6 | 3.9 |
Other | 1.3 | 1.0 |
Total | 12.5 | 10.4 |
\u00a0 | \u00a0 | \u00a0 |
Non- Executive Directors1) | 1.1 | 1.2 |
Employee Representatives2) | 0.3 | 0.4 |
Significant judgements: Control over Horn & Co Minerals Recovery and S\u00d6RMA\u015e During the year, the Group acquired 51.0% and 86,8% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and S\u00d6RMA\u015e, respectively. Judgement is required in assessing the level of control or influence over another entity in which the Group holds an interest. The Group considered its respective rights and power to control in terms of the purchase agreements and judged that the Group controls both entities and consolidated these from the date of control. The Group exercises control over Mireco and S\u00d6RMA\u015e as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. This is achieved through the Group\u2019s voting rights and management representation. |
Significant judgements: Recognition of non-controlling interest of Mireco The acquisition of Mireco includes a call and written put option for the Group to acquire the outstanding shares based on an EBITDA to net debt earnings multiple. The Group has judged, based on the terms and pricing of the call and written put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred and a non-controlling interest was recognised on acquisition. The financial liability arising from the call and written put option has been recognised against the carrying value of the non-controlling interest and equity in accordance with the Group\u2019s policy. |
Significant estimates Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations. Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record it in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. The Group does not expect changes in these fair value estimates to have a significant impact on the recognised assets and liabilities over the remaining measurement period. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 15 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Mineral Rights Management have assessed that given the few or no viable alternatives for the Group\u2019s refractory products, which are extracted from the Group\u2019s mines and used in the construction and automotive industries together with their continued use in the transition to a green economy, no indicators of impairment have arisen and as a consequence the useful lives remain unchanged. |
\u00a0 | \u00a0 |
Real estate, land and buildings | 8 to 50 years |
Technical equipment, machinery | 8 to 50 years |
Other plant, furniture and fixtures | 3 to 35 years |
Significant estimates Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the balance sheet date. |
Significant estimates: Goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used in the impairment testing for goodwill. Key input assumptions include discount rates used to discount cash flows and the perpetual growth rate of the associated CGU. The effect of a 10% adverse change in the estimated discount rate or an adverse change of 50% in the perpetual growth rate would not result in an impairment of goodwill. For further details on goodwill impairment, refer to Note (17). |
Significant judgements Management reviewed CGUs for indicators of impairment. These indicators included both external factors affecting the CGUs, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of assets, major breakdowns or decisions to divest from certain businesses. Based on the impairment indicator review, no impairment indicators were identified at any of the CGU, which did not have goodwill allocated to it. Additionally, management has assessed the useful lives of assets and these continue to be appropriate due to the limited refractory and other product alternatives available and as the steel and industrial sectors in which the Group operates, continue to play a significant part in the transition towards sustainable output and the transition to a green economy. |
Significant Judgement: Trade payables subject to supply chain finance arrangements Management have judged that trade payables subject to supply chain finance arrangements do not modify the terms of the original invoice and as such the affected invoices continue to be recognised as such. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forwards Due to the reduction of free CO2 emission certificates and the expected increase in CO2 market prices, the Group hedges the associated price risk by use of physical delivery forward purchases for own use. The Group also enters into fixed price and quantity forward gas and power contracts to secure supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus avoid volatility in the Statement of Profit of Loss. The own use exemption requires that purchases of these forward contracts will be utilised. The Group settles the forwards through physical delivery and does not intend to sell any (unexpected) surplus of either gas, power or CO2 emission certificates for speculative purposes. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. |
Significant estimate: Pension plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and update when a valuation is performed by third party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax treatments and recognition of deferred tax assets Management makes judgements in relation to the recognition of current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant estimates: Recognition of deferred tax assets Income tax expense is based on the tax laws applicable in the individual countries. Due to their complexity, the tax items presented may be subject to different interpretations by local finance authorities. When determining the amount of the deferred tax assets to be recognised, mainly relating to tax-losses, an estimate is required of future taxable income which is influenced by factors such as prices, gross profit margins and interest rates. A 10% change in the future taxable profit from the assumption made on the reporting date within the planning period defined for the accounting and measurement of deferred taxes would not result in a significant change in the carrying amount of deferred tax assets on recognised tax losses, over a 12-month period from the date of these Consolidated Financial Statements. |
Significant Judgement: Revenue recognition For customer contracts in the Steel segment with variable payment arrangements where the transaction price depends on the customer\u2019s production performance, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation being the performance of a management refractory service, exists. |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2022 | 31.12.2021 | 2022 | 2021 |
Brazilian Real | BRL | 5.63 | 6.30 | 5.47 | 6.38 |
Canadian Dollar | CAD | 1.45 | 1.44 | 1.37 | 1.49 |
Chinese Renminbi Yuan | CNY | 7.42 | 7.20 | 7.09 | 7.68 |
Indian Rupee | INR | 88.26 | 83.89 | 82.50 | 87.76 |
US Dollar | USD | 1.07 | 1.13 | 1.06 | 1.19 |
Significant judgements: Control over Horn & Co Minerals Recovery and S\u00d6RMA\u015e During the year, the Group acquired 51.0% and 86,8% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and S\u00d6RMA\u015e, respectively. Judgement is required in assessing the level of control or influence over another entity in which the Group holds an interest. The Group considered its respective rights and power to control in terms of the purchase agreements and judged that the Group controls both entities and consolidated these from the date of control. The Group exercises control over Mireco and S\u00d6RMA\u015e as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. This is achieved through the Group\u2019s voting rights and management representation. |
Significant judgements: Recognition of non-controlling interest of Mireco The acquisition of Mireco includes a call and written put option for the Group to acquire the outstanding shares based on an EBITDA to net debt earnings multiple. The Group has judged, based on the terms and pricing of the call and written put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred and a non-controlling interest was recognised on acquisition. The financial liability arising from the call and written put option has been recognised against the carrying value of the non-controlling interest and equity in accordance with the Group\u2019s policy. |
Significant estimates Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations. Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record it in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. The Group does not expect changes in these fair value estimates to have a significant impact on the recognised assets and liabilities over the remaining measurement period. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 15 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Mineral Rights Management have assessed that given the few or no viable alternatives for the Group\u2019s refractory products, which are extracted from the Group\u2019s mines and used in the construction and automotive industries together with their continued use in the transition to a green economy, no indicators of impairment have arisen and as a consequence the useful lives remain unchanged. |
\u00a0 | \u00a0 |
Real estate, land and buildings | 8 to 50 years |
Technical equipment, machinery | 8 to 50 years |
Other plant, furniture and fixtures | 3 to 35 years |
Significant estimates Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the balance sheet date. |
Significant estimates: Goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used in the impairment testing for goodwill. Key input assumptions include discount rates used to discount cash flows and the perpetual growth rate of the associated CGU. The effect of a 10% adverse change in the estimated discount rate or an adverse change of 50% in the perpetual growth rate would not result in an impairment of goodwill. For further details on goodwill impairment, refer to Note (17). |
Significant judgements Management reviewed CGUs for indicators of impairment. These indicators included both external factors affecting the CGUs, such as laws and regulations in specific countries and global and local economic conditions and internal factors, including but not limited to, useful lives of assets, major breakdowns or decisions to divest from certain businesses. Based on the impairment indicator review, no impairment indicators were identified at any of the CGU, which did not have goodwill allocated to it. Additionally, management has assessed the useful lives of assets and these continue to be appropriate due to the limited refractory and other product alternatives available and as the steel and industrial sectors in which the Group operates, continue to play a significant part in the transition towards sustainable output and the transition to a green economy. |
Significant Judgement: Trade payables subject to supply chain finance arrangements Management have judged that trade payables subject to supply chain finance arrangements do not modify the terms of the original invoice and as such the affected invoices continue to be recognised as such. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forwards Due to the reduction of free CO2 emission certificates and the expected increase in CO2 market prices, the Group hedges the associated price risk by use of physical delivery forward purchases for own use. The Group also enters into fixed price and quantity forward gas and power contracts to secure supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus avoid volatility in the Statement of Profit of Loss. The own use exemption requires that purchases of these forward contracts will be utilised. The Group settles the forwards through physical delivery and does not intend to sell any (unexpected) surplus of either gas, power or CO2 emission certificates for speculative purposes. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. |
Significant estimate: Pension plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and update when a valuation is performed by third party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax treatments and recognition of deferred tax assets Management makes judgements in relation to the recognition of current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant estimates: Recognition of deferred tax assets Income tax expense is based on the tax laws applicable in the individual countries. Due to their complexity, the tax items presented may be subject to different interpretations by local finance authorities. When determining the amount of the deferred tax assets to be recognised, mainly relating to tax-losses, an estimate is required of future taxable income which is influenced by factors such as prices, gross profit margins and interest rates. A 10% change in the future taxable profit from the assumption made on the reporting date within the planning period defined for the accounting and measurement of deferred taxes would not result in a significant change in the carrying amount of deferred tax assets on recognised tax losses, over a 12-month period from the date of these Consolidated Financial Statements. |
Significant Judgement: Revenue recognition For customer contracts in the Steel segment with variable payment arrangements where the transaction price depends on the customer\u2019s production performance, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation being the performance of a management refractory service, exists. |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2022 | 31.12.2021 | 2022 | 2021 |
Brazilian Real | BRL | 5.63 | 6.30 | 5.47 | 6.38 |
Canadian Dollar | CAD | 1.45 | 1.44 | 1.37 | 1.49 |
Chinese Renminbi Yuan | CNY | 7.42 | 7.20 | 7.09 | 7.68 |
Indian Rupee | INR | 88.26 | 83.89 | 82.50 | 87.76 |
US Dollar | USD | 1.07 | 1.13 | 1.06 | 1.19 |
Significant judgements: Control over Horn & Co Minerals Recovery and S\u00d6RMA\u015e During the year, the Group acquired 51.0% and 86,8% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d) and S\u00d6RMA\u015e, respectively. Judgement is required in assessing the level of control or influence over another entity in which the Group holds an interest. The Group considered its respective rights and power to control in terms of the purchase agreements and judged that the Group controls both entities and consolidated these from the date of control. The Group exercises control over Mireco and S\u00d6RMA\u015e as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. This is achieved through the Group\u2019s voting rights and management representation. |
Significant judgements: Recognition of non-controlling interest of Mireco The acquisition of Mireco includes a call and written put option for the Group to acquire the outstanding shares based on an EBITDA to net debt earnings multiple. The Group has judged, based on the terms and pricing of the call and written put option, that the risks and rewards of ownership associated with the outstanding shares have not been transferred and a non-controlling interest was recognised on acquisition. The financial liability arising from the call and written put option has been recognised against the carrying value of the non-controlling interest and equity in accordance with the Group\u2019s policy. |
Significant estimates Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations. Where intangible assets are identified, estimates are necessary for the determination of fair values by means of discounted cash flows, including the duration, amount of future cash flows, and discount rate. Fair values of physical assets are estimated with reference to comparable assets in the market. When making estimates in the context of purchase price allocations on major acquisitions, the Group consults with independent experts who accompany the execution of the discretionary decisions and record it in appraisal documents. The Group has a period of one year from the date of control of the acquired businesses to update initial fair value estimates. The Group does not expect changes in these fair value estimates to have a significant impact on the recognised assets and liabilities over the remaining measurement period. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 15 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Mineral Rights Management have assessed that given the few or no viable alternatives for the Group\u2019s refractory products, which are extracted from the Group\u2019s mines and used in the construction and automotive industries together with their continued use in the transition to a green economy, no indicators of impairment have arisen and as a consequence the useful lives remain unchanged. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 15 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Mineral Rights Management have assessed that given the few or no viable alternatives for the Group\u2019s refractory products, which are extracted from the Group\u2019s mines and used in the construction and automotive industries together with their continued use in the transition to a green economy, no indicators of impairment have arisen and as a consequence the useful lives remain unchanged. |
\u00a0 | \u00a0 |
Real estate, land and buildings | 8 to 50 years |
Technical equipment, machinery | 8 to 50 years |
Other plant, furniture and fixtures | 3 to 35 years |
Significant estimates Management uses its experience to estimate the remaining useful life of an asset. The actual useful life of an asset may be impacted by an unexpected event that may result in an adjustment to the carrying amount of the asset. No such events are expected to arise which would have a material impact on carrying values within 12 months from the balance sheet date. |
\u00a0 | \u00a0 |
Real estate, land and buildings | 8 to 50 years |
Technical equipment, machinery | 8 to 50 years |
Other plant, furniture and fixtures | 3 to 35 years |
Significant estimates: Goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used in the impairment testing for goodwill. Key input assumptions include discount rates used to discount cash flows and the perpetual growth rate of the associated CGU. The effect of a 10% adverse change in the estimated discount rate or an adverse change of 50% in the perpetual growth rate would not result in an impairment of goodwill. For further details on goodwill impairment, refer to Note (17). |
Significant Judgement: Trade payables subject to supply chain finance arrangements Management have judged that trade payables subject to supply chain finance arrangements do not modify the terms of the original invoice and as such the affected invoices continue to be recognised as such. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forwards Due to the reduction of free CO2 emission certificates and the expected increase in CO2 market prices, the Group hedges the associated price risk by use of physical delivery forward purchases for own use. The Group also enters into fixed price and quantity forward gas and power contracts to secure supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus avoid volatility in the Statement of Profit of Loss. The own use exemption requires that purchases of these forward contracts will be utilised. The Group settles the forwards through physical delivery and does not intend to sell any (unexpected) surplus of either gas, power or CO2 emission certificates for speculative purposes. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. |
Significant Judgement: Trade payables subject to supply chain finance arrangements Management have judged that trade payables subject to supply chain finance arrangements do not modify the terms of the original invoice and as such the affected invoices continue to be recognised as such. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forwards Due to the reduction of free CO2 emission certificates and the expected increase in CO2 market prices, the Group hedges the associated price risk by use of physical delivery forward purchases for own use. The Group also enters into fixed price and quantity forward gas and power contracts to secure supply for its production process and reduce price volatility. The own use exemption does not require fair value recognition and measurement of the forward purchases and thus avoid volatility in the Statement of Profit of Loss. The own use exemption requires that purchases of these forward contracts will be utilised. The Group settles the forwards through physical delivery and does not intend to sell any (unexpected) surplus of either gas, power or CO2 emission certificates for speculative purposes. Management have judged that these forward purchases based on current and expected future requirements satisfy the own use exemption and have not applied fair value recognition and measurement. |
Significant estimate: Pension plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and update when a valuation is performed by third party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant estimate: Pension plans The measurement of defined benefit obligation and plan assets requires use of estimates such as discount rates, mortality rates, salary increases and inflation. These estimates are reviewed and update when a valuation is performed by third party experts. Further details of the estimates and assumptions together with sensitivities on changes to assumptions is reflected in Note (29). Changes in these assumptions may result in differences between cash outflows expected at the reporting date and actual cash outflows. |
Significant judgement: Uncertain tax treatments and recognition of deferred tax assets Management makes judgements in relation to the recognition of current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant estimates: Recognition of deferred tax assets Income tax expense is based on the tax laws applicable in the individual countries. Due to their complexity, the tax items presented may be subject to different interpretations by local finance authorities. When determining the amount of the deferred tax assets to be recognised, mainly relating to tax-losses, an estimate is required of future taxable income which is influenced by factors such as prices, gross profit margins and interest rates. A 10% change in the future taxable profit from the assumption made on the reporting date within the planning period defined for the accounting and measurement of deferred taxes would not result in a significant change in the carrying amount of deferred tax assets on recognised tax losses, over a 12-month period from the date of these Consolidated Financial Statements. |
Significant judgement: Uncertain tax treatments and recognition of deferred tax assets Management makes judgements in relation to the recognition of current and deferred income taxes. In making judgements, management believes that the tax positions the Group adopts are in line with the applicable legislation and reflect the probable outcome. The tax obligations and receivables, upon audit by the tax authorities at a future date, may differ as a result of differing interpretations. These interpretations may impact the expected timing and quantum of taxes payable and recoverable. |
Significant estimates: Recognition of deferred tax assets Income tax expense is based on the tax laws applicable in the individual countries. Due to their complexity, the tax items presented may be subject to different interpretations by local finance authorities. When determining the amount of the deferred tax assets to be recognised, mainly relating to tax-losses, an estimate is required of future taxable income which is influenced by factors such as prices, gross profit margins and interest rates. A 10% change in the future taxable profit from the assumption made on the reporting date within the planning period defined for the accounting and measurement of deferred taxes would not result in a significant change in the carrying amount of deferred tax assets on recognised tax losses, over a 12-month period from the date of these Consolidated Financial Statements. |
Significant Judgement: Revenue recognition For customer contracts in the Steel segment with variable payment arrangements where the transaction price depends on the customer\u2019s production performance, (e.g. quantity of steel produced) management has determined that the commitment to transfer each of the products and services to the customer is not separately identifiable from the other commitments in the context of such contracts. The customer expects complete refractory management for the agreed product areas in the steel plant in order to enable steel production. Thus, only one performance obligation being the performance of a management refractory service, exists. |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2022 | 31.12.2021 | 2022 | 2021 |
Brazilian Real | BRL | 5.63 | 6.30 | 5.47 | 6.38 |
Canadian Dollar | CAD | 1.45 | 1.44 | 1.37 | 1.49 |
Chinese Renminbi Yuan | CNY | 7.42 | 7.20 | 7.09 | 7.68 |
Indian Rupee | INR | 88.26 | 83.89 | 82.50 | 87.76 |
US Dollar | USD | 1.07 | 1.13 | 1.06 | 1.19 |
2022 in \u20ac million | Steel | Industrial | Group 2022 |
Revenue | 2,371.4 | 945.8 | 3,317.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 521.0 | 242.4 | 763.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 343.6 |
Net finance costs | \u00a0 | \u00a0 | (73.1) |
Profit before income tax | \u00a0 | \u00a0 | 270.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (101.2) | (43.3) | (144.5) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2022 | 2,231.9 | 911.3 | 3,143.2 |
Investments in joint ventures and associates 31.12.2022 | \u00a0 | \u00a0 | 5.7 |
Reconciliation to total assets | \u00a0 | \u00a0 | 926.0 |
\u00a0 | \u00a0 | \u00a0 | 4,074.9 |
Additions to property, plant and equipment and intangible assets | 128.6 | 68.8 | 197.4 |
2021 in \u20ac million | Steel | Industrial | Group 2021 |
Revenue | 1,822.9 | 728.5 | 2,551.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 393.7 | 189.8 | 583.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 213.8 |
Net finance costs | \u00a0 | \u00a0 | (24.9) |
Result from joint ventures and associates | \u00a0 | \u00a0 | 100.2 |
Profit before income tax | \u00a0 | \u00a0 | 289.1 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (93.1) | (38.0) | (131.1) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2021 | 2,146.3 | 724.2 | 2,870.5 |
Investments in joint ventures and associates 31.12.2021 | \u00a0 | \u00a0 | 5.7 |
Reconciliation to total assets | \u00a0 | \u00a0 | 1,037.9 |
\u00a0 | \u00a0 | \u00a0 | 3,914.1 |
Additions to property, plant and equipment and intangible assets | 196.0 | 83.5 | 279.5 |
in \u20ac million | Steel | Industrial | Group 2022 |
Shaped products | 1,100.4 | 692.6 | 1,793.0 |
Unshaped products | 449.3 | 192.1 | 641.4 |
Management refractory services | 755.7 | 0.2 | 755.9 |
Other | 66.0 | 60.9 | 126.9 |
Revenue1) | 2,371.4 | 945.8 | 3,317.2 |
in \u20ac million | Steel | Industrial | Group 2021 |
Shaped products | 842.7 | 518.9 | 1,361.6 |
Unshaped products | 338.2 | 146.0 | 484.2 |
Management refractory services | 575.0 | 0.0 | 575.0 |
Other | 67.0 | 63.6 | 130.6 |
Revenue1) | 1,822.9 | 728.5 | 2,551.4 |
in \u20ac million | 2022 | 2021 |
Netherlands | 11.2 | 8.2 |
USA | 586.5 | 416.8 |
India | 344.0 | 255.4 |
Brazil | 367.8 | 252.0 |
PR China | 221.6 | 201.2 |
Other countries | 1,786.1 | 1,417.8 |
Revenue | 3,317.2 | 2,551.4 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Brazil | 464.8 | 396.5 |
Austria | 352.9 | 331.4 |
USA | 234.1 | 229.3 |
PR China | 171.4 | 161.8 |
Other countries | 434.0 | 367.7 |
Goodwill, intangible assets and property, plant and equipment | 1,657.2 | 1,486.7 |
in \u20ac million | 2022 | 2021 |
Restructuring income/(expenses) | 6.8 | (58.8) |
in \u20ac million | 2022 | 2021 |
Expenses for strategic projects | (10.1) | (4.7) |
Losses from the disposal of non-current assets | (1.7) | (2.6) |
Miscellaneous expenses | (11.2) | (7.2) |
Other expenses | (23.0) | (14.5) |
in \u20ac million | 2022 | 2021 |
Net amortisation of Oberhausen provision | 2.0 | 7.5 |
Result from deconsolidation incl. recycling of OCI components to P&L | 0.0 | 6.8 |
Income from the disposal of non-current assets | 0.5 | 6.2 |
Miscellaneous income | 2.3 | 8.6 |
Other income | 4.8 | 29.1 |
in \u20ac million | 2022 | 2021 |
Changes in inventories, own work capitalised | 64.3 | 259.0 |
Cost of materials | (1,365.0) | (1,205.1) |
Energy Costs | (285.7) | (187.2) |
Personnel costs | (627.8) | (547.6) |
Depreciation and amortisation charges | (144.5) | (131.1) |
Write-down expenses | 0.0 | (41.3) |
Other income | 27.1 | 41.2 |
Freight expenses | (285.3) | (222.4) |
Other expenses | (356.8) | (303.1) |
Total cost of sales, selling and marketing, administrative and restructuring expenses | (2,973.7) | (2,337.6) |
in \u20ac million | 2022 | 2021 |
Wages and salaries | (478.5) | (415.2) |
Pension and other post employment benefits | \u00a0 | \u00a0 |
Defined benefit plans | (4.8) | (5.6) |
Defined contribution plans | (11.4) | (6.2) |
Other expenses termination benefits | (5.2) | (7.8) |
Social security contribution | (99.2) | (86.6) |
Fringe benefits | (28.7) | (26.2) |
Personnel expenses (without interest expenses) | (627.8) | (547.6) |
\u00a0 | 2022 | 2021 |
Salaried employees | 6,391 | 5,720 |
Waged workers | 7,119 | 6,564 |
Number of employees on annual average | 13,510 | 12,284 |
in \u20ac million | 2022 | 2021 |
Wages and salaries | (478.5) | (415.2) |
Pension and other post employment benefits | \u00a0 | \u00a0 |
Defined benefit plans | (4.8) | (5.6) |
Defined contribution plans | (11.4) | (6.2) |
Other expenses termination benefits | (5.2) | (7.8) |
Social security contribution | (99.2) | (86.6) |
Fringe benefits | (28.7) | (26.2) |
Personnel expenses (without interest expenses) | (627.8) | (547.6) |
\u00a0 | 2022 | 2021 |
Salaried employees | 6,391 | 5,720 |
Waged workers | 7,119 | 6,564 |
Number of employees on annual average | 13,510 | 12,284 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of pension obligations | 395.5 | 495.0 |
Fair value of plan assets | (186.6) | (255.5) |
Deficit of funded plans | 208.9 | 239.5 |
Asset ceiling | 3.8 | 28.6 |
Net liability from pension obligations | 212.7 | 268.1 |
Overfunded pension plans | 2.0 | 0.9 |
Other pension plans | 214.7 | 269.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Active beneficiaries | 64.2 | 88.4 |
Vested terminated beneficiaries | 43.4 | 68.4 |
Retirees | 287.9 | 338.2 |
Present value of pension obligations | 395.5 | 495.0 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.8% | 0.9% |
Brazil | 10.5% | 8.4% |
United Kingdom | 4.8% | 1.8% |
USA | 5.0% | 2.8% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 4.5% | 3.3% |
Germany | 2.5% | 2.5% |
Brazil | 4.3% | 3.0% |
United Kingdom | 3.3% | 3.5% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
in \u20ac million | 2022 | 2021 |
Net liability from pension obligations at beginning of year | 268.1 | 303.6 |
Currency translation | 4.5 | 2.5 |
Pension cost | 8.8 | 8.5 |
Remeasurement (gains)/losses | (48.1) | (26.0) |
Benefits paid | (17.3) | (17.6) |
Employers' contributions to external funds | (3.3) | (2.9) |
Net liability from pension obligations at year-end | 212.7 | 268.1 |
in \u20ac million | 2022 | 2021 |
Present value of pension obligations at beginning of year | 495.0 | 523.3 |
Currency translation | 11.7 | 15.4 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0.0 | (3.7) |
from changes in financial assumptions | (107.5) | (24.1) |
due to experience adjustments | 13.5 | 6.0 |
Benefits paid | (33.0) | (34.4) |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Present value of pension obligations at year-end | 395.5 | 495.0 |
in \u20ac million | 2022 | 2021 |
Fair value of plan assets at beginning of year | 255.5 | 240.2 |
Currency translation | 6.2 | 14.5 |
Interest income | 6.8 | 5.1 |
Administrative costs (paid from plan assets) | (0.4) | (0.2) |
(Loss)/Income on plan assets less interest income | (69.7) | 10.4 |
Benefits paid | (15.7) | (16.8) |
Employers' contributions to external funds | 3.3 | 2.9 |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Fair value of plan assets at year-end | 186.6 | 255.5 |
in \u20ac million | 2022 | 2021 |
Asset ceiling at beginning of year | 28.6 | 20.4 |
Currency translation | (0.9) | 1.6 |
Interest expense | 0.0 | 0.4 |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Asset ceiling at year-end | 3.8 | 28.6 |
in \u20ac million | 2022 | 2021 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Interest income | (6.8) | (5.1) |
Interest expense from asset ceiling | 0.0 | 0.4 |
Administrative costs (paid from plan assets) | 0.4 | 0.2 |
Pension expense recognised in profit or loss | 8.8 | 8.6 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 143.6 | 170.0 |
Remeasurement gains on present value of pension obligations | (94.0) | (21.8) |
Losses/(gains) on plan assets less interest income | 69.7 | (10.4) |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Reclassification to other reserves | 0.0 | (0.4) |
Accumulated remeasurement losses at year-end | 95.4 | 143.6 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 0.0 | 82.1 | 82.1 | 0.0 | 43.8 | 43.8 |
Equity instruments | 34.4 | 0.0 | 34.4 | 48.8 | 0.0 | 48.8 |
Debt instruments | 22.0 | 2.5 | 24.5 | 97.0 | 3.3 | 100.3 |
Cash and cash equivalents | 11.8 | 0.7 | 12.5 | 11.2 | 0.1 | 11.3 |
Other assets | 32.0 | 1.1 | 33.1 | 49.9 | 1.4 | 51.3 |
Fair value of plan assets | 100.2 | 86.4 | 186.6 | 206.9 | 48.6 | 255.5 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Change of assumption in percentage points or years | Pension plans | Termination benefits | Pension plans | Termination benefits |
Present value of the obligations | \u00a0 | 395.5 | 31.5 | 495.0 | 44.1 |
Interest rate | +0.25 | (9.7) | (1.4) | (14.8) | (1.4) |
\u00a0 | (0.25) | 10.1 | 0.5 | 15.6 | 1.5 |
Salary increase | +0.25 | 0.3 | 0.5 | 0.7 | 1.4 |
\u00a0 | (0.25) | (0.3) | (1.4) | (0.7) | (1.4) |
Pension increase | +0.25 | 8.0 | - | 11.3 | - |
\u00a0 | (0.25) | (7.4) | - | (10.9) | - |
Life expectancy | +1 year | 9.1 | - | 19.8 | - |
\u00a0 | (1) year | (8.1) | - | (20.6) | - |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Termination benefits | 31.5 | 44.1 |
Service anniversary bonuses | 17.9 | 21.4 |
Semi-retirements | 2.3 | 3.2 |
Other personnel provisions | 51.7 | 68.7 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | 3.8% | 0.9% |
Future salary increase | 3.9% | 3.5% |
in \u20ac million | 2022 | 2021 |
Provisions for termination benefits at beginning of year | 44.1 | 46.4 |
Currency translation | 0.1 | 0.0 |
Additions initial consolidation | 0.4 | 0.0 |
Current service cost | 1.0 | 1.2 |
Interest cost | 0.5 | 0.4 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in financial assumptions | (11.0) | (1.8) |
from changes in demographic assumptions | 0.0 | 1.9 |
due to experience adjustments | 1.1 | 0.5 |
Benefits paid | (4.7) | (4.8) |
Loss / (Gain) on settlement | 0.0 | 0.3 |
Provisions for termination benefits at year-end | 31.5 | 44.1 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 27.7 | 27.6 |
Remeasurement (gains)/losses | (9.9) | 0.6 |
Reclassification to other reserves | 0.0 | (0.5) |
Accumulated remeasurement losses at year-end | 17.8 | 27.7 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of semi-retirement obligations | 5.8 | 7.6 |
Fair value of plan assets | (3.4) | (4.4) |
Provisions for semi-retirement obligations | 2.4 | 3.2 |
in \u20ac million | 2022 | 2021 |
Foreign exchange losses | (10.0) | (2.0) |
Foreign exchange (losses)/gains from related derivative financial instruments | (13.3) | 4.8 |
Net (losses)/gains on foreign exchange effects and related derivatives | (23.3) | 2.8 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 813.3 | 69.5 | 11.2 | 5.2 | 60.3 | 959.5 |
Financial liabilities, provisions | (664.5) | (100.7) | (15.4) | (0.4) | (28.7) | (809.7) |
Net foreign currency position | 148.8 | (31.2) | (4.2) | 4.8 | 31.6 | 149.8 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 654.7 | 56.0 | 14.5 | 30.3 | 68.4 | 823.9 |
Financial liabilities, provisions | (622.9) | (72.8) | (14.2) | (0.4) | (17.6) | (727.9) |
Net foreign currency position | 31.8 | (16.8) | 0.3 | 29.9 | 50.8 | 96.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (12.9) | (12.9) | 15.8 | 15.8 |
Euro | 1.3 | 5.9 | (1.6) | (7.2) |
Indian Rupee | (0.4) | (0.4) | 0.5 | 0.5 |
Other currencies | (2.5) | (2.5) | 3.0 | 3.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | Gain/(loss) | Equity | Gain/(loss) | Equity |
US Dollar | (19.1) | (8.6) | 23.3 | 10.6 |
Euro | 1.8 | 6.3 | (2.1) | (7.7) |
Indian Rupee | (2.7) | (2.7) | 3.3 | 3.3 |
Other currencies | (4.0) | (4.0) | 4.8 | 4.8 |
in \u20ac million | Carrying amount | Statement of Financial Position | Recognised in Other Comprehensive Income | Nominal amount |
July 2022 | 196.9 | Non-current borrowings | (20.1) | USD 200 million |
2021 | 176.8 | Non-current borrowings | (14.1) | USD 200 million |
in \u20ac million | 2022 | 2021 |
Net interest expense relating to personnel provisions | (5.7) | (4.6) |
Unwinding of discount of provisions and payables | (8.5) | (5.6) |
Interest expense on non-controlling interest liabilities | (5.3) | (5.2) |
Interest expense on lease liabilities | (1.3) | (1.1) |
Income from the revaluation of NCI put options | 4.7 | 1.1 |
Other interest and similar expenses1) | (14.6) | (5.8) |
Other net financial expenses | (30.7) | (21.2) |
in \u20ac million | 2022 | 2021 |
Current tax expense | (52.7) | (43.2) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | (11.9) | (12.2) |
tax loss carryforwards | (39.1) | 16.0 |
\u00a0 | (51.0) | 3.8 |
Income tax | (103.7) | (39.4) |
in \u20ac million | 2022 | 2021 |
Profit before income tax | 270.5 | 289.1 |
Income tax expense calculated at 25% (2021: 25%) | 67.6 | 72.3 |
Different foreign tax rates | 5.9 | 5.1 |
Expenses not deductible for tax purposes, non-creditable taxes | 21.4 | 17.6 |
Non-taxable income and tax benefits | (25.7) | (17.4) |
Tax losses and temporary differences of the financial year not recognised | 2.3 | 7.8 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | 0.0 | (4.0) |
Recognition of previously unrecognised loss carryforwards and temporary differences | (3.1) | (37.9) |
Change in write down of deferred tax assets | 3.0 | 1.4 |
Deferred tax expense due to tax rate changes | 2.7 | (0.2) |
Deferred tax assets derecognised | 23.6 | 0.0 |
Deferred income tax relating to prior periods | 5.2 | 2.6 |
Deferred income tax relating to foreign currency translation on non-monetary items | 2.8 | 0.2 |
Current income tax relating to prior periods | (2.3) | (8.4) |
Other | 0.3 | 0.3 |
Recognised tax expense | 103.7 | 39.4 |
Effective tax rate (in %) | 38.4% | 13.6% |
\u00a0 | 31.12.2022 | 2022 | 31.12.2021 | 2021 | ||
in \u20ac million | Deferred tax assets | Deferred tax liabilities | (Expense)/Income | Deferred tax assets | Deferred tax liabilities | (Expense)/Income |
Property, plant and equipment, intangible assets | 25.1 | 113.3 | (6.1) | 41.3 | 109.6 | 17.0 |
Inventories | 20.8 | 9.0 | 6.3 | 16.3 | 11.0 | (12.5) |
Trade receivables, other assets | 11.0 | 21.1 | (17.2) | 25.0 | 5.2 | (0.8) |
Pensions and other personnel provisions | 41.9 | 0.3 | (4.6) | 61.7 | 0.2 | (3.2) |
Other provisions | 27.4 | 0.6 | 0.2 | 25.5 | 0.3 | (1.4) |
Trade payables, other liabilities | 22.2 | 6.7 | 9.5 | 20.4 | 12.2 | (11.3) |
Tax loss carried forward | 68.8 | 0.0 | (39.1) | 102.3 | 0.0 | 16.0 |
Offsetting | (89.0) | (89.0) | 0.0 | (90.1) | (90.1) | 0.0 |
Deferred taxes | 128.2 | 62.0 | (51.0) | 202.4 | 48.4 | 3.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Year of expiry | \u00a0 | \u00a0 |
2022 | 0.4 | 0.4 |
2023 | 0.2 | 9.3 |
2024 | 7.4 | 7.6 |
2025 | 1.8 | 1.9 |
2026 | 2.1 | 2.4 |
2027 | 11.9 | 0.2 |
2028 or later | 0.8 | 0.3 |
Not subject to expiration | 91.9 | 96.6 |
Total unrecognised tax losses | 116.5 | 118.7 |
\u00a0 | 2022 | 2021 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 155.7 | 243.1 |
Weighted average number of shares for basic EPS | 47,000,708 | 47,629,647 |
Effects of dilution from share options | 793,302 | 519,546 |
Weighted average number of shares for dilutive EPS | 47,794,010 | 48,149,193 |
Earnings per share basic (in \u20ac) | 3.31 | 5.10 |
Earnings per share diluted (in \u20ac) | 3.26 | 5.05 |
in \u20ac million | 2022 | 2021 |
Carrying amount at beginning of the year | 114.4 | 110.8 |
Newly acquired businesses | 20.6 | 0.0 |
Currency translation | 1.9 | 3.6 |
Carrying amount at year-end | 136.9 | 114.4 |
\u00a0 | 2022 | 2021 | ||||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Steel Division - Linings | 10.8% | 0.9% | 107.2 | 8.4% | 0.9% | 83.5 |
Steel Division - Flow Control | 11.1% | 0.9% | 28.5 | 8.7% | 0.9% | 29.6 |
\u00a0 | 2022 | 2021 | ||||
\u00a0 | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million | Discount rate before Tax | Perpetual annuity growth rate | Goodwill in \u20ac million |
Steel Division - Linings | 10.8% | 0.9% | 107.2 | 8.4% | 0.9% | 83.5 |
Steel Division - Flow Control | 11.1% | 0.9% | 28.5 | 8.7% | 0.9% | 29.6 |
in \u20ac million | Trade receivables - days past due | |||
31.12.2022 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0,02-0,34% | 0,07-0,81% | 0,31-49,48% | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | (1.0) |
in \u20ac million | Trade receivables - days past due | |||
31.12.2021 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0.03-0.37% | 0.06-0.86% | 0.25-50.55% | \u00a0 |
Gross carrying amount invoiced | 351.9 | 26.3 | 7.2 | 385.4 |
Lifetime expected credit loss | (0.4) | (0.1) | (0.5) | (1.0) |
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Total |
Cost at 31.12.2021 | 139.3 | 99.2 | 70.9 | 145.4 | 454.8 |
Currency translation | 12.6 | 4.4 | 0.1 | 1.0 | 18.1 |
Additions | 0.0 | 0.0 | 8.7 | 7.2 | 15.9 |
Additions initial consolidation | 0.0 | 28.5 | 0.0 | 0.0 | 28.5 |
Retirements and disposals | 0.0 | 0.0 | (0.8) | (0.7) | (1.5) |
Reclassifications | 0.0 | 0.0 | (0.4) | 3.9 | 3.5 |
Cost at 31.12.2022 | 151.9 | 132.1 | 78.5 | 156.8 | 519.3 |
Accumulated amortisation 31.12.2021 | 11.1 | 35.3 | 44.8 | 81.0 | 172.2 |
Currency translation | 0.9 | 0.7 | 0.0 | 0.3 | 1.9 |
Amortisation charges | 2.5 | 9.4 | 4.0 | 13.0 | 28.9 |
Retirements and disposals | 0.0 | 0.0 | 0.0 | (0.7) | (0.7) |
Reclassifications | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 |
Accumulated amortisation 31.12.2022 | 14.5 | 45.4 | 48.8 | 94.0 | 202.7 |
Carrying amounts at 31.12.2022 | 137.4 | 86.7 | 29.7 | 62.8 | 316.6 |
2021 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Total |
Cost at 31.12.2020 | 133.1 | 95.1 | 62.0 | 121.3 | 411.5 |
Currency translation | 6.2 | 4.2 | 0.2 | 4.9 | 15.5 |
Additions | 0.0 | 0.0 | 8.8 | 9.9 | 18.7 |
Retirements and disposals | 0.0 | (0.1) | (0.1) | (4.1) | (4.3) |
Reclassifications | 0.0 | 0.0 | 0.0 | 13.4 | 13.4 |
Cost at 31.12.2021 | 139.3 | 99.2 | 70.9 | 145.4 | 454.8 |
Accumulated amortisation 31.12.2020 | 8.5 | 27.9 | 40.7 | 68.7 | 145.8 |
Currency translation | 0.5 | 1.6 | 0.2 | 2.3 | 4.6 |
Amortisation charges | 2.1 | 5.8 | 4.0 | 10.5 | 22.4 |
Impairment charges | 0.0 | 0.0 | 0.0 | 3.7 | 3.7 |
Retirements and disposals | 0.0 | 0.0 | (0.1) | (3.8) | (3.9) |
Reclassifications | 0.0 | 0.0 | 0.0 | (0.4) | (0.4) |
Accumulated amortisation 31.12.2021 | 11.1 | 35.3 | 44.8 | 81.0 | 172.2 |
Carrying amounts at 31.12.2021 | 128.2 | 63.9 | 26.1 | 64.4 | 282.6 |
2022 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction1) | Right-of-use assets | Total |
Cost at 31.12.2021 | 670.3 | 1,143.6 | 379.4 | 209.7 | 87.1 | 2,490.1 |
Currency translation | 11.0 | 13.2 | 4.9 | 11.2 | 2.6 | 42.9 |
Additions 2) | 8.2 | 14.9 | 15.1 | 122.6 | 20.7 | 181.5 |
Additions initial consolidation | 6.0 | 2.9 | 0.6 | 0.3 | 7.0 | 16.8 |
Retirements and disposals | (10.8) | (85.0) | (34.5) | (0.5) | (5.0) | (135.8) |
Reclassifications | 27.5 | 53.5 | 27.2 | (111.7) | 0.0 | (3.5) |
Cost at 31.12.2022 | 712.2 | 1,143.1 | 392.7 | 231.6 | 112.4 | 2,592.0 |
Accumulated depreciation 31.12.2021 | 311.5 | 793.4 | 260.3 | 1.5 | 33.7 | 1,400.4 |
Currency translation | 0.3 | 5.7 | 1.1 | 0.1 | 1.2 | 8.4 |
Depreciation charges | 15.1 | 54.1 | 26.2 | 0.0 | 20.2 | 115.6 |
Reversal of impairment charges | (1.5) | (3.0) | (0.9) | (0.3) | (0.3) | (6.0) |
Retirements and disposals | (8.0) | (82.7) | (34.2) | 0.0 | (4.8) | (129.7) |
Reclassifications | 0.0 | 0.0 | (0.4) | 0.0 | 0.0 | (0.4) |
Accumulated depreciation 31.12.2022 | 317.4 | 767.5 | 252.1 | 1.3 | 50.0 | 1,388.3 |
Carrying amounts at 31.12.2022 | 394.8 | 375.6 | 140.6 | 230.3 | 62.4 | 1,203.7 |
2021 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction1) | Right-of-use assets | Total |
Cost at 31.12.2020 | 598.6 | 1,039.4 | 330.9 | 164.9 | 76.8 | 2,210.6 |
Currency translation | 18.5 | 32.7 | 8.3 | 4.0 | 2.5 | 66.0 |
Additions | 25.3 | 47.5 | 17.9 | 156.8 | 13.4 | 260.9 |
Retirements and disposals | (4.1) | (18.5) | (5.4) | 0.0 | (5.6) | (33.6) |
Reclassifications | 32.0 | 42.5 | 27.7 | (116.0) | 0.0 | (13.8) |
Cost at 31.12.2021 | 670.3 | 1,143.6 | 379.4 | 209.7 | 87.1 | 2,490.1 |
Accumulated depreciation 31.12.2020 | 277.1 | 720.5 | 230.9 | 1.1 | 22.4 | 1,252.0 |
Currency translation | 4.8 | 19.2 | 5.8 | 0.0 | 0.7 | 30.5 |
Depreciation charges | 12.8 | 56.3 | 23.4 | 0.0 | 16.0 | 108.5 |
Impairment charges | 18.3 | 14.6 | 4.3 | 0.4 | 0.0 | 37.6 |
Retirements and disposals | (1.2) | (16.7) | (4.9) | 0.0 | (5.4) | (28.2) |
Reclassifications | (0.3) | (0.5) | 0.8 | 0.0 | 0.0 | 0.0 |
Accumulated depreciation 31.12.2021 | 311.5 | 793.4 | 260.3 | 1.5 | 33.7 | 1,400.4 |
Carrying amounts at 31.12.2021 | 358.8 | 350.2 | 119.1 | 208.2 | 53.4 | 1,089.7 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2021 | 47.8 | 31.9 | 7.4 | 87.1 |
Currency translation | 1.0 | 1.5 | 0.1 | 2.6 |
Additions | 16.7 | 1.2 | 2.8 | 20.7 |
Additions initial consolidation | 5.1 | 0.1 | 1.8 | 7.0 |
Retirements and disposals | (1.8) | (1.7) | (1.5) | (5.0) |
Cost at 31.12.2022 | 68.8 | 33.0 | 10.6 | 112.4 |
Accumulated depreciation 31.12.2021 | 15.4 | 14.4 | 3.9 | 33.7 |
Currency translation | 0.4 | 0.6 | 0.2 | 1.2 |
Depreciation charges | 11.2 | 6.1 | 2.9 | 20.2 |
Reversal of impairment charges | 0.0 | (0.2) | (0.1) | (0.3) |
Retirements and disposals | (1.7) | (1.7) | (1.4) | (4.8) |
Accumulated depreciation 31.12.2022 | 25.3 | 19.2 | 5.5 | 50.0 |
Carrying amounts at 31.12.2022 | 43.5 | 13.8 | 5.1 | 62.4 |
in \u20ac million | Right-of-use assets land and buildings | Right-of-use assets technical equipment and machinery | Right-of-use assets other equipment, furniture and fixtures | Total |
Cost at 31.12.2020 | 40.4 | 30.7 | 5.7 | 76.8 |
Currency translation | 1.0 | 1.3 | 0.2 | 2.5 |
Additions | 8.7 | 1.6 | 3.1 | 13.4 |
Retirements and disposals | (2.3) | (1.7) | (1.6) | (5.6) |
Cost at 31.12.2021 | 47.8 | 31.9 | 7.4 | 87.1 |
Accumulated depreciation 31.12.2020 | 9.3 | 9.8 | 3.3 | 22.4 |
Currency translation | 0.2 | 0.4 | 0.1 | 0.7 |
Depreciation charges | 8.2 | 5.8 | 2.0 | 16.0 |
Retirements and disposals | (2.3) | (1.6) | (1.5) | (5.4) |
Accumulated depreciation 31.12.2021 | 15.4 | 14.4 | 3.9 | 33.7 |
Carrying amounts at 31.12.2021 | 32.4 | 17.5 | 3.5 | 53.4 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Tax receivables | 18.7 | 27.1 |
Other non-current assets | 21.3 | 14.1 |
Other non-current assets | 40.0 | 41.2 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Raw materials and supplies | 303.3 | 300.2 |
Work in progress | 206.7 | 151.5 |
Finished products and goods | 526.3 | 512.4 |
Prepayments made | 12.8 | 12.4 |
Inventories | 1,049.1 | 976.5 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Trade receivables | 433.4 | 403.7 |
Contract assets | 3.5 | 3.6 |
Other tax receivables | 106.4 | 113.7 |
Dividend receivables | 0.0 | 8.7 |
Prepaid expenses | 5.9 | 3.9 |
Other current receivables | 29.7 | 34.6 |
Trade and other current receivables | 578.9 | 568.2 |
thereof financial assets | 433.9 | 414.4 |
thereof non-financial assets | 145.0 | 153.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Cash at banks and in hand | 471.8 | 565.4 |
Money market funds | 48.9 | 15.4 |
Cash and cash equivalents | 520.7 | 580.8 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Non-current assets | 50.4 | 51.1 |
Current assets | 168.3 | 153.9 |
Non-current liabilities | (2.5) | (2.8) |
Current liabilities | (71.7) | (80.9) |
Net assets before intragroup eliminations | 144.5 | 121.3 |
Intragroup eliminations | 0.1 | (0.5) |
Net assets | 144.6 | 120.8 |
Percentage of non-controlling interests | 29.8% | 29.8% |
Carrying amount of non-controlling interests | 43.1 | 36.0 |
in \u20ac million | 2022 | 2021 |
Revenue | 294.6 | 167.4 |
Operating expenses, net finance costs and income tax | (257.4) | (146.9) |
Profit after income tax before intragroup eliminations | 37.2 | 20.5 |
Intragroup eliminations | 0.6 | 1.2 |
Profit after income tax | 37.8 | 21.7 |
thereof attributable to non-controlling interests of RHIM India | 11.3 | 6.6 |
in \u20ac million | 2022 | 2021 |
Profit after income tax | 37.8 | 21.7 |
Other comprehensive (expense)/income | (8.2) | 8.0 |
Total comprehensive income | 29.6 | 29.7 |
thereof attributable to non-controlling interests of RHIM India | 8.8 | 8.7 |
in \u20ac million | 2022 | 2021 |
Net cash flow from operating activities | 21.5 | (1.4) |
Net cash flow from investing activities | (6.9) | (5.2) |
Net cash flow from financing activities | (6.4) | (3.6) |
Total cash flow | 8.2 | (10.2) |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2022 | current | non-current |
Syndicated & Term Loan | 942.4 | 130.7 | 811.7 |
Bonded loans (\"Schuldscheindarlehen\") | 585.0 | 0.0 | 585.0 |
Other credit lines and other loans | 84.6 | 84.6 | 0.0 |
Total liabilities to financial institutions | 1,612.0 | 215.3 | 1,396.7 |
Other financial liabilities | 9.0 | 0.1 | 8.9 |
Capitalised transaction costs | (1.0) | (0.3) | (0.7) |
Borrowings | 1,620.0 | 215.1 | 1,404.9 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2021 | current | non-current |
Syndicated & Term Loan | 791.5 | 58.3 | 733.2 |
Bonded loans (\"Schuldscheindarlehen\") | 650.0 | 65.0 | 585.0 |
Other credit lines and other loans | 88.2 | 88.2 | 0.0 |
Total liabilities to financial institutions | 1,529.7 | 211.5 | 1,318.2 |
Other financial liabilities | 7.4 | 3.2 | 4.2 |
Capitalised transaction costs | (2.4) | (1.0) | (1.4) |
Borrowings | 1,534.7 | 213.7 | 1,321.0 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2022 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2021 Carrying amount in \u20ac million |
2023 | EURIBOR + margin | EUR | 372.3 | 2022 | EURIBOR + margin | EUR | 403.3 |
\u00a0 | Variable rate + margin | EUR | 34.0 | \u00a0 | 1.87% | EUR | 65.0 |
\u00a0 | Various - Variable rate | Var. | 27.4 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | 0.25% | EUR | 115.0 | \u00a0 | Variable rate + margin | EUR | 34.0 |
2024 | 3.10% | EUR | 35.0 | \u00a0 | Various - Variable rate | Var. | 12.5 |
2025 | 0.59% | EUR | 177.0 | 2023 | 0.79% | EUR | 374.7 |
2027 | 2.72% | EUR | 751.8 | \u00a0 | 4.09%\u00a0 | USD | 176.8 |
2028 | 0.92% | EUR | 86.5 | 2024 | 3.10% | EUR | 35.0 |
2029 | 1.52% | EUR | 8.0 | 2025 | 0.59% | EUR | 177.0 |
2031 | 1.28% | EUR | 5.0 | 2027 | 1.00% | EUR | 152.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2028 | 0.92% | EUR | 86.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2029 | 1.52% | EUR | 8.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.28% | EUR | 5.0 |
\u00a0 | \u00a0 | \u00a0 | 1,612.0 | \u00a0 | \u00a0 | \u00a0 | 1,529.8 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 |
Interest rate swaps | 0.0 | 0.0 | 0.0 | 0.0 | 9.6 | 9.6 |
Commodity swaps | 0.9 | 0.2 | 1.1 | 0.0 | 0.0 | 0.0 |
Derivatives in open orders | 9.5 | 0.0 | 9.5 | 0.1 | 0.0 | 0.1 |
Derivative financial liabilities | 11.0 | 0.2 | 11.2 | 0.1 | 9.6 | 9.7 |
Lease liabilities | 17.5 | 46.4 | 63.9 | 16.1 | 39.4 | 55.5 |
Fixed-term or puttable non-controlling interests | 21.6 | 46.2 | 67.8 | 3.0 | 57.0 | 60.0 |
Other financial liabilities | 50.1 | 92.8 | 142.9 | 19.2 | 106.0 | 125.2 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 |
in \u20ac million | \u00a0 | \u00a0 | \u00a0 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 49.00% | 8.4 | 0.0 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 21.3 | 23.5 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 26.4 | 23.5 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 11.7 | 13.0 |
Other financial liabilities | \u00a0 | 67.8 | 60.0 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Other non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 9.0 | 9.0 | 13.2 | 13.2 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Interest derivatives designated as cash flow hedges | - | 2 | 42.4 | 42.4 | 0.0 | 0.0 |
Other non-current financial assets | AC | - | 3.2 | \u00a0 | 0.9 | - |
Trade and other current receivables | AC | - | 433.9 | \u00a0 | 414.4 | - |
Other current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives | FVPL | 2 | 1.1 | 1.1 | 2.5 | 2.5 |
Other current financial receivables | AC | - | 0.2 | \u00a0 | 0.4 | - |
Cash and cash equivalents3) | AC | - | 520.7 | \u00a0 | 580.8 | - |
Financial assets | \u00a0 | \u00a0 | 1,011.0 | \u00a0 | 1,012.7 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,612.0 | 1,578.1 | 1,529.7 | 1,547.1 |
Other financial liabilities | AC | 2 | 8.0 | \u00a0 | 5.0 | - |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | AC | 2 | 63.9 | \u00a0 | 55.5 | - |
Derivatives | FVPL | 2 | 9.5 | 9.5 | 0.1 | 0.1 |
Interest derivatives designated as cash flow hedges | - | 2 | 0.0 | \u00a0 | 9.6 | 9.6 |
Forward exchange contracts | FVPL | 2 | 0.6 | 0.6 | 0.0 | 0.0 |
Commodity swaps designated as cash flow hedges | - | 2 | 1.1 | 1.1 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests2) | AC | 2/3 | 67.8 | 67.8 | 60.0 | 60.0 |
Trade payables and other current liabilities | AC | - | 566.4 | \u00a0 | 692.9 | - |
Financial liabilities | \u00a0 | \u00a0 | 2,329.3 | \u00a0 | 2,352.8 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 10.6 | \u00a0 | 16.2 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 958.0 | \u00a0 | 996.5 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,318.1 | \u00a0 | 2,343.1 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 10.1 | \u00a0 | 0.1 | \u00a0 |
Level 1: | Prices quoted in active markets for identical financial instruments. |
Level 2: | Measurement techniques in which all important data used are based on observable market data. |
Level 3: | Measurement techniques in which at least one significant parameter is based on non-observable market data. |
in \u20ac million | 2022 | 2021 |
Net loss from financial assets and liabilities measured at fair value through profit or loss | (14.6) | 7.2 |
Net loss from financial assets and liabilities measured at amortised cost | 4.6 | 0.5 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Interests in subsidiaries not consolidated | 3.0 | 0.6 |
Marketable securities and shares | 9.5 | 13.7 |
Interest rate swaps | 42.4 | 0.0 |
Other non-current financial receivables | 0.2 | 0.3 |
Other non-current financial assets | 55.1 | 14.6 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Derivatives in open orders | 1.0 | 2.4 |
Forward exchange contracts | 0.1 | 0.1 |
Current portion of non-current loans | 0.2 | 0.4 |
Other current financial assets | 1.3 | 2.9 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2022 | 42.4 | Other non-current financial assets | 59.1 | USD 0.0 million EUR 709.2million |
2021 | (9.6) | Other non-current financial liabilities | 8.7 | USD 200 million EUR 369.2 million |
in \u20ac million | Cash flow hedge reserve within Other comprehensive income | Balance net of deferred tax |
2022 | 42.4 | 32.7 |
2021 | (9.6) | (7.2) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
EUR | USD | EUR | 25.0 | 0.1 |
USD | INR | USD | 8.5 | 0.0 |
INR | EUR | INR | 4,000.0 | (0.6) |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2021 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
USD | BRL | BRL | 80.0 | 0.1 |
EUR | USD | USD | 0.0 | 0.0 |
Forward exchange contracts | \u00a0 | \u00a0 | 0.1 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.6 | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 |
Interest rate swaps | 0.0 | 0.0 | 0.0 | 0.0 | 9.6 | 9.6 |
Commodity swaps | 0.9 | 0.2 | 1.1 | 0.0 | 0.0 | 0.0 |
Derivatives in open orders | 9.5 | 0.0 | 9.5 | 0.1 | 0.0 | 0.1 |
Derivative financial liabilities | 11.0 | 0.2 | 11.2 | 0.1 | 9.6 | 9.7 |
Lease liabilities | 17.5 | 46.4 | 63.9 | 16.1 | 39.4 | 55.5 |
Fixed-term or puttable non-controlling interests | 21.6 | 46.2 | 67.8 | 3.0 | 57.0 | 60.0 |
Other financial liabilities | 50.1 | 92.8 | 142.9 | 19.2 | 106.0 | 125.2 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of pension obligations | 395.5 | 495.0 |
Fair value of plan assets | (186.6) | (255.5) |
Deficit of funded plans | 208.9 | 239.5 |
Asset ceiling | 3.8 | 28.6 |
Net liability from pension obligations | 212.7 | 268.1 |
Overfunded pension plans | 2.0 | 0.9 |
Other pension plans | 214.7 | 269.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Active beneficiaries | 64.2 | 88.4 |
Vested terminated beneficiaries | 43.4 | 68.4 |
Retirees | 287.9 | 338.2 |
Present value of pension obligations | 395.5 | 495.0 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.8% | 0.9% |
Brazil | 10.5% | 8.4% |
United Kingdom | 4.8% | 1.8% |
USA | 5.0% | 2.8% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 4.5% | 3.3% |
Germany | 2.5% | 2.5% |
Brazil | 4.3% | 3.0% |
United Kingdom | 3.3% | 3.5% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
in \u20ac million | 2022 | 2021 |
Net liability from pension obligations at beginning of year | 268.1 | 303.6 |
Currency translation | 4.5 | 2.5 |
Pension cost | 8.8 | 8.5 |
Remeasurement (gains)/losses | (48.1) | (26.0) |
Benefits paid | (17.3) | (17.6) |
Employers' contributions to external funds | (3.3) | (2.9) |
Net liability from pension obligations at year-end | 212.7 | 268.1 |
in \u20ac million | 2022 | 2021 |
Present value of pension obligations at beginning of year | 495.0 | 523.3 |
Currency translation | 11.7 | 15.4 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0.0 | (3.7) |
from changes in financial assumptions | (107.5) | (24.1) |
due to experience adjustments | 13.5 | 6.0 |
Benefits paid | (33.0) | (34.4) |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Present value of pension obligations at year-end | 395.5 | 495.0 |
in \u20ac million | 2022 | 2021 |
Fair value of plan assets at beginning of year | 255.5 | 240.2 |
Currency translation | 6.2 | 14.5 |
Interest income | 6.8 | 5.1 |
Administrative costs (paid from plan assets) | (0.4) | (0.2) |
(Loss)/Income on plan assets less interest income | (69.7) | 10.4 |
Benefits paid | (15.7) | (16.8) |
Employers' contributions to external funds | 3.3 | 2.9 |
Employee contributions to external funds | 0.6 | 0.5 |
Disposal due to settlement | 0.0 | (1.1) |
Fair value of plan assets at year-end | 186.6 | 255.5 |
in \u20ac million | 2022 | 2021 |
Asset ceiling at beginning of year | 28.6 | 20.4 |
Currency translation | (0.9) | 1.6 |
Interest expense | 0.0 | 0.4 |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Asset ceiling at year-end | 3.8 | 28.6 |
in \u20ac million | 2022 | 2021 |
Current service cost | 3.4 | 4.2 |
Interest cost | 11.8 | 8.9 |
Interest income | (6.8) | (5.1) |
Interest expense from asset ceiling | 0.0 | 0.4 |
Administrative costs (paid from plan assets) | 0.4 | 0.2 |
Pension expense recognised in profit or loss | 8.8 | 8.6 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 143.6 | 170.0 |
Remeasurement gains on present value of pension obligations | (94.0) | (21.8) |
Losses/(gains) on plan assets less interest income | 69.7 | (10.4) |
(Losses)/gains from changes in asset ceiling less interest expense | (23.9) | 6.2 |
Reclassification to other reserves | 0.0 | (0.4) |
Accumulated remeasurement losses at year-end | 95.4 | 143.6 |
\u00a0 | 31.12.2022 | 31.12.2021 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 0.0 | 82.1 | 82.1 | 0.0 | 43.8 | 43.8 |
Equity instruments | 34.4 | 0.0 | 34.4 | 48.8 | 0.0 | 48.8 |
Debt instruments | 22.0 | 2.5 | 24.5 | 97.0 | 3.3 | 100.3 |
Cash and cash equivalents | 11.8 | 0.7 | 12.5 | 11.2 | 0.1 | 11.3 |
Other assets | 32.0 | 1.1 | 33.1 | 49.9 | 1.4 | 51.3 |
Fair value of plan assets | 100.2 | 86.4 | 186.6 | 206.9 | 48.6 | 255.5 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Change of assumption in percentage points or years | Pension plans | Termination benefits | Pension plans | Termination benefits |
Present value of the obligations | \u00a0 | 395.5 | 31.5 | 495.0 | 44.1 |
Interest rate | +0.25 | (9.7) | (1.4) | (14.8) | (1.4) |
\u00a0 | (0.25) | 10.1 | 0.5 | 15.6 | 1.5 |
Salary increase | +0.25 | 0.3 | 0.5 | 0.7 | 1.4 |
\u00a0 | (0.25) | (0.3) | (1.4) | (0.7) | (1.4) |
Pension increase | +0.25 | 8.0 | - | 11.3 | - |
\u00a0 | (0.25) | (7.4) | - | (10.9) | - |
Life expectancy | +1 year | 9.1 | - | 19.8 | - |
\u00a0 | (1) year | (8.1) | - | (20.6) | - |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Termination benefits | 31.5 | 44.1 |
Service anniversary bonuses | 17.9 | 21.4 |
Semi-retirements | 2.3 | 3.2 |
Other personnel provisions | 51.7 | 68.7 |
in % | 31.12.2022 | 31.12.2021 |
Interest rate | 3.8% | 0.9% |
Future salary increase | 3.9% | 3.5% |
in \u20ac million | 2022 | 2021 |
Provisions for termination benefits at beginning of year | 44.1 | 46.4 |
Currency translation | 0.1 | 0.0 |
Additions initial consolidation | 0.4 | 0.0 |
Current service cost | 1.0 | 1.2 |
Interest cost | 0.5 | 0.4 |
Remeasurement (gains)/losses | \u00a0 | \u00a0 |
from changes in financial assumptions | (11.0) | (1.8) |
from changes in demographic assumptions | 0.0 | 1.9 |
due to experience adjustments | 1.1 | 0.5 |
Benefits paid | (4.7) | (4.8) |
Loss / (Gain) on settlement | 0.0 | 0.3 |
Provisions for termination benefits at year-end | 31.5 | 44.1 |
in \u20ac million | 2022 | 2021 |
Accumulated remeasurement losses at beginning of year | 27.7 | 27.6 |
Remeasurement (gains)/losses | (9.9) | 0.6 |
Reclassification to other reserves | 0.0 | (0.5) |
Accumulated remeasurement losses at year-end | 17.8 | 27.7 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Present value of semi-retirement obligations | 5.8 | 7.6 |
Fair value of plan assets | (3.4) | (4.4) |
Provisions for semi-retirement obligations | 2.4 | 3.2 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2021 | 53.9 | 7.1 | 19.5 | 33.5 | 4.6 | 118.6 |
Currency translation | 5.8 | 0.9 | 0.5 | 0.0 | (0.1) | 7.1 |
Reversals | (2.6) | (2.4) | (0.4) | (10.5) | 0.0 | (15.9) |
Additions | 9.4 | 5.8 | 4.3 | 3.5 | 1.4 | 24.4 |
Additions interest | 6.0 | 1.0 | 1.4 | 0.0 | 0.1 | 8.5 |
Use | (10.2) | (5.2) | (2.5) | (14.2) | (1.7) | (33.8) |
Reclassifications | 0.0 | 1.2 | 0.4 | (0.3) | (0.1) | 1.2 |
31.12.2022 | 62.3 | 8.4 | 23.2 | 12.0 | 4.2 | 110.1 |
non-current | 49.9 | 8.4 | 21.7 | 0.0 | 0.0 | 80.0 |
current | 12.4 | 0.0 | 1.5 | 12.0 | 4.2 | 30.1 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Trade payables | 506.5 | 649.2 |
Contract liabilities | 61.8 | 57.9 |
Liabilities to employees | 97.2 | 80.9 |
Taxes other than income tax | 35.0 | 29.3 |
Capital expenditure payable | 43.1 | 24.3 |
Payables from commissions | 7.7 | 7.3 |
Other current liabilities | 29.0 | 34.3 |
Trade payables and other current liabilities | 780.3 | 883.2 |
thereof financial liabilities | 566.4 | 692.9 |
thereof non-financial liabilities | 213.9 | 190.3 |
in \u20ac million | \u00a0 | 2022 | 2021 |
Profit after income tax | \u00a0 | 166.8 | 249.7 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 103.7 | 39.4 |
depreciation | \u00a0 | 115.6 | 108.7 |
amortisation | \u00a0 | 28.9 | 22.4 |
(write-up)/write-down of property, plant and equipment and intangible assets | \u00a0 | (6.0) | 41.3 |
income from the reversal of investment subsidies | \u00a0 | (0.7) | (0.9) |
impairment losses/loss from sale/(write-ups) on securities | \u00a0 | 1.5 | (0.2) |
losses/(gains) from the disposal of property, plant and equipment | \u00a0 | 2.4 | (6.3) |
losses/(gains) from the disposal of subsidiaries | \u00a0 | 1.1 | (5.2) |
net interest expense and derivatives | \u00a0 | 47.3 | 24.4 |
result from joint ventures and associates | \u00a0 | (0.2) | (100.2) |
other non-cash changes | \u00a0 | 26.1 | (12.7) |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | (30.0) | (474.3) |
trade receivables | \u00a0 | (12.5) | (132.6) |
contract assets | \u00a0 | 0.0 | (1.6) |
trade payables | \u00a0 | (156.8) | 314.8 |
contract liabilities | \u00a0 | 4.5 | 10.7 |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 25.7 | (56.9) |
provisions | \u00a0 | (49.4) | (49.0) |
other liabilities | \u00a0 | 19.5 | (24.8) |
Cash generated from/(used in) operations | \u00a0 | 287.5 | (53.3) |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2021 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2022 |
Borrowings1) | (1,539.1) | (52.5) | (19.4) | (1.3) | 0.0 | (12.0) | 0.0 | (1,624.3) |
Lease liabilities | (55.5) | 20.6 | (1.3) | 0.0 | 0.0 | (7.0) | (20.7) | (63.9) |
Cash and cash equivalents | 580.8 | (49.8) | (10.3) | 0.0 | 0.0 | 0.0 | 0.0 | 520.7 |
Net debt | (1,013.8) | (81.7) | (31.0) | (1.3) | 0.0 | (19.0) | (20.7) | (1,167.5) |
Liabilities to fixed-term or puttable non-controlling interests | (60.0) | 2.1 | 1.6 | (0.6) | 0.0 | (10.9) | 0.0 | (67.8) |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2020 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Additions | Reclassifications | Additions and modifications of leases (IFRS 16) | 31.12.2021 |
Borrowings1) | (1,114.5) | (408.9) | (15.3) | (0.4) | 0.0 | 0.0 | 0.0 | (1,539.1) |
Lease liabilities | (56.8) | 16.3 | (1.6) | 0.0 | 0.0 | 0.0 | (13.4) | (55.5) |
Cash and cash equivalents | 589.2 | (23.0) | 14.6 | 0.0 | 0.0 | 0.0 | 0.0 | 580.8 |
Net debt | (582.1) | (415.6) | (2.3) | (0.4) | 0.0 | 0.0 | (13.4) | (1,013.8) |
Liabilities to fixed-term or puttable non-controlling interests | (38.8) | 1.3 | (3.7) | (4.2) | (23.4) | 8.8 | 0.0 | (60.0) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Other non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 9.0 | 9.0 | 13.2 | 13.2 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Interest derivatives designated as cash flow hedges | - | 2 | 42.4 | 42.4 | 0.0 | 0.0 |
Other non-current financial assets | AC | - | 3.2 | \u00a0 | 0.9 | - |
Trade and other current receivables | AC | - | 433.9 | \u00a0 | 414.4 | - |
Other current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives | FVPL | 2 | 1.1 | 1.1 | 2.5 | 2.5 |
Other current financial receivables | AC | - | 0.2 | \u00a0 | 0.4 | - |
Cash and cash equivalents3) | AC | - | 520.7 | \u00a0 | 580.8 | - |
Financial assets | \u00a0 | \u00a0 | 1,011.0 | \u00a0 | 1,012.7 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,612.0 | 1,578.1 | 1,529.7 | 1,547.1 |
Other financial liabilities | AC | 2 | 8.0 | \u00a0 | 5.0 | - |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | AC | 2 | 63.9 | \u00a0 | 55.5 | - |
Derivatives | FVPL | 2 | 9.5 | 9.5 | 0.1 | 0.1 |
Interest derivatives designated as cash flow hedges | - | 2 | 0.0 | \u00a0 | 9.6 | 9.6 |
Forward exchange contracts | FVPL | 2 | 0.6 | 0.6 | 0.0 | 0.0 |
Commodity swaps designated as cash flow hedges | - | 2 | 1.1 | 1.1 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests2) | AC | 2/3 | 67.8 | 67.8 | 60.0 | 60.0 |
Trade payables and other current liabilities | AC | - | 566.4 | \u00a0 | 692.9 | - |
Financial liabilities | \u00a0 | \u00a0 | 2,329.3 | \u00a0 | 2,352.8 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 10.6 | \u00a0 | 16.2 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 958.0 | \u00a0 | 996.5 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,318.1 | \u00a0 | 2,343.1 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 10.1 | \u00a0 | 0.1 | \u00a0 |
Level 1: | Prices quoted in active markets for identical financial instruments. |
Level 2: | Measurement techniques in which all important data used are based on observable market data. |
Level 3: | Measurement techniques in which at least one significant parameter is based on non-observable market data. |
in \u20ac million | 2022 | 2021 |
Net loss from financial assets and liabilities measured at fair value through profit or loss | (14.6) | 7.2 |
Net loss from financial assets and liabilities measured at amortised cost | 4.6 | 0.5 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Interests in subsidiaries not consolidated | 3.0 | 0.6 |
Marketable securities and shares | 9.5 | 13.7 |
Interest rate swaps | 42.4 | 0.0 |
Other non-current financial receivables | 0.2 | 0.3 |
Other non-current financial assets | 55.1 | 14.6 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Derivatives in open orders | 1.0 | 2.4 |
Forward exchange contracts | 0.1 | 0.1 |
Current portion of non-current loans | 0.2 | 0.4 |
Other current financial assets | 1.3 | 2.9 |
in \u20ac million | 2022 | 2021 |
Net loss from financial assets and liabilities measured at fair value through profit or loss | (14.6) | 7.2 |
Net loss from financial assets and liabilities measured at amortised cost | 4.6 | 0.5 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2022 | 42.4 | Other non-current financial assets | 59.1 | USD 0.0 million EUR 709.2million |
2021 | (9.6) | Other non-current financial liabilities | 8.7 | USD 200 million EUR 369.2 million |
in \u20ac million | Cash flow hedge reserve within Other comprehensive income | Balance net of deferred tax |
2022 | 42.4 | 32.7 |
2021 | (9.6) | (7.2) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
EUR | USD | EUR | 25.0 | 0.1 |
USD | INR | USD | 8.5 | 0.0 |
INR | EUR | INR | 4,000.0 | (0.6) |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2021 | ||
Purchase | Sale | Nominal value in million | Fair value in \u20ac million | |
USD | BRL | BRL | 80.0 | 0.1 |
EUR | USD | USD | 0.0 | 0.0 |
Forward exchange contracts | \u00a0 | \u00a0 | 0.1 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Steel | 284.6 | 300.4 |
Industrial | 148.8 | 103.3 |
Trade receivables | 433.4 | 403.7 |
Credit insurance and letters of credit | (214.5) | (206.2) |
Net credit exposure | 218.9 | 197.5 |
in \u20ac million | 2022 | 2021 | ||
\u00a0 | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 23.2 | 0.6 | 30.0 | 0.6 |
Currency translation | 0.8 | - | 0.3 | - |
Addition | 7.3 | 0.3 | 3.5 | - |
Use | (1.3) | - | (5.2) | - |
Reversal | (0.6) | - | (5.4) | - |
Accumulated valuation allowance at year-end | 29.4 | 0.9 | 23.2 | 0.6 |
in \u20ac million | Trade receivables - days past due | |||
31.12.2022 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0,02-0,34% | 0,07-0,81% | 0,31-49,48% | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | (1.0) |
in \u20ac million | Trade receivables - days past due | |||
31.12.2021 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0.03-0.37% | 0.06-0.86% | 0.25-50.55% | \u00a0 |
Gross carrying amount invoiced | 351.9 | 26.3 | 7.2 | 385.4 |
Lifetime expected credit loss | (0.4) | (0.1) | (0.5) | (1.0) |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 469.0 | 481.4 | 118.5 | 274.3 | 88.6 |
variable interest | 1,143.1 | 1,284.7 | 132.9 | 1129.1 | 22.7 |
Other financial liabilities | 8.0 | 8.1 | (0.2) | 8.3 | 0.0 |
Lease liabilities | 63.9 | 70.2 | 18.5 | 33.6 | 18.1 |
Liabilities to fixed-term or puttable non-controlling interests | 67.8 | 182.8 | 21.6 | 15.7 | 145.5 |
Trade payables and other current liabilities | 506.5 | 506.5 | 506.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,258.3 | 2,533.7 | 797.8 | 1461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 534.0 | 551.4 | 69.9 | 337.3 | 144.2 |
variable interest | 995.7 | 1,022.9 | 154.3 | 706.7 | 161.9 |
Other financial liabilities | 5.0 | 5.4 | 2.3 | 3.0 | 0.1 |
Lease liabilities | 55.5 | 59.9 | 16.9 | 29.7 | 13.3 |
Liabilities to fixed-term or puttable non-controlling interests | 60.0 | 197.9 | 3.0 | 20.0 | 174.9 |
Trade payables and other current liabilities | 692.9 | 688.5 | 688.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,343.1 | 2,526.0 | 934.9 | 1096.7 | 494.4 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 42.4 | 42.4 | 0.0 | 40.6 | 1.8 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives in open orders | 9.5 | 9.5 | 9.5 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 1.1 | 0.9 | 0.2 | 0.0 |
Forward exchange contracts | 0.6 | 0.6 | 0.6 | 0.0 | 0.0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 2.4 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 9.6 | 12.5 | 7.5 | 4.9 | 0.1 |
Derivatives in open orders | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 813.3 | 69.5 | 11.2 | 5.2 | 60.3 | 959.5 |
Financial liabilities, provisions | (664.5) | (100.7) | (15.4) | (0.4) | (28.7) | (809.7) |
Net foreign currency position | 148.8 | (31.2) | (4.2) | 4.8 | 31.6 | 149.8 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 654.7 | 56.0 | 14.5 | 30.3 | 68.4 | 823.9 |
Financial liabilities, provisions | (622.9) | (72.8) | (14.2) | (0.4) | (17.6) | (727.9) |
Net foreign currency position | 31.8 | (16.8) | 0.3 | 29.9 | 50.8 | 96.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (12.9) | (12.9) | 15.8 | 15.8 |
Euro | 1.3 | 5.9 | (1.6) | (7.2) |
Indian Rupee | (0.4) | (0.4) | 0.5 | 0.5 |
Other currencies | (2.5) | (2.5) | 3.0 | 3.0 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | Gain/(loss) | Equity | Gain/(loss) | Equity |
US Dollar | (19.1) | (8.6) | 23.3 | 10.6 |
Euro | 1.8 | 6.3 | (2.1) | (7.7) |
Indian Rupee | (2.7) | (2.7) | 3.3 | 3.3 |
Other currencies | (4.0) | (4.0) | 4.8 | 4.8 |
in \u20ac million | Carrying amount | Statement of Financial Position | Recognised in Other Comprehensive Income | Nominal amount |
July 2022 | 196.9 | Non-current borrowings | (20.1) | USD 200 million |
2021 | 176.8 | Non-current borrowings | (14.1) | USD 200 million |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Steel | 284.6 | 300.4 |
Industrial | 148.8 | 103.3 |
Trade receivables | 433.4 | 403.7 |
Credit insurance and letters of credit | (214.5) | (206.2) |
Net credit exposure | 218.9 | 197.5 |
in \u20ac million | 2022 | 2021 | ||
\u00a0 | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 23.2 | 0.6 | 30.0 | 0.6 |
Currency translation | 0.8 | - | 0.3 | - |
Addition | 7.3 | 0.3 | 3.5 | - |
Use | (1.3) | - | (5.2) | - |
Reversal | (0.6) | - | (5.4) | - |
Accumulated valuation allowance at year-end | 29.4 | 0.9 | 23.2 | 0.6 |
in \u20ac million | Trade receivables - days past due | |||
31.12.2022 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0,02-0,34% | 0,07-0,81% | 0,31-49,48% | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | (1.0) |
in \u20ac million | Trade receivables - days past due | |||
31.12.2021 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0.03-0.37% | 0.06-0.86% | 0.25-50.55% | \u00a0 |
Gross carrying amount invoiced | 351.9 | 26.3 | 7.2 | 385.4 |
Lifetime expected credit loss | (0.4) | (0.1) | (0.5) | (1.0) |
in \u20ac million | 2022 | 2021 | ||
\u00a0 | Individually assessed - credit impaired | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Collectively assessed - not credit impaired |
Accumulated valuation allowance at beginning of year | 23.2 | 0.6 | 30.0 | 0.6 |
Currency translation | 0.8 | - | 0.3 | - |
Addition | 7.3 | 0.3 | 3.5 | - |
Use | (1.3) | - | (5.2) | - |
Reversal | (0.6) | - | (5.4) | - |
Accumulated valuation allowance at year-end | 29.4 | 0.9 | 23.2 | 0.6 |
in \u20ac million | Trade receivables - days past due | |||
31.12.2022 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0,02-0,34% | 0,07-0,81% | 0,31-49,48% | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | (1.0) |
in \u20ac million | Trade receivables - days past due | |||
31.12.2021 | Not past due | less than 30 days | more than 31 days | Total |
Expected credit loss rate in % | 0.03-0.37% | 0.06-0.86% | 0.25-50.55% | \u00a0 |
Gross carrying amount invoiced | 351.9 | 26.3 | 7.2 | 385.4 |
Lifetime expected credit loss | (0.4) | (0.1) | (0.5) | (1.0) |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 469.0 | 481.4 | 118.5 | 274.3 | 88.6 |
variable interest | 1,143.1 | 1,284.7 | 132.9 | 1129.1 | 22.7 |
Other financial liabilities | 8.0 | 8.1 | (0.2) | 8.3 | 0.0 |
Lease liabilities | 63.9 | 70.2 | 18.5 | 33.6 | 18.1 |
Liabilities to fixed-term or puttable non-controlling interests | 67.8 | 182.8 | 21.6 | 15.7 | 145.5 |
Trade payables and other current liabilities | 506.5 | 506.5 | 506.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,258.3 | 2,533.7 | 797.8 | 1461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 534.0 | 551.4 | 69.9 | 337.3 | 144.2 |
variable interest | 995.7 | 1,022.9 | 154.3 | 706.7 | 161.9 |
Other financial liabilities | 5.0 | 5.4 | 2.3 | 3.0 | 0.1 |
Lease liabilities | 55.5 | 59.9 | 16.9 | 29.7 | 13.3 |
Liabilities to fixed-term or puttable non-controlling interests | 60.0 | 197.9 | 3.0 | 20.0 | 174.9 |
Trade payables and other current liabilities | 692.9 | 688.5 | 688.5 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,343.1 | 2,526.0 | 934.9 | 1096.7 | 494.4 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2022 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 42.4 | 42.4 | 0.0 | 40.6 | 1.8 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives in open orders | 9.5 | 9.5 | 9.5 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 1.1 | 0.9 | 0.2 | 0.0 |
Forward exchange contracts | 0.6 | 0.6 | 0.6 | 0.0 | 0.0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2021 | Cash flows | up to 1 year | 2 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Forward exchange contracts | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Derivatives in open orders | 2.4 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 9.6 | 12.5 | 7.5 | 4.9 | 0.1 |
Derivatives in open orders | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
\u00a0 | 31.12.2022 | 31.12.2021 |
Net debt (in \u20ac million)1) | 1,167.5 | 1,013.8 |
Net gearing ratio (in %) | 111.3% | 123.3% |
Net debt to Adjusted EBITDA | 2.34x | 2.61x |
in \u20ac million | 31.12.2022 | 31.12.2021 |
EBIT | 343.6 | 213.8 |
Amortisation | 28.9 | 22.4 |
Restructuring and write-down expenses | (6.8) | 58.8 |
Other operating income and expenses | 18.2 | (14.6) |
Adjusted EBITA | 383.9 | 280.4 |
Depreciation | 115.6 | 108.7 |
Adjusted EBITDA | 499.5 | 389.1 |
\u00a0 | \u00a0 | \u00a0 |
Total debt | 1,624.3 | 1,539.1 |
Lease liabilities | 63.9 | 55.5 |
Less: Cash and cash equivalents | 520.7 | 580.8 |
Net debt | 1,167.5 | 1,013.8 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,103.6 | 958.3 |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA | 2.34x | 2.61x |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA excluding IFRS 16 lease liabilities | 2.21x | 2.46x |
in \u20ac million | 2022 | 2021 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1.1) | (1.0) |
Other audit fees, in respect of subsidiaries to PwC network firms | (1.8) | (1.6) |
Total audit fees | (2.9) | (2.6) |
Other non-audit services - Interim review1) | (0.2) | (0.2) |
Total fees | (3.1) | (2.8) |
in \u20ac million | preliminary fair values |
Property plant and equipment | 13.2 |
Intangible assets: Customer relationships | 12.1 |
Other non-current financial assets | 2.3 |
Inventories | 5.3 |
Trade and other receivables | 1.4 |
Cash and cash equivalents | 0.2 |
Total assets acquired | 34.5 |
Trade and other liabilities | 2.7 |
Other employee obligations | 0.8 |
Income Taxes payable | 0.3 |
Other liabilities | 0.1 |
Current Borrowings | 4.3 |
Right of use liabilities | 7.0 |
Deferred tax liabilities | 3.9 |
Non-current borrowings | 2.8 |
Total liabilities assumed | 21.9 |
Net identifiable assets acquired | 12.6 |
Less: Non-controlling interests | (6.1) |
Goodwill | 6.8 |
Consideration paid | 13.3 |
\u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Statement of Cash Flows | 13.1 |
in \u20ac million | preliminary fair values |
Property plant and equipment | 3.6 |
Intangible assets: Customer relationships | 10.5 |
Intangible assets: Order backlogs | 5.9 |
Inventories | 14.1 |
Trade and other receivables | 14.7 |
Cash and cash equivalents | 1.5 |
Total assets acquired | 50.3 |
Trade and other liabilities | 2.9 |
Other employee obligations | 0.4 |
Income Taxes payable | 0.7 |
Current Borrowings | 4.9 |
Deferred tax liabilities | 3.8 |
Total liabilities assumed | 12.7 |
Net identifiable assets acquired | 37.6 |
Less: Non-controlling interests | (5.0) |
Goodwill | 13.8 |
Consideration paid | 46.4 |
\u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Statement of Cash Flows | 44.9 |
\u00a0 | Joint ventures | Associates | ||
in \u20ac million | 2022 | 2021 | 2022 | 2021 |
Revenue from the sale of goods and services | 0.7 | 1.0 | 0.0 | 0.0 |
Purchase of raw materials | 4.0 | 5.0 | 0.0 | 14.4 |
Interest income | 0.0 | 0.1 | 0.7 | 0.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans | 0.0 | 0.0 | 0.0 | 0.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 0.5 | 0.0 | 0.0 | 1.3 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Dividends received | 0.0 | 6.8 | 0.0 | 0.0 |
in \u20ac million | 2022 | 2021 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Salaries and short-term incentive schemes | 6.6 | 5.5 |
Share based remuneration | 4.6 | 3.9 |
Other | 1.3 | 1.0 |
Total | 12.5 | 10.4 |
\u00a0 | \u00a0 | \u00a0 |
Non- Executive Directors1) | 1.1 | 1.2 |
Employee Representatives2) | 0.3 | 0.4 |
in \u20ac million | 2022 | 2021 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Salaries and short-term incentive schemes | 6.6 | 5.5 |
Share based remuneration | 4.6 | 3.9 |
Other | 1.3 | 1.0 |
Total | 12.5 | 10.4 |
\u00a0 | \u00a0 | \u00a0 |
Non- Executive Directors1) | 1.1 | 1.2 |
Employee Representatives2) | 0.3 | 0.4 |
in \u20ac million | Note | 31.12.2022 | 31.12.2021 |
ASSETS | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current assets | \u00a0 | \u00a0 | \u00a0 |
Property, plant and equipment | \u00a0 | 0.2 | 0.5 |
Non-current financial assets | (A) | 943.3 | 644.8 |
Securities | \u00a0 | 0.5 | 0.5 |
Deferred tax assets | \u00a0 | 10.8 | 32.5 |
Total non-current assets | \u00a0 | 954.8 | 678.3 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Current assets | \u00a0 | \u00a0 | \u00a0 |
Receivables from group companies | \u00a0 | 52.2 | 138.1 |
Other current receivables | \u00a0 | 0.4 | 0.4 |
Cash and cash equivalents | (B) | 1.6 | 0.6 |
Total current assets | \u00a0 | 54.2 | 139.1 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total assets | \u00a0 | 1,009.0 | 817.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EQUITY AND LIABILITIES | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Equity | \u00a0 | \u00a0 | \u00a0 |
Share capital | (C) | 49.5 | 49.5 |
Additional paid-in capital | (D) | 361.3 | 361.3 |
Legal and mandatory reserves | (E) | 86.3 | 84.3 |
Other reserves | \u00a0 | 464.5 | 164.7 |
Treasury shares | (F) | (116.1) | (117.0) |
Result for the period | (L) | 155.7 | 243.1 |
Shareholders' Equity | \u00a0 | 1,001.2 | 785.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current liabilities | \u00a0 | \u00a0 | \u00a0 |
Non-current liabilities | (G) | 0.2 | 2.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Current liabilities | \u00a0 | \u00a0 | \u00a0 |
Other current liabilities | (H) | 7.6 | 29.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total liabilities | \u00a0 | 7.8 | 31.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total equity and liabilities | \u00a0 | 1,009.0 | 817.4 |
in \u20ac million | Note | 2022 | 2021 |
General and administrative expenses | (I) | (22.0) | (25.5) |
Result before taxation | \u00a0 | (22.0) | (25.5) |
Net financial result | (J) | 0.0 | 0.1 |
Profit before income tax | \u00a0 | (22.0) | (25.4) |
Income tax | \u00a0 | (18.8) | 29.3 |
Net result from investments | (K) | 196.5 | 239.2 |
Net result for the period | (L) | 155.7 | 243.1 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Legal and mandatory reserves | \u00a0 | Other reserves | \u00a0 | \u00a0 | ||
in \u20ac million | Share capital | Treasury shares | Additional paid-in capital | Cash flow hedges | Currency translation | Mandatory reserve | \u00a0 | Retained earnings | Net result | Equity attributable to shareholders |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
31.12.2021 | 49.5 | (117.0) | 361.3 | (7.1) | (197.3) | 288.7 | \u00a0 | 164.7 | 243.1 | 785.9 |
Appropriation of prior year result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 243.1 | (243.1) | - |
Net result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 155.7 | 155.7 |
Share transfer / Vested LTIP | \u00a0 | 0.9 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (0.9) | \u00a0 | 0.0 |
Share-based expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 8.3 | \u00a0 | 8.3 |
Dividends | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (70.5) | \u00a0 | (70.5) |
Net income / (expense) recognised directly in equity | \u00a0 | \u00a0 | \u00a0 | 38.9 | 48.7 | \u00a0 | \u00a0 | 34.2 | \u00a0 | 121.8 |
31.12.2022 | 49.5 | (116.1) | 361.3 | 31.8 | (148.6) | 288.7 | \u00a0 | 378.9 | 155.7 | 1,001.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Legal and mandatory reserves | \u00a0 | Other reserves | \u00a0 | \u00a0 | ||
in \u20ac million | Share capital | Treasury shares | Additional paid-in capital | Cash flow hedges | Currency translation | Mandatory reserve | \u00a0 | Retained earnings | Net result | Equity attributable to shareholders |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
31.12.2020 | 49.5 | (21.5) | 361.3 | (13.7) | (249.3) | 288.7 | \u00a0 | 206.3 | 24.8 | 646.1 |
Appropriation of prior year result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 24.8 | (24.8) | - |
Net result | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 243.1 | 243.1 |
Shares repurchased | \u00a0 | (95.5) | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (95.5) |
Share-based expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 6.2 | \u00a0 | 6.2 |
Dividends | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (71.2) | \u00a0 | (71.2) |
Net income / (expense) recognised directly in equity | \u00a0 | \u00a0 | \u00a0 | 6.6 | 52.0 | \u00a0 | \u00a0 | (1.4) | \u00a0 | 57.2 |
31.12.2021 | 49.5 | (117.0) | 361.3 | (7.1) | (197.3) | 288.7 | \u00a0 | 164.7 | 243.1 | 785.9 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 |
Name and registered office of the company | Country of core activity | Share in % | Share in % |
RHI Magnesita Deutschland AG, Wiesbaden, Germany | Germany | 12.5 | 12.5 |
RHI Refractories Raw Material GmbH, Vienna, Austria | Austria | 25.0 | 25.0 |
RHI Magnesita GmbH, Vienna, Austria | Austria | 100.0 | 100.0 |
in \u20ac million | 2022 | 2021 |
At beginning of year | 644.8 | 480.6 |
Transactions with non-controlling interests without change of control | (5.2) | (21.7) |
Capital contributions | 0.0 | 70.0 |
Changes from currency translation and cash flow hedges | 87.7 | 58.6 |
Changes from defined benefit plans | 39.5 | 20.2 |
Equity settled transaction | 0.0 | (2.1) |
Dividend distribution | (20.0) | (200.0) |
Net result from investments | 196.5 | 239.2 |
Balance at year-end | 943.3 | 644.8 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
Ser. no. | Name and registered office of the company | Share- holder | Share in % | Share- holder | Share in % |
1. | RHI Magnesita N.V., Arnhem, Netherlands | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
2. | Agellis Group AB, Lund, Sweden | 46. | 100.0 | 46. | 100.0 |
3. | Baker Refractories Holding Company, Delaware, USA | 35. | 100.0 | 35. | 100.0 |
4. | Baker Refractories I.C., Inc., Delaware, USA | 3. | 100.0 | 3. | 100.0 |
5. | D.S.I.P.C.-Didier Soci\u00e9t\u00e9 Industrielle de Production et de Constructions, Valenciennes, France | 7. | 100.0 | 7. | 100.0 |
6. | RHI Magnesita Belgium N.V., Evergem, Belgium | 60.,94. | 100.0 | 60.,94. | 100.0 |
7. | RHI Magnesita Deutschland AG, Wiesbaden, Germany | 1.,46. | 100.0 | 1.,46. | 100.0 |
8. | Dutch Brasil Holding B.V., Arnhem, Netherlands | 100. | 100.0 | 100. | 100.0 |
9. | Dutch MAS B.V., Arnhem, Netherlands | 7. | 100.0 | 7. | 100.0 |
10. | Dutch US Holding B.V., Arnhem, Netherlands | 100. | 100.0 | 100. | 100.0 |
11. | FE \"VERA\", Dnipro, Ukraine | 46. | 100.0 | 46. | 100.0 |
12. | Feuerfestwerk Bad H\u00f6nningen GmbH, Wiesbaden, Germany | 105. | 100.0 | 105. | 100.0 |
13. | GIX International Limited, Dinnington, United Kingdom | 106. | 100.0 | 106. | 100.0 |
14. | Horn & Co. Minerals Recovery GmbH, Siegen, Germany | 62. | 51.0 | - | 0.0 |
15. | INDRESCO U.K. Ltd., Dinnington, United Kingdom | 13. | 100.0 | 13. | 100.0 |
16. | Intermetal Engineers Private Limited, Mumbai, India | 44. | 99.9 | 44. | 99.9 |
17. | Liaoning RHI Jinding Magnesia Co., Ltd., Dashiqiao City, PR China 1) | 46. | 83.3 | 46. | 83.3 |
18. | LLC \"RHI Wostok Service\", Moscow, Russia | 46.,62. | 100.0 | 46.,62. | 100.0 |
19. | LLC \"RHI Wostok\", Moscow, Russia | 46.,62. | 100.0 | 46.,62. | 100.0 |
20. | Lokalbahn Mixnitz-St. Erhard GmbH, Vienna, Austria | 85. | 100.0 | 85. | 100.0 |
21. | LWB Holding Company, Delaware, USA | - | 0.0 | 47. | 100.0 |
22. | LWB Refractories Belgium S.A., Li\u00e8ge, Belgium | 37.,105. | 100.0 | 37.,105. | 100.0 |
23. | LWB Refractories Beteiligungs GmbH & Co. KG, Wiesbaden, Germany | - | 0.0 | 47. | 100.0 |
24. | LWB Refractories Hagen GmbH, Wiesbaden, Germany | 105. | 100.0 | 105. | 100.0 |
25. | LWB Refractories Holding France S.A.S., Valenciennes, France | 105. | 100.0 | 105. | 100.0 |
26. | RHI Magnesita Turkey Refractories, Eskisehir, Turkey 2) | 46. | 100.0 | 46. | 100.0 |
27. | Magnesita Asia Refractory Holding Ltd, Hong Kong, PR China | 25. | 100.0 | 25. | 100.0 |
28. | Magnesita Finance S.A., Luxembourg, Luxembourg | 8. | 100.0 | 8. | 100.0 |
29. | Magnesita International Limited, London, United Kingdom | - | 0.0 | 42. | 100.0 |
30. | Magnesita Malta Finance Ltd., St. Julians, Malta | 31.,105. | 100.0 | 31.,105. | 100.0 |
31. | Magnesita Malta Holding Ltd., St. Julians, Malta | 37.,105. | 100.0 | 37.,105. | 100.0 |
32. | Magnesita Minera\u00e7\u00e3o S.A., Brumado, Brazil | 42. | 100.0 | 42. | 100.0 |
33. | Magnesita Refractories (Canada) Inc., Montreal, Canada | 3. | 100.0 | 3. | 100.0 |
34. | Magnesita Refractories (Dalian) Co. Ltd., Dalian, PR China | 28. | 100.0 | 28. | 100.0 |
35. | Magnesita Refractories Company, York, USA | 21. | 100.0 | 21. | 100.0 |
36. | Magnesita Refractories Mexico S.A. de C.V., Monterrey, Mexico | 3.,4. | 100.0 | 3.,4. | 100.0 |
37. | Magnesita Refractories GmbH, Wiesbaden, Germany | 105. | 100.0 | 105. | 100.0 |
38. | Magnesita Refractories Ltd., Dinnington, United Kingdom | 3. | 100.0 | 3. | 100.0 |
39. | Magnesita Refractories Middle East FZE, Dubai, United Arab Emirates | 28. | 100.0 | 28. | 100.0 |
40. | Magnesita Refractories S.C.S., Valenciennes, France | 25.,105. | 100.0 | 25.,105. | 100.0 |
41. | Magnesita Refractories S.R.L., Milano, Italy | 105. | 100.0 | 105. | 100.0 |
42. | Magnesita Refrat\u00e1rios S.A., Contagem, Brazil | 8. | 100.0 | 8. | 100.0 |
43. | Magnesita Resource (Anhui) Company. Ltd., Chizhou, PR China | 63. | 100.0 | 63. | 100.0 |
44. | RHI Magnesita India Limited | 8.,10.,106. | 70.2 | 8.,10.,106. | 70.2 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
Ser. no. | Name and registered office of the company | Share- holder | Share in % | Share- holder | Share in % |
45. | Producci\u00f3n RHI M\u00e9xico, S. de R.L. de C.V., Ramos Arizpe, Mexico | 93.,106. | 100.0 | 93.,106. | 100.0 |
46. | Radex Vertriebsgesellschaft m.b.H., Leoben, Austria | 102. | 100.0 | 102. | 100.0 |
47. | Rearden G Holdings Eins GmbH, Wiesbaden, Germany | 28. | 100.0 | 28. | 100.0 |
48. | Refractarios Argentinos S.A.I.C.M., San Nicol\u00e1s, Argentina | 8.,50. | 100.0 | 8.,50. | 100.0 |
49. | Refractarios Magnesita Chile S/A, Santiago, Chile | - | 0.0 | 42.,48. | 100.0 |
50. | Refractarios Magnesita Colombia S/A, Sogamoso, Colombia | 8. | 100.0 | 8. | 100.0 |
51. | Refractarios Magnesita del Per\u00fa S.A.C., Lima, Peru | 8.,50. | 100.0 | 8.,50. | 100.0 |
52. | Refractory Intellectual Property GmbH & Co KG, Vienna, Austria | 53.,62. | 100.0 | 53.,62. | 100.0 |
53. | Refractory Intellectual Property GmbH, Vienna, Austria | 62. | 100.0 | 62. | 100.0 |
54. | Reframec Manuten\u00e7\u00e3o e Montagens de Refrat\u00e1rios S.A., Contagem, Brazil | - | 0.0 | 42. | 100.0 |
55. | RHI Argentina S.R.L., Buenos Aires, Argentina | - | 0.0 | 10.,106. | 100.0 |
56. | RHI Canada Inc., Burlington, Canada | 106. | 100.0 | 106. | 100.0 |
57. | RHI Chile S.A., Santiago, Chile | 13.,106. | 100.0 | 13.,106. | 100.0 |
58. | RHI Dinaris GmbH, Wiesbaden, Germany | - | 0.0 | 94. | 100.0 |
59. | RHI Finance A/S, Hellerup, Denmark | 62. | 100.0 | 62. | 100.0 |
60. | RHI GLAS GmbH, Wiesbaden, Germany | 94. | 100.0 | 94. | 100.0 |
61. | RHI ITALIA S.R.L., Brescia, Italy | 62. | 100.0 | 62. | 100.0 |
62. | RHI Magnesita GmbH, Vienna, Austria | 1. | 100.0 | 1. | 100.0 |
63. | RHI Magnesita China Ltd., Shanghai, China | 46. | 100.0 | 46. | 100.0 |
64. | RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 63. | 51.0 | 63. | 51.0 |
65. | RHI Magnesita Distribution B.V., Rotterdam, Netherlands | - | 0.0 | 67. | 100.0 |
66. | RHI Magnesita Re Limited, Guernsey, United Kingdom | 46. | 100.0 | - | 0.0 |
67. | RHI Magnesita Trading B.V., Rotterdam, Netherlands | 62. | 100.0 | 62. | 100.0 |
68. | RHI Magnesita Vietnam Company Limited, Ho Chi Minh City, Vietnam | 78. | 100.0 | 78. | 100.0 |
69. | RHI Magnesita Services Europe Gerbstedt GmbH, Gerbstedt/H\u00fcbitz, Germany | - | 0.0 | 70. | 100.0 |
70. | RHI Magnesita Services Europe GmbH, Kerpen, Germany | - | 0.0 | 7. | 100.0 |
71. | RHI MARVO S.R.L., Bucharest, Romania | 46.,100. | 100.0 | 46.,100. | 100.0 |
72. | RHI Magnesita Properties MO, LLC, Missouri, USA | - | 0.0 | 101. | 100.0 |
73. | RHIM Mireco Mitterdorf GmbH, St.Barbara im M\u00fcrztal, Austria | 14. | 100.0 | - | 0.0 |
74. | RHI Refractories (Dalian) Co., Ltd., Dalian, PR China | 46. | 100.0 | 46. | 100.0 |
75. | RHI Refractories (Site Services) Ltd., Dinnington, United Kingdom | 15. | 100.0 | 15. | 100.0 |
76. | RHI Refractories Africa (Pty) Ltd., Sandton, South Africa | 46. | 100.0 | 46. | 100.0 |
77. | RHI Refractories Andino C.A., Puerto Ordaz, Venezuela | 106. | 100.0 | 106. | 100.0 |
78. | RHI Refractories Asia Pacific Pte. Ltd., Singapore | 62. | 100.0 | 62. | 100.0 |
79. | RHI Refractories Egypt LLC., Cairo, Egypt | - | 0.0 | 46.,100. | 100.0 |
80. | RHI Refractories France SA, Valenciennes, France 3) | 97. | 100.0 | 97. | 100.0 |
81. | RHI Refractories Ib\u00e9rica, S.L., Oviedo, Spain | 97. | 100.0 | 97. | 100.0 |
82. | RHI Refractories Liaoning Co., Ltd., Bayuquan, PR China 1) | 46. | 66.0 | 46. | 66.0 |
83. | RHI Refractories Mercosul Ltda., Sao Paulo, Brazil | - | 0.0 | 100.,106. | 100.0 |
84. | RHI Refractories Nord AB, Stockholm, Sweden | 97. | 100.0 | 97. | 100.0 |
85. | RHI Refractories Raw Material GmbH, Vienna, Austria | 1.,46.,62. | 100.0 | 1.,46.,62. | 100.0 |
86. | RHI Refractories Site Services GmbH, Wiesbaden, Germany | 7. | 100.0 | 7. | 100.0 |
87. | RHI Refractories UK Limited, Bonnybridge, United Kingdom | 7. | 100.0 | 7. | 100.0 |
88. | RHI Refrat\u00e1rios Brasil Ltda, Contagem, Brazil; i.l. | 10.,42. | 100.0 | 10.,42. | 100.0 |
\u00a0 | \u00a0 | 31.12.2022 | 31.12.2021 | ||
Ser. no. | Name and registered office of the company | Share- holder | Share in % | Share- holder | Share in % |
89. | RHI Sales Europe West GmbH, Urmitz, Germany | - | 0.0 | 7.,94. | 100.0 |
90. | RHI Trading (Dalian) Co., Ltd., Dalian, PR China | 46. | 100.0 | 46. | 100.0 |
91. | RHI Ukraina LLC, Dnepropetrovsk, Ukraine | 46.,100. | 100.0 | 46.,100. | 100.0 |
92. | RHI United Offices America, S.A. de C.V., Monterrey, Mexico | 67.,93. | 100.0 | 67.,93. | 100.0 |
93. | RHI Refractories Espa\u00f1a, S.L., Lugones, Spain | 7.,9. | 100.0 | 7.,9. | 100.0 |
94. | RHI Urmitz AG & Co. KG, M\u00fclheim-K\u00e4rlich, Germany | 7.,86. | 100.0 | 7.,86. | 100.0 |
95. | RHI US Ltd., Delaware, USA | 10. | 100.0 | 10. | 100.0 |
96. | RHI-Refmex, S.A. de C.V., Ramos Arizpe, Mexico | 93.,106. | 100.0 | 93.,106. | 100.0 |
97. | SAPREF AG f\u00fcr feuerfestes Material, Basel, Switzerland | 106. | 100.0 | 106. | 100.0 |
98. | S\u00d6RMA\u015e S\u00d6\u011e\u00dcT REFRAKTER MALZEMELER\u0130 ANON\u0130M \u015e\u0130RKET\u0130 (S\u00f6rmas), S\u00f6\u011f\u00fct / Bilecik, Turkiye | 46. | 89.2 | - | 0.0 |
99. | RHI Magnesita Interstop AG, H\u00fcnenberg, Switzerland | 7.,46. | 100.0 | 7.,46. | 100.0 |
100. | Veitscher Vertriebsgesellschaft m.b.H., Vienna, Austria | 62. | 100.0 | 62. | 100.0 |
101. | Veitsch-Radex America LLC., Delaware, USA | 95. | 100.0 | 95. | 100.0 |
102. | Veitsch-Radex GmbH & Co OG, Vienna, Austria | 62.,103. | 100.0 | 62.,103. | 100.0 |
103. | Veitsch-Radex GmbH, Vienna, Austria | 62. | 100.0 | 62. | 100.0 |
104. | Veitsch-Radex Vertriebsgesellschaft m.b.H., Vienna, Austria | 62. | 100.0 | 62. | 100.0 |
105. | Vierte LWB Refractories Holding GmbH, Wiesbaden, Germany | 47. | 100.0 | 23.,47. | 100.0 |
106. | VRD Americas B.V., Arnhem, Netherlands | 46.,62. | 100.0 | 46.,62. | 100.0 |
107. | Zimmermann & Jansen GmbH, Wiesbaden, Germany | 7. | 100.0 | 7. | 100.0 |
108. | Dr.-Ing. Petri & Co. Unterst\u00fctzungsgesellschaft m.b.H., Wiesbaden, Germany | 7. | 100.0 | 7. | 100.0 |
109. | Horn & Co Minerals Recovery Verwaltungs GmbH, Siegen, Germany | 14. | 100.0 | - | 0.0 |
110. | Horn & Co. Polska sp. z o.o., Poland | 14. | 100.0 | - | 0.0 |
111. | Magnesita Refractories A.B., Stocksund, Sweden; i.l. | 105. | 100.0 | 105. | 100.0 |
112. | Magnesita Refractories PVT Ltd, Mumbai, India | 47.,105. | 100.0 | 47.,105. | 100.0 |
113. | Magnesita Refractories S.A. (Pty) Ltd., Sandton, South Africa | 37. | 100.0 | 37. | 100.0 |
114. | MAG-Tec Participa\u00e7\u00f5es Ltda. Ltda., Contagem, Brazil; i.l. | 42. | 98.7 | 42. | 98.7 |
115. | Minerals and Metals Recovering - Mireco Aktiebolag, Fagersta, Sweden | 14. | 100.0 | - | 0.0 |
116. | Mireco SARL, Entzheim, France | 14. | 100.0 | - | 0.0 |
117. | Mireco SH.P.K, Kosovo | 14. | 100.0 | - | 0.0 |
118. | Refractarios Especiales Y Moliendas S.A., Buenos Aires, Argentina | - | 0.0 | 48. | 100.0 |
119. | Refractarios Magnesita Uruguay S/A, Montevideo, Uruguay | - | 0.0 | 42. | 100.0 |
120. | RHI R\u00e9fractaires Alg\u00e9rie E.U.R.L., Sidi Amar, Algeria | 80. | 100.0 | 80. | 100.0 |
121. | Rudgruvans Industrier AB, Fagersta, Sweden | 14. | 100.0 | - | 0.0 |
\u00a0 | Equity-accounted joint ventures and associated companies | . | \u00a0 | . | \u00a0 |
122. | Chongqing Boliang Refractory Materials Co. Ltd, Chongqing, China | 63. | 51.0 | 63. | 51.0 |
123. | Magnesita Envoy Asia Ltd., Kaohsiung, Taiwan | 3. | 50.0 | 3. | 50.0 |
124. | Sinterco S.A., Nameche, Belgium | 47. | 70.0 | 47. | 70.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Personnel provisions | 0.1 | 1.7 |
Provisions for pensions | 0.1 | 0.0 |
Other non-current financial liabilities | 0.0 | 0.3 |
Total non-current liabilities | 0.2 | 2.0 |
in \u20ac million | 31.12.2022 | 31.12.2021 |
Trade payables | 1.2 | 1.6 |
Payables to group companies | 0.4 | 21.5 |
Accrued liabilities | 6.0 | 6.4 |
Total current liabilities | 7.6 | 29.5 |
in \u20ac million | 2022 | 2021 |
External services/consulting expenses | (2.0) | (2.6) |
Cost for principal services Austria | 0.0 | 3.0 |
Personnel expenses | (18.4) | (22.9) |
Other expenses | (1.6) | (3.0) |
Total general and administrative expenses | (22.0) | (25.5) |
in \u20ac million | 2022 | 2021 |
Wages and salaries | (16.5) | (19.7) |
Social security charges | (1.1) | (2.0) |
Pension contributions | (0.4) | (0.5) |
Other employee costs | (0.4) | (0.7) |
Total wages and salaries | (18.4) | (22.9) |
in \u20ac million | 2022 |
Profit attributable to shareholders | 155.7 |
In accordance with Article 27 clause 1 to be transferred to reserves | 0.0 |
At the disposal of the General Meeting of Shareholders | 155.7 |